CBRE Global Investors’ eighth value-added US real estate fund has acquired two office buildings in California, US.
The CBRE Strategic Partners US Value 8 fund has bought 801 N. Brand, a 290,847sqft office building and 700 N. Central, a 136,016sqft office building. The company also acquired a 50% ownership interest in an adjacent parking structure.
No financial details were disclosed.
In November last year, IPE Real Assets reported that CBRE GI had raised $1.34bn (€1.09bn) from 25 investors for the US value-add fund, giving it $3.3bn of purchasing power when including leverage.
CBRE GI said the property, located in Glendale, is currently 89.9% leased.
Both buildings have been recently renovated and feature efficient floorplates.
Robert Perry, the portfolio manager for the CBRE Strategic Partners US Value 8 fund, said: “The Glendale submarket has rapidly transformed with the development of retail amenities and multifamily communities that are helping drive office demand among tenants who want to be near both to attract employees.”
The submarket has experienced significant positive net absorption since 2010, and vacancy is projected to remain low over the next five years.
“These factors, coupled with the convenient freeway access of these buildings, make this acquisition a good fit with our fund’s transit-connected edge city strategy,” Perry said.
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