The LA Deal Sheet
Illustrating the demand for small industrial buildings in Los Angeles County, Dedeaux Properties sold seven free-standing buildings that comprise the newly constructed Echelon Business Park in the city of Industry to seven separate undisclosed buyers for a total of $50M.
DAUM Commercial Real Estate’s Dennis Sandoval, Robert Dipre, Bryan Sandoval and Kurt Yacko represented Dedeaux, a Los Angeles-based industrial development firm.
“The buildings were under contract since last year, before the foundation for the project was even laid,” Sandoval said in a news release. “We eventually received back-up offers on each of the properties and ultimately sold to seven separate buyers, including a mix of distribution and light manufacturing users.”
At 801-821 Echelon Court in the San Gabriel Valley submarket, Echelon Business Park is made up of seven buildings ranging from 27K to 43K SF. The buildings feature dock-high and ground-level loading, truck courts, high-speed fiber optic cabling and office space.
In the San Gabriel Valley, industrial vacancy sits around 1.5%, according to DAUM research.
Sandoval said Dedeaux had the option to build one large industrial building on the site but changed plans to feed the overwhelming demand for smaller industrial buildings.
“We understood the tremendous demand for industrial space and recognized that most new industrial developments in the region are over 100K SF,” Sandoval said. “We advised Dedeaux to leverage the market demand by constructing smaller-sized facilities in the 25K to 45K SF range, rather than a single large building. These buildings immediately filled a void in the market for modern product suited to smaller distributors and manufacturers, meeting the significant demand for property ownership in the small industrial sector.”
SALES
In an all-cash deal, 939 Arcadia LLC has purchased a 22-unit apartment building in Arcadia from a private seller for $9M. The building, at 939 Arcadia Drive, totals nearly 23K SF and features a mix of one-, two- and three-bedroom units. CBRE’s Priscilla Nee represented the buyer and seller.
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Hadle2 LLC has sold a 4K SF multi-tenant retail building in Sherman Oaks to an undisclosed buyer for $2.55M. The property at 4325-4329 Woodman Ave. sold for $641/SF. Lee & Associates’ Cole Martens and Cory Stehr represented the seller.
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An undisclosed limited liability company has purchased an eight-unit apartment building in Sherman Oaks from a private seller for $2.4M. The property is at 4474 Murietta Ave. Marcus & Millichap’s Jason Tuvia and Glen Scher represented the seller.
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A private buyer has acquired the 20-unit Glenwood Apartments in Glendale from Glenwood Apartments L.P. and Burchett Partners LLC for $7.1M. Built in 1988, the two-story, 16K SF building at 1044 Winchester Ave. consists of 10 one-bedroom and 10 two-bedroom units. CBRE’s Priscilla Nee and John Montakab represented the buyer and sellers.
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J.L. Moseley Co. has sold a 55K SF office building in Altadena to First City Credit Union for $11.5M. The two-story office building at 500 West Woodbury was recently renovated and vacant at the time of the purchase. CBRE’s Mark Shaffer, Gary Stache, Anthony DeLorenzo, Doug Mack, Kevin Duffy and Natalie Bazarevitsch represented the seller.
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MCP Burbank LLC has purchased a 28-unit apartment complex in Valley Village from an undisclosed limited liability company for $6.7M. The property is at 11908 Burbank Blvd. Marcus & Millichap’s Brett Sanson represented the buyer and seller.
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Overton Moore Properties has sold a 37K SF industrial building in Simi Valley to Nadavco LLC for $7.3M. The building, at 167 West Cochran St., is part of an industrial business campus that sits on an 8.5-acre site. CBRE’s Bennett Robinson represented the seller. Told Partners’ Sam Wagner and Pacific Partners Commercial’s Chris Swatosh represented the buyer.
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Willshare Group LLC has purchased the Pine Crest apartments in Los Angeles from a private seller for $5.4M. The two-story, 25-unit, 13K SF building was built in 1961 at 3930 Rosemead Blvd. CBRE’s Priscilla Nee represented the buyer and seller.
LEASES
Jocott Brands has signed a $6.14M lease with PGIM Real Estate for a 64K SF industrial building at the Lewis Business Center at 8000 Woodley Ave. in Van Nuys. CBRE’s David Harding, Greg Geraci, Billy Walk and Matthew Dierckman represented the landlord, PGIM Real Estate. Lee & Associates’ Scott Caswell represented the tenant.
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Nike has signed a lease with an undisclosed landlord to occupy 4,557 SF of retail space at 8552 Melrose Ave. in Los Angeles. The retail store is the Oregon-based athletic company’s first Nike Live concept store. Terms of the deal were not disclosed. Cushman & Wakefield’s Kazuko Morgan and Carine Mamann represented the landlord. Western Retail Advisors represented Nike.
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ADP Express has signed a five-year lease with CenterPoint Properties to occupy an 85K SF industrial building at 2988 East Ana St. in Rancho Dominguez in the South Bay. Financial terms of the deal were not disclosed. LAREM’s Ed Whittemore represented ADP. LAREM’s Jay Jasaitis represented CenterPoint.
CONSTRUCTION
Real estate development company Palisades has broken ground on a 53-unit mixed-income apartment building in West Hollywood. The property at 1250 Fairfax Ave. will feature four five-story buildings connected by a network of open bridges, walkways and courtyards. It will also have 12 affordable units for low- and moderate-income residents. R&A Architecture + Design is designing the project. Construction is slated for completion in 2020.
EXECUTIVE NEWS
Mark Ejnes has joined HOK as senior principal and design principal in Los Angeles. Ejnes will be part of the leadership team and help head the company’s Los Angeles design studio. Prior to joining HOK, he served as managing director at Aedas.
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Velocity Mortgage Capital has named Michael Oddi as the firm’s chief marketing officer. Oddi will be responsible for the company’s brand image, messaging, marketing communications and media strategy, including print, digital, search, social, content and email marketing. Prior to joining Velocity, Oddi served as the CEO of Tango Partners, a marketing and business development consultancy.
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Trinity Investments has appointed Jeffrey Barry as general counsel. Barry will be based in company’s Los Angeles office. He will be responsible for overseeing all legal, compliance and corporate governance matters. Prior to joining Trinity, Barry served as deputy general counsel for Schottenstein Stores Corp.
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Greg Whitney has joined JLL’s West Coast Retail Development team as senior vice president of retail development. Whitney will be responsible for identifying development opportunities within the West Coast region, implementing ground-up and redevelopment strategies and overseeing the completion of projects. Prior to joining JLL, Whitney served as the director of development at Wilson Meany.
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NewMark Merrill Cos. has hired Kassandra Bishop as vice president of marketing and technology. Bishop will lead the company's corporate and property marketing and technology efforts. Her role includes overseeing the overall strategy, implementation, budget, measurement, public relations and community involvement. Bishop most recently served as director of marketing and business development for Simon Property Group.
