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August 14, 2019  

Calif. Office Complex on the Block

An investment firm has set a $48 million asking price for a “creative” office campus in Southern California.The 121,000-square-foot complex, in the oceanfront city of Carpinteria, is fully leased. At the $396/sf asking price, the buyer’s initial annual yield would be 6.2%. CBRE is representing the owner, Montana Avenue Capital of Los Angeles.The three-building Enclave at Carpinteria, which was constructed in 1962, is on a...

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