The properties include the 206,180-sf Playa Vista Corporate Center near Marina del Rey, the 101,949 sf Sunset Coast Plaza in Pacific Palisades and the 177,603-sf Summit at Valencia.The Playa Vista property and Sunset Coast Plaza are owned by Burlingame-based real estate investment firm Embarcadero Capital Partners, and the Valencia building is owned by San Francisco based McMorgan & Co.'s pooled real estate fund, MIREF I LLC.
Playa Vista Corporate Center is a three-story building at 12777 Jefferson Blvd. that was constructed in 1982 and later renovated in 1996. It is 73% occupied. Sunset Coast Plaza is a three-story building overlooking the Pacific Ocean at the northeast corner of Sunset Boulevard and Pacific Coast Highway. It consists of three contiguous buildings and is one of only two class A properties in the Pacific Palisades/Malibu submarket. The Summit at Valencia is a campus-style office development at the junction of Interstate 5 and State Highway 26 in the Newhall Ranch Community. It was built in 1999 as Valencia Corporate Pointe and consists of three two-story buildings at 27202, 27220 and 27240 Turnberry Lane. the property underwent extensive renovation and was renamed The Summit at Valencia in 2003. It is 95% occupied.
Cushman & Wakefield director and senior portfolio manager Peter J. Italiano, who manages the firm's Los Angeles West portfolio, will oversee the three properties. Overall, Cushman & Wakefield has more than 16 million sf of assets under management in Southern California.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.