The Commons at Valencia Gateway, one of the newest office projects in the Santa Clarita submarket, was recently purchased in an all-cash deal by a joint venture between Harbor Associates and Goldman Sachs Asset Management Private Real Estate (GSAM PRE).
The two companies bought the campus encompassing 156,628 square feet spread over 10.25 acres in a $33.1 million transaction. The property consists of two three-story Class A office buildings located at 25124 & 25152 Springfield Court in the city of Valencia, Calif.
“We like the office market in Valencia and believe that the recently approved 5,000+ homes at the Newhall Ranch development coupled with the Disney | ABC Studios at The Ranch’s 58-acre soundstage development will provide new demand drivers for the submarket,” stated Paul Miszkowicz, principal for Harbor Associates.
Following the transaction, Harbor plans to revamp the steel-frame office campus built in 2005, by upgrading the gathering areas, building new spec suites, and implementing energy-saving improvements. At the core of the repositioning strategy are the onsite amenities, which will include an outdoor patio overlooking the nearby Valencia Country Club golf course.
At the time of sale, the campus boasted an occupancy rate of 81%. The office building located at 25124 Springfield Court is currently leased to seven tenants, among which are a few high-profile companies, such as U.S. HealthWorks Medical Group, Crown Virtual Tour, and Newhall Land, Yardi Matrix data reveals. The sister asset, located at 25152 Springfield Court, is home to eight tenants, including KB Home and the Wealth Planning Group.
The Commons at Valencia Gateway campus is a transit-oriented property that offers easy access to the Interstate 5 freeway and Valencia Boulevard.