The LA Deal Sheet
In an all-cash transaction, logistics and industrial giant Prologis has snapped up a 144K SF building right off the SR-55 and SR-57 freeways in Anaheim.
Endeavor Ltd. sold the site for $40M, according to commercial real estate data site Reonomy.
CBRE’s Bob Steinbock represented Prologis.
Fry’s Electronics has occupied the building that sits on a 12-acre lot at 3370 East La Palma Ave. since 1995. Fry's will continue to lease the property, according to CBRE.
The site is zoned for industrial use. Manufacturing company Rockwell International occupied the site prior to Fry's.
Prologis Vice President and Investment Officer Darren Kenney said the site has great long-term potential for various uses, including distribution and e-commerce.
SALES
A JV of Singerman Real Estate and HATCHspaces has acquired a two-building life science and research and development building totaling 161K SF in Thousand Oaks from Harbor Associates for an undisclosed price. The Think Here buildings sit on 14.15 acres at 1525 and 1535 Rancho Conejo Blvd. The buildings are within the 2.8M SF Conejo Spectrum business park. The buildings are 71% occupied. Newmark Knight Frank’s Sean Fulp, Ryan Plummer, Mark Schuessler, Kevin Shannon, Rob Hannan, Michael Moll, Scott Schumacher and Laura Stumm represented the seller. Newmark’s Patrick DuRoss, John DeGrinis and Jeff Abraham represented the buyer.
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An affiliate of Westmont Living has purchased a 589-unit senior living community in Riverside from Air Force Village West for $58M. The Altavita Village at 17050 Arnold Drive features a mix of independent living cottages, independent living apartments, independent living duplexes, assisted living units and memory care units. The Altavita Village sits on a 153-acre site and is California’s third-largest senior living community, according to brokers. Cushman & Wakefield’s David Kliewer, Paul Carr, Allen McMurtry, David Rothschild and Mary Christian represented Air Force Village.
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CE Las Palmas has purchased an 18-unit apartment building in Los Angeles from Henry J. Fella and Edward F. Fella for $4.2M. Built in 1959, the apartment at 1345 North Las Palmas Ave. features a mix of two-bedroom, two-bathroom and one-bedroom, one-bathroom units. Marcus & Millichap’s Jonathan Weir represented the seller. Marcus & Millichap’s Steve Bogoyevac represented the buyer.
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Golden Avery M Trust has purchased a 20,150 SF office building in Toluca Lake from Richard Sayegh for $7M. The West Toluca Lake Plaza at 10999 Riverside Drive is a three-story multi-tenant property. Lee & Associates’ Darren Casamassima represented the buyer and seller.
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Property company 12828 Oxnard has purchased a 14-unit apartment building in North Hollywood from Oxnard Property for $2.97M. Built in 1958, the two-story building at 12828 Oxnard St. is next to Grant High School and Los Angeles Valley College. Marcus & Millichap’s Arash Memary, Glen Scher and Filip Niculete represented the seller.
In an all-cash deal, a private investor has purchased an 11,700 SF building in Burbank from Mac Sheila Trust for $2.5M. CityLight LA church is leasing the building at 1110 South Victory Blvd. through 2034. Spectrum Commercial Real Estate’s Yair Haimoff represented the buyer.
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Agora Realty has acquired a 16,200 SF retail building in Thousand Oaks from Metropolitan Life Insurance for $6.4M. Once a Chase Bank, Agora plans to redevelop the site at 248 Hampshire Road as a single tenant medical office building. Agora officials said it has already secured a new tenant.
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National Triangle Properties has acquired an eight-unit apartment building in Los Angeles from 1260 Citrus Ave. for $4M. The property at 1254-1260 North Citrus Ave. sold for $500K a unit. Marcus & Millichap’s Sam Liberow, Glen Scher, Filip Niculete and Aida Memary represented the seller.
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Los Angeles developer David Pourbaba's 4D Development & Investment has acquired a 25,800 SF retail property in downtown Los Angeles from a private family trust for $10.25M. The property at 1201 South Los Angeles St. sits in the Fashion District neighborhood of downtown. The property currently has five retail and wholesale tenants. Pourbaba plans to redevelop the property into a retail, mixed-use project, according to the brokers. CBRE's Patrick Wade, Alex Kozakov, Jonathan Farasat, Alexis Abad and Matt Greenberg represented the buyer.
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A private family trust has purchased a 12-unit apartment building in the Miracle Mile neighborhood of Los Angeles from Taljon Holdings for $4.45M. Built in 1931, the property at 1041-1049 Genesee Ave. sold at a 4.15% cap rate. The property is subject to rent control. Marcus & Millichap's Jason Tuvia and Josh Yeager represented the buyer.
LEASES
Stantec has signed a seven-year lease renewal to occupy 29K SF of office space at the Gateway Plaza, a 13-story 282K SF office building at 300 North Lake Ave. in Pasadena. The financial terms of the deal were not disclosed. Stantec has been a tenant at Gateway Plaza since 2014. In this newly signed lease, the company expanded its office space from 26K SF to 29K SF. Avison Young’s Andrew Berk and Chase Gordon represented the landlord.
EXECUTIVE NEWS
Tony Malk has joined Hodges Ward Elliott as managing director. Malk will be based in Los Angeles. Malk specializes in hospitality transactions including single asset and portfolio sales of resorts, hotels and luxury and boutique properties. Prior to joining Hodges Ward Elliott, Malk was a managing director at HFF.
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CBRE-backed Streetsense has hired Zachary Tindall as managing director, West Coast. With 22 years of experience, Tindall will lead Streetsense’s West Coast operation to expand and create new offerings for clients. Prior to joining Streetsense, Tindall served as executive vice president at Edelman.
