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SIMI VALLEY, CA-Century Park Partners LLC of Los Angeles has paid $33 million for a 180,000-sf corporate office building that is leased on a long term basis to national mortgage lender Countrywide Home Loans. The property is at 1757 Tapo Canyon Rd. and includes the adjacent three-acre parcel of undeveloped land at the corner of Los Angeles Avenue and Tapo Canyon Road.Century Park acquired the asset from Schmid Moulton Parkway, a subsidiary of Schmid Development of Anaheim, a private trust that had originally acquired the property as a multi-tenant facility in the late 1990s. Schmid later decided to sell to diversify into other real estate assets.The seller was represented by Steve Dome of Marathon Realty Advisors in Houston, Michael Swanston of Swanston Properties in San Diego and Dennis Slattery of the downtown Los Angeles office of the Charles Dunn Co. The brokers point out that the $33 million purchase price, which works out to $183 per sf excluding the three-acre land parcel, reflects the strong demand for investment grade tenants in strong submarkets in California.The Simi Valley-Moorpark office submarket has been one of the tightest in the Los Angeles region according to recent industry reports, which show the vacancy rate at below 6% and average asking rates among the highest for suburban office space in the region, above $2.20 per sf per month. The offices occupied by Countrywide in Simi Valley are one of a number of locations operated in the area by the Calabasas-based lender, which is the principal subsidiary of Countrywide Financial Corp., also based in Calabasas.

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