VALENCIA, CA-CORE Realty Holdings LLC of Newport Beach has acquired the 64,287-sf Westridge Executive Plaza office building at Valencia Boulevard and the I-5 Freeway from A&B Westridge LLC for $23.16 million. CORE, a TIC specialist, bought the building as an offering for tenant-in-common investors.
Russ Colvin, president and CEO of CORE, says the company was attracted to the property by a number of factors, including the "great demographics" of its location within the Valencia area of Santa Clarita, which is known for its population growth, a reputation for a low crime rate and a stable work force. The class A multitenant office building is occupied by 13 tenants, among them Wells Fargo Bank and the Realty Executives international real estate franchise.
The buyer and the seller were represented by Jeff Hanson and Ryan Gallagher of Grubb & Ellis' Institutional Investment Group and Bert Abel, Douglas Cole and John Cserkuti of the firm's North Los Angeles office. Westridge Executive Plaza was built in 2003 and was 100% occupied at the time of closing. In addition to Wells Fargo and Realty Executives, tenants include Pardee Homes, US Rep Buck McKeon of the 25th District, the Charles Schwab Corp., State Farm Insurance and Hacker Braly LLP.
CORE Realty Holdings LLC and its affiliates own and manage more than six million sf of commercial real estate, primarily in Southern California, for its owners and private investors. Its owner affiliates include Optima Asset Management and Saunders Property Co.
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