Sherman Plaza (Credit: CBRE)
Pacific Reach Properties, a Canadian real estate investment firm headed by Azim Jamal and Joe Moosa, acquired a two-building office campus in Van Nuys for $61.9 million, or $231 a foot, The Real Deal has learned.
The seller is L.A.-based Majestic Asset Management, which paid $49.5 million for the Sherman Plaza office complex in 2011. The project comprises two-buildings totaling 267,000 square feet.
CBRE’s Troy Pollet and David Solomon represented Majestic alongside Brad Burton of Newmark Knight Frank. Pacific Reach represented itself in-house.
The buildings are are 93 percent occupied by tenants such as the State of California and Loan Mart, according to a statement from CBRE.
“Majestic did a great job positioning these buildings since taking them over in 2011,” Solomon said.
Pacific Reach reportedly controls more than a dozen properties in Los Angeles and Phoenix in addition to its Canadian holdings. In 2015, it acquired the 37-unit Blu Beverly Hills apartment building at 8601 Wilshire Boulevard.