Investor Harbor Associates Sells Valencia Office Campus for $32 Million

Harbor Associates sold the Commons, a 157,189-square-foot, Class A office campus in the Valencia neighborhood of Santa Clarita, Calif., to San Diego-based Strauss Investments at roughly $204 per square foot. The total price was $32 million.

Sitting on nearly nine acres at 25124 and 25152 Springfield Court, the campus is located just off Interstate 5 in the Santa Clarita Valley. It comprises two three-story office buildings and a two-story parking structure with 625 spaces. The campus offers a series of amenities, including refreshed common areas; electric vehicle charging; furnished outdoor spaces; nearby retail destinations; covered parking; and the Valencia Country Club, an 18-hole golf course directly adjacent to the Commons.

Built in 2005, the property is 79% leased to tenants across professional services, insurance, financial services and real estate. Harbor Associates carried out a substantial renovation in 2020 after it bought the campus for $33.1 million in 2018 from Barings, a real estate investment firm.

“Commons at Valencia attracted significant investor interest due to its strong tenant roster, recent capital improvements and strategic location within one of southern California’s premier suburban office markets,” said CBRE Senior Vice President, Mark Shaffer. “The property’s leasing momentum and long-term growth prospects within the Valencia submarket created a compelling investment opportunity for the buyer.”

Shaffer represented Harbor in the sale alongside CBRE’s Anthony DeLorenzo, Sean Sullivan and Gerard Poutier.

According to CBRE, Valencia has remained one of the stronger office submarkets in north Los Angeles County, supported by continued expansion in its residential and employment bases.