Newmark Grubb Knight Frank (NGKF) is pleased to announce that it has been selected as leasing agents at 100 Barranca in West Covina. Sunny Hills Management Company, Inc.(SHM), a West Covina-based real estate firm, acquired the 30-year-old, 225,920-square-foot class A office tower, which is currently 50 percent occupied. The 13-story building is recognized as the tallest and most prominent office tower in the San Gabriel Valley, through a Ten-X online real estate auction, for $37.5 million.
NGKF Senior Managing Directors Taylor Ing and Drew Sanden, along with Senior Associate Scott Maples, are handling leasing for 100 Barranca in collaboration with SHM. The firm sought out the asset, for its tremendous repositioning potential.
According to SHM Asset Manager Paul Justice, “We’re based in West Covina so we know this market and building well. When we saw the chance to acquire it we already knew the tremendous opportunity we would have to reposition it as the premier office building in the region. We’re excited about the vision we have for this property and the tenants we know we can attract here.”
Since its founding SHM has focused on value-add acquisitions in Southern California, primarily in office product. The firm believes that its local market and local ownership advantage will benefit the tenants and building for the long-term. SHM will relocate its corporate headquarters to 9,000 square feet of space in the building.
The new ownership will be making a substantial investment in repositioning the property including building out inviting user-oriented outdoor spaces, making a major investment in building systems, and creating a more inviting lobby and entry experience. Building top signage and building naming rights will also be available.
“This location is unique in that it draws workers from Los Angeles, Inland Empire and north Orange County. There are numerous transportation options that benefit tenants and the property is surrounded by more than 2 million square feet of walkable retail amenities including a fitness center, restaurants, shopping and hotels,” added Sanden.
About Sunny Hills Management Company, Inc.
Sunny Hills Management Company, Inc. (SHM) is a professional property management and asset management company which has been in operation since 1993. The SHM real estate portfolio is approximately 4.2 million rentable square feet and consists of 39 properties and 80 buildings all located in Southern California with assets in Orange County, Long Beach, South Bay, Pasadena, San Diego, and the Inland Empire.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.