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3/03/08
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SAN FERNANDO VALLEY/TRI CITIES/ CONEJO VALLEY:
HOT TRANSACTIONS
OFFICE LEASES
In Sherman Oaks, Morgan Peabody signed a five-year, $1.72 mil lease for a 7.7k sf ($3.71/sf/mo) space in the Comerica Bank Building, at 15303 Ventura Blvd, just east of the 405 Fwy at the corner of Sepulveda Blvd. Morgan Peabody, which is relocating from Studio City, will occupy the 16th floor penthouse unit. Len Effron of Lee & Associates handled negotiations for the tenant, which will have a remodeled unit with an amazing view of the valley. The owner, Douglas Emmett Realty Fund 2000, used in-house representation. 2/08
In Pasadena, Clifford Swan Investment Council LLC signed a seven-year, $2.3 mil lease for 11.7k sf ($2.34/sf/mo) of office space at 200 S. Los Robles Ave, south of Colorado Blvd and east of Arroyo Pkwy. The company is moving 50 employees into its new space April 1, 2008. Corey A. Waite, Chalvis R. Evans, Jonathan Dudley and James Collins of Sperry Van Ness repped the landlord, Banner Los Robles Corp, a Delaware Corporation. Carlton A. Maese of CB Richard Ellis represented the tenant. 2/08
In Sherman Oaks, the Motion Picture Association of America Inc (MPAA), the trade association whose members include the six major Hollywood studios, is relocating to the office tower at 15301 Ventura Blvd, within the redeveloped Sherman Oaks Galleria at the northwest corner of Ventura and Sepulveda Blvds. The organization, which had been located a few blocks away at 15503 Ventura Blvd in Encino for the previous 15 years, signed an 8.5-year sublease deal for the first and second floors, totaling 104.6k sf of space, at the Galleria location. The space is being sublet from Warner Bros Entertainment Inc, whose animation group had formerly occupied the space. MPAA, which took occupancy of the space on January 22, 2008, will share the space with the Alliance of Motion Picture and Television Producers (AMPTP), Directors Guild of America Contract Administration and the Directors Guild Producer Training Plan. Mark Robinson and Craig Jablin of Studley represented MPAA in the lease negotiations. 1/08
In Encino, the law firm of Greenberg & Bass inked a five-year, $2.6 mil lease for 15.5k sf ($2.80/sf/mo) of office space at 16000 Ventura Blvd, between Hayvenhurst Ave and the 405 Fwy. The 175k sf building is owned by Arden Realty, which handled its end of the negotiations in-house. The law firm, which was represented by Bryan Lewitt and Steve Walbridge of Cushman & Wakefield, is the largest tenant in the building. 8/07
In Encino, at 16030 Ventura Blvd, two tenants signed long-term leases in deals that totaled $2.3 mil. Promotional Technologies Corp took 3.3k sf, while Actuaries Unlimited signed for 7.6k sf of space. The property owner, The Almar Building was represented by Tom Specker and Scott Silverstein of Lee & Associates. Promotional Technologies was repped by Darren Casamassima of Lee & Associates. Mike Catalano of Studley took care of matters for Actuaries Unlimited. Cushman & Wakefield’s Lewitt was also involved in a building sale in Van Nuys, as he and colleague Mark Raggio repped the buyer of a 9.1k sf facility at 6915 Van Nuys Blvd, midway between Sherman Way and Vanowen St. It was sold by Creative Logic for $4.6 mil ($505/sf). 8/07
In Woodland Hills, Newport Sportswear LLC inked a lease for 15.4k sf of office space, after agreeing to a five-year, $2.2 mil ($2.38/sf/mo) deal at 6001 De Soto Ave, a single-story building situated at the northwest corner with Oxnard St in Warner Center. The property owner, Schaub Properties LLC, was repped by Mark Leonard of Lee & Associates. Newport was represented by Bennett Robinson of CB Richard Ellis. 7/07
In Calabasas, Exaktime Innovations, repped by Randy Kobata of Lee & Associates, leased 12.4k sf of office space located at a complex called Corporate Point, at 27001 Agoura Road, for a consideration in excess of $1.7 mil. The landlord, Lost Hills Office Partners, was represented by Jay Rubin, Mark Leonard and Marc Spellman, also from Lee & Associates’ Calabasas office. Corporate Point is a three-story, Class A office building with visibility from the 101 freeway. The building’s on-site amenities include cardkey security access, a restaurant and abundant free surface parking. 6/07
In Glendale, there have been a number of recent lease signings at The Lexington, a 22-story Class A office tower at 500 N. Brand Blvd, in the heart of the city’s financial district. Paychex Inc signed a lease for 19k sf of space. The space will serve as Paychex’ new San Gabriel Valley office, replacing its Pasadena office. Dave Willis of CRESA Partners represented the tenant. The landlord, ING Clarion, was repped by Michael Weiner, Paulette Toumazos and Jennifer Donaldson of DAUM Commercial. 6/07
In addition, another eight deals a couple of months earlier, totaling $12.5 mil in transaction value, accounted for nearly 90k sf of space being taken at the 420k sf tower. The 17-year-old building, which was recently acquired by ING Clarion Partners, is in the midst of a comprehensive repositioning strategy.
Those eight signings at The Lexington include:
Paychex Inc signed a lease for 19k sf of space. The space will serve as Paychex’ new San Gabriel Valley office, replacing its Pasadena office. Dave Willis of CRESA Partners represented the tenant. The landlord, ING Clarion, was repped by Michael Weiner, Paulette Toumazos and Jennifer Donaldson of DAUM Commercial. 6/07
• Employers Compensation Insurance signed a renewal for 50.4k sf of space. They were represented by Shaun Stiles of Colliers International.
• Software Management Consultants Inc signed a new lease for 9.8k sf of space and was represented by Michael Weiner, Jennifer Donaldson and Paulette Toumazos of DAUM Commercial.
• Infinity Insurance Company signed a new lease for 6.8k sf of space and was represented by Michael Siteman and Jordan Kissel of The Staubach Company.
• Zaks & Barnard signed a new lease for 8.5k sf of space and was repped by Chris Keller of Madison Partners.
• Insco Insurance Services signed a new lease for 3.5k sf of space and was represented by Dan Alle of John Alle Company.
• Sequoia Concepts Inc signed an expansion lease for 3.7k sf of space, represented by Nico Vilgiate of CB Richard Ellis.
• Fast Trading Services LLC signed a new lease for 1.7k sf of space and was represented by Erik Savadyans of Coldwell Banker.
• The Designory signed a new lease for 2.9k sf of space and was represented by Graham MacDonald of Cushman & Wakefield.
