Omninet Property Management
Omninet Property Management – A group of Monterey Park office buildings has been sold to Omninet Capital, a Beverly Hills real estate and venture capital fund, broker Newmark Grubb Knight Frank announced.
The property, called the Los Angeles Corporate Center, spans nearly 400,000 square feet in four buildings and went for about $205 per square foot in the deal that closed on March 31. The seller was Blackstone Group through its subsidiary Equity Office Properties.
Omninet Property Management
NGKF’s Sean Fulp, who represented Blackstone, said investors often overlook Monterey Park, but the small office market holds a necessary niche for tenants.
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“Its proximity to downtown is an important factor for government agencies, nonprofits and other tenants that need to be within a certain radius of downtown,” said Fulp, who was assisted by Kevin Shannon, Ken White and Brunson Howard from NGKF.
The buildings are 95% leased, with tenants including the State of California, Los Angeles County, State Compensation Insurance Fund, Synermed and AT&T. The diverse mix will help Omninet accommodate tenants as they downsize or expand, Fulp said. He also noted that Omninet was uniquely qualified to take over the site.
“I’m a sophisticated investor in that I’m a strong family office,” he said. “They are smart enough to assess and assess risk and then price it.”
The site probably hasn’t been traded as an individual asset since it was bought by Arden Realty in 1996 for $41 million, or about $132 per square foot. It then traded hands through a series of company acquisitions and portfolio sales.
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Advertorials Leaders of Influence: Most Admired Law Firms to Work for 2022 – Law Organization Olivarez Madruga LLPWest Valley Corporate Center (“WVCC”) is a campus-like office property on 9.3 acres in the San Fernando Valley of Los Angeles. WVCC has a 10-story, Class A building with a total area of 258,005 square meters, an adjacent 5-level parking structure and a surface parking lot.
UL’s Healthy Building Verification Mark for indoor air demonstrates that indoor spaces provide healthy indoor air quality (IAQ). It shows a commitment by building owners and managers to create and maintain indoor environments that support the health, well-being and comfort of tenants, supported by UL’s globally recognized expertise in building IQ and health. These buildings meet rigorous performance criteria and have policies and plans in place for the continuous advancement of IAQ. To achieve the UL Healthy Building Check mark, premises underwent an office audit and site visits that included visual inspections and performance tests to assess a range of building conditions. The program includes a comprehensive annual assessment coupled with mid-year supervision. IAQ testing requirements that building air meets rigorous standards. These standards are aligned with third-party, industry-recognized organizations such as the Environmental Protection Agency (EPA), the National Institute for Occupational Safety and Health (NIOSH), the World Health Organization (WHO), and the American Heating, Refrigeration Society. and Air Conditioning Engineers (ASHRAE), among others. All laboratory testing and analysis methodologies are informed by the EPA Compendium of Methods, ASTM D5197, and TO-17 for Air Sampling and EPA Methods.
Omninet Property Management is a full-service real estate investment and management company with a diverse portfolio of office and residential assets. The management team has experience with tenants of all sizes and professions, including medical tenants, government agencies and Fortune 500 companies. Omninet Property Management’s mission is to provide every tenant with first-class customer service so they are free to focus on the success of your own business. At Omninet, there is no higher priority than the health and safety of our tenants, employees and visitors. We are committed to developing and managing first-class properties that define the optimal Customer experience.
UL verification is an objective, science-based assessment that confirms the accuracy of marketing claims. Our independent review process examines the validity of certain advertising or promotional claims, giving you a way to separate verified fact from fiction.
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Whether you are investigating, requesting or confirming a UL verification, you may have questions and we are here to help. If you are looking for UL safety certifications, please go directly to Visit UL Product iQ.
You may have questions about Verification of UL Marketing Claims and we are here to help. If you are looking for information on UL certifications, please go directly to Product iQ™In Commerce, Omninet acquired Commerce Plaza – a two-building complex at 5601 E. Slauson Ave. and 5701 S. Eastern Ave. – for USD 39 million.
Kevin Shannon, Ken White and Scott Schumacher of Newmark Knight Frank represented the seller, downtown-based Colony Capital Inc., in the transaction. Beverly Hills-based Omninet Capital, which also owns Commerce Office Park across the street, represented itself in the sale.
