Omninet Capital buys Blackstone’s Monterey Park office campus for $81M
UPDATED, April 17, 11 a.m.: Beverly Hills-based investment firm Omninet Capital acquired a four-building office campus in Monterey Park for $81 million from Blackstone Group subsidiary Equity Office Properties, multiple sources show. The deal pencils out to around $205 per square foot, both property records and Real Capital Analytics confirm.
A portion of the 394,524-square-foot, Class A complex, which comprises buildings at 900, 1000, 1200, and 1255 Corporate Center Drive, first hit the market last June, The Real Deal reported. It sits on about 12 acres and is 95 percent occupied by major tenants including AT&T, the State of California and Los Angeles County.
Newmark Grubb Knight Frank Capital Markets’ Sean Fulp, Kevin Shannon, Ken White, and Brunson Howard represented Blackstone in the sale. Omninet represented itself in-house.
Two of the four buildings came on the market last spring, but Blackstone later decided to sell all four after receiving unsolicited offers for the others, Fulp said.
“EOP did a great job stabilizing the campus with a high quality tenant base and now Omninet will enjoy a reliable cash flow stream for quite some time,” Shannon said in a statement.
EOP bought the 1980s-era property for $62.4 million from SL Green in 2014, according to Real Capital Analytics.
“Corporate Center Drive is a niche market that garners a lot of interest from tenants needing to be within close proximity of Downtown L.A.,” said Michael Danielpour, a partner at Omninet. “This demand … will allow us a great deal of flexibility in placing tenants of different sizes.”
Omninet owns more than 7 million square feet of commercial space and over 13,000 residential units across the country, according to its website. In Los Angeles County, it also owns the 250,000-square-foot office building known as Hamilton Place in Torrance and the Jade Corporate Center campus in the San Fernando Valley.