Home Commercial Los Angeles County Pension Fund Buys Kent Office Park for $23.2MM

Los Angeles County Pension Fund Buys Kent Office Park for $23.2MM

The Los Angeles County Employees Retirement Association (LACERA) just acquired the Springbrook Business Park in Kent for $23.2 million, or approximately $126 per square foot. The seller was Metzler Real Estate, which had owned the property since July of 2007 when it purchased it for $20,697,500, or approximately $112 per square foot from Washington Capital Management. The property is located at 7611 S 180th St.

The company’s Web site lists the Springbrook Business Park totaling 185,000 square feet and as core plus industrial assets. The leasing is managed by Mike Hemphill of The Andover Co.

Kent has seen a number of recent transactions, both industrial, office and housing come through. On the industrial side, DCT Industrial Trust announced in August of 2016 the start of construction on its development of the 251,000 square foot DCT White River Corporate Center Phase II North in South Kent Valley. This total investment in the project by the REIT is $21.8 million, according to the company’s second quarter 2016 earnings report. In November of this year Chicago-based CenterPoint Properties commenced planning of its new 223,800 square industrial development in Kent located at 26600 72nd Avenue South. This development is scheduled to kick off during the first quarter of 2017, and it is being constructed on a speculative basis. In one of the more notable leasing transactions, Amazon Fresh a recently renovated 158,000-square-foot industrial distribution building in Kent located at 20280 84th Avenue South. The e-commerce firm signed a lease with San Francisco-based Terreno Realty Corporation, which acquired the 8.2-acre property from Office Max for $14.9 million, or approximately $94 per square foot.