WESTLAKE VILLAGE, CA—Barker Pacific haspartnered with Rockwood Capital to purchaseWestlake Spectrum, a two-building class-A officespace in Westlake Village, CA. The property is 85% occupied,primarily by Securitas USA, a private securitiesservices firm. The joint venture purchased the 107,381-square-footproperty from TA Realty for an undisclosed price in an all-cashtransaction.

“Our company has developed a track record of acquiringproperties that have various challenges, whether it be renovationor leasing issues,” Michael Barker, managingdirector of Barker Pacific, tells GlobeSt.com. “This one attractedus because it is in a submarket that we think has very goodpotential. It is a very affluent area, and there are a number ofbiotech and tech companies. So, it is the kind of area that has allof the ingredients that we typically look for.” In addition to thestrong market, Barker Pacific was also attracted to the properties'primary tenant Securitas USA, a private securities company based inEurope with offices in both Westlake Village, CA, and New Jersey.“[Private Securities] is an industry that we think has a lot ofpotential and status going forward,” Barker adds.

Although the property has a strong tenancy, the 15% vacancy doesallow room for improvement. Barker Pacific plans to conduct arenovation project that will improve some of the building'smechanical systems, like the air conditioning system, as well ascosmetic improvements that will help to augment the tenancy. “Wesee this as an opportunity to make some improvements to thebuilding, and improve the current occupancy,” says Barker. Althoughthe renovation budget has not yet been confirmed, Barker says thatit will likely be in “excess of $1 million.” The company willobtain some low leverage debt to fund the renovation project.