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THOUSAND OAKS, CA-LBA Realty Inc. of Irvine has acquired a 261,000-sf office building from Verizon in a deal that will convert the property from a single-tenant into a multi-tenant building, according to NAI Capital. Lee Black, executive vice president with NAI who represented LBA in the transaction, tells GlobeSt.com that Verizon will continue as a tenant but that approximately half of the building, which is now fully occupied, will become vacant in April.

LBA has named NAI Capital to handle leasing for the property, which is situated on 22 acres at 112 S. Lakeview Canyon Rd. Verizon represented itself in the off-market sale of the property, which was developed in 1986 by GTE, a predecessor of Verizon. Terms of the transaction were undisclosed.

The deal represents an investment with development possibilities for LBA, which gets excess land with the potential for additional development of more than 200,000 sf. Lee notes that the existing building is suitable for tenants of 20,000 sf to 130,000 sf, with large floor plates and parking at the ratio of four vehicles per 1,000 sf of building space.

The Verizon building transaction is one of two recent deals in which NAI brokers represented LBA in acquisitions. In the other, LBA bought a two-story 51,000-sf building on just under two acres at 28965 Avenue Penn in Valencia from A&B Properties Inc. of Honolulu for $6.9 million, according to A&B.

Both A&B and the seller were represented by Chris Jackson and Todd Lorber of NAI Capital, who report that the deal closed at a cap rate of 6.5%. The building is occupied by a Curtiss-Wright Corp. subsidiary called Vista Controls that conducts electronic assembly, light manufacturing, packaging and shipping at the site.

A&B bought the Vista Controls building in 2003 as the first of six investments that the Hawaiian firm has made in the Valencia area. A joint venture of A&B and locally based Interex is nearing completion of the 120,000-sf Bridgeport shopping center in Valencia.

A&B is a subsidiary of Alexander & Baldwin Inc., which owns more than 89,000 acres of land and a portfolio of more than five million sf. A&B has a leased income and investment portfolio comprising more than 6.6 million sf of retail, office and industrial space in Hawaii and on the US mainland.

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