10:30 AM
Newmark Capital Markets has completed the $12.73 million sale of 501 Deep Valley Drive, a fully occupied, 33,770-square-foot four-story medical office building located in Palos Verdes Peninsula, CA, a city within the South Bay submarket of Los Angeles County.
Sean Fulp, Ken White, Michael Moore and Kevin Shannon of Newmark Capital Markets represented the seller, Deep Valley Drive, LLC. The buyer, Beverly Hills-based Dayani Partners, was self-represented.
The seller recently expanded the building’s largest tenant, UCLA Health, into two additional floors taking three of the four floors and 77 percent of the entire property with a 10-year lease. Both the seller and UCLA Health have invested millions of dollars in the asset which UCLA uses for on-site MRI and other imaging services. Newmark Executive Managing Directors Eric Lastition and Geoff Ludwig were responsible for leasing the space on behalf of the seller.
“This is another example of the growing trend of private capital increasing its personal allocations to well-located real estate with safe cash flow in a terrific debt market,” said Shannon.
Moore added, “UCLA’s expansion and long-term commitment to this location is good for the immediate area as ancillary medical services companies tend to form clusters near prestigious medical providers like UCLA Health.”
Situated on nearly three-fourths of an acre of land, 501 Deep Valley Drive is located at a signalized corner on Hawthorne Blvd. which is the main corridor for the submarket. The property is across from the 350,000-square-foot Peninsula Shopping Center and the 374,000-square-foot Promenade on the Peninsula. Combined, these two upscale, open-air specialty retail centers are home to a number of retailers including TJ Maxx, Pottery Barn, Banana Republic, Rite Aid and Wells Fargo Bank, among others.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.