CALABASAS, CA-A joint venture of El Segundo-based PCCP LLC and Dallas-based Lincoln Property Co. has acquired a 51,654-square-foot class A office building here in a short sale in one of two office deals involving PCCP lately. In the other, the El Segundo-based firm provided a $52 million senior loan to finance the acquisition of a six-building portfolio of class A suburban office buildings totaling 642,262 square feet in the Sacramento suburb of Rancho Cordova.

The Calabasas property is a two-story building with two levels of parking at Calabasas Corporate Center that was built in 2008 and has never been occupied. It features a parking ratio of 5.5 stalls per 1,000 square feet of office space, 59% of which are covered in podium and subterranean parking levels with direct elevator access to the two office floors.

The sales price was undisclosed, but PCCP describes it as a low purchase price that will allow the new, well-capitalized ownership to pursue leases that the previous ownership was unable to pursue given its cost basis. PCCP Partner Greg Galusha says that the new owners bought the property in an off-market transaction below market price.

Given the property’s new construction, covered parking, visibility and proximity to a diverse labor pool, “We believe the property should be able to attract mid-size tenants currently seeking class A office space in the area,” Galusha says.

In the Rancho Cordova financing, PCCP provided the financing for the acquisition of office buildings known as the Prospect Green portfolio, located adjacent to Highway 50. The buyer was a fund sponsored by San Francisco-based DivcoWest Services LLC.

The portfolio includes one six-story office tower called One Capital Center and an office park with five mid-rise buildings ranging from two to four stories. The tenant base of major national tenants includes Barclays, AllState, Moss Adams, Aeroject and NCS Pearson.

PCCP principal Adam Zoger calls the financing “a strategic move for our firm.” The properties will compete at the high end of the rental market and “should be able to outperform the market due to their high-quality improvements and location close to Highway 50 and light rail,” he says.