LOS ANGELES, March 21, 2017 /PRNewswire/ -- Barak Investors Group & MIP Investment announced today Arranging the Acquisition of a 100% leased, comprised of two high-quality low-rise office buildings totaling 107,746 square feet on a scenic 5.77 acre campus in the City of Westlake Village for $26.75MM
Barak Investors Group and MIP Investment 100% fee simple interest in 4330 & 4360 Park Terrace Drive Westlake Village, CA (the "Property"). The Property is situated on a scenic 5.77 acre campus and is comprised of two high-quality low-rise office buildings totaling 107,746 square feet in the City of Westlake Village anchored by Securitas USA. Michael Longo, Sean Sullivan and Todd Tydlaska at CBRE as exclusive advisor had presented the seller on this transaction. Barak Investors Group & MIG Investment arranged the acquisition of this transaction to the buyer, MULTI GATE LLC, ; CROWN CORONA LLC,
Securitas USA occupies 67.4% of the Property through February 2027 and accounts for 76.8% of the going-in contractual net operating income. Securitas USA's parent company, Securitas AB, is BBB rated by Standard & Poor's has been located in the Property since 1989. Securitas' recent lease extension through 2027 will have them located at the Property for nearly 40 years. Securitas USA has a strong commitment to the Property having invested significantly into the buildings which houses many of its essential US operations, including their US Payroll and IT operations.
The property was constructed in 1989, Concrete tilt-up and steel stud interior partitions –The building code in use for the original design was the 1985 UBC. It is Located along the 101 (Ventura) Freeway corridor, the Property is ideally situated to provide exceptional access to the world-class amenities located in Westlake Village. There are Abundant Amenities Nearby of this asset including the Shoppes at Westlake Village, Westlake Plaza and Center, Westlake Village Marketplace, the Four Seasons Hotel, Westlake Golf Course, and Sherwood Country Club.
The Acquisition arranged by Barak Investors Group & MIP Investment has made an attractive initial yields for the investors - MULTI GATE LLC, CROWN CORONA LLC, - (High 6% CAP rate) based on the existing NOI and with the year two CAP rate of 7% on a class A office building for this investment.
Barak Investors Group
MIP Investment Corp
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SOURCE Barak Investors Group & MIP Investment