LOS ANGELES—Canyon Catalyst Fund has disposed of its first three properties purchased in joint venture with Pacshore Partners. The three properties include 22619 Pacific Coast Highway located in Malibu, and 12901 W Jefferson Boulevard and 5340 Alla Road, both in Playa Vista. All three properties were acquired between 2013 and 2015, and were repositioned by the joint venture.

“The CCF Pacshore joint venture successfully commenced comprehensive property improvement programs across the portfolio,” Maria Stamolis, co-head of real estate investments and director of asset management at Canyon Partners Real Estate, tells GlobeSt.com. “The Playa Vista properties were formerly industrial buildings, which were converted into creative offices.  Each property benefits from flexible floorplans that could be highly customized to the tenant's preferences.  For example, some suites feature private outdoor areas with gardens, and dramatic interior staircases, which connect the first and second floors.  The Playa Vista properties were stabilized with a mix of media and technology tenants, while the Malibu property underwent a creative office conversion that took advantage of the property's ocean views.  After completing our value add initiatives at the properties, we identified a buyer who would benefit from holding the properties long term.”

Canyon executed a targeted marking strategy and received strong interest in the sale of the properties, eventually selling the entire portfolio to La Salle Investment Management. “We were careful to balance surety of execution and performance with maximizing value,” says Stamolis. “Ultimately, we identified LaSalle Investment Management as the ideal buyer because they understood the value of the full portfolio.”

This portfolio and the subsequent disposition is a great illustration of Canyon Catalyst Fund and Pacshore's typical investment strategy, which targets office properties in urban settings near job centers and public transit. “The properties also offer tenants the ability to create collaborative and creative floor plans to meet their working needs,” adds Stamolis. “Each of the portfolio properties are located in close proximity to the premier amenities of their respective submarkets. Media and technology companies have gravitated towards this product type and the tenant base of the portfolio is emblematic of the preference.  These tenants also position the property well for sale to long-term holders, which is the exit strategy for this portfolio.”

The joint venture isn't slowing down. It recently purchased 977 N Broadway in the Chinatown submarket of Downtown Los Angeles with plans to reposition that property as well.

LOS ANGELES—Canyon Catalyst Fund has disposed of its first three properties purchased in joint venture with Pacshore Partners. The three properties include 22619 Pacific Coast Highway located in Malibu, and 12901 W Jefferson Boulevard and 5340 Alla Road, both in Playa Vista. All three properties were acquired between 2013 and 2015, and were repositioned by the joint venture.

“The CCF Pacshore joint venture successfully commenced comprehensive property improvement programs across the portfolio,” Maria Stamolis, co-head of real estate investments and director of asset management at Canyon Partners Real Estate, tells GlobeSt.com. “The Playa Vista properties were formerly industrial buildings, which were converted into creative offices.  Each property benefits from flexible floorplans that could be highly customized to the tenant's preferences.  For example, some suites feature private outdoor areas with gardens, and dramatic interior staircases, which connect the first and second floors.  The Playa Vista properties were stabilized with a mix of media and technology tenants, while the Malibu property underwent a creative office conversion that took advantage of the property's ocean views.  After completing our value add initiatives at the properties, we identified a buyer who would benefit from holding the properties long term.”

Canyon executed a targeted marking strategy and received strong interest in the sale of the properties, eventually selling the entire portfolio to La Salle Investment Management. “We were careful to balance surety of execution and performance with maximizing value,” says Stamolis. “Ultimately, we identified LaSalle Investment Management as the ideal buyer because they understood the value of the full portfolio.”

This portfolio and the subsequent disposition is a great illustration of Canyon Catalyst Fund and Pacshore's typical investment strategy, which targets office properties in urban settings near job centers and public transit. “The properties also offer tenants the ability to create collaborative and creative floor plans to meet their working needs,” adds Stamolis. “Each of the portfolio properties are located in close proximity to the premier amenities of their respective submarkets. Media and technology companies have gravitated towards this product type and the tenant base of the portfolio is emblematic of the preference.  These tenants also position the property well for sale to long-term holders, which is the exit strategy for this portfolio.”

The joint venture isn't slowing down. It recently purchased 977 N Broadway in the Chinatown submarket of Downtown Los Angeles with plans to reposition that property as well.