SEAL BEACH, Calif. – Dec. 26, 2023 – PRLog — Harbor Associates, LLC (“Harbor”) in  joint venture with F&F Capital Group has acquired a five-story, 164,683-square-foot Class A creative office building on Los Angeles’ westside for $44.713 million.

“After several years of kicking the can down the road, we are now beginning to see distress hit the market,” said Harbor Principal Joon Choi.  “While current market conditions and the work from home phenomenon has dealt a severe blow to the commercial office sector, there are still compelling opportunities to find the hidden gems at a deep discount to replacement.  At our cost basis, we expect the property to perform very well for us in the Post Covid-era.”

1640 Sepulveda Boulevard is located one block north of Santa Monica Boulevard at the gateway to Century City and Beverly Hills.   Built in 1987, the property was extensively renovated over the last decade with more than $11 million in renovations that went to improve tenant spaces, create expansive North and West facing balconies, redesigned building lobby, and common areas, a 70-seat ground floor screening room and brand new elevator landings.

“1640 Sepulveda is a well-appointed low-rise creative office asset that is in high demand in Southern California,” added Harbor Principal Paul Miszkowicz.  “It also draws off the leasing velocity taking place in Century City, Los Angeles’ strongest office submarket.  “Given those demand drivers, more than 80,000 square feet of leases have been signed in the past three years”.

1640 Sepulveda was 80% occupied at the time of closing.

This is the joint venture’s second acquisition in the past two months.   In November Harbor/F&F acquired a 102,000-square-foot industrial portfolio in the San Diego submarket of Carlsbad for $21 million.

“F&F Capital is thrilled to be expanding our relationship with Harbor Associates and growing our nationwide multi-billion dollar real estate portfolio with their team,” added Jeff Frieden, Co-Founder and CEO of F&F Capital Group.

Kevin Shannon and Rob Hannan of Newmark advised the seller.

About Harbor: Harbor Associates, LLC (http://www.harborassociates.com) is a value-add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California. Harbor has been involved in the renovation, repositioning and development of 40 commercial projects totaling over 4.0 million square feet with a portfolio value in excess of $1.0B. The company is a joint venture with The Bascom Group, LLC.

About F&F Capital Group:

With a commercial real estate portfolio in excess of $2.4 billion and growing, F&F Capital Group has a team of real estate professionals and acquisition specialists that work within the retail, office, hospitality, industrial, multifamily, student housing and self-storage sectors. The team is also an active buyer of distressed commercial real estate debt with expertise in CMBS and mezzanine debt. F&F boasts proven methods of real estate investment. Supported by state-of-the-art technology, carefully curated partnerships and unrivaled industry information access, F&F is leading real estate investment into the 21st century.

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Bruce Beck
DB&R Marketing Communications, Inc.
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SEAL BEACH, Calif. – Nov. 27, 2023 – PRLog — Harbor Associates, LLC (“Harbor”) in joint venture with Evergen Equity (“Evergen”) has acquired a 126,015-square-foot industrial real estate portfolio in the Los Angeles submarket of Gardena from a local investor in an off-market transaction for $55 million.

The portfolio consists of four adjacent properties ranging in size from 17,000 square feet – 45,000 square feet at 690-760 W. 190^th Street.  The 7.5-acre site is located within the 34 million-square-foot Gardena/Harbor industrial submarket, which boasts a vacancy rate of less than 1%. It is situated immediately next to the I-405/I-110 interchange, two of Southern California’s major truck routes providing easy access to the Ports of Los Angeles, Downtown Los Angeles, Pasadena Long Beach and Orange County.

“The opportunity to acquire 7.5 acres of prime industrial land in this very tight and important industrial submarket is rare,” said Rich McEvoy, Principal for Harbor. “We are contemplating several possible options for the property including a Class A industrial outdoor storage facility for trucking and container uses.”

“This submarket is incredibly dense and is one of the few in the area that allows for trucking and shipping container uses,” added Harbor Principal Paul Miszkowicz.   “This has ‘super-charged’ the demand as 3PL and logistics companies compete for a diminished supply of truck yards.”

The 190^th Street asset represents Harbor’s third industrial acquisition of 2023 totaling more than $120 million and adds to its 640,000-square-foot industrial portfolio with assets located in Los Angeles, Orange and San Diego Counties.

“We are explicitly focused on partnering with best-in-class operators on the ownership of generational real estate, which made this an easy opportunity to lean into.  We have a long history with the exceptional Harbor team, and these irreplaceable 7.5 acres at the intersection of two interstates with more than  500,000 vehicles per day of traffic will be one of the crown jewels in our logistics portfolio,” said Troy Marcus, Founder and CEO of Evergen Equity.

Eric Cox, Barbara Perrier and Darla Longo of CBRE advised the seller on the transaction.

