Paul Daneshrad from Starpoint Properties (Credit: iStock)
After a fairly slow summer, the office investment market rebounded last month, thanks in large part to a big-ticket purchase from StarPoint Properties.
Combined, the top five office sales in August totaled $241.4 million. That’s a marked increase from the mere $37 million that transacted in July, but still considerably less than June’s $403 million.
Aside from StarPoint’s purchase in Beverly Hills, most deals transacted outside of Los Angeles city limits. The data was compiled from property records on Property Shark.
1. 433 Camden Drive | $193 million
StarPoint Properties closed on its $193 million purchase of an office building in the Beverly Hills Golden Triangle last month, logging the most expensive office trade last month by a landslide. The deal was part of a 1031 exchange, in which the company used proceeds from the sale of two multifamily properties to pay for the building. The sellers were Camden Properties LLC and Camden Land Corp., two entities controlled by Ralph Shapiro. Located at 433 Camden Drive, the 207,400-square-foot building is one of the tallest in Beverly Hills. It’s currently leased to Wells Fargo, its anchor tenant.
2. 1411 W. 190th Street | $32 million
The Redstone Group, a private real estate firm based in Vancouver, Canada, has paid $32 million to acquire a 184,000-square-foot office building in Gardena. The seller of the eight-story building, at 1411 W. 190 Street, was Sares Regis, a commercial and multifamily developer based in Irvine. The sale comes just one month after Sares Regis sold off another asset in Torrance, the Gramercy Plaza office building located on the former Toyota Motors campus.
3. 3201 W. Temple Avenue | $6.9 million
Starwood Capital unloaded a 42,000-square-foot office building at 3201 W. Temple Avenue in Pomona last month for $6.9 million. An entity named Pomona Corporate Plaza is listed as the registered buyer, deed records show. The LLC is controlled by David Zaslow, an L.A. resident. Starwood Capital absorbed the property into their portfolio when they bought Miami-based LNR Property in 2013.
4. 5570 Rosemead Boulevard | $6.3 million
An LLC named New World International paid $6.3 million to acquire the office building at 5570 Rosemead Boulevard in Temple City. The Diamond Bar-based entity is controlled by Yong Zhang, its sole manager, business registration records show. Apex Investment LLC, controlled by Arcadia resident Wai Hon Lai, sold the 14,000-square-foot property. The property is currently leased to Beyond Chess and Apex Education Center.
5. 4035 Eagle Rock Boulevard | $3.1 million
AmeriPacific Developments, acting through an entity, spent $3.1 million on a one-story office building on Eagle Rock Boulevard last month. Spanning 4,000 square feet, the property is located in between Glassell Park and Eagle Rock. The seller was SBD Real Estate Five LLC, which is based in Walnut, Calif. SBD paid $1.6 million for the property, found at 4035 Eagle Rock Boulevard, nearly a year ago, records show.
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