The LA Deal Sheet
Streaming company Netflix has signed a two-year lease to occupy 60K SF of office space at Burbank Studios, according to the Los Angeles Business Journal, citing CoStar Group.
Netflix will occupy the Burbank Studios until its offices in Hollywood are completed, the LABJ reports.
Kilroy Realty is currently building the Academy on Vine, a 355K SF office development that will serve as Netflix's new office space in Hollywood. The office building is slated to be completed sometime next year.
In a previous interview with Bisnow, Netflix Director of Corporate Real Estate London Kemp said the company is currently occupying 1.6M SF of office space, half of which was new construction.
SALES
The Hakim Family Trust has purchased a 32-unit apartment building in Van Nuys from Victory Apartments for $9M. Built in 1977, the Victory Apartments at 14153 Victory Blvd. features a mix of 29 one- and two-bedroom units and one three-bedroom, two-bath unit. Matthews Real Estate Investment Services’ Daniel Withers, David Harrington and John Boyett represented the seller.
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Interstate Equities Corp. has acquired an 88-unit apartment complex in Sherman Oaks from a JV of NNC Apartment Ventures and Bailard for $29.35M. Built in 1962, the Cambridge Apartments at 14340 and 14350 Addison St. features two contiguous 44-unit buildings on separate and adjoining parcels. Marcus & Millichap Institutional Property Advisors' Joe Grabiec, Kevin Green and Greg Harris represented the seller.
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Gregory Partners has purchased a 10-unit apartment building in Hollywood from Pressman Properties for almost $2.2M. Built in 1958, the building at 5843 Gregory Ave. is subject to rent control and received more than a dozen offers, according to the brokers. The building features nine one-bedroom, one-bathroom units and one two-bedroom, one-bathroom unit. Marcus & Millichap’s Jason Tuvia, Matthew Ziegler and Brandon Evans represented the buyer and seller.
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Haskell Partners has acquired an eight-unit apartment building in Van Nuys from 7407 Haskell. The apartment at 7407 Haskell Ave. sold at a 3.54% cap rate. Marcus & Millichap’s Jason Tuvia and Josh Yeager represented the buyer and seller.
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Drawbridge Realty has purchased two Class-A corporate headquarters office buildings totaling 169K SF in Aliso Viejo from an undisclosed seller. The sales price was not disclosed. The two buildings at 4 and 5 Polaris Way are currently occupied by Quest Software and UST Global, respectively. CBRE's Anthony Delorenzo, Todd Tydlaska, Sean Sullivan, Michael Longo and Bob Smith represented the seller.
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Wood Investments Cos. has acquired a 7K SF retail property in Bakersfield from Sultan Financial Niles for $1.4M. Aaron's currently occupies the single-tenant retail property at 6473 Niles St. The property sold at a 7% cap rate. Colliers International's Garret Tuckness represented the seller.
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Waterford Property Co. has purchased a 75-unit apartment building in Ontario from an undisclosed seller for $21M. The Hallmark at Mission building at 1201 West Mission Blvd. recently completed construction. The acquisition is the first Inland Empire multifamily deal made by Waterford. The company owns three office buildings in the Inland Empire. The brokers of the deal were not disclosed.
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Katherine Property Management has purchased a 10-unit apartment building in the Los Feliz neighborhood of Los Angeles from Claims Recovery Associate for $3.1M. Built in 1973, the building at 3124 Rowena Ave. sold at a 3.99% cap rate. Marcus & Millichap’s Jason Tuvia represented the buyer and seller.
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The Bascom Group has acquired a 39-unit apartment building in El Monte from 3733 Gibson Apartments for $9.7M. Built in 1963, The Atrium Apartments at 3733 Gibson Road sold for $248,718 per unit. CBRE's Priscilla Nee and Eric Chen represented the seller. Bascom's James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
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The Engelman Family Trust has purchased a 10-unit apartment building in Long Beach from Heera 1871 for $2M. Built in 1964, the two-story apartment building at 1871 Chestnut Ave. features eight one-bedroom units, two two-bedroom units and six garages. Stepp Commercial's Robert Stepp and Travis Traweek represented the seller.
EXECUTIVE NEWS
KTGY has expanded Managing Principal Manny Gonzalez's role and named Director of Design Ben Seager as the practice area leader of the company's 75+ Service-Enriched Studio. Gonzalez, who heads the company's 55+ Studio in Los Angeles, will now head the 55+ Studio nationally. Seager will lead the company's 75+ Studio.
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Newmark Knight Frank has announced the addition of Adam Geiger and Brad “Hoss” Holstrom as directors in its Ontario office. Geiger and Holstrom will support the company's Inland Empire team. Geiger specializes in industrial tenant representation. Holstrom specializes in the sales and leasing of industrial land and properties. Prior to joining NKF, Holstrom was an associate at Lee & Associates. Geiger was formerly a senior associate with Voit Real Estate Services.