Michael Weiner of DAUM Commercial Real Estate Services is spearheading the leasing efforts for the property. In addition to officially changing the property's name to The Lexington in January 2007, the re-introduction of the property will also feature a remodeled lobby, a café with outdoor seating and a more prominent location for the building's signature bronze stallions. 5/07
In Chatsworth, Currie Technologies signed a 70-month, $2.5 mil lease for 48k sf ($0.74/sf/mo) of office space at 9451 Owensmouth Ave. Suzanne Lee and Jonathan Larsen of Transwestern represented the tenant. The property owner, Natrol Real Estate II Inc, was repped by Bennett Robinson of CB Richard Ellis. 4/07
In Pasadena, Siimpel Corporation agreed to a 52-month, $2.26 mil sublease for 20.9k sf ($2.04/sf/mo) of Class A office space on the fourth floor at 1055 East Colorado Blvd. The space, part of a five-story, Class A office building, was sublet by Paracel Inc. Siimpel is expanding its current offices, now located in Arcadia. This transaction represents the final remaining sublease vacancy for Paracel at this location. Other subtenants of Paracel include Charles River Associates (18k sf), MCG Architects (11.3k sf), Premier Business Centers (20k sf) and Trend Micro (10.6k sf). Nico Vilgiate and Todd Doney represented Paracel in the deal. The tenant was represented by Cushman and Wakefield’s John T. Winnek. 3/07
In Burbank, Viacom International inked a five-year, $12 mil renewal lease for a two-building, 72.2k sf ($2.77/sf/mo) facility on 2.35 acres at 231 N. Olive Ave for Nickelodeon’s animation headquarters. The low-rise campus includes a five-story parking structure with 566 spaces. Built in 1997 by Toluca Lake-based Accord Interests, the property was leased to Viacom prior to its completion. Accord was repped by Frank Buckley and Mark Evanoff of Ramsey-Shilling Commercial Real Estate Services. 2/07
In Glendale, YELLOWPAGES.COM inked a long-term lease for 73.6k sf of office space in Glendale, after agreeing to a $12.5 mil deal at 611 North Brand Blvd, a 14-story Class A high-rise in the heart of city’s Brand Blvd financial corridor. YELLOWPAGES will occupy three full floors at the building which were vacated by Warner Brothers, which consolidated operations in Burbank. The lease term was not disclosed. YELLOWPAGES.COM, an expanding online directory service that is now a division of AT&T Services, will move its headquarters to Glendale from Old Town Pasadena, where they currently occupy approximately 20k sf. The decision to move from Pasadena was based on operational expenses and lack of any contiguous blocks of space that met their parameters. Nico Vilgiate and Todd Doney of CB Richard Ellis represented YELLOWPAGES in the deal. The landlord, Maguire Properties, was represented in-house by Josh Wrobel. 3/07
In Glendale, LaSalle Investment Management closed leases with two tenants for a combined 27.8k sf of space at 505 N. Brand Blvd, a 16-story, 320k sf Class A office tower in the heart of the city’s financial district. The latest deals were with HSBC Bank USA and Unitedhealthcare. HSBC, one of the nation’s 10 largest bank holding companies, signed a 10-year, $2.8 mil ($4.67/sf/mo) deal for 5k sf to be used for a new retail branch on the ground floor. HSBC is planning to take occupancy of the space in March of 2007. In the other transaction, UnitedHealthcare signed a five-year, $2.8 mil ($2.05/sf/mo) expansion/renewal deal for a total of 22.8k sf of space, an increase of 5.4k sf over their existing space. The company has space on the 8th and 12th floors. HSBC Bank was represented by Gary Goodgame of Corporate Realty Associates, while UnitedHealthcare was repped by Steve Sapunor, also with Corporate Realty Associates, in conjunction with Karen Johnson of Trammell Crow Company. John McAniff, Tim Miller and Chris Dillavou of Jones Lang LaSalle represented LaSalle Investment Management in both leases. 505 N. Brand is located on the Brand Boulevard corridor, adjacent to the Glendale Galleria and Caruso Affiliated’s 475k sf Americana at Brand retail and residential development, slated to open in 2008. 505 N. Brand is 81 percent occupied by such notable tenants as AJ Gallagher and Bank of America. 3/07
In Woodland Hills, Zenith Insurance Company inked a five-year, $3.3 mil lease for 22k sf ($2.50/sf/mo) at 21300 Victory Blvd, east of Canoga Ave in Warner Center. The tenant is currently subleasing the entire fifth floor of the building, known as Warner Corporate Center. Mark Leonard of Lee & Associates represented the landlord, Arden Realty. The tenant was repped by Jeremy Dee of Corp. Realty Advisors. 2/07
In Pasadena, the accounting firm of Lucas, Horsfall, Murphy & Pindroh agreed to a six-year, $2.87 mil renewal of their 14.7k sf ($2.71/sf/mo) of space at 100 E. Corson St, east of Fair Oaks Ave and adjacent to the 210 Fwy. The four-story, 87.5k sf building is owned by Operating Engineers Funds Inc, which was represented in the transaction by Carl Anderson of Grubb & Ellis. The tenant was repped by Rick Harrison of Charles Dunn Company. 2/07
INDUSTRIAL LEASES
In Pacoima, Paskal Lighting, a national lighting and grip company that services the motion picture and television industry, inked a 10-year, $7.8 mil lease for a 97.5k sf ($0.67/sf/mo) facility. The company plans to relocate its West Coast facility from Hollywood into this modern warehouse/distribution facility. The building is located at 12685 Van Nuys Blvd, just south of the intersection of the 210 and 118 freeways. It offers 22’ ceiling clearance and 17 dock-high loading positions. Bob Scullin SIOR, Chad Gahr and David Young SIOR of NAI Capital’s Encino office exclusively represented the owner, Pacoima Partnership Phase II. The tenant was represented by Greg Barsamian of Coldwell Banker Commercial North County. 2/08
In Burbank, Monkeyland Audio Inc agreed to a three-year, $1 mil deal for a 13.3k sf ($2.09/sf/mo) audio production facility at 4620 and 4632 W. Magnolia Blvd in Burbank. The property is located on the south side of Magnolia between Hollywood Way and Cahuenga Blvd.
