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PACIFIC PALISADES, CA-Highpoint Capital LLC of Los Angeles has acquired a 35,000-sf office property at 860 Via de la Paz for $13 million and plans upgrades as part of a value-added play, according to Jeffrey Seltzer, Highpoint’s founder. Highpoint bought the three-story building from a family trust in a joint venture with an institutional partner.

Built in 1980, 860 Via de la Paz is a freestanding building that was 97% occupied at the time of the sale. Seltzer tells GlobeSt.com that the asset holds the promise of upside because in-place rents are “significantly under market” and because the building is located in “a market which we believe will enjoy robust rent growth over the next five years.”

The acquisition is one of three deals that Highpoint has either closed or is about to close in Southern California, including a $16-million office property in Costa Mesa and a $7.5-million retail deal in Rancho Mirage. The 860 Via de la Paz deal was brokered by Minette Siegel of First Financial Bancorp.

Seltzer founded Highpoint about a year ago after more than 10 years of commercial real estate experience in acquisitions, dispositions, investment analysis, property development and asset management. His company focuses on acquiring office, industrial and retail buildings ranging from $5 million to $100 million, typically specializing in complicated deals including properties that are encumbered with conduit debt or high interest rate loans, properties encumbered by land leases, buildings with high vacancies or properties that are 100% vacant or mismanaged.

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