Broadreach Capital Partners recently acquired a 204,612-square-foot, class A office complex in Culver City, Calif., for $51 million.
The property, bought from Scanlon Kemper Bard, is located at 200 & 300 Corporate Pointe. The asset is comprised of two mid-rise office buildings and an adjacent 732-space parking structure situated on four acres of land fronting Slauson Avenue, one-half mile east of the 405/90 freeway interchange. Built in 1984 and later renovated in 2004, the buildings were collectively 85 percent leased at the time of sale with tenants that include the University of Phoenix, Paychex and State Farm Insurance.
The firm’s Southern California portfolio totals approximately 3 million square feet of office properties and land with a stabilized value of nearly $900 million. Assets include the CNN Building in Hollywood and the Sunset Millennium in West Hollywood.