ATLANTA, May 19, 2016 /PRNewswire/ -- Intercontinental
Real Estate Corporation has purchased Apollo at Rosecrans, a
state-of the-art creative office complex in El Segundo, from Invesco Real Estate (IRE).
The sale marks one of the largest
real estate transactions in Southern
California this year and is one of the highest per square
foot transaction ever in the South Bay market.
Invesco Real Estate, in partnership with developer SSV
Properties (SSV), originally bought the 545,000 square foot,
five-building office campus in August
2013. The buildings were mostly vacant at purchase when IRE
and SSV undertook a comprehensive re-positioning and renovation
effort. The award-winning campus is now recognized as the
premier creative office campus in the South Bay market with 98
percent of the buildings leased to a diverse roster of long-term
tenants. The entire renovation, re-leasing effort and eventual sale
took place in less than three years.
"The Apollo project was a major undertaking, particularly in
light of the market conditions at the time of acquisition in 2013,"
said Pete Cassiano, Managing
Director, Acquisitions at Invesco Real Estate. "We believed
in the location and ability to create something unique in the
market, so to have such a positive outcome is extremely
satisfying." Additionally, Bert
Crouch, Managing Director, Portfolio Management at Invesco
Real Estate, commented, "Investments like Apollo at Rosecrans
evidence the first-mover advantage and bottom-up value creation
that form the basis of our opportunistic strategies globally."
SSV President, David Jordon,
adds, "It has been thrilling to be involved with Invesco Real
Estate in a development that was so well executed on all
fronts. Our objective was to deliver a transformative project
to meet the evolving demands of companies and tenants in the
Greater LA market. We could not be more satisfied with the
results."
Kevin Shannon of Newmark Grubb Knight and Frank and his team
represented the sellers.
About Invesco Real Estate
Invesco Real Estate is
a global leader in the real estate investment management business
with over $67.7 billion in real estate assets under
management, 444 employees and 21 regional offices across the
U.S., Europe and Asia. The firm was established in 1983 and has
been actively investing in core, value-add and opportunistic real
estate strategies since 1992. Invesco Real Estate is a
subsidiary of Invesco Ltd., (NYSE: IVZ), one of the largest
investment management firms in the world with $771.5 billion in assets under management
and on-the-ground presence in 25 cities worldwide. Information as
of March 31, 2016.
About SSV Properties
SSV Properties (SSV) is a
privately held real estate firm headquartered in Los Angeles, CA. Formed in 2005, SSV focuses
primarily on value-add opportunities in office, mixed-use and
residential. Since its inception, the mission has been to provide
institutional equity partners excellent service and returns on
properties through repositioning, renovation, re-leasing, and
development.
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SOURCE Invesco Real Estate