Los Angeles, California – We have Commercial Real Estate news on an Office Building transaction in the LA area of California. This California Commercial Real Estate deal was able to take place due to an assumable commercial mortgage. Hudson Pacific Properties has acquired this Commercial Property at 10950 Washington Boulevard. The buyer, Hudson Pacific Properties, Inc. is a full-service, vertically integrated real estate company. This Commercial Property is situated in the Los Angeles sub-market known as Culver City, California. Hudson Pacific Properties paid $46 million for 10950 Washington Blvd. which is an Office Building in an excellent location of California.
The Hudson Pacific Properties recent acquisition was made possible with the assumption of an existing $30 million commercial loan. The assumable loans can save the Commercial Real Estate Buyer plenty of time and money. Sometimes the seller may just want to get out of the financial obligation so they offer up the property for sale with the assumable loan. Other examples are when investors may wish to sell an under-performing property and acquire an asset that offers a more lucrative cash flow for a 1031 Exchange replacement property. However, Hudson Pacific Properties saw the vale in this prestigious Office Building with assumable financing.
The seller of this Commercial Property was an affiliate of Embarcadero Capital Partners LLC. Embarcadero Capital Partners is a commercial real estate investment and management firm that is based on the San Francisco, Bay area peninsula. Embarcadero Capital Partners invest in dynamic markets which are development-constrained commercial real estate markets that are known for intellectual capital. Embarcadero Capital Partners also invest in properties which are in a creative business district. Embarcadero Capital Partners has raised over $600 million of equity capital in three closed-end funds.
This Commercial Property is situated in the premier entertainment business district of West Los Angeles. This California Investment Property is approximately 158,443 square-feet. This Commercial Real Estate Development is a well designed office property that is approximately 99.3% net leased. This California Commercial Property has an average net lease term of five years.
This California Investment Property sits on a little over 5 acres. The Commercial Property offers a relatively high parking ratio for this Los Angeles sub-market. The NFL (National Football League) net leases the largest amount of space, approximately 95,562 square feet. the NFL’s space consists of office space and the two sound stages used exclusively to broadcast for the NFL Network.
The California Investment Property had renovations completed in 1999. These renovations made this Property more modern, and were made with very high standards. This California Net Leased Property has an award-winning southwest style of lush landscaping. There is also a cafe on site for the Tenants and Visitors.
Hudson Pacific Properties, Inc. has a current Investment Property portfolio which consists of eleven office properties. These Investment Properties total over 3 million square feet of space. These Investment Properties are located in San Francisco, Beverly Hills, Los Angeles, Orange County and San Diego. Hudson Pacific Properties, Inc. focuses on owning, operating and acquiring high-quality office properties. Hudson Pacific Properties, Inc. is also very interested in state-of-the-art media and entertainment properties in select growth markets. Hudson Pacific Properties, Inc. intends to grow their Investment Property portfolio primarily in Northern and sunny Southern California.
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