Strauss Investments has acquired a two-building office campus in northern Los Angeles County for $32 million. The San Diego-based investor purchased the 157,189 square foot Class-A office asset, 'Commons at Valencia', in the Valencia neighbourhood of Santa Clarita from Harbor Associates. CBRE, which represented the seller, confirmed the transaction.
The purchase price equates to approximately $204 per square foot. The 'Commons at Valencia' campus spans nearly 9 acres at 25124 and 25152 Springfield Court, directly off Interstate 5 in Valencia, in the Santa Clarita Valley. The complex comprises two three-storey buildings and a two-storey car park with 625 spaces.
Strategic Location and High Occupancy
Built in 2005, the campus is 79 per cent leased, with tenants from professional services, insurance, financial services and real estate sectors. Harbor Associates completed an extensive renovation in 2020, which further enhanced the property's appeal.
Mark Shaffer, Senior Vice President at CBRE, commented on the transaction. He stated that 'Commons at Valencia' generated significant investor interest due to its strong tenant roster, recently completed capital improvements, and its strategic location within one of Southern California's leading suburban office markets. He added that the property's leasing momentum and long-term growth prospects in the Valencia submarket created a compelling investment opportunity for the buyer.
Shaffer represented Harbor in the sale alongside Anthony DeLorenzo, Sean Sullivan and Gerard Poutier of CBRE. According to CBRE, Valencia continues to be one of the higher-performing office submarkets in northern L.A. County, with sustained growth in its residential and employment base.
