Belay Investment Group Partners with Harbor Associates in Acquiring 300,000 Square Feet of Office Buildings in Glendale, California and Denver, Colorado
October 29, 2018
LOS ANGELES–(BUSINESS WIRE)–Belay Investment Group, LLC (“Belay”) and Harbor Associates, LLC
(“Harbor”) have acquired 700 N Central and Capitol Center in two joint
ventures. 700 N Central is an eight story, 136,000 square foot office
building located in Glendale, California. Capitol Center consists of a
twelve story, mid-century office tower attached to a historic, two story
building, totaling 166,000 square feet located in the Uptown submarket
in Denver, Colorado.
Belay’s investment in the joint ventures comes from Belay Partnership
Ventures II, LP (the “Fund”), which was capitalized by the California
State Teachers’ Retirement System (CalSTRS). Belay pursues value-added
real estate strategies in major U.S. markets through collaborative
investment programs designed to identify and support the growth and
evolution of high caliber operating partners.
Eliza Bailey, Managing Principal for Belay, comments, “We are looking
forward to teaming up with Harbor to complete the value-add
repositioning of 700 N Central and Capitol Center. Both properties
present us with an opportunity to make strong risk-adjusted returns
through strategic renovations that focus on improving the tenant
experience in partnership with an experienced sponsorship team in
markets that we believe have significant room to grow.”
Justin Loiacono, Principal for Harbor, adds, “We are thrilled to be
teaming up with Belay to purchase these two assets. It expands our
company’s presence in Los Angeles to over 750,000 square feet and
Downtown Denver to over 275,000 square feet. We are looking forward to
the future growth we can achieve through our strategic partnership with
the Belay team.”
About Belay Investment Group, LLC:
Belay Investment Group, LLC is a Los Angeles-based Registered Investment
Advisor that pursues value-added investment opportunities, primarily
middle-market infill properties in urban/suburban transit hub markets,
on behalf of its institutional investors. Belay is wholly owned and
operated by its three Managing Principals, who average 28 years of buy-
and sell-side real estate experience as principal investors and senior
management of institutional investment management and advisory firms.
About Harbor Associates, LLC:
Harbor Associates, LLC is a value-add operating platform focused on
acquiring and repositioning under-performing commercial real estate
assets throughout Southern California and Denver. The three Principals
of Harbor collectively have over 30 years of experience in Denver and
Southern California.
Contacts
Belay Investment Group
Barry Chase
bchase@belayinvestmentgroup.com