Charles Dunn’s Stacy Vierheilig-Fraser handled negotiations for both the landlord, Pacific Soundwaves Inc, and the tenant. Monkeyland offers a wide range of services including sound supervision, dialogue editorial, sound design and editorial and print mastering. 1/08
In Universal City, Studio 8 Sound agreed to a $1.6 mil, seven-year deal for a 7.9k sf ($2.41/sf/mo) building at 4130 Cahuenga Blvd, south of the 134 Fwy and east of the 101 Fwy. This will be the second production facility for Studio 8, a full-service audio post-production facility specializing in sound supervision, sound editorial and sound mixing. The company also has an east coast office located in Manhattan, NY. Charles Dunn’s Vierheilig-Fraser, along with colleague Todd Wuschnig, handled matters for the landlord, Cahuenga Plaza LP. Scott Romick of Lee & Associates represented Studio 8 Sound in the transaction. 1/08
In Sylmar, A&A Global Industries Inc agreed to a five-year, $1.1 mil lease for a 31.8k sf industrial facility at 15094 Bledsoe St. The company expects to employ about 25 people at the location, which will be used for its LA area distribution center and showroom. The building is a concrete tilt-up structure with 1.4k sf of office space, truck-high and ground-level loading, and on-site parking for 62 cars. David Hoffberg of Delphi Business Properties repped the owner, Z. Patrick Berberian. Jerry Scullin of Delphi repped A&A. 11/07
RETAIL LEASES
In Reseda, Morteza Yassini inked a five-year, $1.4 mil lease for a 14.7k sf ($1.59/sf/mo) building at 7640 Tampa Ave for a market/deli retail business. The structure was a former AT&T engineers building that had been recently renovated. The new deli will open for business in spring of 2008. Marc Spellman of Lee & Associates represented the tenant and the landlord, Seventy Six Forty Tampa LLC. 1/08
In Encino, Hook’d on Fish inked a seven-year, $929k lease for two suites totaling 2.7k sf ($4.10/sf/mo) of space in Encino Town Center, located at 17200 Ventura Blvd. Hook’d on Fish is an open concept fresh fish grill that will provide customers with a healthy alternative for casual lunch and dinner. Carle Pierose of Charles Dunn Company repped the tenant, while Tiffany Bosch of NAI Capital Commercial handled matters for the landlord, Plaza Investments. 10/07
In Burbank, four tenants have inked deals at Burbank Collection, a new mixed-use development currently under construction by Champion Development Group in downtown Burbank. These latest tenants are Skechers USA, Johnny Rockets, Café Venizie and Amuse Jewelry. Skechers signed a lease for a 2.1k sf store, which will be the retailer’s eighth store in LA area, and one of more than 130 company-owned and operated retail stores in high-traffic destinations such as Times Square in New York City and Universal City Walk in Los Angeles. Johnny Rockets signed a lease for 1.3k sf for its newest SoCal restaurant. The firm operates more than 200 company- and franchise-owned “Americana themed” restaurants domestically and internationally. The other deals were with Café Venizie and Amuse Jewelry, which each took 1.5k sf of space.
Situated on a full city block bounded by Magnolia Blvd, San Fernando Blvd, Orange Grove Ave and First St, Burbank Collection features 118 condominiums, including 60 luxury lofts, above 40k sf of urban retail and trendsetting restaurants. The units range in price from $714k to $1.2 mil. The Burbank Collection is the second phase of the AMC-16 development project, called Burbank Entertainment Village, a $90 mil urban infill mixed-use development. The first phase was developed by Kansas City, MO-based AMC Entertainment Inc and completed in July 2003. It is anchored by a state-of-the-art 16-screen AMC Megaplex. Macaroni Grill, Chipotle Mexican Grill and Coldstone Creamery are among the tenants that occupy the 30k sf of retail and restaurant space in Phase One.
The project is distinguished by a grand stair and corner tower at the main project entrance at San Fernando Blvd. Ground floor retail shops are stepped back to create streetscape along the Palm Plaza, a pedestrian spine that runs between the two phases from San Fernando Blvd to First St. A variety of paths and walks connect Palm Plaza to structured parking, buildings, streets and public spaces in downtown Burbank. The project is scheduled to open in spring 2008. 6/07
In North Hollywood, XMA World Headquarters inked a five-year, $1.1 mil lease for a 5k sf ($3.67/sf/mo) retail building at 5140 Lankershim Blvd. Scott Romick of Lee & Associates represented XMA, which will use the building as its headquarters and for a martial arts studio. The retail building, with a corner location in the NoHo Arts redevelopment district, met all of the company’s required criteria, with high ceilings, extensive use of exterior glass for high visibility and an easily accessible location for clients. The property owner, BMP Enterprises, was repped by Brett Winnick of Piken. 3/07
In Thousand Oaks, Sports Authority, the country’s largest full-line sporting goods retailer, leased a new 26k sf store at The Promenade at Westlake. Owned and managed by Caruso Affiliated Properties, The Promenade at Westlake is located at 160 Promenade Way. Terms of the transaction were not disclosed. Sports Authority’s brand and product assortment provides the best in team sports gear, and features many top brands, including Nike®, Adidas® and Reebok®, Schwinn®, Huffy®, Rollerblade®, Rawlings®, Spalding®, Under Armor®, Bowflex®, Hoist®, New Balance®, Taylormade®, Titleist® and Topflite®. 2/07
OFFICE PROPERTY SALES
In Van Nuys, a 4k sf vacant Class C office building at 15231 Burbank Blvd, just east of Sepulveda Blvd and the 405 Fwy, traded hands in a $1.2 mil ($300/sf) transaction. The property, formerly used as a single-tenant facility, is currently undergoing renovations to the interior and exterior of the building, which include making room for a second tenant. Todd M. Wuschnig of Charles Dunn Company represented the buyer. Peter Hercz of Remax repped the seller, JRJ Holding Company. 2/08
In Glendale, Westates Enterprises Inc acquired a 6k sf building at 2932-2934 N. Naomi St, east of I-5 off of Glenoaks Blvd, for $1.4 mil ($233/sf). The building will be used to archive the works of American animation legend Robert Emerson "Bob" Clampett, who passed away in 1984. Clampett, who also was a producer, director and puppeteer, was best known for his work on the Looney Tunes series of cartoons from Warner Bros. and the television shows: Time for Beany and Beany and Cecil. The seller, Verona Group LLC, was represented by Adam Comora of Delphi Business Partners. Jason Cole and Stacy Vierheilig-Fraser of Charles Dunn Company repped the buyer in the transaction. 1/08
In Canoga Park, Owensmouth Partners LLC acquired a 4.9k sf two-story office building at 7013 Owensmouth Ave. The building, situated near Warner Center, will be used for the relocation of American Landscape. The seller was INC Investment LLC. Craig Weisman of TOLD Partners brokered the deal. 12/07
In Burbank, Rexford Industrial LLC spent $9.3 mil on the 42.5k sf ($219/sf) Captions Inc building at 901 W. Alameda Ave, west of Victory Blvd and north of the 134 Fwy. The buyer plans to convert the freestanding building to creative office space and then lease out the property, which will be divisible. According to Kristen Bailey of NAI Capital, who is listing the space along with Chris Baer of Ramsey-Shilling, “the building is located adjacent to the Burbank media district and is an ideal property for creative or production office space.” 9/07
In Northridge, Brentwood Capital Partners purchased a 90k sf office property at 19809 Prairie St for $17.15 mil ($190/sf). The fully leased building was sold by Asset Management Consultants, out of Mission Hills. 9/07
In Burbank, an entity called Tamarack LLC paid $6 mil for a 21.4k sf ($280/sf) office building at 727 S. Main St, north of Alameda Ave and west of the I-5 Fwy. The building was renovated in 2005 and is 100 percent leased by one tenant, The Cannery – an advanced media and creative services agency. Stacy Vierheilig-Fraser of Charles Dunn Company represented the seller, Textor Lee Commercial.