Commerce Plaza is leased to 13 tenants, including DaVita Medical Management and Waste Management Services for Los Angeles County.
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According to Newmark Knight Frank, the county plans to lease more than 51,000 additional square feet. Once it does so, the building will be 100% leased.
“Current vacancy for this office submarket is one of the lowest in Los Angeles County, as there are limited options for tenants seeking quality office space in the industrial-dominated Vernon/Commerce area,” Shannon said in a statement . “The mall offers an excellent credit tenant base, with approximately 40 percent of its office product leased to federal, state and county tenants, in part due to its abundant free parking, central regional location and competitive occupancy costs, making it among the a desirable alternative to the city centre. Los Angeles and Orange County office markets.”
“This sale price represents a substantial reduction in replacement cost and a massive basis advantage compared to the adjacent El Segundo office submarket,” Shannon said in a statement.
Torrance has no new office buildings under construction and a vacancy rate of just 8.1 percent, according to NKF data.
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The property, which was built in 1985, is 92% occupied. Tenants include insurance consulting firm Keenan & Associates.
Brokerage CBRE Group Inc. estimates that real estate nationwide will need 12 to 36 months to return to pre-Covid levels of rental and leasing activity. Office properties are expected to last approximately 24 months.
Hannah Madans covers real estate for the Los Angeles Business Journal. A graduate of USC, Madans has worked with publications such as The Orange County Register, The Real Deal and doityourself.com.
Advertorials Leaders of Influence: Most Admired Law Firms to Work for 2022 – Olivarez Madruga Law Organization LLPBerkadia secured a $15 million Fannie Mae acquisition loan for buyer One Real Estate Investment and also offered a REIT traded on the NYSE as an equity partner.
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Omninet Capital sold the 200-unit Mira Vista in Austin, Texas to a joint venture between One Real Estate Investment and a REIT equity partner. Earlier this year, One Real Estate Investment entered the Atlanta market with the $34.9 million purchase of Princeton Heights Apartments.
Berkadia originated a $15.1 million 10-year Fannie Mae acquisition loan for One Real Estate Investment while providing an NYSE-traded REIT as an equity partner. The financing includes a fixed interest rate of 3.24% and a term of only five years.
Located at 9601 Middle Fiskville Road, the community is just off Interstate 35 and within walking distance of public transportation as well as several retail and dining options. Plus, downtown Austin is just 8 miles southwest.
Completed in 1983, the 21 two-story buildings are spread over a 9-acre site and consist of one- and two-bedroom apartments with floor plans ranging from 650 to 960 square feet. Communal amenities include a bark park, community barbecue area, courtyard, playground, sauna, swimming pool with sun deck and resident business center with internet access. At the time of the sale, the community was 97% occupied.
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The new owner plans to implement a value-added program, according to Berkadia senior director Brad Williamson. Improvements will consist of modernizing the common area and exterior, rebranding and changing the property management company. In addition, the upgrades will include water and energy conservation programs throughout the community.
Managing Directors Noam Franklin and Cody Kirkpatrick, along with Senior Managing Director Chinmay Bhatt of Berkadia Joint Venture Equity & Structured Capital Group provided the equity partner. Williamson arranged the debt financing on behalf of the buyer. Omninet Capital, LLC is a privately held commercial real estate firm with a portfolio of approximately 10 million square feet nationwide. The firm developed, owned and managed both residential and commercial real estate. assets. The Omninet team is comprised of experienced real estate operators, including in-house construction, leasing and property management teams. The firm invests significant capital in each property to enhance the brand and class of each property.
For the repositioning of Manchester Center, Omninet partnered with global design firm Gensler for architectural, interior and brand design services. Gensler’s retail studios are led by experts in retail store design, shopping center design, exhibition design, brand development and graphic design. Gensler is dedicated to collaborating with retail clients to identify consumer opportunity, determine the most appropriate cost-effective strategy, create the most dynamic retail experience and effectively implement design solutions. Gensler offers customers a complete and integrated suite of services.
Retail California is the largest independent retail brokerage firm in Central California. Omninet hired Retail California as its leasing team. Their team of
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