About Harbor: Harbor Asssociates, LLC (http://www.harborassociates.com) is a value-add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California. Harbor has been involved in the renovation, repositioning and development of 36 commercial projects totaling over 4.0 million square feet with a portfolio value in excess of $1.0B. The company is a joint venture with The Bascom Group, LLC.

About Evergen Equity: Evergen Equity (http://www.evergenequity.com) is a multiple family office that is focused on the real estate allocation of ultra high net worth families that are based in the United States. These families have built and operated businesses in a variety of industries ranging from technology and energy, to automotive and consumer product goods. Evergen is hyper-focused on wealth preservation and partnering alongside best in-class operators to steward their families’ capital through real estate investments of all product types and in all markets across the continental United States.

Contact
Bruce Beck
DB&R Marketing Communications, Inc.
***@dbrpr.com

LONG BEACH, Calif. – Aug. 17, 2022 – PRLog — Harbor Associates in joint venture with Platform Ventures, LLC has acquired a 118,906-square-foot commercial office/R&D building in Agoura Hills, CA for $19.275 million.

Harbor also announced the signing of A2 Biotherapeutics (“A2 Bio”) to a long-term, 75,994-square-foot lease at the building located at 30601 Agoura Road, which will serve as A2 Bio’s  new global headquarters.     A2 Bio has invented the Tmod™ cell therapy platform to tackle the fundamental challenge in solid tumor treatment—the ability of cancer medicines to distinguish between tumor and normal cells. A2 Bio expands its presence in Agoura Hills as it will continue to occupy ~30,000 square feet in neighboring buildings.  The new headquarters for A2 Bio will feature approximately 70 percent lab and R&D space with the remaining 30 percent devoted to collaboration space.

The two-story multi-tenant building is located at the eastern gateway of the Conejo Valley, which includes one of Southern California’s major life science clusters.   Stretching from northwestern Los Angeles County to southeastern Ventura County which includes Newbury Park, Thousand Oaks, Westlake Village and Agoura Hills, the Conejo Valley is home to one of the most significant life science clusters in Southern California.  Nearly 70 life and bio science firms such as Amgen, Baxter, Allergan and Takeda currently occupy  approximately 4.3 million square feet of space in the Conejo Valley.

“Located at the eastern gateway of the Conejo Valley, Agoura Hills is more convenient than Thousand Oaks for bio tech recruiting talent from the San Fernando Valley, Downtown and West Los Angeles. “We were able to identify a well-located building that was prime for multi-tenant life science conversion while helping A2 Bio meet its business objectives.” said Principal Rich McEvoy.

The 11-year lease with A2 Bio is an example of the demand for space by life science and bio-tech firms across the U.S. According to CBRE, at the end of 2021, office-to-lab conversions in the 12 largest U.S. life sciences markets, which includes Los Angeles, amounted to 9.9 million square feet, up 49% from the beginning of the year.

In January of 2020, Harbor acquired Agoura Hill Business Park, an adjacent 114,325-square-foot office project in Agoura Hills, and made improvements to the building to attract the life science groups expanding into the area, which included A2 Bio.   Between 30601 Agoura Road and Agoura Hills Business Park, Harbor Associates is delivering a variety of market ready R&D / lab spaces, ranging in size from 2,000 -18,000 square feet, readymade with appropriate infrastructure and designed to meet the growing demand in Agoura Hills.

A2 Bio, is expected to take occupancy in the second half of 2023. The Harbor-led joint venture will add relevant on-site amenities to create an attractive workplace environment that will help A2 Bio, and others, attract and retain talent.  Improvements include an expansive outdoor meeting and social spaces, upgraded building lobby, drought tolerant landscaping, exterior building enhancements and signage.

Jay Rubin and Jared Smits of Lee & Associates advised the seller. Mark Perry of CBRE represented the buyer in the transaction. Rick Pearson of Cushman & Wakefield represented A2 in the lease negotiations.

About Harbor: Harbor Associates, LLC http://www.harborassociates.com is a value-add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California and Denver. Harbor has been involved in the renovation, repositioning and development of 34 office projects totaling over 4.6 million square feet with a portfolio value in excess of $1.0B.

About Platform:

Platform Ventures, through certain asset management subsidiaries, manages and invests in real estate, real estate-related assets, real estate technologies and real estate-focused companies located throughout the United States. Platform’s experienced team seeks to add value to client portfolios by applying its knowledge of the long-term cycles and macro-economic trends that shape the real estate market in order to create price-to-value dislocations. Platform Investments, LLC, which is owned by Platform Ventures, manages several investment vehicles that consist of institutional investors and high net worth investors. We have invested in 37 states with approximately $1.5 billion of assets under management as of September 30, 2019.  Visit www.platformv.com for more information.

Contact

Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com