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• Los Angeles Office CRE Market Update – 4th Qtr. 2022
1/05/23
Market Highlights
• Direct market vacancy in Los Angeles currently stands at 14.2%.
• Average asking rates were at $3.52/SF on a full-service basis.
• In 4Q2022, 639k sf was delivered, while 3.8 msf is still under developmen...
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• Burbank Biz Campus Sold in $37 Mil Transaction
1/04/23
Montana Avenue Capital closed out 2022 with the purchase of 2777 North Ontario Street, a 127.1k sf office and industrial campus located in Burbank, for $37 mil, or $291/sf. The asset was sold by a joint venture between Washin...
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• Wells Fargo Inks Expansion/Renewal Deal at West Covina Office Campus
1/04/23
The Lakes, a 174k sf, Class A office campus in the city of West Covina, is now 92.5% leased following the recent completion of a five-year 13k sf expansion and renewal with Wells Fargo. Wells Fargo has been a tenant at The La...
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• Apartment Building in L.A.’s Beverly Grove Trades for $354k/Unit
1/03/23
A seven-unit apartment property located in the Beverly Grove submarket of Los Angeles sold for $2.48 mil, or $354.3k/unit. The property is located at 8360 Blackburn Ave, east of La Cienega Blvd.
The property was built in 195...
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• Edenrock Group Buys Double-Lot Property in Hollywood for $3.25 Mil
1/03/23
Edenrock Group acquired a double lot in Hollywood for $3.25 mil. The unentitled property is located at 852-848 North Detroit St, west of Highland Ave between Santa Monica Blvd and Melrose Ave.
The double lot has a combined l...
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• Rams Owner Kroenke Spends $325 Mil on Woodland Hills Retail Center
12/29/22
Los Angeles Rams’ owner Stan Kroenke closed on a large property acquisition in the San Fernando Valley, paying $325 mil for The Village, a 600k sf outdoor retail center in Warner Center. The property was sold by Unibail-Rodam...
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• Commercial Real Estate Financing Briefs
12/27/22
Sonnenblick-Eichner Company -- Sonnenblick-Eichner Company arranged $22 mil of non-recourse first mortgage financing for the leasehold interest in the Doubletree by Hilton Los Angeles-Commerce, a 201-room hotel located in the...
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• Commercial Real Estate Financing Briefs
12/23/22
Cushman & Wakefield -- Lovett Industrial has secured $23.26 mil in construction financing for Broadway Logistics Center, a 201.3k sf, best-in-class industrial project in northwest Denver. The property is located in the city’s...
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• Designworks Leases Santa Monica Creative Office Building
12/22/22
Designworks—the design innovation studio for the BMW Group—has signed a 10-year lease for a 16.5k sf creative office building in Santa Monica.
The building, situated on a 26k sf lot at 1601 Olympic Blvd, was converted into ...
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• New Apartment Community in Duarte Offers a Range of Rental Options in the San Gabriel Valley
12/20/22
Esperanza at Duarte Station, a new Class A 344-unit, five-story apartment community in the San Gabriel Valley city of Duarte, has been completed and is now open to the public. The project is a development of MBK Rental Living...
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• Republic Floor Leases 100k sf Facility in Montebello
12/15/22
Republic Floor has signed a long-term lease for a 100k sf, freestanding warehouse/distribution facility in Montebello. The company’s new facility is located at 7227 Telegraph Rd, north of Slauson Ave with frontage along the e...
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• North Palisade Partners Pays $14 Mil for Two-Acre Site in Rancho Dominguez
12/14/22
North Palisade Partners acquired a nearly two-acre IOS site in Rancho Dominguez for $14.1 mil. The infill property, located at 18931 S. Laurel Park Rd, was purchased in an off-market transaction from the Apprentice & Journeym...
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• Captiva Partners Buys Freestanding Office/Industrial Facility in Rancho Dominguez
12/13/22
Captiva Partners acquired a 9.5k sf, freestanding office/industrial building on 60.1k sf of industrial-zoned land in the supply-constrained Los Angeles South Bay submarket of Rancho Dominquez. The price was not given out.
Th...
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• Los Angeles County Retail Market Outlook Q3
12/13/22
This report provided by NAI Capital Commercial
Market Overview
LA County’s retail market post-pandemic recovery continued in Q3 2022. Easing vacancy, lower construction, and a growing demand for retail space helped landlord...
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• Hospitality Reuse Property in Downtown L.A. Sells for $18 Mil
12/12/22
An adaptive reuse hospitality redevelopment site in downtown Los Angeles traded hands for $18 mil. The property, located at 124 E. Olympic Blvd, in the heart of the DTLA’s emerging Fashion District submarket, was sold by Jami...
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• Work Started on Res Community in San Pedro Waterfront Arts District
12/12/22
Construction recently got underway on Vivo on Harbor, a new waterfront residential community in Los Angeles. Located in the San Pedro Waterfront Arts District neighborhood at the gateway to the Port of Los Angeles, the projec...
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• Res Property in Signal Hill Sells for $389k/Unit
12/09/22
A 24-unit apartment property in the city of Signal Hill sold for $9.325 mil, or $389k/unit. The property is located at 1867 Temple Ave, just north of Pacific Coast Hwy. The buyer plans to complete renovations on units that ha...
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• Commercial Real Estate Financing Briefs
12/09/22
JLL Capital Markets -- Aldon Cole and Brad Vansant with JLL Capital Markets arranged $20.6 mil in acquisition financing and joint venture equity for 2425 Auto Park Way, an 88.7k sf corporate headquarters and distribution faci...
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• Los Angeles County 3rd Qtr Multifamily Sales Volume Down 12% from Prior Year
12/08/22
LA County Q3 2022 - Multifamily Market Outlook
This update provided by NAI Capital Commercial
In Los Angeles County, the multifamily housing market continued enduring remnants of the statewide eviction moratorium, which was...
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• EDENS Picks Up LA. County Retail Portfolio for $136 Mil
12/06/22
EDENS has acquired a portfolio of three grocery-anchored shopping centers comprising over 400k sf in Los Angeles County for a price of $136.8 mil, or around $340/sf. The properties were sold by Combined Properties Inc.
One o...
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