Oxford Properties makes first direct L.A. acquisition
Oxford Properties Group has paid $133.5 million for the Santa Clarita Innovation Park (SCIP), marking its first direct acquisition in Los Angeles. The sale of Santa Clarita Innovation Park was led by Newmark on behalf of funds managed by Oaktree Capital Management and Intertex Companies.
“Substantially growing our life sciences and industrial businesses represent our highest conviction investment strategies and top priorities at Oxford,” said Chad Remis, executive vice president, North America, at Oxford Properties. “The acquisition of Santa Clarita Innovation Park, and its additional development capacity, uniquely provides us with flexibility to build on our convictions in a Los Angeles market with an overwhelming scarcity of infill developable land.”
SCIP is a 14-building mixed-use business park, situated on 118.5 acres in Santa Clarita, Calif. The transaction also includes development rights to more than 40 acres of land within the campus, with a wide array