Dallas Lucas, president and chief executive officer of the SantaMonica-based REIT, says that the SoCal Portfolio represents "ourentrance into our target market of Los Angeles, a selectiveexpansion into the Orange County market and further growth of ourdominant presence in San Diego." The $195 million SoCal Portfoliojoint venture increases Pacific Office's total portfolio undermanagement by 30% to 4.3-million leasable sf.


Lucas points out that the deal is consistent with theco-investment strategy that Pacific Office pursues. In this case,the REIT will hold a managing ownership interest in the SoCalPortfolio, which will be owned in partnership with theInvesco-sponsored fund as an institutional co-investor. Invesco isa global investment manager with assets of more than $500 billionunder management.


[IMGCAP(2)]The Los Angeles property in the SoCal Portfolio isGateway Corporate Center, an 85,000-sf institutional quality officebuilding in the Eastern San Gabriel Valley at1370 Valley Vista Dr.In Orange County, Pacific's new assets include the 372,000-sffour-building Savi Tech Center at 22705-22745 Savi Ranch Parkway inthe North County Anaheim Hills submarket, the five-building 166,000office/flex Yorba Linda Business Park at 22343-22349 La Palma Ave.in Yorba Linda and the 61,000-sf South Coast Executive Centeroffice building at 1503 South Coast Dr. in the South Coast Metrosubmarket.


The new San Diego properties are the 125,000-sf CarlsbadCorporate Center office/flex building located at 1950 Camino VidaRoble in Carlsbad; the 79,000-sf two-building office/flex ViaFrontera Business Park at 10965 and 10993 Via Frontera Dr. in theRancho Bernardo submarket; and the 112,000-sf Poway Flex, atwo-story office structure with an attached industrial building at13550 Stowe Dr. in the Poway submarket.

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