In Glendale, a venture of Angelo Gordon & Company and Cambra Realty purchased Glendale Financial Square, a 122.4k sf office property located at 225 West Broadway in Glendale. The property sold for $32.675 mil, or about $267/sf. Completed in 1981 and renovated in 2000, the Class A property comprises a six-story office tower and an attached two-story annex building over a single-level subterranean garage, situated on 1.77 acres. Glendale Financial Square is currently 61% leased, including such tenants as Household Finance, HealthCare Partners and the U.S. Federal Government. The transaction was brokered by Madison Partners Principal Lynwood Fields, who represented both the buyer and the seller, Liberty Mutual Plaza IV. Bob Safai, also a Principal at Madison, arranged the floating rate debt through CapMark Finance Inc. Glendale Financial Square is located adjacent to the 1.3 msf Glendale Galleria mall, anchored by Nordstrom and Macy’s, as well as the soon to be completed Americana at Brand, a $429 mil retail/residential project being developed by Caruso Affiliated. 8/07
In Glendale, Legacy Partners paid $149 mil for Glendale City Center, located at 101 N. Brand Blvd. The building, which was 60% occupied at the time of the sale, was sold by Principal Financial Group. Developed in 1991, the high-rise contains 385k sf over 18 floors. 8/07
In North Hollywood, Jamison Services paid $59.5 mil for the Academy Building, a 174.1k sf ($343/sf) office tower located at 5200 Lankershim Blvd. The building, which was 95% leased at the time of the sale, was sold by ZMI Real Estate Advisors. 8/07
In Tarzana, a 9.8k sf office building at 19301 Ventura Blvd was purchased by a private investor for $2.9 mil ($296/sf). The two-story building, located at the corner of Tampa Ave and Ventura, is leased to Plaskoff Construction. Marc Spellman of Lee & Associates handled brokerage duties for the seller. 7/07
In Calabasas, Park Granada Center, a three-building, 40k sf office property, was acquired by a private investor for $11 mil ($275/sf). The property is located at 4764, 4766 and 4768 Park Granada, south of the 101 Fwy between Park Granada and Calabasas Rd. Built in 1979 and situated on 1.87 acres, the property is located across from Caruso’s retail lifestyle center, The Commons. It is also close to other unique amenities including new high-end retail, office and hotels. Robert Stratton of Stratton Industrial/Commercial represented the buyer, which acquired the asset as a value-add investment. Jeff Albee, Jeff Gould and Chris Itule of Sperry Van Ness repped the seller, Thousand Oaks-based Graham Trust. 7/07
In Pasadena, Wells Real Estate Investment Trust II Inc acquired Pasadena Corporate Park, a three-building, 265k sf Class A office/retail development, in a sale-leaseback with IndyMac Bank. The park, located at 3465 E. Foothill Blvd, between Foothill and Halstead St, traded for roughly $116 mil ($438/sf). Pasadena Corporate Park consists of two three-story office buildings and a retail building. Situated near the 210 and 605 freeways, the property was sold by IndyMac Bank, which acquired the asset from Kearny Real Estate for $56 mil back in 2003. It was fully occupied at the time of the sale with IndyMac, which signed a new 10-year lease, occupying 71 percent of the property. The bank is rated BBB, or investment-grade, by Standard & Poor’s. Wells was represented by Joe Oglesby, Senior Vice President, Acquisitions. Terms of the sale were not announced. Steve Silk and Steve Somer of Eastdil Secured, along with Todd Doney of CB Richard Ellis, repped IndyMac in the deal. 7/07
In Burbank, Unilev Capital Corp paid $28.25 mil for Burbank Airport Centre, an 87k sf ($325/sf) office building at 2550 N. Hollywood Way. It was sold by LaeRoc Partners. 7/07
In Pasadena, a 4k sf building at 473 N. Fair Oaks Ave was purchased by Dr. Clayton Varga, a Pasadena-based physician, for $1.6 mil ($400/sf). The property, which was built in 1910, will be occupied by the buyer as administrative offices for his business. In 1998, the property was seismically upgraded and underwent a major renovation to its interiors. Both the seller, who will leaseback the ground floor of the building for one year, and the buyer were represented by Corey Waite, Chalvis Evans and Jonathan Dudley of Sperry Van Ness. 5/07
In North Hollywood, Newport Beach-based Pres Companies paid $19.7 mil to LaeRoc Partners for Media Center, a 73.2k sf ($269/sf) office building at 4640 Lankershim Blvd. LaeRoc purchased the six-story asset in 2003. The buyer plans to make some minor renovations to the building and will also raise rents. 4/07
In Calabasas, a two-building, 30.6k sf office complex called Calabasas Center traded hands for $8 mil ($261/sf). The multi-tenant property was built in 1980. Jay Martinez of Marcus & Millichap negotiated for the seller, Kasco LLP, while Jay Rubin of Lee & Associates repped the buyer, Agoura 26540 LLC. 4/07
In Mission Hills, Koll/PER paid $24.9 mil for Jade Corporate Center, a four-building, 130.2k sf ($191/sf) multi-tenant office property. The asset, which was sold by LA-based SCI Properties, is on 2.87 acres along San Fernando Mission Rd, less than a quarter mile east of the 405 Fwy and just west of Sepulveda Blvd. Constructed in phases between 1981 and 1991, the project consists of two four-story buildings, one three-story building and one two-story building. The two-story building is wood-framed while the others are steel-framed. Currently 90% occupied, Jade Corporate Center is the largest office development in the immediate area and serves small tenants who live nearby. The buyer will retain the same property leasing team, consisting of Brian Forster and Connie Hare of Told Partners. Both the seller and buyer represented themselves in the transaction. Koll/PER is a venture made up The Koll Company, out of Newport Beach and the Public Employee Retirement System of Idaho (PERSI). 4/07
In Panorama City, a 29.1k sf multi-tenant office/medical building, known as the Panorama Medical Arts Building, was purchased by an Orange County private investor for $3.6 mil ($124/sf). Located at 8215 Van Nuys Blvd, just south of Roscoe Blvd, the three-story freestanding building was 61% occupied at the close of escrow. It was built in 1958. The property, situated within one mile of the recently expanded Kaiser Permanente Facility and Mission Community Hospital, offers upside potential as it currently has below-market rents. Kevin Fryman and Eric Werner of Hanley Brown Group represented the buyer and the seller, Torrance-based KNM Corporation, in the deal. 3/07
