News By Tag
News By Location
Harbor Associates and The Bascom Group Acquire First Assets in New $500 Million Joint Venture
The latest transactions extend the relationship enjoyed by the two companies, who over the last three years have invested more than $250 million in a portfolio of 18 office buildings with an aggregate square footage of 1.2 million square feet in Southern California and Colorado. Harbor and Bascom plan to expand the platform and invest an additional $500 million throughout the Western U.S. over the next two years.
The expansion of the joint venture platform is an example of the collaborative vision the two companies share, according to Bascom Managing Partner Jerry Fink,
"Harbor has proven to us its ability to identify solid value-add investments with potential for excellent risk adjusted returns," said Fink. "We look forward to continuing our relationship and work toward our goal of acquiring $500 million in office assets over the next 24 months."
In the larger of the two acquisitions, the joint venture acquired a 75,000-square-
Aside from the project's A location, the architectural wood on the exterior and unique physical features cater well to the rapidly expanding media, entertainment, technology and advertising fields. The business plan calls for a multimillion-
"4130 Cahuenga represents a tremendous opportunity to reposition and lease-up a tired asset and design a modern, creative office campus in Los Angeles' No. 1 submarket for media and entertainment,"
The Harbor led joint venture also acquired a 39,000-square-
Harbor will rebrand the project as The Bungalows at Del Mar with major renovations to include; new modern paint scheme throughout the project, installation of bike and surfboard storage along with new outdoor showers and new outdoor seating and collaboration areas. The tenant suites include operable windows and vaulted ceilings presenting the most unique creative office experience in coastal San Diego, according to Harbor Principal Paul Miszkowicz.
"This asset fits perfectly into our business model," said Miszkowicz. "We're confident we can transform this well-located and architecturally unique but tired asset into a modern Class A coastal creative office campus. Our vision is to make The Bungalows one of the most unique properties in coastal San Diego."
Sean Fulp of Newmark Knight Frank represented the seller in the Los Angeles transaction. Brian Halpern and Alex Kane of JLL arranged the financing for the project with Ready Capital Structured Finance, a subsidiary of Sutherland Asset Management Corporation.
For Del Mar, Joe Anderson of Cushman and Wakefield represented the seller and will handle leasing efforts for the buyer. Greg Brown and John Chun of HFF arranged the financing for the project with Ready Capital Structured Finance, a division of a subsidiary of Sutherland Asset Management Corporation.
About Harbor: Harbor Associates, LLC (www.harborassociates.com)
About Bascom: The Bascom Group, LLC (http://www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-
DB&R Marketing Communications, Inc.