WESTLAKE VILLAGE, CA-Parthenon Management Partners LLC has acquired a 40,000-sf industrial building on a site of nearly three acres that will enable the buyer to convert the building into a medical office project. The property is at 696 Hampshire Rd.
Bram White of GVA Daum, which brokered the deal in collaboration with CB Richard Ellis, says that seller Peak Trust chose to dispose of the property because the industrial facility's long-time occupant is moving to a larger space. Peak Trust will now re-invest in properties closer to its headquarters in Oregon, explains White.
Along with White, fellow GVA Daum brokers Michael Foxworthy and Stuart Scott represented Peak Trust. White also represented the property's former tenant, EDO Corp., in its relocation to a nearby 112,000-sf industrial facility.
The buyer was represented by Michael Slater and Tom Dwyer of CB Richard Ellis. Terms of the deal were not disclosed, but the property had been on the market at an asking price of about $6.8 million.
Parthenon Management Partners is wholly owned by Dr. Andrew Brooks and Randhir S. Tali. The company, based in Beverly Hills, specializes in real estate acquisitions combined with surgical center and medical space development.
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