Pacific Reach builds on LA holdings with $62M Van Nuys buy
Majestic Asset Management acquired the buildings for $49.5M in 2011
Pacific Reach Properties, a Canadian real estate investment firm headed by Azim Jamal and Joe Moosa, acquired a two-building office campus in Van Nuys for $61.9 million, or $231 a foot, The Real Deal has learned.
The seller is L.A.-based Majestic Asset Management, which paid $49.5 million for the Sherman Plaza office complex in 2011. The project comprises two-buildings totaling 267,000 square feet.
CBRE’s Troy Pollet and David Solomon represented Majestic alongside Kevin Shannon, Ken White, Rob Hannan, and Brad Burton of Newmark Knight Frank. Pacific Reach represented itself in-house.
The buildings are are 93 percent occupied by tenants such as the State of California and Loan Mart, according to a statement from CBRE.
“Majestic did a great job positioning these buildings since taking them over in 2011,” Solomon said.
Pacific Reach reportedly controls more than a dozen properties in Los Angeles and Phoenix in addition to its Canadian holdings. In 2015, it acquired the 37-unit Blu Beverly Hills apartment building at 8601 Wilshire Boulevard.