January 6, 2021 9:00 AM
Newmark announces it has arranged the sale of a 206,917-square-foot office building in Simi Valley, CA for $30 million. The property is 100 percent net-leased to Bank of America, N.A.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White, Rob Hannan and Sean Fulp, Senior Managing Director Laura Stumm and Managing Director Ryan Plummer represented the seller, a wholly-owned subsidiary of Griffin Capital Essential Asset REIT, Inc. The buyer, Top Terraces, Inc., was represented by David Meir and Jack Minassian at Peak Commercial.
“The North LA submarkets have seen tremendous growth over the past decade, most recently with Amazon taking 290,000 square feet adjacent to 450 American, placing this investment directly in the path of progress,” said Shannon.
He added, “The Private Capital Group that we launched three years ago sourced the buyer and is proving its effectiveness time and time again. The collaboration between the institutional and private capital platforms is unique to Newmark and I couldn’t be more proud of the team we have assembled.”
Situated on over 12.5 acres, the two-story building, located at 450 America Street, features a unique campus-style setting, abundant parking, four lobbies, an on-site café, mission critical cybersecurity and optimal post COVID-19 improvements such as expansive ceilings and operable doors to improve air flow. The property is proximate to the 118 Freeway and neighboring amenities including the Simi Valley Town Center, Mountain Gate Plaza and Sycamore Village.
Simi Valley provides access to a deep labor pool in the San Fernando Valley to the east and Ventura County to the west, allowing this property and others the possibility to capture tenants migrating from costlier Los Angeles markets. According to Newmark Research, the North LA office submarkets maintained an 11.3 percent vacancy rate in the third quarter of 2020. Increased tenant migration to the greater Conejo Valley has been driven by sharp increase in rental rates throughout the Los Angeles basin.
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark
Group, Inc. is a world leader in commercial real estate services, with a
comprehensive suite of investor/owner and occupier services and
products. Our integrated platform seamlessly powers every phase of
owning or occupying a property. Our services are tailored to every type
of client, from owners to occupiers, investors to founders, growing
startups to leading companies. Harnessing the power of data, technology
and industry expertise, Newmark brings ingenuity to every exchange, and
imagination to every space. Together with London-based partner Knight
Frank and independently owned offices, our 18,800 professionals operate
from approximately 500 offices around the world, delivering a global
perspective and a nimble approach. In 2019, Newmark Group, Inc.
generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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