Dallas Lucas, president and chief executive officer of the Santa Monica-based REIT, says that the SoCal Portfolio represents "our entrance into our target market of Los Angeles, a selective expansion into the Orange County market and further growth of our dominant presence in San Diego." The $195 million SoCal Portfolio joint venture increases Pacific Office's total portfolio under management by 30% to 4.3-million leasable sf.
Lucas points out that the deal is consistent with the co-investment strategy that Pacific Office pursues. In this case, the REIT will hold a managing ownership interest in the SoCal Portfolio, which will be owned in partnership with the Invesco-sponsored fund as an institutional co-investor. Invesco is a global investment manager with assets of more than $500 billion under management.
 Gateway Corp. Center |
The new San Diego properties are the 125,000-sf Carlsbad Corporate Center office/flex building located at 1950 Camino Vida Roble in Carlsbad; the 79,000-sf two-building office/flex Via Frontera Business Park at 10965 and 10993 Via Frontera Dr. in the Rancho Bernardo submarket; and the 112,000-sf Poway Flex, a two-story office structure with an attached industrial building at 13550 Stowe Dr. in the Poway submarket.
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