LOS ANGELES-CBRE Group Inc. has brokered the sale of two multi-building California-based properties totaling more than $119 million. Mission Oaks Corporate Center, an industrial park in Camarillo, CA, was purchased by Rexford Industrial for $59.1 million, and Pacific Vista, an office park in Lake Forest, CA, sold to Cornerstone Real Estate Advisers for approximately $59 million.
CBRE’s Barbara Emmons, Darla Longo and Mike Kendall arranged the sale of 1,188,315-square-foot Mission Oaks on behalf of seller Sandstone Properties, along with local market experts Doug Shaw, Paul Farry and Jim Meaney of CBRE’s Camarillo office. The center is composed of three buildings located at 3001, 3175 and 3233 E. Mission Oaks Blvd. and is 74% leased to a number of tenants including Deckers Outdoor, which occupies 732,606 square feet, and Technicolor, which has leased 455,709 square feet.
“This was a unique opportunity for an investor to acquire a critical mass of industrial produce that offered a combination of long-term tenancy with strong companies and significant upside in a Southern California market with barriers to entry,” said Emmons in a prepared statement.
CBRE’s Bob Smith, Kevin Shannon, Paul Jones and Karen Scholte represented an institutional seller in the sale of 322,262-square-foot Pacific Vista, a five-building, low-rise, institutional-quality complex. The property, built in 2000 by Trammell Crow and located at 25500-25550 Commercentre Dr., is LEED Silver and Energy Star certified, and is approximately 88% leased to tenants including Oakley, City of Lake Forest, Viant, Aurora Bank FSB and US Real Estate Services.
Smith said in a prepared statement that the marketing process created a fierce bidding competition from capital that got comfortable with the recent strong leasing momentum in South Orange County.
“There was a long list of quality capital chasing this deal and the competitive marketing process pushed value significantly,” Jones added.
CBRE could not be reached by GlobeSt.com before deadline to discuss the spate of sales activity and what it suggests about investment in the California market.
As GlobeSt.com recently reported and tweeted on @GlobeStcom on Twitter and @GlobeStLIVE, a CBRE Global Investors fund has acquired 400 S. Hope St., a 26-floor trophy-quality office building in Downtown Los Angeles. Although sources involved did not disclose a purchase price or further information to GlobeSt.com by deadline, a source not involved in the deal tells GlobeSt.com that the seller was a JV between BlackRock Realty and Tishman Speyer Office Fund and the price was approximately $238.4 million or $340 per square foot.
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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.
