The LA Deal Sheet
The $50M sale of a Pasadena office building closed in the days before Thanksgiving — one of a few deals for the holiday week in Los Angeles.
Doheny Eye Institute purchased the property at 150 North Orange Grove Blvd. in Pasadena. The four-story, 123K SF office building will become the company's new headquarters with administrative office space, research labs, clinic space and outpatient services.
Charles Dunn Co.'s Bill Boyd, Linda Lee and Scott Unger represented Doheny Eye Institute. The team started the search more than two years ago, with Doheny considering 81 relocation sites in the west San Gabriel Valley before selecting this one, Boyd said.
Seller SteelWave acquired the property in 2013 from Avery Dennison, which had owned and occupied the building since it was completed in 1981. SteelWave did a $10M renovation on the property.
“This Pasadena property was the best fit for the Institute as it was one of the most affordable options and also enables DEI to occupy much sooner than waiting three years for a new building to be built,” Lee said in a statement.
Doheny plans to relocate its administrative offices in the fourth quarter of 2018 from its current HQ at the County-USC medical campus in Los Angeles. Doheny is no longer affiliated with USC, having joined the UCLA Healthsystems Network last year.
The Charles Dunn team sold another Doheny building on the medical campus for $120M in January.
SALES
A 20-unit apartment building in Hollywood sold for nearly $5.9M. The property had not been on the market in more than 30 years. The unnamed buyer owns more than 3,000 units. KW Commercial's Rich Johns and David Weinberger co-brokered the sale of 1400 North Gardner St. in Los Angeles with Marcus & Millichap's Jeff Louks and Michael Sterman.
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The Redondo Avenue Apartments in Long Beach sold for $2.65M. The eight-unit apartment property at 362 Redondo Blvd., built in 1964, is in the Belmont Heights submarket. It closed at a 3.8% cap rate and price per unit of more than $331K. It was 100% occupied at closing. Stepp Commercial principal Robert Stepp represented the seller, Seaward Road Enterprises LLC, and Stasia America Properties' Chris Eto represented the buyer, Teddy 48 LLC.
LEASES
CBRE arranged a lease worth around $3.5M for a 53K SF industrial warehouse at 11085 Olinda St. in Sun Valley. The new tenant, TForce Final Mile LLC, is a last-mile distribution company.
The property had been occupied by OnTrac, another package delivery company, for years, said CBRE's Greg Geraci, who along with David Harding, Billy Walk and Matt Dierckman represented the landlord, Olinda Properties. Colliers International's Patrick Ross represented TForce Final Mile LLC.
CONSTRUCTION
Westport Properties, a national owner and operator of self-storage facilities under the US Storage Centers brand, plans to develop a new self-storage facility at 1901 West El Segundo Blvd. in Compton along with upgrades to Parmelee Pocket Park and the adjacent sports fields and infrastructure. The 186K SF, 1,390-unit self-storage facility will be the 25th owned and operated by the company in the Los Angeles area.
As part of the project, Westport also will make a donation to the Compton Little League and will work with the city to hire local labor. The company will break ground in Q1. Completion of the facility and the park are scheduled for Q1 2019.
EXECUTIVE NEWS
Douglas Elliman has launched a Master Trust and Probate Division with the hiring of Rachelle Rosten and Kelly deLaat, who have joined the firm's El Camino office. President of Brokerage, California Peter Hernandez and President of Brokerage, Western Region Sharran Srivatsaa will oversee the new division as executive directors.
