A joint venture between Harbor Associates and Belay Investment Group has paid $58.9 million to acquire two office buildings on the West Coast, The Real Deal has learned.
The partnership of the two Los Angeles-based firms paid seller CBRE Global Investors $28 million to acquire the Glendale Gateway, an eight-story building located at 700 North Central Avenue in Glendale.
Spanning 136,000 square feet, the Glendale Gateway is currently 75 percent leased. Tenants include Gambit Gaming, Intercare Holdings and Fuse Media, which signed a five-year lease renewal in 2016 for 20,900 square feet.
Michael Longo, Sean Sullivan and Todd Tydlaska of CBRE brokered the deal.
Outside of L.A., Harbor and Belay spent $28.9 million to acquire a 166,000-square-foot building in Denver. The property, dubbed Capitol Center, is comprised of a twelve-story office tower and an adjacent two-story building.
SteelWave, a development firm based in San Francisco, was the seller. CBRE also brokered that deal.
Combined, the purchases amount to more than 300,000 square feet. Both deals closed mid-October.
Harbor Associates, a commercial real estate firm based in Long Beach, has been on an expansion tear over the last year. In May, the firm and its longtime investment partner Bascom Group announced a plan to deploy $500 million into office properties in the Western U.S.
They picked up a 75,000-square-foot building in Toluca Lake for $21.7 million that same month, following it with a $15.7 million purchase in Del Mar. The firm also owns a 156,630-square-foot office campus in Valencia, as well as a 198,500-square-foot campus in Thousand Oaks.