CBRE Group Inc. announced the sale of two Class A office buildings within the Tourney Place five-building development in Santa Clarita on Wednesday.
A 20,731-square-foot building located at 27433 Tourney Road, was sold to Pacific Fiduciary Real Estate Investments LLC for an undisclosed price, representing one of the highest prices per square foot in the Santa Clarita Valley.
The buyer will occupy a large portion of the property for its corporate headquarters.
Another 20,731-square-foot building located on 27413 Tourney Road, was sold to Tourney Road Building LLC, and will be the corporate headquarters for Gothic Landscaping.
CBRE Executive Vice President Craig Peters, along with Richard Ramirez and Robert Valenziano represented each of the sellers in these transactions.
“These transactions are a great example of local business owners taking advantage of today’s extremely attractive interest rate environment, and the continuously improving office market conditions in Santa Clarita,” said Peters. “These buyers were not only able to secure a long-term home for their companies at a much lower occupancy cost compared to leasing office space, but also invest in highly sought-after Class A office assets.”
SAPRA I, LLC, a partnership between JSB Development and McCombs Inc. is the original developer of the five-building office complex on Tourney Road. They are moving forward with plans to develop a 50,000-square foot, three story office building on the last remaining land parcel in the project, representing one of the very few new development projects currently available throughout the valley. JSB Development and McCombs Inc were also partners in the building sold to Pacific Fiduciary Real Estate Investments.
“The demand for office space in the Santa Clarita Valley continues to grow stronger, and properties such as the Tourney Road buildings are becoming more highly sought after as vacancy rates in the local market have now plummeted to sub-6 percent,” said Jim Backer, President of JSB Development.
“We are very bullish on this office market and were very pleased to structure such an attractive transaction for our investors,” said Greg McCombs, President of McCombs Inc. “Demand for high quality office space continues to be at a premium and we look forward to bringing the next phase of the project to market in the near future.”
About CBRE Group, Inc.
CBRE Group Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.