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LOS ANGELES-The first deal for a new joint venture designed to cultivate young CRE fund managers has closed. The Canyon Catalyst Fund and Pacshore Partners have acquired a two-story office building totaling over 118,000 square feet in Playa Vista for just over $36 million.

The office building, which houses eight distinct office suites, is situated on over five acres of land at 5340 Alla Rd., just north of Jefferson Blvd. The former industrial site includes 451 parking spaces, an abundant amount of parking for that area. The Lionstone Group was the seller in the off-market deal.

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