Ascentris has acquired Tri-Center Plaza, a 143,000-square-foot in Van Nuys, Calif., from a private owner. The Denver-based company selected Monday Properties, which assisted the buyer in the deal, to oversee the management and leasing of the property. CBRE’s Matt Heyn and Caitlin Hoffman will provide leasing services, while Davis Partners will serve as property manager.
Tri-Center Plaza, located at 5990 Sepulveda Blvd., was completed in 1990 and features more than 450 parking spaces. Tenants include Momentous Insurance Brokerage, Cherokee and Velur Enterprises. The new owner is set to implement a renovation program, as well as a pleasing strategy. Planned renovations include upgrading the exterior, amenities and modernizing the common areas. Due to its location within the San Fernando Valley, the asset offers easy access to Interstate 405, multiple restaurants and hotels, including Denny’s, Socorro’s Restaurant and Hampton Inn.
CBRE’s Brad Zampa, Sean Sullivan, Michael Longo, and Megan Woodring arranged equity and debt financing on behalf of the buyer. Earlier this month, Zampa and Woodring secured the acquisition loan for a 74,000-square-foot North Hollywood office mid-rise.