{"id":1004275385,"date":"2018-10-30T03:25:42","date_gmt":"2018-10-30T11:25:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004275385"},"modified":"2019-06-28T09:36:38","modified_gmt":"2019-06-28T17:36:38","slug":"belay-harbor-associates-buy-2-office-assets-for-57m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/belay-harbor-associates-buy-2-office-assets-for-57m\/","title":{"rendered":"Belay, Harbor Associates Buy 2 Office Assets for $57M"},"content":{"rendered":"
\"\"<\/a>

700 N. Central Ave.<\/p><\/div>\n

Belay Investment Group LLC and Harbor Associates LLC recently partnered on the acquisition of two value-add office assets encompassing an aggregate 302,000 square feet in transactions totaling $56.9 million. In separate joint ventures, the companies snapped up 700 N. Central Ave. in the suburban Los Angeles city of Glendale, Calif., part of the Tri-Cities market, as well as Capitol Center in Denver.<\/p>\n

\u201cBoth properties present us with an opportunity to make strong risk-adjusted returns through strategic renovations that focus on improving the tenant experience in partnership with an experienced sponsorship team in markets that we believe have significant room to grow,\u201d<\/em> Eliza Bailey, managing principal with Belay Investment Group LLC, said in a prepared statement. Belay funded its stake in the joint ventures through Belay Partnership Ventures II LP, a fund capitalized by the California State Teachers\u2019 Retirement System.<\/p>\n

Belay and Harbor purchased 700 N. Central, a 136,000-square-foot building in the Glendale Gateway office complex, from CBRE Global Investors for $28 million. The eight-story property first made its debut in 1979. The partners acquired the 166,000-square-foot Capitol Center from SteelWave in a $28.9 million deal. Developed in 1958, Capitol Center consists of a 12-story structure connected to a two-story-building.<\/p>\n

For both assets, the change in ownership comes within two years of their previous trading. The 700 N. Central property previously sold in late 2017<\/a>, while Capitol Center last saw a change in its ownership team in 2016.   <\/p>\n

Adding value<\/strong><\/h2>\n

Both Belay and Harbor focus on value-add opportunities, but the companies have certainly faced greater competition from the investment community this year. Fifty-eight percent of respondents to global commercial real estate marketplace Real Capital Markets\u2019 2018 investor sentiment survey defined themselves as value-add investors.<\/p>\n

\u201cThere is general agreement that the focus will continue to center on value add, in spite of the real shortage of attractive opportunities,\u201d<\/em> according to the report based on the Real Capital Markets survey.<\/p>\n

\u201cWith so much capital on the sidelines\u2014and plenty of investors wanting and needing to deploy it\u2014value add was noted as the predominant investment approach going into 2018.\u201d<\/em><\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In separate joint ventures, the partners acquired properties totaling 302,000 square feet in Denver and the suburban Los Angeles city of Glendale, Calif. <\/p>\n","protected":false},"author":969,"featured_media":1004275424,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1587,21808,21783,1594,21742,21747,15],"tags":[36407,32789,35095,36306,38073,46133,33027],"class_list":["post-1004275385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-denver","category-featured","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-belay-investment-group-llc","tag-cbre","tag-cbre-global-investors","tag-harbor-associates","tag-rcm","tag-real-capital-markets","tag-steelwave"],"acf":[],"yoast_head":"\nBelay, Harbor Associates Buy 2 Office Assets for $57M - 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\/belay-harbor-associates-buy-2-office-assets-for-57m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Belay, Harbor Associates Buy 2 Office Assets for $57M\" \/>\n<meta property=\"og:description\" content=\"In separate joint ventures, the partners acquired properties totaling 302,000 square feet in Denver and the suburban Los Angeles city of Glendale, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/belay-harbor-associates-buy-2-office-assets-for-57m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-30T11:25:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-06-28T17:36:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/700-N-Central-Ave.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/belay-harbor-associates-buy-2-office-assets-for-57m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/belay-harbor-associates-buy-2-office-assets-for-57m\/\",\"name\":\"Belay, Harbor Associates Buy 2 Office Assets for $57M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/belay-harbor-associates-buy-2-office-assets-for-57m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/belay-harbor-associates-buy-2-office-assets-for-57m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/700-N-Central-Ave.jpg\",\"datePublished\":\"2018-10-30T11:25:42+00:00\",\"dateModified\":\"2019-06-28T17:36:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/belay-harbor-associates-buy-2-office-assets-for-57m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/belay-harbor-associates-buy-2-office-assets-for-57m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/belay-harbor-associates-buy-2-office-assets-for-57m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/700-N-Central-Ave.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/700-N-Central-Ave.jpg\",\"width\":640,\"height\":512,\"caption\":\"700 N. 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