Menlo Equities pays $43M for San Dimas office complex leased to defense contractors

Menlo Equities paid $43 million for a two-building office campus in San Dimas that is fully leased to two government defense contractors.

The Menlo Park-based private equity firm closed earlier this month on the recently-renovated property, which has 177,000 square feet of office space, records show.

Walton Street Capital and Stillwater Investment Group were the sellers. The duo acquired the campus at 924-936 Overland Court in early 2015 for $18 million, and completely overhauled the now 32-year-old property.

The complex is fully leased to major U.S. government defense contractors. Raytheon Technologies subsidiary United Technologies occupies the 79,000-square-foot building, while Leidos has the 98,000-square-foot building.

The Overland Court campus is among two properties that Menlo Equities now owns in Los Angeles County and 13 in total in Southern California. Most of its holdings are in Orange County. It also has eight other properties in Northern California and a number of other assets across 10 other states and Washington D.C., according to its website.