Tuesday, October 12, 2010
PCCP LLC and Lincoln Property Company Announce Joint Venture to Acquire Calabasas Corporate Center in Calabasas, CA
EL SEGUNDO, CA, Oct. 12, 2010 – PCCP, LLC, a full-service real estate investment firm and lender, announced today it has formed a joint venture with Dallas-based Lincoln Property Company to acquire a vacant and newly constructed, 51,654-square-foot two-story Class A suburban office building with two levels of parking within Calabasas Corporate Center (top left photo).
The property is located in Calabasas, Calif. which is within the Conejo valley submarket of the greater Los Angeles office market.
This transaction provided PCCP with the opportunity to partner with Lincoln Property Company to purchase the building in a short-sale with the existing construction lender for a quarter-end closing.
The low purchase price will allow the new, well-capitalized ownership to pursue leases that the prior ownership was unable to pursue given its cost basis.
“This transaction is consistent with PCCP’s business model of investing in distressed situations in which the existing ownership’s lack of liquidity and the existing lender’s capital pressure creates an opportunistic situation,” said Greg Galusha (middle right photo), a partner with PCCP.
“We were able to purchase this property in an off market transaction below market price from a highly motivated seller in an expedited time frame.”
The property, which has never been occupied, was built in 2008 and features a 5.5 per 1,000 parking ratio, 59 percent of which are covered in podium and subterranean parking levels with direct elevator access to the two office floors.
The building is approximately one-half mile from Las Virgenes Road, making it one of the most convenient office buildings in the Conejo Valley to executives residing in Malibu, which is about a 20-minute drive.
Galusha added: “Given the property’s new construction, covered parking, visibility and proximity to a diverse labor pool, we believe the property should be able to attract mid-size tenants currently seeking Class A office space in the area.”
With 33 investment professionals and 55 employees across four offices located in New York, San Francisco, Sacramento and Los Angeles, PCCP invests throughout the United States.
Learn more about PCCP at www.pccpllc.com.