The Deal Sheet
SALES
CF Culver City LP bought the Westside Business Park, a 72k SF creative office campus in Culver City, for more than $26M. Built in 1979, the property underwent a space-by-space makeover in 2010-'13 that included operable windows, outdoor patios and industrial roll-up doors. Madison Partners' Bob Safai and Matt Case repped the seller. Madison also arranged $18M in financing for the buyer.
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A private investor bought Huntington Plaza, a 57k SF retail center in Monrovia (400 W Huntington Dr) anchored by Sprouts and Walgreens. Studley's Bill Bauman, Kyle Miller, and Steve McDonald, along with Colliers International's Armando Aguirre, repped seller Huntington Plaza Properties. Paul and Nathan Strauss of ASB Property Management and Jim Barthe of Real Estate Portfolio Specialists repped the buyer.
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The 139k SF Sylmar Square Shopping Center, 13700-13790 Foothill Blvd in Sylmar, was sold to a private investor for just under $17M. The value-add property generated 19 offers, including seven above asking price and mostly all-cash, says NAI Capital's Fariba Kavian, who repped seller C-III Asset Management.
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A private investor bought 3104 Fourth St in Santa Monica, a 17-unit apartment building, for $7.2M. The property presented a rare value-add opportunity in one of the state's strongest submarkets, according to NAI Capital's Collin Brashears. He repped seller Margaret Shan along with NAI's Mario Gandara, Tim Steuernol, Rob Zaharia, and Kevin Kawaoka.
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JB Hunt bought nearly six unimproved acres in San Bernardino, 1320 N Lassen St, for $1.4M to store intermodal containers and equipment. Heger Industrial's Michael Mitchell and CBRE's Kent Stalwick repped the buyer. Art Day of CBRE repped the seller, Transition Properties and Baker.
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Marcus & Millichap's Richard Ringer and Jeff Benson repped both sides in the $5.3M sale of 1211 Horn Ave in West Hollywood, a 16-unit apartment property. The buyer and seller are both LLCs.
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The Darren C. Moore Trust bought a 28k SF industrial property in Torrance, 23875 Madison St, from the Conrow Family Trust for $3.8M. NAI Capital's Warren Noack, Kimberly Noack, and Travis Noack repped the seller, while South Bay CRE repped the buyer.
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A 20-unit apartment building in Santa Monica, 1027-1033 20th St, traded for $6M and closed at a 3.7% cap. Rents in the building are 67% below market, according to Charles Dunn's Kimberly Roberts Stepp, who repped both sides.
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Lee & Associates' Han Widjaja Chen repped the buyer and seller of Sierra West, a 27-unit luxury apartment community in Glendora (320 W Bennett Ave). The complex, which consists of 10 single-story buildings, traded for $7.2M.
