LA Deal Sheet
Positive Investments Inc. has expanded its South Los Angeles real estate portfolio.
The Arcadia-based real estate company recently purchased a vacant 10-building multifamily property in Compton from an undisclosed nonprofit for $12.5M. The nonprofit sold the asset to gain capital for the purchase of another property, said Keller Williams Commercial’s Henry Garcia, who represented the buyer in the off-market transaction.
Sotheby’s International Realty’s Steve Mortitz and Joe Cilic represented the seller.
Built in 1986, the 79,373 SF property spans nearly one city block at 1515 East Rosecrans Ave. The buildings contain 86 units that are a mixture of one-bedroom, two-bedroom, three-bedroom and four-bedroom townhomes.
Positive Investments' purchase is part of a larger strategy to provide a diversity of housing options, including affordable housing for South Los Angeles residents. The company also owns a 70-unit multifamily property across the street, Garcia said in a news release.
“This is the tenth property our client has acquired in this area in the past six months,” Garcia said. “Positive Investments plans to undertake a major capital improvement program to transform the asset into a hybrid housing community which will include a mix of special needs, low income Section 8 and market rate units.”
SALES
SHP Capital LLC has purchased a 0.27-acre former gas and service station site in Los Angeles from Sunset Management LLC for $8M. With high visibility along the Sunset Strip, the property at 7979 West Sunset Blvd. will be redeveloped into a mixed-use project that includes ground-floor retail with multifamily units above, according to the brokers. CBRE’s Laurie Lustig-Bower, Timothy Bower and Kamran Paydar and PWR Property Group’s Nick Aprahamian represented the seller.
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As part of a sale-leaseback, BLT Enterprises has purchased a 31K SF industrial asset in Vernon from La Mexicana LLC for $6M. La Mexicana, a Mexican food distributor and manufacturer, signed a 12-year lease to occupy the property at 4601 Pacific Blvd. after the sale. Lee & Associates' Doug Marshall represented the buyer and seller. Weber & Wood’s Blair Wood also represented the seller.
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In a sale and leaseback, the Wang Family Trust has purchased a 25,918 SF office building in Newport Beach from BLD Ventures LLC for $10.5M. At close of escrow, BLD Ventures, a restaurant investment and operations company, signed a 10-year lease at 20377 SW Acacia St. Lee & Associates’ Brian Garbutt represented the buyer and seller.
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Duke Realty has acquired a pair of industrial buildings totaling 119,431 SF in Fullerton from a private seller for $22.8M. The properties consist of two buildings at 500 and 700 Burning Tree Road on nearly 7.5 acres within the 47-acre Northpoint Commerce Center. Cushman & Wakefield’s Jeff Chiate, Rick Ellison, Mike Adey, Jeffrey Cole and Ed Hernandez represented the seller.
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De Venture Building LLC has acquired a 8,807 SF retail property at 19216 Ventura Blvd. in Tarzana from an undisclosed trust for $4.15M. Marcus & Millichap’s Brandon Michaels represented the seller.
LEASES
The Ratkovich Co. has secured six leasing agreements in recent months totaling 100K SF at its 5900 Wilshire property in the Miracle Mile district of Los Angeles. Company officials said Edelman, a communications and marketing firm, has signed a five-year renewal to occupy 30,584 SF; Phenomenon, a marketing agency, has signed a lease to occupy an additional 6,622 SF for a total of 21,914 SF; Creative Circle has signed a lease to occupy 17,643 SF; business management firm Jess S. Morgan & Co. has signed a lease for 6,270 SF; and financial services company Western Standard has signed a lease for 2,913 SF. As previously reported, talent agency Buchwald has signed a 10-year lease for a 14,906 SF penthouse.
EXECUTIVE NEWS
JLL announces the hiring of five new employees to expand its healthcare brokerage team. Bryan Lewitt will join JLL as a managing director, Chris Isola as executive vice president, Evan Lewitt and Kellie Hill as senior associates and Julia Dardick as client services specialist.
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Hospitality lawyer Jeffrey T. Myers has joined Jeffer Mangels Butler & Mitchell LLP as a partner in JMBM's Global Hospitality Group and Real Estate Department. Myers' practice focuses on the development, financing, acquisition and operation of hotels, resorts and other hospitality properties.
