This Week's LA Deal Sheet
CIM Group sold 801 South Grand Ave., a 215K SF office tower in Downtown LA, for approximately $46M. CIM bought the property in 2013 for $52.5M, according to Reonomy.
Newmark co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, Senior Managing Directors Laura Stumm and Michael Moll, and Associate Director Alex Beaton represented the seller. The buyer was Elat Properties.
SALES
9911 West Pico Blvd., a vacant 15-story Century City office building, changed hands. Though neither sale price nor seller was disclosed in the release by Newmark, The Real Deal reported the property traded for about $35M and the seller was Blackstone and a host of other investors. The approximately 259K SF building was purchased by Alon Abady of Green26. Newmark co-Head of Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, Senior Managing Director Laura Stumm and Associate Director Alex Beaton represented the seller.
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NAI Capital Commercial CEO Chris Jackson, Executive Vice President Todd Lorber and Chairman Tim Foutz with the Investment Services Group negotiated the $17M sale of a 48K SF multitenant industrial building at 8101-8117 Orion Ave. in Van Nuys. Jackson, Lorber and Foutz represented the seller, Rexford Industrial Realty. The buyer was Orion Business Park.
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Colliers on Friday announced the $15M sale of a roughly 52K SF industrial building at 14055 Laurelwood Place in Chino. The seller was Cohen Asset Management. Colliers buyer advisory experts Andrey Mindirgasov and Christopher Smith co-brokered the deal with Peter Hauser of Northmarq. The group represented the private buyer, who purchased the property as part of a 1031 exchange.
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Hammer Ventures has purchased for $14.25M the two-building Sorrento Commerce Park, a multitenant industrial property in San Diego’s Sorrento Mesa. The approximately 36K SF park was 100% leased to 11 tenants at the time of its sale. Cushman & Wakefield’s Bryce Aberg, Jeff Cole, Jeff Chiate, Rick Ellison, Mike Adey, Nico Napolitano and Zach Harman of the firm’s national industrial investment advisory group and Mark Avilla of Cushman’s private capital group represented the seller, BKM Capital Partners. Brant Aberg and Ryan Downing with Cushman & Wakefield also provided local market leasing expertise. Cushman & Wakefield’s Jason Kimmel also represented the buyer in the transaction.
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Lee & Associates LA North/Ventura principal and Managing Director Scott Romick and principals Darren Casamassima, Jay Rubin and Scott Silverstein represented the buyer and seller in the $8.3M sale of a 48K SF office property in Woodland Hills. The buyer was My Properties Group LLC, headed by principal Sami Ullah. The seller was 22801 Ventura LP/Jamison Services.
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Northmarq Los Angeles’ investment sales team of Vince Norris, Mike Smith, Jim Fisher, Mike Hanassab and Elliot Hassan collaborated to sell three San Fernando Valley affordable housing projects: Ashwood Court, White Oak and Noble Pines Apartments. The three-property portfolio totals 220 units in Northridge and Canoga Park; units are all subject to 50% and 60% area median income restrictions. Northmarq represented the seller, The CONAM Group of San Diego. The price wasn't disclosed.
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The 233K SF Rose Canyon Business Park in San Diego has sold to San Francisco Bay Area-based Vertical Ventures for an undisclosed price. The 15-building industrial park was 99.52% leased at the time of sale. Cushman & Wakefield’s Jeff Chiate, Bryce Aberg, Jeff Cole, Rick Ellison, Mike Adey and Zach Harman of the firm’s national industrial investment advisory group in Southern California represented the seller in the transaction.
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Delphi Business Properties sold 6840 Vineland Ave. in North Hollywood for $7.5M. The 23K SF industrial building sits on a 1.2-acre parcel of M2-zoned land. Executive Vice President David Hoffberg represented the buyer. Matt Dierckman, David Harding, Greg Geraci and Billy Walk of Colliers represented the seller. Neither buyer nor seller was disclosed, and public records don't yet reflect the sale.
LEASES
Law firm Umhofer, Mitchell & King LLP signed a 4,500 SF lease at Row DTLA. The space is a new office for the firm. JLL’s Jaclyn Ward, Cassie Trosclair and Sarah Hancock are overseeing office leasing at the property near the Arts District.
CONSTRUCTION AND DEVELOPMENT
C.W. Driver Cos. broke ground on Orange Coast College’s new two-story chemistry building, a $32.5M project. The new building will hold approximately 44K SF of laboratories, lecture halls, faculty offices and additional meeting spaces and represents a 60% increase in laboratory capacity compared to its predecessor.
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Del Amo Construction has completed the adaptive reuse transformation of 3516 Schaefer St., a new creative office property in Culver City. Owned by Redcar Ltd. and designed by RAC Design Build with contract administration services from Formation Association, the adaptive reuse project holds three floors of offices and amenities totaling approximately 25K SF.
