NAI Capital Completes Government Leased Office Investment Sale in Victorville, CA
Los Angeles, CA, August 14, 2018– Vice Presidents Walt and Janette Wehrmann with NAI Capital’s Investment Services Group negotiated the sale of a 33,548 square foot office building in Victorville, CA. Walt and Janette represented the seller, Civic Center Properties, Inc. The buyer was Yi Feng Investment. The sale price was $5,150,000 or $154 per square foot, at a 7.8% cap rate.
The property, Civic Center Professional Building, is located at 15400 Civic Drive. It is a two-story concrete building conveniently situated within the City of Victorville’s Civic Center. Built in 2004, the freestanding office building sits on 1.7 acres of land along with a 1.13 acre overflow surface parking lot. In addition to local area amenities like City Hall, Victor Plaza Shopping Center and numerous retail amenities the building is in a central location for city, county and state government agencies with immediate access to the 15 Freeway and great street visibility on Civic Drive. The property was 80% leased to County of San Bernardino Child Support Services at the time of the sale. The Wehrmann’s also secured the property management account with NAI Capital Property Management.
Walt stated, “During turbulent and tranquil economies alike, Government leased properties consistently rank among the most reliable real estate assets in the nation and that is why we are seeing an increased demand from investors for this investment class.”
“The tremendous interest in the property was attributed to our team structure and the utilization of our extensive marketing platform which was the premise for the procurement of this investment group and accomplishing the successful sale of this project in a timely manner,” mentioned Janette. “Despite the complexities involved with institutional sellers with Government leased assets, the buyers and their agent felt secured due to the equipped practice to thoroughly and quickly respond in a positive, professional manner.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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