CBRE Arranges $21M Sale of Palmdale Office Building
CBRE has facilitated the sale of a 58,000-square-foot government-leased office building in Palmdale, CA. An institutional real estate advisor purchased the property on Trade Center Drive from Catalyst Real Estate for $21.45 million.
CBRE’s Mark Shaffer, Anthony DeLorenzo, Gerard Poutier and Bryan Johnson represented the seller in the transaction. “Catalyst Real Estate performed exceptionally well on its business plan, stabilizing building vacancy by securing a long-term lease with the County of Los Angeles (DCFS),” commented Shaffer.
Built in 2008, the two-story, multi-tenant property sits on 4-acres and features 5.5 parking spaces per 1,000 square feet. The building is 94.5% leased to government entities focused on social work and higher education resources and is situated adjacent to a new Amazon hub. In addition, the property is just minutes away from Palmdale Regional Medical Center and offers many nearby amenities, including 61 restaurants, 10 banks, eight grocery stores and eight fitness centers.