Two Local REITs in $31M Office DealFriday, September 2, 2011
San Diego-based real estate investment trusts were the buyer and seller in a $31 million transaction involving a Los Angeles County office complex.
Pacific Office Properties Trust Inc. purchased the three-building Valencia Corporate Center, with a total of 194,000 square feet and located in the Santa Clarita Valley. The seller was American Assets Trust Inc.
In an Aug. 31 statement, Pacific Office Properties said it will co-own the buildings with New York-based Angelo, Gordon & Co., a privately held investment manager with approximately $23 billion in assets under management. It is the latest of several joint ventures that the San Diego REIT has conducted with Angelo.
In its own statement Aug. 30, American Assets Trust CEO John W. Chamberlain said the sale of the complex “reflects our strategy of recycling capital out of assets in non-core markets into assets located in our core and high-barrier-to-entry markets such as Portland.”
American Assets Trust’s portfolio includes more than 5 million square feet of retail and office space in California, Hawaii and Oregon.
— Lou Hirsh