Harbor Associates pays $48M for Encino business park

Harbor has been on expansion tear since last spring, when it said would deploy $500M in office property purchases

TRD LOS ANGELES /
Apr.April 03, 2019 10:00 AM
From left: Joon Choi, Justin Loiacono, and Paul Miszkowicz with 6345 Balboa Boulevard

Investment firm Harbor Associates bought a 20-year-old office park in Encino, a property that could be primed for repositioning.

The Long Beach-based company paid Moss Group $47.9 million for the 213,000-square-foot complex, records show. The deal pencils out to $224 per square foot. Real Estate Alert first reported the deal.

Developer Moss Group built the four-building complex in 1990s. Located at 6345 Balboa Boulevard, it’s by the Metro Orange Line and includes a cafe and parking.

CBRE brokered the deal.

Harbor has been on an expansion tear since last May, when it announced a plan to deploy $500 million into office property acquisitions in the Western U.S.

It specializes in acquiring assets that are candidates for repositioning. In October, the firm joined forces with Belay Investment Group to acquire two office buildings, one in Glendale and the other in Denver. As part of the $59 million deal, 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.


Related Articles

arrow_forward_ios
Security footage of the attacker

Watch: Disturbing attack on realtor at Encino open house caught on camera

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

Joon Choi, principal at Harbor Associates, and 2400 Conejo Spectrum Street (Credit: Google Maps)

Harbor Associates leases up then sells off its Thousand Oaks office park

arrow_forward_ios