One of Southern California's hottest submarkets continues to pique investors' interest. Newport Beach, Calif.-based Crown Realty & Development Inc. has acquired the Wateridge development in West Los Angeles, while locally based Lowe Enterprises Investment Management has acquired three West Los Angeles properties from an affiliate of Chicago-based Equity Office Properties Trust.
Crown Realty & Development purchased the 330,000 sq. ft. Wateridge campus from Foster City, Calif.-based Legacy Partners Commercial and New York-based Goldman Sachs for $50 million. Wateridge includes four buildings and is 98% leased.
Crown plans to break ground immediately on the development's second phase, a five-story, 200,000 sq. ft. speculative office building that is scheduled for completion in August 2001. Bank of America is providing financing for the first building in the second phase.
With the merger of New York-based Cornerstone Properties and Equity Office earlier this year, the combined companies targeted Agoura Hills Business Park and Westlake Spectrum Center I and II for disposition. On behalf of a client, Lowe Enterprises Investment Management acquired the properties for $35.5 million. Agoura Hills Business Park includes 115,200 sq. ft. of office space on 6.2 acres. Westlake Center totals 118,400 sq. ft. of office space. Both properties are located in the Connejo technology corridor.
Locally based Madison partners represented both parties.