Los Angeles –– CBRE arranged the sale of a 58,104-sq. ft., government-leased office building located at 39115 Trade Center Drive in Palmdale, CA, for $21.45 million ($369 per square foot).
Mark Shaffer, Anthony DeLorenzo, Gerard Poutier and Bryan Johnson of CBRE’s Capital Markets and Investment Properties Group represented the seller, San Francisco-based Catalyst Real Estate, in the transaction. The buyer was an institutional real estate advisor.
“Upon acquisition, Catalyst Real Estate performed exceptionally well on its business plan, stabilizing building vacancy from 50% by securing a new long-term lease with the County of Los Angeles (DCFS),” said Mark Shaffer, Senior Vice President with CBRE. “Capitalizing on this and positioning the building as best-in-market with extensive parking and an optimal location, CBRE successfully marketed the property widely and identified a buyer following a competitive bidding process.”
Built in 2008, the two-story, multi-tenant office building sits on 4.24 acres and features 5.5 parking spaces per 1,000 sq. ft. The property is currently 94.5% leased to government entities focused on social work and higher education resources.
“In the current capital markets environment, investors are acutely focused on securing the best properties in any given market, with an emphasis on credit tenancy and mission-critical uses that fortify cash flow,” added Shaffer.
Palmdale is in Northern Los Angeles County and offers immediate access to State Route 14, which connects Greater Antelope Valley to Los Angeles in just 45 minutes. 39115 Trade Center Dr. is adjacent to a new Amazon hub, minutes from Palmdale Regional Medical Center, and within a one-mile radius of 61 restaurants, 10 banking locations, eight grocery stores, and eight fitness centers.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