In Woodland Hills, a private trust acquired a 30k sf office building at 20720 Ventura Blvd, east of De Soto Ave, for $5.3 mil ($177/sf). The three-story multi-tenant building, known as Arbor Plaza, was purchased as an investment. Located adjacent to Warner Center, the building offers surface and covered parking, easy access to the 101 Fwy and recently upgraded common areas. Tom Specker of Lee & Associates represented the buyer and the seller, CPT/SC Title Holding Corporation. 2/07
In Burbank, Lionstone Partners Ltd paid $46.3 mil for Alameda Media Center, a 137.7k sf ($336/sf) building at 2901 W. Alameda Ave, north of the 134 Fwy and east of Olive Ave. The Class A, seven-story building was constructed in 1981 and covers 1.2 acres of land. It was originally built for, and is still occupied by, Ascent Media, which has spent more than $10 mil of its own capital on the infrastructure and building systems, and more than $3 mil was spent to create five state-of-the-art screening and editing studios. Bob Safai of Madison Partners represented both the buyer and the seller, MJ Realty Group, in the transaction. 2/07
In Glendale, Sterling Management Systems, a Glendale-based business management training and consulting services firm, paid $4.4 mil for a 16k sf ($275/sf) Class A office building at 350 West Arden Ave. The building was sold by First Capital Commercial Investments LLC. Raymond Lepone of Grubb & Ellis represented the buyer, slated to take occupancy of the property in February 2007. Mark Miller with Stevenson Real Estate Services represented the seller. 2/07
In Encino, a 10.8k sf executive office suite building at 18075 Ventura Blvd, just south of the 101 Fwy at Lindley Ave, was purchased by Thousand Oaks-based Gladstone Properties for $3.5 mil ($324/sf). Built in 1960, the multi-tenant property is fully occupied with current rents far below market rates, which offered the buyer considerable upside potential. Jeffrey Albee, Brett Toth and Jeff Gould of Sperry Van Ness took care of negotiations for the seller, a family trust from San Diego. Justin Irvine of Sperry Van Ness represented the buyer. 2/07
INDUSTRIAL PROPERTY/LAND SALES
In Glendale, an unnamed buyer spent $1.07 mil on a 4.1k sf ($261/sf) industrial property at 1767 Standard Ave. David Tang of EDM Properties repped the seller, Chansak Plensgsangtip. The buyer was represented by Peter Steigleder, Spencer Strull and Paul Bellgraph of Lee & Associates. 2/08
In Pasadena, the Los Angeles Hindu Society paid $1.1 mil for a 10.1k sf ($109/sf) parcel of industrial-zoned land in what is reported as a record high selling price for this type of purchase in Pasadena. The site is located at 46 and 56 N. Lotus Ave, near the 210 Fwy and Colorado Blvd. Marie Taylor of Sperry Van Ness represented both the buyer and the seller, Pasadena-based Hutchens Manufacturing. The buyer plans to build a church on the property. 2/08
In Chatsworth, INC Investment LLC acquired a 13.4k sf office/industrial building at 9710 Topanga Canyon Blvd. The high-image, two-story building is located on a major thoroughfare for owner/user expansion. Craig Weisman of TOLD Partners repped the buyer, which is relocating from Canoga Park. The seller, MAK Realty Associates LLC, was represented by Scott Caswell of Delphi. 12/07
In Valencia, Zodax, a home decorative accessories company based out of the San Fernando Valley, has acquired a 71k sf manufacturing and warehouse facility for roughly $9 mil ($127/sf). The property, located at 29003 N. Avenue Sherman within the Valencia Commerce Center, will be used to consolidate activities previously conducted in San Fernando and Panorama City locations. The new Zodax facility, to be used for the manufacture and distribution of candles and distribution of imported goods, is a sleek white concrete tilt-up structure that is fully air conditioned, with an ESFR sprinkler system, dock-high and ground-level loading, 17.2k sf of Class A office space, 26-foot clearance, on-site parking for 113 cars and immediate access to I-5. Zodax is headquartered in a 100k sf building at The Plant, the former General Motors assembly plant in Panorama City that has been converted into a mixed-use business campus. Founded in 1990, privately held Zodax is a national manufacturer and distributor of decorative and fragranced candles. David Hoffberg and Jerry Scullin of Delphi Business Properties represented Zodax in the transaction. Craig Peters and Doug Sonderegger of CB Richard Ellis handled matters for Valencia Commerce Center, the seller. 10/07
In Calabasas, a five-acre undeveloped land parcel in the eastern part of the city was recently acquired by The Koll Company for the development of a new office project. The site, which covers 4.97 acres at 24141 Ventura Blvd, west of Pkwy Calabasas on the north side of the 101 Fwy, was sold by a joint venture of Troxler Value Fund and D2 Development, for $12 mil ($55/sf). Koll, out of Newport Beach, plans to construct an 85k sf, Class A office condo development on the site, which is adjacent to another one of their projects, the 115k sf Calabasas Courtyard. The parcel is the last undeveloped land site in the East Calabasas submarket. The Troxler Group of Companies, a California-based firm specializing in providing equity for the acquisition of commercial, industrial and development projects, has previously invested in projects with a combined market value in excess of $7 bil. D2 Development, headquartered in Calabasas, develops office, mini storage, residential and retail projects primarily in Los Angeles and Ventura Counties. The two companies have recently partnered on several other successful projects in Southern California. Tom Dwyer, Michael Slater, Madeline Schwartz and Mark Perry of CB Richard Ellis represented both the seller and buyer in the land sale. 10/07
In North Hollywood, Jupadi Tong spent $1.18 mil for a 6.2k sf ($190/sf) facility at 10840 Vanowen St. The one-story building is part of a four-unit condo property. The buyer, who plans to use space for his Asian public access television station, was represented by Nayada Dhanaphatana of Century 21. Spencer Strull of Lee & Associates repped the seller, a private investor.
In Chatsworth, Van Nuys Plywood and Lumber Company acquired a 45.9k sf industrial building at 9210 Topanga Canyon Blvd for $7.9 mil ($172/sf). Van Nuys Plywood and Lumber Company will utilize the property, which was previously used as a Ford dealership, to expand its operations. They were repped by John Ramljak of the Ashton Group Inc. Larry Twomey and Brett Warner of Lee & Associates represented the seller, JVBM Properties Inc. According to Twomey, “The property has a zoning permit which allows the buyer to utilize the building as needed.” 7/07
In Northridge, a private investor purchased an 8.7k sf industrial condo at 19865 Nordhoff St for $1.7 mil ($195/sf). The single-story industrial condominium, with a mezzanine office, was purchased as an investment. The seller, Nordhoff Industrial LLC, was represented by Bennett Robinson of CB Richard Ellis. The buyer was repped by Jack Schlaifer of Lee & Associates. Upon completion of the sale, the unit was leased to SII Nano Technologies USA Inc, which relocated due to company growth. 7/07
