The Shidler Group, in partnership with Angelo, Gordon & Co., has sold an 18-building portfolio containing more than 1 million square feet of office and R&D properties in Los Angeles and San Diego for $209 million.
Palo Alto, Calif.-based Broadreach Capital Partners, a private equity firm that invests in commercial real estate, purchased the portfolio, which includes 10 buildings in the Greater Los Angeles area and 8 in San Diego. The Los Angeles-area properties include:
- 91 Freeway Center, an office building and a freestanding restaurant comprising 92,471 square feet at 17100 Pioneer Blvd. in Artesia;
- A 77,943-square-foot building at 1501 Hughes Way and a 53,423-square-foot building at 3901 Via Oro Avenue in Long Beach;
- Glendale Corporate Center, a 111,072-square-foot building at 425 Corporate St. in Glendale;
- Norwalk Corporate Plaza, a 121,016-square-foot building at 12501 Imperial Highway in Norwalk;
- South Bay Tech Center, two buildings containing 106,078 square feet located at 680 and 690 Knox St. in Torrance; and
- Whittier Financial Center, two buildings comprising 143,406 square feet at 15111 and 15141 E. Whittier Blvd. in Whittier.
The remaining eight buildings are located in San Diego: Activity Business Center, five buildings encompassing a total of 156,780 square feet at 9235, 9245 and 9265 Activity Road and 9520 and 9530 Padgett St.; and Morehouse Tech Center I, II & III, three buildings encompassing 183,402 square feet at 5510, 5550 and 5590 Morehouse Drive.
Since acquiring the portfolio in late 2004 for $138.5 million, The Shidler Group has implemented a strategic capital improvement program, investing in excess of $6 million, according to a press statement.
At the time of sale, the portfolio was 82 percent occupied and houses more than 165 tenants in the technology, financial services, government and medical services industries. Major names include Acceris Management & Acquisition, Catellus Development, the City of Los Angeles, California Department of Motor Vehicles, Fairfield Residential, First Bank, Homes.com, Stewart Title, Tri-Tech Internet Services, Salomon Smith Barney, USA Today, Verizon and Whittier Hospital.
The Shidler Group is a national real estate organization that currently owns and operates more than 8 million square feet of commercial property throughout Texas, Arizona, Hawaii and Southern California.