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Tuesday, Oct 4, 2022
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Simi Office Buildings Sell for $57 Million

Rising Realty Partners and Mount Kellet Capital Management LP have sold two Simi Valley office buildings for $57 million, or about $119 per square foot, according to real estate data provider CoStar Group Inc. Griffin Capital Essential Asset REIT II, Inc. acquired the buildings at 1800 Tapo Canyon Road and 450 American St. The building at 450 American sold for $28.4 million; it has 206,917 square feet and was constructed in 1998. The Tapo Canyon property, which sold for $28.6 million, is 273,241 square feet and was constructed in 1981. The buildings sold in an all-cash transaction last month. Rising purchased the two properties in 2013 from Bank of America Corp. as part of a 1.75 million-square-foot, $200 million portfolio of 10 office buildings. The Charlotte, N.C. bank inherited the real estate portfolio when it bought out defunct mortgage lender Countrywide Financial Services of Calabasas in 2008. Both buildings are leased to Bank of America through 2020. The initial rent for 450 American St. was $10.80 a square foot and the initial rent for 1800 Tapo Canyon Road was $9.60 a square foot, according to CoStar. The rent escalates by 3 percent annually and Bank of America has three, five-year renewal options at 95 percent of fair market rent. In recent months, Rising has sold off half of the properties it purchased from Bank of America, including a 167,742-square-foot Class A building at 225 W. Hillcrest Drive in Thousand Oaks and a pair of buildings in Agoura Hills, at 29701 and 29851 Agoura Road, as well as the two in Simi.

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