{"id":1004583710,"date":"2022-06-10T02:34:46","date_gmt":"2022-06-10T10:34:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004583710"},"modified":"2022-12-07T22:57:04","modified_gmt":"2022-12-08T06:57:04","slug":"la-office-sales-strong-in-april","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/la-office-sales-strong-in-april\/","title":{"rendered":"LA Office Sales Strong in April"},"content":{"rendered":"

\"\"<\/a>Office investment deals across metro Los Angeles continued at a steady pace after a strong first quarter. In April, a total of $276 million was generated in office sales, 50.4 percent less than in March, according to CommercialEdge. <\/strong>Roughly 623,300 square feet of office space traded hands. Despite a decline from the previous month, Los Angeles remains one of the most active office markets for investors.<\/p>\n

During the first four months of the year, office sales amounted to $1.4 billion, with the metro clocking in the third spot behind New Jersey ($1.5 billion) and Manhattan ($1.8 billion). The amount represents a 95.7 percent increase year-over-year. On average, office properties during this period traded at $483 per square foot\u2014well above the national $277 per square foot.<\/p>\n

The largest deal of April was the $105.5 million sale of 5500 W. Jefferson Blvd. Nuveen Real Estate <\/strong>acquired the 75,000-square-foot office from Hackman Capital Partners<\/strong> at roughly $1,407 per square foot. <\/strong>The property is an industrial-to-office conversion, finished in 2018 and currently fully leased by Apple<\/strong>.<\/p>\n

A total of 12 office properties traded in April. Of these, 11 were Class B assets, with investors targeting stabilized buildings with long-term leases. Another notable transaction was the $21.5 million sale of Agoura Hills Medical Plaza<\/a>. Anchor Health Properties <\/strong>acquired the fully leased asset through a joint venture. According to CommercialEdge, the property also became subject to a $200 million loan provided by Capital One.<\/strong><\/p>\n

CommercialEdge<\/a>\u00a0covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report\u00a0here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Although a decrease from the previous month, L.A. is still among the top three metros for office sales.<\/p>\n","protected":false},"author":1284,"featured_media":1004545005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1594,21742,21747,15],"tags":[51047,50674],"class_list":["post-1004583710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nLA Office Sales Strong in April<\/title>\n<meta name=\"description\" content=\"Although office sales volume decreased from the previous month, Los Angeles is still among the top three metros for investments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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