This Week's LA Deal Sheet
Rising Realty and Brasa Capital Management sold the Telstar Building in El Monte, California, to Majestic Asset Management for $73M. The building at 9320 Telstar Ave. is a roughly 250K SF industrial and office building fully leased to the county of Los Angeles, which has been a tenant for two decades. CBRE’s Michael Longo, Todd Tydlaska, Sean Sullivan, Darla Longo, Will Pike, Melissa Moock, Anthony DeLorenzo and Mark Shaffer represented the seller.
SALES
Private investment firm Monem Corp. purchased two properties totaling 59 units for $10.8M. With these two purchases, Monem owns more than 100 multifamily properties. Monem bought 6861 Sepulveda Blvd. in Van Nuys, California, for $5.7M.
Leola Commercial’s Jesus H. Henao and Andrew Powell III represented the seller, Bernard Avenue LLC, as well as Monem, in the transaction. The second property, 1469 and 1501-1511 12th Ave. in the Arlington Heights neighborhood, was purchased for $5.1M. Reza Ghobadi of Colliers represented the seller, a private investor. Both properties were 97% occupied at the time of sale.
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River’s Edge Apartments in Lake Elsinore, California, sold for $64.5M. The 184-unit property at 2088 East Lakeshore Drive was built in 2007. Northmarq Managing Director Kyle Pinkalla represented both the seller, Weidner Apartment Homes, and the buyer, an entity of Atlantic Pacific Cos., in the transaction.
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The Concorde Career College building in Garden Grove, California, sold for $14M. The seller was Pacific Development Partners. The buyer was Brooklyn Co. Newmark Vice Chairman Sean Fulp and Managing Directors Ryan Plummer and Mark Schuessler, in partnership with Executive Managing Director Paul Jones and Director Brandon White, represented the seller.
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A high-image flex building in Valencia, California, sold for $4.2M. The 16K SF single-story building on 1.8 acres at 28528 Industry Drive was previously used by a bank tenant. It has additional land for possible building expansion. Spectrum Commercial Real Estate Executive Managing Director Yair Haimoff and his team represented the buyer, an undisclosed investor.
LEASES
Drawbridge Realty announced a 15-year lease with Collectors Universe to occupy nearly 287K SF in Santa Ana’s Pacific Center at 1600 and 1610 St. Andrews Place. This is the third time that CU has expanded at this site since Drawbridge bought it in 2019. This lease adds 102K SF to its present footprint. CBRE’s Ross Bourne and Dave Desper represented Drawbridge Realty in the transaction. Savills’s Zev Holzman and Taylor Wood represented Collectors Universe.
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Wake and Late Restaurants leased almost the entire 12K SF ground floor of the historic Pasadena Star-News building. The building at 525 East Colorado Blvd. is in the heart of Pasadena’s financial district, close to the Pasadena Playhouse, Pasadena Civic Center and Paseo Colorado.
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Trusaic has leased about 12.5K SF at Biltmore Court in Downtown Los Angeles. The company relocated from Koreatown. Newmark Executive Managing Director Greg Frankovich and Managing Director AJ Dorn represented the Trusaic, a regulatory compliance software company.
PEOPLE
Bernards named Dave Cavecche as CEO and Andy Buerk as president. Cavecche and Buerk succeed Jeff Bernards and Greg Simons, respectively, as CEO and president. Both outgoing executives are retiring.
Prior to his involvement with Bernards, Cavecche held senior executive leadership positions with two other large contractors. Buerk has nearly 40 years of construction experience, including six years at the helm of Bernards’ Estimating Department.
