An affiliate of Vintage Capital Group has sold a ground lease interest in the Brentwood Gateway for $58 million.
The Brentwood Gateway is a 10-story, roughly 105,000-square-foot office building. The tower was acquired by an affiliate of Fortress Investment Group.
Crosbie Gliner Schiffman Southard & Swanson partners David Alvarado and Eoin Gubbins handled the deal on behalf of the seller.
Alvarado said in a statement that the “seller held a ground lease interest with a substantial remaining lease term and very valuable leasehold rights.”
He called it a “trophy property” which is nearly 99% occupied.
The property is located at 11611 San Vicente Blvd.
Ground leases are by no means a new tool but the number of ground lease transactions—leased fees and leaseholds—increased from April 2017 to 2018 compared with the same period the year prior, according to data from CoStar Group Inc.
Newmark Knight Frank’s Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll represented the seller. The buyer was self-represented.
Shannon said in a statement that the new owners would reposition the building.
“This trophy Brentwood location offered spectacular views and attracted significant investor interest,” Shannon said in a statement.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
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