Investment firm Omninet Capital has been expanding the past couple months and just added another office portfolio in Los Angeles County for $55 million.
Newmark (NMRK) Knight Frank announced and helped arrange the deal for a total of 256,600 square feet of space in Westlake Village, a city in northwestern L.A. County just south of Thousand Oaks. The properties were sold by Topa Equities, a private firm based in Century City.
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The deal follows three other recent office acquisitions for Omninet, including properties in the cities of Torrance and Commerce that sold for a combined $78 million.
“This is the fourth acquisition of this size we have completed in the past 90 days, and we continue to be very active,” said Michael Danielpour, managing partner at Omninet Capital, in a statement. “Our goal is to purchase another $250 million of commercial assets by the end of this year.”
The Westlake Village portfolio was 78-percent leased at the time of the sale. It includes 2801 and 2815 Townsgate Road and 100 and 200 North Westlake Boulevard. The properties are located just off the 101 Freeway, near the western border of the county.
The Townsgate Road property is anchored by Bank of America (BAC), and occupied by other financial services, insurance and legal tenants. The Westlake Boulevard campus is leased to Morgan Stanley (MS) and 14 other tenants.
NKF’s Sean Fulp, Kevin Shannon, Ken White, Ryan Plummer, Mark Schuessler, and Ryan Tetrault represented Topa, and Omninet Capital represented themselves. With both the buyer and seller in the transaction being private entities, the deal “further validates the narrative that a majority of the sales taking place right now involve non-institutional investors,” Fulp said.
“Private investors will likely continue to control the market until there is greater clarity with regard [to] COVID-19 and the effect it is going to have on the economy and real estate,” he said in a statement.
Omninet Capital is a private real estate firm based in Beverly Hills with more than 10 million square feet of commercial assets throughout the country.
Representatives for Topa were not immediately available for comment.
