LOS ANGELES--(EON: Enhanced Online News)--Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Hercules Campus West, a historically significant four-building creative campus, leased to a multinational technology company, in Playa Vista, California, a master-planned community in Los Angeles’ “Silicon Beach.”
“The buyer focuses on long-term net leased assets in major global markets. Hercules Campus has a superb and iconic profile and having an investment grade credit tenant was highly appealing.”
HFF marketed the property on behalf of the sellers, The Ratkovich Company and Penwood Real Estate Investment Management, LLC, and procured the buyer, a diversified Japanese corporate investor.
Conceived during a prolific period of discovery and innovation under Howard Hughes, the buildings include the soaring, voluminous hangars in which Howard Hughes built the Hercules H-4 plane, also known as the “Spruce Goose.” Inside the envelope of these beautiful buildings, the tenant plans to build new state-of-the-art structures. Under Hughes, the hangars were home to amazing innovations in the fields of aircraft, communications, defense and satellite technology. The next era of innovation will continue at Hercules Campus as it transitions from aerospace to cyberspace.
Wayne Ratkovich was the visionary behind the 2010 acquisition and restoration of the 28-acre campus containing 11 buildings formerly occupied by Hughes Corporation. With an appreciation for both the history and inherent beauty in these dilapidated structures, Wayne and his capable team sought to transform these buildings into modern, cutting edge creative space.
The HFF investment sales team representing the seller was led by John Crump, Andrew Harper, Michael Leggett, Doug Bond and Ryan Gallagher.
The buyer was represented by EGW Asset Management Inc. (EastGate | EGW), the global real estate representative to the buyer for all markets outside Japan.
Per Reid Mackay of EGW, “The buyer focuses on long-term net leased assets in major global markets. Hercules Campus has a superb and iconic profile and having an investment grade credit tenant was highly appealing.”
About The Ratkovich Company
Founded in 1977 by current President/CEO Wayne Ratkovich, The Ratkovich Company’s (TRC) mission is to profitably produce developments that improve the quality of urban life. TRC has developed properties valued at more than $1.6 billion over the course of its history. The Ratkovich Company is jointly owned by Wayne and Jo Ann Ratkovich and Steven C. Markoff.
About Penwood Real Estate Investment Management
Penwood Real Estate Investment Management (PREIM) is a principal-owned firm dedicated to managing value-added real estate investments for the institutional marketplace. PREIM focuses on taking quantifiable incremental risk to provide above market returns and executes value-added strategies in supply-restrained markets to achieve premium investment results.
About EastGate | EGW Asset Management Inc.
EastGate | EGW provides comprehensive commercial real estate investment, transaction and management advice for off-shore and domestic property investors looking to establish or grow their property holdings in Japan and overseas. Tokyo-based EastGate | EGW currently manages retail, office, hotel and logistics properties in Japan and the United Kingdom.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.