(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
WOODLAND HILLS, CA-A joint venture of Oakfield Realty Partners and Boston-based Long Wharf Real Estate Partners has acquired a three building, 182,000-square-foot office portfolio here for $26.4 million or $145 per square foot. The three buildings, located at 5950 Canoga Ave., 5955 De Soto Ave. and 21155 Califa St., and all sit within the Warner Center master planned area of Woodland Hills.
The properties were 94% leased at closing. David Doupe, international director for Jones Lang LaSalle, who represented the seller along with Patrick Ingles, VP of capital markets, tells GlobeSt.com that “This is a great barometer for the improving commercial real estate investment market as we received lots of investor interest for these properties.”
“These buildings are in our backyard and we prefer to invest in locations where we understand the nuances of the submarket,” explains Andy Carpiac, managing partner with Oakfield Realty. Representing the buyer was Bob Safai of Madison Partners, who also arranged the debt and equity for the joint venture.
Although those involved in the deal could not disclose the identity of the seller, GlobeSt.com has learned from an outside source familiar with the deal that the seller was Bantry Holdings LLC. According to the company’s website, the Canoga property is six stories and totals 90,704 rentable square feet. The Califa property is a class B single-story office low-rise totaling 35,646 rentable square feet, according to its website. And lastly, the De Sota property is a class B two-story office low-rise totaling 53,283 rentable square feet.
According to Jones Lang LaSalle, the fourth quarter of 2011 saw a slight uptick in office vacancy in the San Fernando Valley but curiously also saw a modest rental rate increase. There was approximately 137,000 square feet of negative absorption in the fourth quarter with 2011 showing positive absorption of approximately 250,000 square feet. Overall vacancy stood at 17.8%, an increase from 17.1% from a year ago.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
