Airport Spectrum, a 500,000 square foot, two-building office campus at Gateway to LAX in Los Angeles, has been sold by Decron Properties Corp. to Sunny Hills Management Co. for $61.3 million. Marc Renard, Manfred Schaub and Chris Sinfield of Cushman & Wakefield’s Capital Markets Group represented Decron in the deal.
The two buildings. located at the entrance of the Los Angeles International Airport, were built in 1980 and acquired by Decron in 2000. The company spent about $6 million over 10 years making improvements to Airport Spectrum. Tenants in the building, which is 75-percent leased, include UCLA, Expeditors International, and the Transportation and Safety Administration (TSA).
The deal is reportedly the largest sale of commercial property in the LAX submarket in a decade.