Off-Market Transactions Are a Win-Win

The property has nine stories and 123,732 square feet of rentable space.

LOS ANGELES—Off-market transactions are becoming the best way to secure a good deal in this competitive market, but they can be hard to accomplish. In an off-market deal, the Volwood Corp. has purchased 500 N. Central Ave. in Glendale for $27.3 million from Peregrine Realty Partners . Madison Partners ‘ Bob Safai , Matt Case and Brad Schlaak represented the buyer in the transaction, making this their 10 ^th off-market deal in two years, a total of $326 million in transaction volume. “Off market deals are difficult to do and find,” Safai, president and founder of Madison Partners, tells GlobeSt.com. “They are relationship based and obviously involve creating a win-win scenario. “I have done over 2 billion dollars worth of these transactions in my career.” Located at 500 N. Central Ave. in Glendale, the 9-story, 123,732-square-foot class-A property is in a highly sought-after market. The average floor plate at the property is 14,000 square feet, and the current tenant mix at the property includes the State of California, AIG/Valic, Maxim Healthcare and Romberger Wilson & Beeson. “This is a great building in a well-located area and with a good basis,” adds Safai. “Office activity is very robust and rents are in an upward trend.” It was originally built in 1991. Safai did not disclose the tenant’s plans for the property; however, he said that the asset was in a phenomenal location. Glendale has seen a recent burst of redevelopment projects and a revival of its downtown area. This property is poised to benefit from that redevelopment work, according to Safai. Volwood was lucky to get the property off market and avoid a bidding war. Granite Properties recently bought nearby a 21-story office property at 550 N. Brand, and saw major competition from other buyers. The investor eventually won the asset for $142 million, and said that the market was experiencing a renaissance.