SAN FRANCISCO--(BUSINESS WIRE)--Graymark Capital, Inc., in partnership with Blue Vista Capital Management, has acquired a 164,101 SF creative office / R&D property in Pasadena, California for $16.3 million.
3100 New York Drive is headquarters to Leon Max, Inc, a Women's Luxury Fashion Brand. The company’s office space has a modern, creative feel that integrates with the warehouse space that is utilized for materials and delivery. Additionally, the project has 71,216 SF of vacant office space. Graymark Capital intends to upgrade this space to modern creative office standards. The renovation will include facade enhancements, upgraded landscaping, outdoor amenities, new lobbies and creative office interiors.
The property is located in the Northeast Pasadena office submarket. This market has experienced strong absorption because of its Pasadena address, commuter train access, retail amenities and new residential construction. Pasadena is one of the most desirable residential markets in Southern California. The property is well-located off Highway 210, a major commuter thoroughfare, connecting Los Angeles to the San Gabriel Valley.
Pasadena has seen an influx of technology and science related tenants seeking to capitalize on a strong local employee talent base driven by nearby CalTech University and Jet Propulsion Labs and by a high-quality labor pool in the San Gabriel Valley. Significant tenants include 3M, Giant Magellan Telescope, Kaiser Permanente, Community Bank, Tetra Tech and Green Dot.
This property was an appealing investment for Graymark due to the quality of the asset, discount to replacement cost and excellent market fundamentals. This is Graymark’s 4th creative office investment in Southern California over the past 15 months. The property was purchased through Mike Longo and Mark Perry of CBRE.
About Graymark Capital
Graymark Capital, Inc. is a real estate investment firm located in San Francisco, California that invests in commercial properties throughout the West Coast. The company has acquired 1,200,000 SF of institutional quality property valued at $300 million since 2012. Founded by CEO Brian Hecktman, with Managing Director/CFO Jeff Hoppen and VP of Acquisitions Rick Lafranchi, the company focuses on opportunities where it can create significant value by capitalizing on the team’s collective experience from over $2 billion of real estate investment and development over the past 20 years.
About Blue Vista
Blue Vista Capital Management was founded in 2002 in Chicago, with a mission to invest in all real property types across the U.S. To date, Blue Vista has participated in direct investments and joint ventures representing over $5.7 billion in total capitalization. The firm has raised in excess of $1.6 billion in equity through four closed end funds, two separate accounts and one joint venture relationship. The firm's clients include one of the world's largest university endowments, the 4th-largest sovereign wealth fund, several state pension funds, six of the largest insurance companies in the world, foundations and endowments, large family offices and wealth management platforms.