Southern California office campus sells for $300m
Intercontinental Real Estate Corp. has acquired the 546,833-square-foot, four-building office campus known as the Apollo at Rosecrans in El Segundo, Calif.
CBRE and Kevin Shannon of Newmark Grubb Knight Frank represented the sellers, Invesco Real Estate and Second Street Ventures, in the transaction. The purchase price was not disclosed; however, the sales price is estimated to be more than $300 million.
The campus is located in the Silicon Beach area of the Los Angeles market and is situated along the Rosecrans Corridor, which is a major growing area for technology and creative companies in Los Angeles. Renovations on the property were completed in 2015, and it is 98 percent occupied.
Jessica Levin, director of acquisitions at Intercontinental, noted in a statement that the Apollo at Rosecrans is poised for strong rent growth based on favorable market fundamentals, including positive net absorption and the lowest vacancy rates that the El Segundo off