Jamison Acquires 143,000 SF for $29M

WHITTIER, CA-Jamison Properties of Los Angeles has acquired two office buildings totaling 143,339 sf from Broadreach Capital Partners for $29 million in a transaction brokered by Cushman & Wakefield’s Southern California capital markets group. The buildings, one of them five stories and the other four stories, are located at 15141 and 15111 Whittier Blvd.

The Cushman & Wakefield team representing the seller was led by managing director Marc Renard and included Manfred Schaub and Alison Berglas. Jamison Properties represented itself.

According to Renard, the property generated “tremendous investor interest for this asset.” In addition, Renard comments that, “Based on the compelling demographics driving the demand for healthcare services, the capital markets are very positive on the future performance of medical office buildings.”

David Simon, managing director for Broadreach, says that the sale was part of the firm’s ongoing portfolio management program. The five-story, 84,812-sf building at 15141 Whittier Blvd. was constructed 1980 and renovated in 2005. The four-story, 58,527-sf building at 15111 Whittier Blvd. was constructed in 1969 and renovated in 1982.

The buildings, which are situated on 6.79 acres, were 85% occupied at the time of the sale.Broadreach purchased the property, which includes a 724-space, two-story parking structure, as part of a portfolio it bought from the Shidler Group last year.

The buildings are occupied by a roster of clients that includes Smith Barney, Fremont Investment & Loan, First Team Real Estate and the Bank of Whittier. Besides those companies, the tenants include healthcare-related organizations Whittier Hospital and Bergman Medical Group due to their adjacency to Whittier Hospital and proximity to Presbyterian Hospital.