Newmark Knight Frank has brokered the $39 million sale of Commerce Plaza, a two-building, 194,908-square-foot office property in Commerce, Calif. NKF Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Ken White and Senior Managing Director Scott Schumacher negotiated on behalf of the seller, Colony Capital. Buyer Omninet Capital was self-represented.
Commerce Plaza is situated at 5601 E. Slauson Ave. and 5701 S. Eastern Ave., on 8 acres within an opportunity zone, Yardi Matrix shows. Developed in 1982, the six-story buildings underwent cosmetic renovation in 2005.
According to NKF, the Class B office campus was leased to 13 tenants at the time of sale, including DaVita Medical Management., the County of Los Angeles and Waste Management. The County of Los Angeles has plans for a 51,555-square-foot lease extension, which would bring the campus to 100 percent occupancy.
Commerce Plaza is roughly 8 miles southeast of downtown Los Angeles and 1 mile south of the Commerce city center, close to Interstate 710. There are four shopping malls and three hotels within a 1-mile radius. The property is across the street from Commerce Office Park, another Omninet Capital asset.
In April, an NKF team including Shannon and White assisted Colony Capital and its joint venture partner in the disposition of a 158,885-square-foot office building in Thousand Oaks, Calif. TriStar Realty Group paid $21.6 million for the Class A asset.