The LA Deal Sheet
After acquiring a former Amgen campus in Thousand Oaks, Harbor Associates LLC in a separate joint venture with Goldman Sachs Asset Management Private Real Estate has purchased The Commons office campus in Valencia from Barings for $33.1M.
The Commons at Valencia Gateway is a two-building 156,628 SF Class-A office campus on 10.25 acres at 25124-25125 Springfield Court. The campus is 81% leased to 15 tenants.
Harbor officials said they plan to renovate the property, build out new spec suites and upgrade gathering areas, including an outdoor patio overlooking the adjacent Valencia Country Club golf course.
The move comes a week after Harbor Associates, in a joint venture with Blue Vista Capital Management, announced the acquisition of the Conejo Corporate Campus for $22.9M. The two-building, 198,478 SF office campus in Thousand Oaks housed Amgen in the early 2000s.
Harbor Associates’ acquisitions of The Commons and Conejo Corporate Campus expands the Long Beach-based investment firm’s office portfolio to more than 1M SF, with about 90% in suburban office markets, the company said.
“We continue to find compelling opportunities in suburban office locations that are out of favor with many institutional investors through our deep network of brokerage relationships and ability to move quickly and close all-cash,” Harbor principal Paul Miszkowicz said in a news release.
JLL’s Tom Bohlinger, Ryan Smith and Justin Hager represented Barings. Ervin Cohen & Jessup’s Albert Valencia and Elizabeth Dryden represented the Harbor-led joint venture in the legal part of the transaction.
SALES
In a 1031 exchange, a Beverly Hills-based private investor has purchased a 12,573 SF retail property in Los Angeles from an undisclosed seller for $10M. Rite Aid occupies the 1.08-acre property at 959 Crenshaw Blvd. Faris Lee Investments’ Nicholas Coo, Thomas Chichester, Joseph Chichester and Matt Brooks represented the seller and buyer.
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SOMA Realty LLC has purchased a 16-unit multifamily property in Pasadena from an undisclosed seller for $5.06M. Built in 1961, the 10K SF property on 95 North Michigan consists of 20 bedrooms and 16 bathrooms. Lee & Associates’ George Yessaie represented the buyer. Yessaie said the buyer plans to bring the rents up to market rate.
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Arcadia Townhomes LLC has purchased a 24-unit apartment in Bakersfield from an undisclosed limited liability company for $2.5M. Built in 1980, the Arcadia Villas at 5324 Fairfax Road consists of 24, 1,200 SF two-bedroom and one-and-a-half bathroom townhouse-style units. The property was 98% occupied at the time of the sale. Marcus & Millichap’s Jon Mimms and Natasha Davis represented the buyer and seller.
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DP Santa Clarita LLC has sold a 45,429 SF retail center in Santa Clarita to an undisclosed private investor for $9.8M. Built in 1973 and renovated in 2012, the 3.54-acre site at 23300-23314 Valencia Blvd. is 100% leased to a 99 Cents Only store and Harbor Freight Tools. Colliers International’s David Maling and Chris Maling represented the seller.
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In a 1031 exchange, a private investor has purchased a 67K SF retail center in Torrance from BIG Shopping Centers for $21M. Built in 1950 and renovated in 2003, the Southwood Village retail center is on 5.5 acres at 2214 Palos Verdes Blvd. and 5230 Sepulveda Blvd. and is 97% occupied with tenants including Dollar Tree, ACE Hardware, Goodwill and Chevron. Faris Lee’s Richard Chichester and Donald MacLellan represented the seller. Triwell Properties represented the buyer.
LEASES
Rising Realty Partners has signed three leases at its The CalEdison office building in downtown Los Angeles. TubeScience signed a lease to occupy 20K SF of office space that includes two outdoor patios, a kitchen and a meditation room. Lee & Associates’ Doug Marshall and Ian Ameche represented TubeScience. Irvine-based Systems Source, a commercial furniture dealership, signed a lease for 12K SF of office space to use as a showroom for its furniture products. Savills Studley’s Luke Raimondo and Steve Card represented Systems Source. H&M Innovation Labs signed a lease to occupy 4,500 SF of office space. The length and terms of the deals were not disclosed. Industry Partners’ Carle Pierose and Rob Erickson represented the landlord in each of the transactions.
EXECUTIVE NEWS
Shawn Bakke has joined Savills Studley’s Capital Markets group as senior managing director. Bakke will be responsible for providing investment advisory services to corporate clients, private equity sponsors and investors of single-tenant retail properties. Prior to joining Savills, he worked for Colliers International.
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Michael Asarch is the new director of Charles Dunn Co.’s Century City office. Asarch will join the firm’s Net Leased Retail Group and focus on the retail property sector. Prior to joining Charles Dunn, Asarch worked at Colliers International’s National Retail Investments group.
