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WOODLAND HILLS, CA-Bentley Forbes of Los Angeles has sold the 517,000-sf 21st Century Plaza office campus to JPMorgan Fleming of New York for $130 million as part of the Los Angeles-based company’s shift away from net-leased to class A multi-tenant properties. The buyer acquired the asset, which includes two 11-story buildings located in the Warner Center submarket, on behalf of its institutional clients in a transaction brokered by a CB Richard Ellis Investment Properties Group team of Thomas Bohlinger, Ron Wade and Sean Sullivan, all based in Southern California, along with Bill Shanahan in New York.

David W. Cobb, president and CEO of Bentley Forbes, calls the property “a true, class A office environment with a long-term lease in place for the majority of the property with a very stable, well credited tenant.” Cobb says the deal fits the strategies of both companies, explaining that Bentley Forbes is selling some of its class A office, retail and industrial properties in a restructuring of its portfolio, as reported previously on GlobeSt.com.

The firm is marketing two portfolios of net leased properties located throughout the US, one composed of class A office buildings and a second made up of warehouse and industrial facilities. Proceeds from the sales will go toward the company’s plan to expand its portfolio of multi-tenant assets, notes C. Frederick Wehba, founder and chairman of Bentley Forbes. Wehba mentions, however, that the company will continue to focus on net lease, build-to-suit buy-outs and sale-leaseback transactions. The Wehba family founded Bentley Forbes in 1993 and since then has executed more than $1 billion in transactions.

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