CULVER CITY, CA-Broadreach Capital Partners LLC has completed its second Southern California acquisition in recent months with its purchase of the 157,000-sf Park Place office campus from Rreef. Broadreach, which bought its first SoCal property in Orange County in July, paid nearly $27.3 million for Park Place in a transaction brokered by Steve Solomon and Craig Meyer of Trammell Crow Co., who have also been retained by Broadreach as the listing agents for sales and leasing of Park Place. The Park Place property consists of 16, two-story, low-rise office buildings that range in size from 8,000 sf to 15,000 sf. Each building in the development sits on its own legal parcel, which “adds a high level of flexibility to the campus,” the investment firm says. The project is located immediately off of the I-405 and the 90 freeways and serves a diverse, credit tenant base. Broadreach bought the asset at a “meaningful discount to replacement cost,” says David Simon, managing director and head of the company’s Southern California operation. The Park Place buildings are designed for owner-users and small investors, with Broadreach planning to sell three to five of the buildings shortly and to reposition and lease the remaining buildings. Solomon of Trammell Crow tells that Park Place, which was approximately 73% leased at the time of the recent sale, was built in 1980 and 1981 and was originally intended as buildings for sale. But the market for small building sales slowed when interest rates rose, Solomon points out, so the developers leased the buildings instead. In today’s market, by contrast, low interest rates have turned the small building sales market into one of the hottest segments of commercial real estate. Broadreach capital improvement projects for its newly acquired property and has enlisted Nicole Audette of Transwestern Commercial Services to provide day-to-day on-site property management services. The purchase of Park Place follows the first Southern California purchase for Broadreach, which it closed on in July. That transaction was the acquisition last month the 250,000–sf redevelopment project known as Tustin Commons in Orange County. Broadreach, which operates from offices in Los Angeles and Palo Alto, invests in a variety of western US commercial real estate products through its $314-million real estate fund, BRCP Realty, LP I. It is managed by the former executive team of Spieker Properties Inc.

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