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UNIVERSAL CITY, CA-Broadreach Capital Partners LLC has acquired a 104,000-sf office building at 3330 Cahuenga Blvd. from ING Realty Partners, the third Broadreach investment in Southern California over the past six months. The purchase expands the Broadreach portfolio in Southern California to approximately 500,000 sf, including its other holdings in Tustin and Culver City, according to David Simon, managing director and head of the company’s Southern California operation.The 3330 Cahuenga Blvd. building is a five-story, class A property that is approximately 62% leased, primarily to media and entertainment related tenants. Simon calls the property “a clear opportunity to add value” because the building is a quality asset that enjoyed a higher occupancy until a former tenant downsized. He expects demand for space from a variety of entertainment related users. The Broadreach purchase of the building was brokered by Steve Algermissen of Cushman & Wakefield on behalf of ING Realty, with Broadreach representing itself. Broadreach has named Todd Doney, Nico Vilgiate and Rob Waller from CB Richard Ellis as leasing agents for the building, with Cushman & Wakefield to provide day-to-day onsite property management services. The Broadreach acquisition of 3330 Cahuenga, the company notes, is an example of the growing investment interest in the 1.8-million-sf Universal City submarket, where several significant buildings have changed hands over the past 18 months, including 10 Universal City Plaza and the Centrum. Vacancy rates are declining in the market, which is attracting media and entertainment related companies from Hollywood and surrounding communities.Broadreach, with locations in Palo Alto and Los Angeles, invests in a variety of Western US commercial real estate properties through its $314-million real estate fund, BRCP Realty, LPI. It is managed by the former executive team of Spieker Properties Inc.

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