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Tenants group buys area office buildingTenants group buys area office building

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREBlues bury Kings early with four first-period goals The three-story, 64,300-square-foot building sits on 4.1 acres at The Old Road and Valencia Boulevard. It was developed by A&B Westridge, LLC, a partnership of subsidiary A&B Properties, Inc. and an affiliate of Intertex Construction Company, a Valencia-based general contractor and developer of commercial properties. Major tenants include Wells Fargo Bank, Pardee Homes and Realty Executives. The building was the first developed by A&B in the continental U.S. “Our strategy of growing real estate investments on the mainland was initiated in Valencia because of its dynamic growth,” Wright said. “We are fortunate to have formed a relationship with an experienced development partner, with whom we have secured superior development sites.” With the sale of this asset, A&B remains affiliated with Intertex in four other real estate venture investments in the Santa Clarita Valley – Center Pointe Marketplace, a 100,000-square-foot retail center; Crossroads Plaza, a 62,000-square-foot commercial center; 5.4 acres of commercial land in Rye Canyon Business Park; and Bridgeport Marketplace, a 120,600-square-foot retail center at Newhall Ranch Road and McBean Parkway. VALENCIA – A Valencia office building anchored by Wells Fargo Bank was sold this week for $20.8 million to a coalition of tenants. A Hawaii-based joint venture that built the Westridge Executive Plaza Built in 2003 announced the sale Wednesday. “This sale represents the culmination of A&B’s first U.S. mainland joint venture development,” said Michael G. Wright, a senior vice president in charge of real estate investments for A&B Properties, Inc., based in Honolulu. “By selling this Class A property at this time, we are capitalizing on the very strong demand for investment property in Southern California.” The buyer was Core Realty Holdings, LLC, a newly formed tenant investment company. A&B owns 91,000 acres in Hawaii, making it Hawaii’s fourth-largest private landowner. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more