South Bay Office Building Changes Hands
PCCP LLC has provided a $29.1 million senior loan for the purchase of a nearly 89,000-square-foot, eight-story office building near the LAX Airport.
By Beata Lorincz
898 Sepulveda Blvd. in El Segundo, Calilf.
A joint venture of Stanton Road Capital and Second City Real has acquired an eight-story office building in El Segundo, Calif., for $35.5 million. PCCP LLC provided a $29.1 million senior loan for the transaction, with David Milestone and Brett Green of NKF Capital Markets arranging the financing. According to Yardi Matrix data, the previous owner purchased the asset in 2011 for $23.9 million.
The 88,923-square-foot building is located at 898 Sepulveda Blvd., near the Los Angeles International Airport. The asset was constructed in 1979 and renovated in 2000. The property includes a six-level parking structure, which serves the office building as well as the airport parking operations, providing a constant source of revenue to the owner.
Booming submarket
The property, currently 98 percent leased, is part of the South Bay market, with El Segundo being one of the best-performing submarkets in Los Angeles.
“PCCP saw this as an opportunity to originate a senior loan in a strong submarket to a locally based borrower,” said Mike Johnson, vice president with PCCP, in prepared remarks. “This is PCCP’s second loan to Stanton Road Capital and Second City and we are excited to complete another transaction together.”
Earlier this month Stanton Road Capital acquired an 11-story, roughly 320,000-square-foot office building within Kansas City’s Crown Center.
Image courtesy of PCCP LLC
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