The LA Deal Sheet
Bullish on Los Angeles’ expected rent growth, Denver-based private equity firm Ascentris has purchased Tri-Center Plaza, a 143K SF office building in the San Fernando area.
Ascentris did not disclose the seller and the acquisition price.
Ascentris officials said in a release the firm purchased the property on behalf of one of its public retirement system clients.
Built in 1990, Tri-Center Plaza at 5990 Sepulveda Blvd. in Van Nuys is a six-story office building next to Highway 101 and the 405 freeway.
Ascentris officials said rent in the Los Angeles suburban office market is expected to grow 3.4% per year in the next five years. Last year, the city’s rent grew 4% compared to the national average of 1.5%, according to Ascentris, citing data from CoStar.
Monday Properties assisted Ascentris in the acquisition of the property and will serve as the asset manager. CBRE’s Matt Heyn and Caitlin Hoffman will serve as leasing agents. Davis Partners will serve as the on-site property manager.
SALES
Azzi Advisors of Marcus & Millichap has sold a 42-unit rent-controlled portfolio consisting of two buildings both owned by the same undisclosed family in West Hollywood for a total of $15.15M.
A local investor purchased a 30-unit multifamily complex at 7705 Hampton Ave. from the family for $11M. Marcus & Millichap’s Jordan Asheghian and Tony Azzi represented the buyer and seller.
A Japanese investor purchased a 12-unit building at 1114 North Kings Road from the family for $4M. Marcus & Millichap’s Asheghian and Azzi represented the seller. The Mason Canter Co. represented the buyer.
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2807 West Sunset LLC purchased Morris Liss, a 45,144 SF industrial property at 2408 South Broadway Ave. in Los Angeles from DWTN Properties LLC for $9.55M. Marcus & Millichap’s Ryan Rothstein-Serling and Martin D. Agnew represented the buyer.
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WL Yucca Argyle Owner A LLC, a subsidiary of Champion Real Estate, has purchased a 40-unit apartment building and a single-family home in Hollywood from a private family for $17M. Champion plans to redevelop the site at 6212-6224 West Yucca Ave., 1756-1760 Argyle Ave. and 1771 Vista Del Mar St. to a mixed-use development that includes a 20-story apartment building, a 136-room hotel and retail space and restaurants. Commercial Asset Group’s David Aschkenasy represented the seller. JLL’s Jason Gribin represented the buyer.
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A private investor has sold a four-unit apartment in Los Angeles to a private trust for $1.47M. The property is at 3023 Budlong Ave. Marcus & Millichap’s Jason Tuvia, Ron Duong and Joseph Lising represented the seller. Tuvia also represented the buyer.
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A private investor, described as a limited liability corporation, purchased a 14,290 SF office at 1100 East Broadway in Glendale from an undisclosed seller for $4M. Marcus & Millichap’s Katherine Bergh represented the buyer.
LEASES
Gaumont International Television has leased an additional 20K SF inside Cohen Brothers Realty Corp.’s Pacific Design Center at 8687 Melrose Ave. in West Hollywood. The terms were not disclosed. Gaumont International is a production and distribution studio that is part of the European-based film studio Gaumont. Gaumont International is now leasing 30,500 SF in the Pacific Design Studio’s Red Building. Cohen Brothers Realty Corp.’s Marc Horowitz represented Cohen Brothers Realty. Newmark Knight Frank’s Greg Frankovich and Savills Studley’s Michael Shuken were cooperating brokers.
FINANCING
CBRE Capital Markets’ Debt and Structured Finance team has secured an $18.8M loan for the acquisition of a 74K SF Class-A office building at 4640 Lankershim Blvd. in North Hollywood. CBRE’s Mike Walker, Brad Zampa, Megan Woodring and Taylor Shepard of CBRE’s San Francisco office arranged the floating rate loan on behalf of an entity owned by Swift Real Estate Partners. A foreign bank provided the financing, according to CBRE.
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NorthMarq Capital arranged the $7.59M refinancing for an undisclosed owner of Park Lane Apartments in Los Angeles. NorthMarq’s Senior Vice President Ory Schwartz secured the refinancing. Park Lane Apartments is a 52-unit multifamily property. The deal was structured with a 12-year interest-only loan term. NorthMarq arranged financing for the borrower through its Fannie Mae platform.
