Updated Oct 28, 2024
GI Partners Acquires Sunnyvale Office Building On Almanor Ave For $254M
520 Kelton Avenue, Los Angeles, CA 90024, USA
$254,000,000
$1,104/SF
Building Size
230,000 SF
Asset Type
Office
Closing
Jul 23, 2020
About this deal
AI
Rick Magnuson, Emmanuel Roman, and Scott L. Smithers have sold the office property located at 520 Almanor Ave in Sunnyvale. The transaction took place on July 23, 2021, with Lane Partners and PIMCO as the sellers. The property was purchased by GI Partners for a total sale price of $254,000,000. The office space spans 230,000 square feet, resulting in a price per square foot of $1,104.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: $254,000,000
- Address: 520 Almanor Ave
- Market: Sunnyvale
GI Partners, a prominent buyer in the real estate market, has acquired the office property from Lane Partners and PIMCO. The transaction signifies their ongoing investment strategy in commercial real estate assets. Rick Magnuson, Emmanuel Roman, and Scott L. Smithers, representing the sellers, facilitated the deal on behalf of Lane Partners and PIMCO.
Players
Los Angeles Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93