NGKF Capital Markets has completed the sale of Center Promenade, a seven-building, 180,576-square-foot office campus. Located in Ventura, CA adjacent to the Ventura County Government Center, the campus provides a park-like setting with efficient floor plates. Three of Center Promenade’s largest tenants include the County of Ventura, Kaiser Foundation Health Plan and State of California. The property was 81 percent leased at the time of sale with more than five years of average lease term remaining.
“Center Promenade received considerable interest because the seller did a great job of increasing occupancy, improving tenant credit and lengthening the average lease term. They essentially built a diversified cash flow stream in a time where yield has never been more valuable,” said Fulp.
“Throughout this cycle, it has been difficult to attract investment in suburban office but the calculus has changed as of late. Investors with flexible mandates and greater discretion are now investing in this product type as the risk adjusted returns become more attractive than assets in more urban locations,” he added.
“Center Promenade is a valuable addition to our Southern California portfolio, especially as we near the end of this real estate cycle. It was a pleasure working with EOP and Newmark on this transaction,” said Michael Danielpour, partner, Omninet Capital.
Center Promenade is conveniently located within close proximity to a number of amenities in the surrounding area and the location provides easy access to U.S. Route 101 and California Route 126. The buildings are located at 6401, 6477, 6633, 6555 Telephone Road; 1000, and 1070 Hill Road; and 1001 Partridge.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., 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 (NASDAQ: 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 (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.