The LA Deal Sheet
A global real estate investment and services company, Beverly Hills-based Kennedy Wilson, is growing its property services division.
The company announced that Corporate Realty Associates would be absorbed in Kennedy Wilson’s corporate office tenant-representation division.
Corporate Realty Associates’ four-person brokerage team will be led by veteran Jeremy Dee, who will serve as executive vice president of the property services division of Kennedy Wilson.
His team includes Alan Gecht and Gary Goodgame, who will join Kennedy Wilson as senior vice presidents of brokerage, and David “Zeke” Eagan as brokerage associate.
“Jeremy’s team is seasoned and well-respected in the industry. Their depth of experience in tenant representation will enable us to flourish in a new facet of the market almost instantaneously,” Kennedy Wilson President Ed Sachse said in a news release. “The addition of the CRA team is a great complement to our brokerage platform and we are excited to see corporate services grow as we expand further into the commercial marketplace.”
SALES
Guthrie Development Co. has sold the Placentia Office Park to a private investor for $10.4M. The property at 701 and 711 Kimberly Ave. consists of two office buildings totaling 72,897 SF. The office is 90% occupied. Newmark Knight Frank’s Paul Jones, Blake Bokosky and Brandon White represented Guthrie. Newmark Knight Frank’s Drew Sanden represented the buyer.
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In a sale-and-leaseback agreement, Agora Realty & Management has purchased an office building in Pacoima from Citibank for $2.2M. As part of the agreement, Citibank entered into a 10-year leaseback with Agora for the two-story, 6,857 SF office building at 13657 Van Nuys Blvd. CBRE’s Sterling Champ and Kyle Barrat represented Agora and Citibank.
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The Rio Co. has purchased two non-rent-controlled multifamily properties in Reseda from Berglas & Garfield for $9.275M. With a total of 39 units, the properties at 18540 Wyandotte St. and 7249 Baird Ave. set a record for the highest price per square foot paid in the city. IREA’s Jonathan Krikorian, Clark Everitt and William Everitt represented the seller of the 27-unit property on Baird Ave. Marcus & Millichap’s Filip Niculete and Jonathan Erster represented the seller of the 12-unit Wyandotte property. IREA’s David Leibowitz represented the buyer for both properties.
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In a 1031 exchange, a private local investor purchased a 32,343 SF retail property in Santa Clarita from a limited liability company for $9.2M. The property at 23460 Cinema Drive is 100% occupied. Marcus & Millichap’s Marty Cohan and Neda Rassouli represented the seller.
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Waterford Residential has purchased a 36-unit apartment building in Long Beach from a private trust for $10M, or $277,639/unit. Built in 1971, the four-story, 32,841 SF building 1625 Redondo Ave. consists of 36 units. The property closed at a 3.6% cap rate. Stepp Commercial’s Robert Stepp represented the seller.
FINANCE
Bellwether Enterprise Real Estate Capital LLC has closed a $22.5M refinance loan for MDR Truss Campus in Marina Del Rey. The 15-year fully amortizing fixed-rate loan had an interest rate of 3.64% to pay off the construction loan and cover closing costs. The MDR Truss Campus features six separate buildings on 2.75 acres and 68,700 SF of creative office space. Bellwether Enterprise’s Shelley Magoffin and Max Sauerman arranged the loan.
LEASES
Nonprofit organizations APAIT and TransLatin@Coalition have signed a five-year lease to occupy 17,655 SF, a full floor, at the Wilshire Center with landlord Jamison Properties. The financial terms of the deal were not disclosed. The 12-story Class-A property at 3055 Wilshire Blvd. totals 215,582 SF. With this lease, the property is 94% occupied. Charles Dunn Co.’s Chris Runyen represented the tenant. Jamison Properties’ Jamie Park represented the landlord.
EXECUTIVE NEWS
Former Voit executive Ian Britton has joined CBRE as managing director. Britton will be based in the company’s Ontario office and responsible for recruiting, business development, training and running the firm's industrial practice. Britton spent 12 years with CBRE from 1999 to 2011. Most recently, he served as managing director of Voit Real Estate Services' Anaheim, Ontario and South Bay Los Angeles offices.
