EL SEGUNDO, CA-GlobeSt.com has learned exclusively that a three-story office building at 2100 Park Place here has been sold by California Community Foundation, the public foundation for Los Angeles County, for $24,750,000. The price equates to $238 per square foot for the 103,895-rentable-square-foot property.
Michael Lawrence, a SVP, investments, in Marcus & Millichap’s Newport Beach office, and Joshua Cohen, a VP, investments, in the firm’s Long Beach office, represented the seller.
“The property is 100% leased to two well-known financial institutions: Kinecta Federal Credit Union and City National Bank,” says Lawrence. “Starting day one, the new owner is well positioned to enjoy a strong return from a relatively low-maintenance investment.”
Lawrence tells GlobeSt.com that Kinecta is both the buyer and tenant in the arrangement. Cohen says that properties of this type and quality rarely come to market. The building is situated inside Continental Park, an 86-acre master-planned business park. Built in 1980 on 2.19 acres, the property was completely renovated in 2007. Upgrades at that time included roofing, HVAC systems and tenant improvements. The property also features surface and rooftop parking, two passenger elevators and one service elevator.
Kinecta occupies approximately three-fourths of the total square footage on a long-term lease that expires in 2022. City National Bank, which is publicly traded on the NYSE, occupies the remaining space.
Lawrence tells GlobeSt.com that Kinecta's headquarters is nearby and that the new owner plans to hold the property long term and expand within it eventually. He adds that the transaction was an all-cash deal.
CCF, a charitable organization, had owned the building for less than 60 days, Lawrence continues. “They typically sell immediately so as to be able to convert the equity to cash for philanthropic purposes.”
As GlobeSt.com previously reported, in June 2011 CCF signed a 10-year, 26,336-square-foot office lease valued at $8 million at Figueroa Courtyard at Third Street and the 110 Freeway in Downtown Los Angeles. CCF had relocated and expanded from 17,000 square feet at Union Bank Plaza and leased new expanded space that included a 7,000 square-foot-conference center.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
