A large portfolio of Southern California Class-B office properties has fetched $209 million. Broadreach Capital Partners bought the 1 million sq. ft.-plus portfolio from a partnership between the Shidler Group and Angelo Gordon & Company.
The office properties were all built in the mid 1980s. They range in size from 50,000 to 180,000 sq. ft. and are located in Long Beach, Torrance, Artesia, Norwalk, Whittier, and Glendale.
“This acquisition followed by recent deals in Pasadena, Hollywood, West Los Angeles and El Segundo will complement our existing office portfolio,” says managing director David Simon of Broadreach Capital Partners.
“It’s rare today to be able to acquire a quality value-add office portfolio at a significant discount to replacement, especially in Southern California.”