A net lease fund managed by US property manager PRP has acquired a $355m (€300m) office complex in California.

PRP’s Corporate Net Lease General Partner Fund has bought Broadcom’s southern California 660,893sqft headquarters at 15101 and 15191 Alton Parkway in Irvine, as its first asset.

The two-building complex was built in 2017 and leased to Broadcom with 17 years of lease term remaining.

Paul C Dougherty, president of PRP, said: “We are thrilled to acquire these trophy buildings leased by Broadcom and have such a great company in our roster of investment-grade tenants.

“This investment makes our second net lease office investment in California over the past year and our 18th net lease investment overall.”

PRP’s net lease fund targets commercial office and industrial assets 100% leased by investment-grade companies.

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