SIMI VALLEY, CA-Farmers Insurance has sold its 271,000-sf office complex here for $42 million and has leased it back in a deal negotiated by the Seattle and Phoenix offices of CB Richard Ellis. The property, which was built in the 1980s, is 100% occupied by the insurance firm.
Jeffrey Thomas of CBRE's Seattle office tells GlobeSt.com that the combination of a strong tenant, the Southern California location and the general demand for net-leased properties attracted offers from investors located in California, New York, Florida and Illinois. Bidders ranged from high-net-worth private investors to institutions and REITs, Thomas tells GlobeSt.com.
Thomas and John Glassmoyer of the Phoenix office of CB Richard Ellis represented the seller. The buyer was Capital Lease Funding, a New York-based REIT that specializes in net-lease deals. In the sale-leaseback, Farmers has signed a 10-year lease for the property, which includes three buildings.
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