The LA Deal Sheet
The strength of the industrial market is not isolated to Los Angeles, Orange or Riverside counties; there is a growing spillover effect in nearby Ventura County, MCA Realty officials said.
In an off-market deal, MCA Realty recently purchased a 137,465 SF industrial property in the Ventura County submarket of Moorpark from a private seller for $7.5M.
The industrial complex consisted of two buildings, a 45,916 SF industrial building at 14399 Princeton Ave., which is leased to Turbonetics Holdings Inc., and a 91,549 SF industrial and office building at 14401 Princeton Ave.
MCA then turned around and quickly sold the 14399 Princeton Avenue building to a private buyer for $6.1M. MCA Realty principal Tyler Mattox said he was surprised how quickly the company was able to sell the building but it shows the strength of the industrial market in Ventura County.
“The industrial market in Ventura County is performing well and industrial vacancy in the region remains at historic lows closing out the fourth quarter of 2017 at 1.7%,” Mattox said in a news release. “This low vacancy rate, coupled with rising demand for quality industrial properties throughout Greater Los Angeles is placing upwards pressure on rental rates and driving increased investor and user interest to the region.”
He said the acquisition strategy was to acquire the buildings together “so we could monetize the leased asset at 14399 Princeton based on its high-quality tenant, and focus on repositioning 14401 Princeton Avenue.”
Company officials said they plan to upgrade the 14401 Princeton Ave. property by adding new truck wells with four new loading positions, adding a canopy, lobby and restroom renovations and other upgrades to the existing electrical, mechanical and plumbing throughout the building.
Newmark Knight Frank’s Robert Griffith and Rick Sheckter represented MCA in the initial two-building acquisition.
Griffith, Sheckter and CBRE’s Bennett Robinson and Robert Valenziano represented MCA Realty in the sale of 14399 Princeton Ave.
SALES
An entity of Selleck Development Group has purchased a 53,133 SF office building in Westlake Village from K-Swiss for $11M. The buyer plans to renovate the two-story multi-tenant building at 31248 Oak Crest Drive. Lee & Associates’ Joe Jusko represented the seller. Lee & Associates’ Mike Tingus and Grant Fulkerson represented the buyer.
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Park Encino LLC has sold a 36-unit apartment building in Los Angeles to an undisclosed buyer for $15.18M. Built in 1990, the property at 350 South Reno St. is a mix of two-bedroom and two-bathroom units. Marcus & Millichap’s Michael Sterman and Jeffrey Louks represented the seller.
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A private buyer has purchased the Granada Pointe Townhomes in Granada Hills from an undisclosed seller for $21.5M. Built in 2010, the 52-unit multifamily building sits on 100K SF of land at 11541 Blucher Ave. Marcus & Millichap’s Catherine O'Brien represented the seller. Marcus & Millichap’s Ronald Balys arranged 10-year financing fixed at 4.25%.
LEASES
Mobility product company Shoprider has signed a seven-year, $2M lease with L&B Realty Advisors Inc. to occupy 24,212 SF of industrial space at the Storm Business Park at 1338 West Storm Parkway in Torrance. The Klabin Co.’s Courtney Bell and Matthew Stringfellow represented L&B Realty Advisors. Newmark Knight Frank’s Billy Messori and Danny Williams represented Shoprider.
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High-end home furnishings retailer A Royal Suite has signed a lease to occupy 15K SF of retail space at The Marketplace shopping center in Oxnard. A Royal Suite will move into a space previously occupied by Easy Life Furniture at 1889 Ventura Blvd. CBRE’s Larry Tanji and Francine Benevente represented the landlord. NAI Capital’s Tom Oliver represented A Royal Suite.
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Global supply chain solutions provider Apex International has signed a 10-year, $10.5M lease with Black Creek Group’s Industrial Property Trust to occupy 104,339 SF of industrial space at 18554 South Susana Road in Rancho Dominguez. Apex is relocating after it outgrew its 34,500 SF facility. Realty Advisors’ Frank Shen represented Apex. DAUM Commercial’s Michael Collins and Jordan Lara represented the landlord.
EXECUTIVE NEWS
Hoffman Strategy Group announced retail real estate veterans Dan Sheridan and Jeff Green have become partners of the firm.
“Dan and Jeff's expertise adds greater horse-power in our client relationships by focusing on shopping center redevelopment that emphasizes ‘right-sizing’ the retail along with adding mixed uses to the property and integrating retail, restaurants and entertainment components to new ground-up mixed-use projects,” Hoffman Strategy Group CEO Jerry Hoffman said in a news release.
Prior to joining Hoffman, Sheridan served as chief operating officer for Centennial Real Estate, president of the Retail Properties Division for The Irvine Co. and executive vice president of Asset Management with GGP.
Green has 34 years of national consulting experience and most recently served as president and CEO of Jeff Green Partners.
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Commercial real estate veteran broker Colleen Carey has joined Lee & Associates as a founding principal. Carey will be based in the company’s Pasadena office. Prior to joining Lee & Associates, she served as senior vice president for Coldwell Banker Commercial Advisors (now Colliers International). Carey specializes in office, retail and investment properties in the Los Angeles basin and San Gabriel Valley markets.
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Stephen Epstein has joined CO Architects as its chief financial officer. Epstein, who has more than 25 years of experience, will lead the business and human resources operations. Prior to joining CO Architects, he served as a strategic adviser with Strogoff Consulting.
AWARDS
The Pacific Southwest Building Owners and Managers Association has awarded the Transwestern-managed 330 North Brand building in Glendale the Earth Award. The Earth Award recognizes office buildings that excel in sustainable programs and judges on criteria including energy and water conservation, recycling and tenant communications/education. Transwestern manages the property on behalf of UBS Asset Management. Built in 1983, the 323,467 SF building achieved LEED Gold certification in 2012 and was recertified Gold last year.
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The National Association for Industrial and Office Parks SoCal chapter presented a check for $10K to the Building Block Foundation Fund, which benefits underprivileged youth to achieve more positive lifestyles. The check was presented April 26 at NAIOP SoCal’s annual Night at the Fights event at Hotel Irvine.
