ATLANTA, May 19, 2016 /PRNewswire/ -- Intercontinental Real Estate Corporation has purchased Apollo at Rosecrans, a state-of the-art creative office complex in El Segundo, from Invesco Real Estate (IRE). The sale marks one of the largest real estate transactions in Southern California this year and is one of the highest per square foot transaction ever in the South Bay market.
Invesco Real Estate, in partnership with developer SSV Properties (SSV), originally bought the 545,000 square foot, five-building office campus in August 2013. The buildings were mostly vacant at purchase when IRE and SSV undertook a comprehensive re-positioning and renovation effort. The award-winning campus is now recognized as the premier creative office campus in the South Bay market with 98 percent of the buildings leased to a diverse roster of long-term tenants. The entire renovation, re-leasing effort and eventual sale took place in less than three years.
"The Apollo project was a major undertaking, particularly in light of the market conditions at the time of acquisition in 2013," said Pete Cassiano, Managing Director, Acquisitions at Invesco Real Estate. "We believed in the location and ability to create something unique in the market, so to have such a positive outcome is extremely satisfying." Additionally, Bert Crouch, Managing Director, Portfolio Management at Invesco Real Estate, commented, "Investments like Apollo at Rosecrans evidence the first-mover advantage and bottom-up value creation that form the basis of our opportunistic strategies globally."
SSV President, David Jordon, adds, "It has been thrilling to be involved with Invesco Real Estate in a development that was so well executed on all fronts. Our objective was to deliver a transformative project to meet the evolving demands of companies and tenants in the Greater LA market. We could not be more satisfied with the results."
Kevin Shannon of Newmark Grubb Knight and Frank and his team represented the sellers.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with over $67.7 billion in real estate assets under management, 444 employees and 21 regional offices across the U.S., Europe and Asia. The firm was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a subsidiary of Invesco Ltd., (NYSE: IVZ), one of the largest investment management firms in the world with $771.5 billion in assets under management and on-the-ground presence in 25 cities worldwide. Information as of March 31, 2016.
About SSV Properties
SSV Properties (SSV) is a privately held real estate firm headquartered in Los Angeles, CA. Formed in 2005, SSV focuses primarily on value-add opportunities in office, mixed-use and residential. Since its inception, the mission has been to provide institutional equity partners excellent service and returns on properties through repositioning, renovation, re-leasing, and development.
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SOURCE Invesco Real Estate