In Chatsworth, First Industrial Trust Inc acquired two industrial buildings, totaling 51.7k sf, at 21730 and 21748 Marilla St. The buildings were sold by Perpetual Real Estate Investments for $6.3 mil ($122/sf). The concrete block buildings, featuring 18’ ceilings along with dock-high and ground-level loading, are leased to eight tenants. Randy Kobata of Lee & Associates represented the buyer. Karen Fussell of EZ Realty brokered the deal for the seller. 5/07
In North Hollywood, Mike’s Marble rolled into a $3.1 mil buy of three adjacent industrial buildings totaling 21k sf ($148/sf) on 60k sf of land at 7234-7244 Varna Ave. Paul Bellgraph of Lee & Associates repped the buyer. Darren Cline of Colliers International represented the seller, North American Breaker Company, which is relocating to a larger facility. Mike’s Marble will lease out 20k sf of the building to an iron company. Mr. Bellgraph, along with Lee colleagues Peter Steigleder and Spencer Strull, represented Al’s Ironworks in its acquisition of a 3.8k sf industrial building at 3086 North Lima St in Burbank. The freestanding building was sold by Nickels Family Trust for just over $1 mil ($263/sf). They were repped by Chris Nikchevich of TNG Real Estate. The single-story building is located near the Burbank Airport and I-5. 5/07
In Northridge, Gortikov Enterprises Inc paid $5 mil for the Northridge Post Office, a 12.5k sf facility on 80.8k sf of land at 9546 Reseda Blvd. The sale included a corner parcel that could be used for an apartment building project. Michael Schiff of NAI Capital represented the buyer and the seller, Seaside Investments LP. 5/07
In San Fernando, Tony Nasrallah purchased a 21.1k sf industrial building at 13864 Del Sur St for $3 mil ($142/sf). The building was sold by Rodney and Tracy Hong, who had used it for their auto parts import business. David Young and Chad Gahr of NAI Capital repped the buyer, while Mike LaRocque and Evan Kantor of DAUM Commercial handled matters for the sellers. 5/07
In Agoura Hills, the Conrad N. Hilton Foundation paid $3.5 mil for a 33-acre ($2.43/sf) land parcel at 30500 Agoura Rd for the development of a new, state-of-the-art 35k sf HQ for the charitable organization. The Hilton Foundation will relocate its headquarters from 10100 Santa Monica Blvd in Century City upon completion of the new facility. Chris Houge and John Mudgett of Madison Partners represented the Hilton Foundation in the deal. The seller, the Tohl Family Trust, was represented by David Lachoff of Grubb & Ellis. 4/07
In Calabasas, a 10k sf parcel at 24000 Ventura Blvd traded hands at a price of $2.5 mil ($250/sf). The buyer, AK3 Calabasas LLC, plans to build a high-end automotive dealership on the property, which offers freeway frontage and billboard signage to the 101 Fwy. Already the owner of a similar dealership in Orange County, the buyer is expanding its business into the Conejo Valley. Mike Tingus, Grant Fulkerson and Scott Carper of Lee & Associates brokered the deal for the buyer and the seller, Roy Van Wicklin, who had owned the vacant land since the 1940s. 3/07
In Van Nuys, JB Partners LLC purchased three industrial buildings on a 113.6k sf lot that fronts 14718 Raymer St and 14721 Keswick St. The seller, Steven J. Borick Revocable Management Trust, was repped by Ray Howden of Cushman & Wakefield. The buyer was represented by Yair Haimoff of NAI Capital. 3/07
In the northeast San Fernando Valley, the final phase of The Plant, a five-building, 555k sf industrial/retail and entertainment complex, has been sold out. The project, situated on a 26-acre former General Motors assembly plant in Van Nuys/Panorama City, is a joint venture of Voit Development Company and Selleck Development Group. Valley Commercial Contractors served as the general contractor and Poliquin Kellogg Design Group was the architect on the project.
The five buildings sold or leased at the final phase of The Plant include:
• -A 220k sf building located at the corner of Arminta St and Van Nuys Blvd sold to Living Spaces Furniture, a home furnishing retailer. John DeGrinis, Brent Weirick and Patrick Duross of Colliers International represented both the developer and Living Spaces Furniture in the transaction.
• -A 200k sf industrial build-to-suit located at 14200 Arminta St for Zodax, a wholesale distributor of home accents, to expand its operations. David Hoffberg and Jerry Scullin of Delphi Business Properties represented Zodax in the acquisition of its building. Voit Development Company and Selleck Development Group represented themselves in the sale.
• -A 100k sf industrial build-to-suit located at 14300 Arminta St was sold to Veratex, a manufacturer of high-quality bed linens. Each firm represented itself in the transaction.
• -A 16.2k sf industrial building sold to MDL Real Estate Holdings (dba MDX), a provider of portable medical diagnosis equipment including x-rays and EKG. Steve Scott of Lee & Associates represented MDL Real Estate Holdings in the acquisition. John DeGrinis, Brent Weirick and Patrick Duross of Colliers International represented Voit Development Company in the sales transaction.
• -A 17k sf industrial building of was retained by Selleck Development Group and is being offered for lease. Bennett Robinson of CB Richard Ellis is representing Selleck Development Group. 2/07
RETAIL/HOTEL/MIXED-USE PROPERTY SALES
In Pasadena, two historic mixed-use properties in the heart of the city’s restored Old Pasadena district were recently acquired by a venture of Cambra Real Estate and Angelo Gordon Company in a $32 mil ($318/sf) transaction. Containing a combined 100.5k sf of space, the adjacent properties – Old Pasadena Plaza I and Old Pasadena Plaza II -- feature a restaurant row that includes Café Bizou, Xiomara, Shaab and the Chado Tea Room. Bob Safai with Madison Partners represented and the seller, Old Pasadena Plaza II LLC, in the off-market transaction. Safai also represented the buyer in the placement of floating rate debt provided by Capmark.
The properties in the transaction are:
Old Pasadena Plaza I
A 58.9k sf office and retail building located on 0.31 acres of land at 75-85 N. Raymond Ave, 87-91 N. Raymond Ave, 95 N. Raymond Ave and 54-56 E. Holly St. It is comprised of three restored, historic elements:
• Constructed in 1909, 75-85 Raymond Ave consists of a two-story, 9.6k sf, mixed-use brick building.
• Constructed in 1914, 87-91 Raymond Ave consists of a nine-story, 44.1k sf, mixed-use poured-in-place concrete building.
• Constructed in 1895, 95 Raymond Ave and 54-56 E. Holly St are two- and three-story, mixed-use brick buildings containing a total of 5.2k sf of space.
