CALABASAS, CA—Deutsche Asset & Wealth Management’s real estate investment business (formerly RREEF Real Estate), on behalf of three institutional investors, has acquired Courtyard at the Commons, a neighborhood shopping center in Calabasas, Calif.; Oakmead West, an office campus in Sunnyvale, Calif. and 605-625 Union Station, an office property in Seattle, Washington, for a total value of $266 million.
“As we continue to leverage our strong industry relationships and expertise in the local markets in which we operate, we are very pleased to add these high-quality assets to our clients’ portfolios,” Todd Henderson, Deutsche’s head of real estate, Americas, said in a statement. “The investments in Courtyard at the Commons, Oakmead West and Union Station share similar attributes: a dynamic location within a core market, currently with stable tenancy that should provide consistent income, and low in-place rents relative to market which we expect to provide appreciation potential over time."
The Courtyard at the Commons, an 89,074-sq.-ft. neighborhood shopping center, is located in Calabasas, an inner suburb of Los Angeles. The property is located adjacent to Highway 101 and is in close proximity to complementary retailers and entertainment.
Oakmead West is an office campus located in Sunnyvale, in the north end of Silicon Valley. The property, comprised of seven two-story office buildings across 431,490 sq. ft., features high-quality, functional buildings that are currently leased to an attractive mix of mature, public companies and smaller growth-oriented firms operating predominantly in the technology sector.
605-625 Union Station, located on 5th Avenue South in Seattle adjacent to the Seattle Union Station Transportation Hub, is a 319,844-sq.-ft. two-building office property. Constructed in 2000, the property has LEED Silver certification, flexible floor plates, 9 ft. to 12 ft. ceiling heights and a 5,200-sq.-ft. fitness center.
These U.S. West Coast transactions follow Deutsche Asset & Wealth Management’s recent acquisition of the leased fee interest in The Milford hotel in New York City on behalf of an institutional investor, which was subject to a new 99-year ground lease and was acquired in partnership with David Werner, a New York based investor.