Canyon Catalyst Begins Office Disposition

The disposed properties are located in the Los Angeles submarket.

LOS ANGELES—Canyon Catalyst Fund has disposed of its first three properties purchased in joint venture with Pacshore Partners. The three properties include 22619 Pacific Coast Highway located in Malibu, and 12901 W Jefferson Boulevard and 5340 Alla Road, both in Playa Vista. All three properties were acquired between 2013 and 2015, and were repositioned by the joint venture.

“The CCF Pacshore joint venture successfully commenced comprehensive property improvement programs across the portfolio,” Maria Stamolis, co-head of real estate investments and director of asset management at Canyon Partners Real Estate, tells GlobeSt.com. “The Playa Vista properties were formerly industrial buildings, which were converted into creative offices.  Each property benefits from flexible floorplans that could be highly customized to the tenant’s preferences.  For example, some suites feature private outdoor areas with gardens, and dramatic interior staircases, which connect the first and second floors.  The Playa Vista properties were stabilized with a mix of media and technology tenants, while the Malibu property underwent a creative office conversion that took advantage of the property’s ocean views.  After completing our value add initiatives at the properties, we identified a buyer who would benefit from holding the properties long term.”