Old Pasadena Plaza II
A 41.6k sf mixed-use property combining office and retail spaces, is located on 0.32 acres of land at 61 N. Raymond Ave. It was constructed in 1896 and was fully seismically retrofitted in the early 1990s. The historic property is a reinforced three-story brick building with basement storage areas. 2/08
In Chatsworth, a 7.6k sf, 7-Eleven-anchored property at 21913 Devonshire St sold for $2.7 mil ($355/sf). The multi-tenant property was built in 1984 and is located at the northeast corner of Devonshire St and Topanga Canyon Blvd. Chris Thompson of IREA represented the seller, Devonshire Topanga LLC. Ed Hakopian of Basco Investment Group took care of matters for the buyer, a private investor. 1/08
In Pasadena, Jade Enterprises LLC acquired a 25k sf mixed-use building on a 20k sf site at 553-575 S. Lake Ave for $8.2 mil ($328/sf). The two-story commercial building contains ground-floor retail tenants along with second floor offices and apartments and benefits from reciprocal parking with the Vons Market. The property is located at the northwest corner of South Lake Ave and California Blvd in Pasadena and is anchored by Starbucks Coffee. Neighboring tenants include Pottery Barn Kids, Ann Taylor, Talbot’s, Borders Books and Music and Wild Oats Market, to name a few. The property shares a large parking lot with Von’s Market. Scott Hook of Marcus & Millichap represented the buyer, while David Esterkes of NAI Capital handled matters for the seller, Behr-Kline Property. 1/08
In Pasadena, the Lamps Plus Center/ Outrigger Apartments properties, with a combined 45.3k sf of space, were sold in a $1.395 mil deal. The Lamps Plus Center is located at 890 South Rosemead Blvd on the northeast corner of Huntington Dr and Rosemead Blvd. The strip center consists of 12.4k sf of net rentable area and approximately 24k sf of land. The center was built in 1983 and has a very contemporary appearance constructed of wood frame and stucco. The Outrigger Apartments are located along Rosemead Blvd with nearly 300 feet of frontage extending to an alley on the south and one to the rear allowing access to the security gated garages and some 180 feet of depth. The property consists of 17 two-bedroom/one-bath units of approximately 758 sf, and 30 one-bedroom/one-bath units with approximately 556 sf. Richard Longobardo of Marcus & Millichap repped the buyer and the seller, a California-based investor. 12/07
In Encino, an unnamed private investor paid $3.1 mil for a 6.3k sf ($492/sf) freestanding retail building on a 30.1k sf site at 17500 Encino Blvd. The building is occupied by a Buca Di Beppo restaurant, which has five years remaining on its current lease term with three five-year options that carry over the same annual rent increases from the base term. Michael Schiff of NAI Capital represented both the buyer and the seller, a family partnership. 12/07
In Glendale, a property that is viewed as a key part of the City of Glendale’s long-term vision for a mixed-use urban village epicenter recently traded hands. The 92.2k sf retail and office project called the Glendale Exchange, situated on a 1.44-acre site, was purchased by 1027 Wilshire Associates LLC, a Hollywood-based investor, for $22.5 mil ($244/sf). The Glendale Exchange is located along Maryland Ave within the Exchange District, one block east of Brand Ave. The fully leased asset includes tenants such as a 10-screen Mann Theater, which leases almost 54k sf in two buildings, and 6k sf Tony Roma’s restaurant. Redevelopment plans have yet to be finalized by the buyer, but options include the addition of a multi-family residential component that would support the increased demand for Downtown Glendale living, in addition to retail and office. The immediate area includes a number of high-profile projects, such as the soon to be completed Americana at Brand, a 475k sf mixed-use development by Caruso Affiliated. Dan Riley and Sam Alison of CB Richard Ellis’s Private Client Group, along with Geoff Martin of CB Richard Ellis brokerage represented the seller, Glendale Exchange MW LP, out of Florida. 12/07
In Pasadena, Sommerset Group LLC purchased the Pasadena Athletic Club, located at 25 West Walnut St, just south of the 210 Fwy at North Fair Oaks Ave. The acquisition consisted of a 40k sf athletic facility along with a 72.7k sf structure. Sommerset plans to redevelop the property into a mixed-use project that will offer hotel, retail and residential space. Demolition on the project is expected to begin in mid-July with plans to complete construction in the winter of 2008. Scott Martin of NAI Capital and Jon Paley of Paley Commercial represented Sommerset Group LLC in the transaction. The Pasadena Athletic Club moved into this location in 1975 and has been a fixture in Pasadena since the 1920’s. 9/07
In Reseda, Future Vision Development Group purchased a combined 118k sf of retail properties for a planned mixed-use redevelopment, at a total price of $6.15 mil ($52/sf). The acquisitions consist of a 64k sf retail building at 18160 Sherman Way and a 54k sf property at 18140 Sherman Way. The buyer plans to redevelop the property into a mixed-user with retail, senior housing and market rate apartments that will include over 200 senior-living apartments. Jason Limbert of NAI Capital represented the buyer in both transactions. Robert Tull, also with NAI Capital, repped Paradise Investments Inc, the seller of the 64k sf property, and also represented Edward J. Eng, the seller of the 54k sf building. 9/07
In Encino, a West LA-based private investor paid $41.4 mil for The Encino Courtyard, a 99.3k sf ($417/sf) retail center on four acres at 17401 Ventura Blvd, in an off-market transaction. The shopping center, which was 97 percent leased at the time of sale, is anchored by Bed Bath & Beyond and Bally’s Total Fitness. Tom Lagos and Kyle Miller of Grubb & Ellis represented the buyer, Encino Courtyard LP, and the seller, Encino Retail Group LLC, in the transaction. 8/07
In Van Nuys, a 9.1k sf retail property fully occupied by First Class Auto Body was purchased by LA-based GSI Properties LP for $4.63 mil ($509/sf). Built in 1975, the property is located on 0.45 acres at 6915 Van Nuys Blvd, near the 101 and 405 freeways. Michael Pourmirza of Sperry Van Ness represented the seller, Los Angeles-based Creative Video Logic Inc. Mark Raggio of Cushman & Wakefield handled matters for the buyer. 8/07
In Pasadena, Beaumont Land Acquisitions purchased an 11.4k sf office/retail building at 39-45 E. Union in the city’s Old Town area for $4.1 mil ($360/sf). The property is located near Colorado Blvd and the 210 Fwy. Built in 1905 and renovated in 1989 and featuring historic architecture, the property is situated on .13 acres and was 65 percent occupied at the close of escrow with tenants that include Chignon Hair Salon and a landscape architect. The buyer plans to fully lease the property including filling a restaurant space that has been vacant. Jim Read of Sperry Van Ness represented the buyer, while Scott Martin and Deborah Luedy of NAI Capital repped the seller, 39 E Union LLC of Pasadena. 7/07
In Van Nuys, a Beverly Hills-based investment company paid $3.5 mil for Irmar Center, a 14.6k sf ($240/sf) retail property at 13626 Vanowen St, near the Orange Line Metro station. Built in 1965 and situated on .75 acres, the property is 100 percent occupied by local retail tenants. Hooman Ghaffari and Michael Hanassab of Sperry Van Ness represented the seller, a private trust from Northridge. Alex Kozakov of Marcus & Millichap repped the buyer, M4 Management LLC. According to Ghaffari, the property presented a value-add play for the buyer. It has some deferred maintenance issues and 80 percent of the rent roll is scheduled to turn over within the next 18 months. 7/07
In Woodland Hills, Woodlake Properties LLC purchased a 14.5k sf retail property, called Woodlake Plaza, at 22982-23010 Ventura Blvd, near the 101 Fwy, for $5.1 mil ($352/sf). Built in the 1985, the property is 100 percent occupied by tenants including Arthur Murray Dance Studio, Kobe Restaurant and Designer Kitchen. Michael Pourmirza of Sperry Van Ness in Woodland Hills represented the seller, Los Angeles-based Lilac Real Estate Holdings LLC. Benik Hovespian of Regal Properties negotiated on behalf of the buyer. According to Pourmirza, the property presented the buyer with a huge upside as tenant rents were below market. 6/07
In Burbank, a Bellevue, WA-based private investor purchased Gateway at Burbank, a 74.4k sf retail center located at 25-113 W. Alameda Ave, which traded for $37.6 mil ($505/sf). Built in 1999, the property was 100 percent leased at the time of sale. The center is anchored by Ralphs and CVS. It was sold by Florham, NJ-based BlackRock Realty. Dixie Walker, Charles Simpson and Peter Spragg of Grubb & Ellis represented both parties in the deal. 4/07
In Eagle Rock, Newport Beach-based Heslin Holdings purchased a free-standing 6.3k sf retail building on over half an acre of land at 2175 Colorado Blvd, at the corner with Eagle Rock Blvd. The property is occupied by a Blockbuster Video. This is Heslin Holdings' second acquisition this year in Eagle Rock, the first being an acquisition of a 32.5k sf former Albertsons' building. That property was leased to Tesco, one of the largest grocery chains in the world, which plans to make its entry into the U.S. in 2007. 2/07
In Universal City, LA-based Lowe Enterprises acquired the Sheraton Universal Hotel, a 436-room hotel in the southeast corner of the San Fernando Valley, for $122 mil ($279.8k/unit). The company’s investment management affiliate Lowe Enterprises Investors acquired the property from a venture consisting of affiliates of Walton Street Capital LLC and SCS Advisors Inc, on behalf of Lowe Hospitality Investment Partners, a $266 mil discretionary fund that invests solely in hotel and resort properties. Walton Street and SCS acquired the asset in 2003 for around $50 mil. Lowe plans to invest an additional $20 mil in the property for a comprehensive top-to-bottom renovation.
