Greenlaw Partnership Snatches Business Park for $106M

Centerpointe La Palma was 89% leased at the close of escrow.

LA PALMA, CA—An East Coast-based pension-fund advisor has sold Centerpointe La Palma, a 525,560-square-foot, 10-building business park here, to a joint venture between Greenlaw Partners and Westbrook Partners. The asset includes three mid-rise office buildings, six single-story R&D buildings and one single-story retail strip center.

The buyer declined to comment further on its plans for the property. As GlobeSt.com reported in August, Wilbur Smith, CEO and president of Greenlaw Partners, said during a mixed-use development panel during RealShare Orange County that it’s important to be mindful of which amenities work and can be successful in mixed-use projects, particularly in horizontal ones, which are more common in the Orange County market than vertical ones. Moderator Randolph Mason, CCIM, a partner with Commercial Realty Specialists, asked Smith which amenities in particular are working, and Greenlaw’s Smith gave the example of LBA’s Park Place, which he said, “knocked it out of the park” with adjacent uses. The walkability factor of apartments near Whole Foods is a plus in a development his firm is adding in Brea, CA, he said, adding, “We are seeing a lot more walkability in Orange County than we did before, thanks to mixed-use.”