Castlerock Buys Paragon Business Center

The purchase of the five-building development, which is part of the 4,500-acre master planned Valencia Gateway developed by Newhall Land & Farming, marks the third major investment that Castlerock and its affiliates have made in the Valencia market in the last two years. The company is a joint venture between Randy Kirshner and Aspen Investment Co., which has been active in the Valencia market since 1980. Together, the companies control approximately 400,000 sf of industrial and commercial space in Santa Clarita. Kirshner tells GlobeSt.com that Castlerock also plans a new development later this year that will add 110,000-sf of multi-tenant commercial and industrial space at its four-building, 67,000-sf Valley Business Center, located at Soledad Canyon Road and Golden Valley Parkway.

The Paragon Business Center that the company recently acquired is a mix of office, flex and warehouse space that was constructed in 1988 and features a campus setting with units ranging in size from 1,000 to 22,000 sf. The largest tenant is Westwood One, a national radio network.

Kirshner says the joint venture purchased the Paragon Business Center for its prime location at the intersections of Avenue Scott and Stanford in the middle of the Valencia Industrial Center. The location and unit sizes complement the other projects that the investors own in the market, he adds. Kirshner says Castlerock plans on acquiring additional portfolio properties in the Santa Clarita market as they become available. Nick Brighton of Velocity Investment Sales represented the seller, Holualoa Park Lane LLC, with Castlerock acting as a principal and representing itself.