LOS ANGELES—Intertex Cos. and funds managed by Oaktree Capital Management have purchased a two-property biomedical portfolio from an entity affiliated with Alfred Mann. The portfolio includes the Mann Biomedical Park in Valencia, CA, and Sylmar Biomedical Park in Sylmar, CA. The buyer and seller did not disclose the sales price of the property, however Bank of America provided debt financing for the purchase.

The two-properties total 793,000 square feet. The 612,075-square-foot Mann Biomedical Campus sits on 167 acres, and is entitled for up to 900,000 square feet of additional industrial and office space. “The Mann portfolio received significant interest from both institutional and private investors,” Craig Peters, a broker at CBRE, tells GlobeSt.com. “The combination of 800,000 square feet of existing leased assets, between Valencia and Sylmar, and up to 900,000 square feet of new development opportunity made this a much sought after property.” Peters represented Alfred Mann in the transaction along with his CBRE colleagues Kevin Shannon, Ken White, Doug Sonderegger and Laura Stumm. Val Achtemeier secured the debt financing.

A strong tenant mix of medical device and biotechnology firms, including Boston Scientific, Second Sight, Quallion and Bioness, occupies the property. “This was a very complex portfolio due to the sheer number of tenants, lease types and new development potential,” says Peters. “Beyond pricing and ability to perform, the right buyer had to have the skill set to understand the complexities. We chose the buyer because they were able to affectively demonstrate their abilities to manage the asset.”

According to Peters, the sale is indicative of the investor demand for biomedical and medical device properties. “This sector is already one of the largest primary industry clusters in the L.A. North region and continues to grow,” says Peters. “Further, the investment community is seeing that these types of companies are labor force-driven and extremely selective on location. Once in place, they are very likely to remain for a long time.” CBRE will provide leasing services for the properties.

This is Oaktree's second headline this month. Last week, GlobeSt.com reported that Oaktree Capital Management signed the year's largest downtown office lease at the Wells Fargo Center.