Built in 1969 and expanded in 1978, Sheraton Universal sits on an 8.5-acre hilltop site and has tremendous visibility as it rises 20-stories above the 101 Fwy. It is within walking distance of a Metro Redline Subway station that connects Universal City to North Hollywood, Hollywood and downtown Los Angeles. Guests enjoy the hotel’s spacious resort-style outdoor pool and sundeck, fitness center and three restaurant and lounge venues and the free shuttle service to Universal’s CityWalk, with its collection of restaurants, specialty stores and large cinema multiplex. The hotel has a large amount of flexible meeting space and is a popular location for a variety of events. Well-suited to conferences as well as social functions, the Sheraton offers 31k sf of indoor meeting and banquet facilities and 9k sf of outdoor space.
Lowe will begin refurbishing the hotel later this year with completion scheduled for early 2008. The guest rooms and bathrooms will be modernized with a fresh, contemporary yet comfortable design scheme including new furniture, fixtures and flat screen televisions, as well as adding the latest technologies. The new look will continue throughout the hotel’s public spaces including the lobby where a coffee shop will be added and the bar area expanded to provide guests improved service and convenience. In addition to the visible changes, Lowe also will invest in upgraded systems and property maintenance. Lowe will continue the management agreement with Sheraton, a Starwood Hotels & Resorts brand. 2/07
NORTH COUNTY -- PROPERTY SALES:
In Valencia, LBA Realty Inc purchased a 51.1k sf industrial building on a two-acre parcel at 28965 Avenue Penn. Chris Jackson and Todd Lorber of NAI Capital represented the buyer and the seller, A&B Properties. 11/07
In Lancaster, H&E Home Improvement Center, a 51.9k sf center located at 1140 Commerce Center Rd, traded at a price of $3.95 mil ($76/sf). The property is anchored by 24 Hour Fitness and backs up to the City Auto Mall, all visible from Hwy 14. H&E will lease/back the property for six months to liquidate inventories and allow the buyer to re-tenant the space. Alan Krueger and Brian Somoza of Marcus & Millichap repped the seller. 10/07
In Castaic, an area located adjacent to Santa Clarita at the north end of Los Angeles County, an LA-area investment group paid $12.8 mil for Castaic Creek Plaza, a three-building, 33.6k sf ($381/sf) retail center at 29421-29495 The Old Road. Built in 2004, the center is 97 percent occupied and is situated on approximately 143k sf of land. The center is anchored by Tutor Time and also includes H&R Block, Quiznos, Matsu Sushi and others. The property is located in the Santa Clarita Valley and is just five minutes from Six Flags Magic Mountain. Castaic Creek Plaza is also adjacent to Valencia Commerce Center, a 1,600-acre business park. Justin Altemus of The Altemus Company represented the buyer, while Sperry Van Ness repped the seller, Glendale-based Castaic Creek Limited Partnership. 8/07
In Santa Clarita, Grosvenor Investment Management acquired Gateway Village, a 153.7k sf community shopping center, for $66.4 mil ($432/sf). The project is situated on 17 acres at 28207 – 28313 Newhall Ranch Rd, within the master-planned community of Valencia in north LA County. The center includes a number of national tenants, such as LA Fitness, Smart & Final, California National Bank, Lindora Medical and others. Built in 2005, Gateway Village incorporates a Tuscany theme in a trade area that continues to experience incredible population growth with a population of approximately 115,000 residents and an average annual household income of more than $110,000. The population is also expected to grow by another 15,000 by 2010. Housing is also experiencing strong growth with approximately 6,000 residential units built or in the planning stages immediately surrounding the center. Richard Walter and Donald MacLellan of Faris Lee Investments represented the seller, Woodland Hills-based Rye Canyon Gateway Plaza LLC, an affiliate of RKR, one of Southern California’s leading developers and the original developer of Gateway Village. RKR has also developed several other high profile centers in the greater Santa Clarita/Valencia trade area. Grosvenor Investment Management represented itself in the transaction. 8/07
In Palmdale, an LA-based private investment group paid $3.65 mil for 13.56 acres of land at 4500 E. Palmdale Ave, for development of an office or retail property.Michael Kassinger of Sperry Van Ness represented the seller, while Rick Mines of RJM Realty repped the buyer. 8/07
In Santa Clarita, Ken Shishido, principal of Lee & Associates’ Sherman Oaks office, represented Ashdon Development in the purchase of a mixed-use property located at 28367 and 28401 Sand Canyon Road for a price in excess of $6.9 mil. The seller, White Point Company, was represented by Barry Bakke and Douglas Danny of Marcus & Millichap. The property, which includes a 69-unit mobile home park, a gas station and a 5,000-square-foot office building, was purchased as an investment. It is located adjacent to the 14 freeway at the Sand Canyon Rd off-ramp. 6/07
In Valencia, principals of Summer Systems Inc purchased an almost new 14.4k sf industrial facility for $2.14 mil ($149/sf). The company, a provider of heating and A/C systems from Bryant, plans to employ about 50 people at the building, located at 28942 Hancock Pkwy in the Commerce Pointe business park. The new headquarters for Summer Systems is a contemporary free-standing concrete tilt-up structure featuring dock-high and ground-level loading, 24-foot minimum interior clearance, 3,5k sf of office space, and on-site parking for 30 cars. It enables the company to more than double its plant capacity from its existing location in the Rye Canyon area. Joel Hutak of Delphi Business Properties represented Don London, President of Summer Systems, and Connie London in their acquisition. Bennett Robinson of CB Richard Ellis handled negotiations for RCR Enterprises Inc, the seller. 4/07
In Palmdale, Palmdale Shopping Center LLC paid $10.84 mil for Palmdale Center, an 81k sf ($134/sf) neighborhood shopping center anchored by Smart & Final, Big Lots and Dollar Tree. REZA Investment Group brokered the sale. 3/07
NORTH COUNTY – LEASES
In Santa Clarita, California Credit Union signed a 10-year, $2.34 mil lease for 5k sf ($3.90/sf/mo) of space at Creekside Place, located at 23626 Valencia Blvd. Rob Ippolito, John Jennings and Kam Walton of Burnham Real Estate Services repped the landlord, Lakha Properties-Santa Clarita LLC. Sam Young of Hammer Management handled matters for California Credit Union, which moved into its new location in August 2007. Rob Ippolito, John Jennings and Kam Walton of Burnham Real Estate Services repped the landlord, Lakha Properties-Santa Clarita LLC. Sam Young of Hammer Management handled matters for California Credit Union, which moved into its new location in August 2007. 9/07
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