HFF closes $68.2 million sale of and arranges $43.3 million financing for Sepulveda Center in West Los Angeles
LOS ANGELES, CA – September 28, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $68.2 million sale of and arranged $43.3 million in financing for Sepulveda Center, an iconic, Class A office tower totaling 178,157 square feet in West Los Angeles, California.
HFF marketed the property on behalf of the seller, KBS Capital Advisors, and procured the buyer, an affiliate of The Swig Company. Additionally, HFF worked on behalf of the new owner to secure the three-year, floating-rate loan through MetLife Real Estate.
Sepulveda Center is situated at the intersection of the I-405 and I-10 Freeways at 3415 S. Sepulveda Boulevard in West Los Angeles. This location has visibility from more than 375,000 cars per day on I-405 and is within close proximity to Silicon Beach and the newly-constructed LA Metro Expo line’s Sepulveda Station. The surrounding areas of Culver City and Playa Vista boast average median housing values of $860,000, 43 percent higher than the media value in greater Los Angeles County. The 12-story property is 83 percent leased to a mix of media, technology and financial tenants. The new owner will implement a capital improvement plan that will update the lobbies, bathrooms and outdoor facilities as well as expand the common building amenities.
The HFF investment sales team representing the seller was led by senior managing director Ryan Gallagher, director Andrew Harper and senior managing director Michael Leggett, who is also co-head of HFF’s West Coast team.
HFF’s debt placement team was led by senior managing director Bruce Ganong and director Jeff Sause.
About KBS Capital Advisors
> KBS Capital Advisors is KBS Growth and Income REIT’s external advisor and is an affiliate of KBS Realty Advisors (KBS), a private equity real estate company and SEC-registered investment adviser founded by Peter Bren and Charles J. Schreiber in 1992. Since its inception, KBS and its affiliated companies have completed transactional activity of more than $31 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbs.com.
About The Swig Company
The Swig Company, LLC is a privately-owned, San Francisco-based real estate operator with a 75+ year history of investment, development, partnership and management of commercial real estate properties in major US markets. Founded by Benjamin Swig, The Swig Company is guided by a long-term investment perspective that has proven adept at stewarding investors safely through multiple market cycles. The company’s vertically-integrated operational platform, which includes investment, asset and property management expertise, uses flexibility, generational thinking and a sensitivity to sustainable practices to stay at the forefront of emerging trends in the commercial real estate industry. For more information, visit: www.swigco.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.