{"id":1004243297,"date":"2018-07-18T03:08:51","date_gmt":"2018-07-18T11:08:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004243297"},"modified":"2022-12-06T19:38:23","modified_gmt":"2022-12-07T03:38:23","slug":"vista-investment-acquires-ca-creative-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vista-investment-acquires-ca-creative-office-campus\/","title":{"rendered":"Vista Investment Acquires CA Creative Office Campus"},"content":{"rendered":"<p>By IvyLee Rosario&nbsp;<\/p>\n<div id=\"attachment_1004243303\" style=\"width: 367px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Media-Park.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004243303\" data-attachment-id=\"1004243303\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vista-investment-acquires-ca-creative-office-campus\/media-park\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Media-Park.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;9.5&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark III&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1517662604&quot;,&quot;copyright&quot;:&quot;\\u00a9 2018 Les Nakashima\/Nextimage3D&quot;,&quot;focal_length&quot;:&quot;58&quot;,&quot;iso&quot;:&quot;320&quot;,&quot;shutter_speed&quot;:&quot;0.0013333333333333&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Media Park\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Media Park&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Media-Park.jpg?w=800\" class=\"wp-image-1004243303 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Media-Park.jpg\" alt=\"\" width=\"357\" height=\"277\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Media-Park.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Media-Park.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Media-Park.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 357px) 100vw, 357px\" \/><\/a><p id=\"caption-attachment-1004243303\" class=\"wp-caption-text\">Media Park Santa Monica&nbsp;<\/p><\/div>\n<p>An affiliate of Vista Investment Group has acquired the leasehold interest in Media Park Santa Monica, a creative office campus in Santa Monica, Calif.&#8217;s Media District. The property was purchased from Redwood Partners Inc.&nbsp;<\/p>\n<p>Located at 1813 Centinela Ave., the property is an adaptive reuse of a former research and development facility constructed in 1978. The 5.2-acre site comprises three renovated one- and two-story assets ranging from 10,246 to 59,254 square feet. Building features include 20-foot ceiling heights, concrete floors, Wi-Fi courtyards, outdoor meeting spaces, collaborative work areas, roll-up doors, outdoor patios and electric vehicle charging stations. Media Park Santa Monica was 100 percent leased at the time of sale, with tenants including Sapient, Hirsch Bedner Associates and EPS Cineworks.&nbsp;<\/p>\n<p>HFF&#8217;s Managing Director Marc Schillinger and Associate Ryan Ash secured a long-term acquisition loan through a national bank, on behalf of the buyer. Madison Partners&#8217; Founding Partner &amp; President Bob Safai represented both parties in the deal. Sklar Kirsh&#8217;s Partner &amp; Head of the real estate practice Andrew Kirsh, Partner Mark Nicoletti, Senior Associate Adrian Boddie and Real Estate Specialist Tina Legg-Bellossi&nbsp;acted as legal counsel to Vista.&nbsp;<\/p>\n<h2>Growing CA presence<\/h2>\n<p><em>\u201cFinancing an acquisition of an asset subject to a ground lease with less than 30 years of term left is extremely difficult to do and severely limited the buyer pool,\u201d<\/em> said Jonathan Barach, president &amp; co-founder of Vista Investment Group, in a prepared statement. <em>\u201cBecause of our creative capital and the fixed-income expertise of our principals, we were able to value the cash flows over the remainder of the ground lease terms, just like a bond. We determined this to be a very attractive long-term opportunity for Vista and our investors. As a result we were able to pick it up at a compelling cap rate, secure accretive leverage, and take advantage of some serious tax benefits.\u201d<\/em><\/p>\n<p>The acquisition of Media Park Santa Monica adds to Vista\u2019s 1 million-square-foot office portfolio in California. In January, the company purchased the <a href=\"https:\/\/www.commercialsearch.com\/news\/vista-grows-silicon-valley-footprint-with-113m-purchase\/\">$113 million Vasona Technology Park<\/a>,&nbsp;a 314,256-square-foot complex in Campbell, Calif. That transaction marked the firm&#8217;s fourth investment within Silicon Valley.<\/p>\n<p><em>Image courtesy of Vista Investment Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Media Park Santa Monica is an adaptive reuse of a former research and development facility constructed in 1978. The site comprises three renovated buildings. <\/p>\n","protected":false},"author":746,"featured_media":1004243303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1594,21742,21747,15],"tags":[32792,41177,41174,34453],"class_list":["post-1004243297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-hff","tag-marc-schillinger","tag-redwood-real-estate-partners","tag-vista-investment-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vista Investment Acquires CA Creative Office Campus - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/vista-investment-acquires-ca-creative-office-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vista Investment Acquires CA Creative Office Campus\" \/>\n<meta property=\"og:description\" content=\"Media Park Santa Monica is an adaptive reuse of a former research and development facility constructed in 1978. 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