Shindler sells office portfolio for $209m.

SAN DIEGO, CA: The Shidler Group, in partnership with Angelo, Gordon & Co., has sold an 18-building portfolio containing over one million square feet of office and R&D proper-ties in Los Angeles and San Diego for $209 million.

The buyer is Broadreach Capital Partners, a Palo Alto-based private equity firm that invests in commercial real estate.

Matt Root, a partner in The Shidler Group, said, "There is a tremendous amount of demand for well-located, high-quality office properties. With the continuous flow of capital into the commercial real estate sector, we felt the timing to be opportune to sell into a very strong investment market and to prune our portfolio of select assets as part of our capital recycling program."

Since acquiring the portfolio in late 2004 for $138.5 million, The Shidler Group has implemented a strategic capital improvement program, investing in excess of $6 million. The portfolio is 82% occupied and houses over 165 tenants in the technology, financial services, government and medical services industries. Major names include Acceris Management & Acquisition, Catellus Development, the City of Los Angeles, California Department of Motor Vehicles, Fairfield Residential, First Bank, Homes.com, Stewart Title, Tri-Tech Internet Services, Salomon Smith Barney, USA Today, Verizon and Whittier Hospital.

The portfolio consists of nine projects containing 18 buildings. Ten of the buildings are in the greater Los Angeles region.

The Shidler Group was represented by Eastdil Secured, with Adam Edwards and Daniel Broderick in the San Diego office, and Stephen Silk and Sean Sullivan in the firm's Los Angeles office. Broadreach Capital Partners represented themselves.