Two local businesses have purchased headquarters buildings in Santa Clarita’s Tourney Place office complex in separate deals.
Pacific Funding, a mortgage company currently headquartered in Valencia, purchased 27433 Tourney Road, a 20,731-square-foot building, for $6.1 million from Tourney Place developers JSB Development Inc. of Valencia and McCombs Inc. of Ventura, according to real estate data provider CoStar Group Inc. The sales price of nearly $295 a square foot is one of the highest paid in the region since the economic recovery began.
The property was 60 percent leased at the time of the sale to tenants including First American Title Co. and Security National Mortgage Co. With several small leases set to expire shortly, Pacific plans to occupy more than half the building as its corporate headquarters, said Craig Peters, executive vice president of CBRE Group Inc. He and his colleagues Richard Ramirez and Robert Valenziano represented the sellers in both transactions.
The second building, at 27413 Tourney Road, is a 21,546-square-foot property that was purchased by Gothic Landscape Inc., a family-owned landscaping firm with customers in Southern California, Arizona and Nevada. The business is currently headquartered at 27502 Avenue Scott in Valencia. The purchase price of $5.5 million equates to about $257 a square foot, according to CoStar. The seller was 27413 Tourney Road LLC.
The building is currently leased to tenants including Bank of Santa Clarita and Christopher A. Joseph & Associates. Gothic plans to turn a portion of the available space into its new corporate headquarters, Peters said, in a move that illustrates the growing demand for real estate investment amongst successful entrepreneurs.
"These transactions are a great example of local business owners taking advantage of today's extremely attractive interest rate environment, and the continuously improving office market conditions in Santa Clarita," he noted. "These buyers were not only able to secure a long-term home for their companies at a much lower occupancy cost compared to leasing office space, but also invest in highly sought-after Class A office assets."
With demand for office space in the Santa Clarita Valley rising, JSB Development and McCombs Inc., who developed the five-building Tourney Place office complex in the mid-2000s, plan to build out the last remaining parcel in the project, a 50,000-square-foot, three-story office property, Peters said.