U.S. Harbor Associates, Belay JV pay $58.9 mln for 2 office buildings

A joint venture (JV) between U.S. real estate services providers Harbor Associates and Belay Investment Group has paid $58.9 million to acquire two office buildings on the West Coast.

The partnership of the two firms paid seller investment management and advisory firm CBRE Global Investors $28 million to acquire the Glendale Gateway, an eight-story building located at 700 North Central Avenue in Glendale. Spanning 136,000 square feet, the Glendale Gateway is currently 75 percent leased.

Outside of Los Angeles, Harbor and Belay spent $28.9 million to acquire a 166,000-square-foot building in Denver. The property, dubbed Capitol Center, is comprised of a twelve-story office tower and an adjacent two-story building.

U.S. mixed-use real estate, and investment management firm SteelWave was the seller. Combined, the purchases amount to more than 300,000 square feet.