Broadreach Capital Buys $51 Million Office Campus

          Broadreach Capital Partners have added yet another asset to their list. They have completed the acquisition of 206,412 square feet Class A Office complex that was earlier owned by Scanlan Kemper Bard of Portland, Oregon. Broadreach Capitals have paid a price of $51.25 million to buy this complex, which is located at 200 and 300 Corporate Pointe. The complex was built in 1984 and was again renovated in 2004. It is located in front of Slauson Avenue and consists of two office buildings along with a 732 space parking area built on four acres of land. Quite a number of prominent companies have their offices in these buildings. The acclaimed tenant list includes University of Phoenix, Paychex and State Firm Insurance.

          Speaking on the deal, David Simon, managing director of Broadreach, stated that the acquisition perfectly matches their strategy of investing in properties that are located strategically and are considered as value-added assets. David Simon manages the real estate equity firm’s operations in Southern California. He added that taking into account the rising costs of real estate in the Los Angeles area, it would cost around $400 per square feet if one wanted to develop a similar construction. Due to this fact, Broadreach is considering to acquire such assets that can be bought with very low replacement costs.

          Principal investors of both the companies were present during the transaction. Lynwood Fields represented Broadreach and Bob Safai of Madison Partners represented Scanlan Kemper Bard. Apart from this complex, other prominent assets of Broadreach include CNN Building in Hollywood and Sunset Millenium in West Hollywood.