Newmark has announced the sale of Commerce Plaza, a two-building, 194,908-square-foot office complex, located at 5601 E. Slauson Avenue and 5701 S. Eastern Avenue in Central Los Angeles.
The self-represented buyer, Omninet Capital, also owns Commerce Office Park located directly across the street. which will provide synergies for both management and the projects’ respective tenants. Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Ken White and Senior Managing Director Scott Schumacher represented the seller, Colony Capital.
Commerce Plaza is currently leased to 13 tenants including Waste Management, County of Los Angeles and DaVita Medical Management, among others. The County of Los Angeles plans to lease an additional 51,555-square-feet, which will bring the building to 100 percent occupancy.
Situated at the northwest corner of the intersection of Eastern Avenue and Slauson Avenue, the property is minutes from the 705 and 5-Freeways and in proximity to several amenities.
“The current vacancy for this office submarket is one of the lowest in Los Angeles County as there are limited options for tenants seeking quality office space within the industrial-dominated Vernon/Commerce area,” said Shannon. “Commerce offers a superb credit tenant base with approximately 40% of the office product leased to Federal, State and County tenants in part due to the abundant free parking, central regional location and competitive occupancy costs, ultimately making it a desirable alternative to the downtown Los Angeles and Orange County office markets”.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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