The LA Deal Sheet
In an effort to capitalize on the growing Pasadena, Glendale and Burbank submarkets, Colliers International has completed the acquisition of the Glendale office of CBC Advisors, an affiliate of Coldwell Banker Commercial.
The terms of the deal were not disclosed.
The expansion into Glendale was part of a much bigger move for Colliers. Earlier this year, Colliers also acquired CBC offices in Utah and Alaska.
Dubbed the Tri-Cities office, the new office in Glendale will be Colliers’ 10th in greater Los Angeles.
“This is another advancement for our firm in the Greater Los Angeles Region,” Colliers Senior Managing Director James Malone said in a news release. “This acquisition provides us with an experienced team of professionals in the important submarkets of Burbank, Glendale and Pasadena, as well as reinforces our already strong presence in the area.”
Former CBC Advisors office co-founders Bill Ukropina and Gregory Barsamian will now serve as senior executive vice presidents in the new Tri-Cities office.
Colliers' Glendale office has 10 brokers specializing in the office, industrial, multifamily and retail sectors.
“With the commercial real estate market as strong as it is currently, now is a great time for us to join a global leader in our industry,” Barsamian said in the news release.
SALES
A private investor has sold nine industrial properties totaling more than 145K SF in central Los Angeles to three separate undisclosed buyers for $18.5M. The industrial properties are on 4.5 acres within 3 miles of downtown Los Angeles. DAUM Commercial’s James Vu, Michael Collins and Ben Spinner represented the seller.
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WOOFA LLC has acquired a 13,765 SF office building in Woodland Hills from FH Exchange LLC for an undisclosed price. Built in 1980, the single-story office building at 21050 Califa St. sits on 46K SF of land. NAI Capital’s Cathy Scullin represented the seller.
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A private investor has purchased a nine-unit apartment in West Hollywood from an undisclosed family trust for $2.76M. Built in 1959, the Hayworth Apartments at 1023 North Hayworth is a mix of studio, one- and two-bedroom apartments. The closing cap rate was 3.4%. Stepp Commercial’s Kimberly R. Stepp represented the buyer and seller.
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An undisclosed limited liability company has purchased a nearly 1,200 SF gas station in Azusa from a private company for $3M. The Arco is at 295 South Azusa Ave. Marcus & Millichap’s Rob Narchi represented the buyer and seller.
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Tierra Properties has acquired a 10-unit apartment in West Hollywood from a private investor for $3.3M. Built in 1963, the two-story property at 1131 North Fuller Ave. sold for $330K/unit and at a cap rate of 3.6%. Charles Dunn Co.’s Ramin Gheitanchi and Michael Monempour represented the buyer and seller.
Los Angeles-based San Jose Central Travel has purchased The Shops at Yorba Linda in Yorba Linda from Midtown National Group for $7.8M. The three-building retail center at 4846-4854 Valley View Ave. is fully occupied and includes a Dunkin' Donuts. CBRE’s Sam Alison, Mike Philbin, Amar Goli and Patrick Larimore represented the buyer and seller.
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Deluca Living Trust has sold a 10,427 SF industrial building in Compton to Capstan Inc. for an undisclosed price. The property is at 1211 Kona Drive. The Klabin Co.’s David Grote represented the seller. The Klabin Co.’s Matthew Stringfellow and Courtney Bell represented Capstan, a powder metal company.
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An undisclosed buyer has purchased an 18-unit apartment in North Hollywood from a private investor for $6.85M. The property at 5543 Case Ave. sold for $381K/unit. IREA’s Jonathan Krikorian, William Everitt and Clark Everitt represented the seller.
LEASES
HoYu Logistics has signed a four-and-a-half-year, $2.5M sublease with Agron Inc. to occupy 45K SF of industrial space at 2130 East Del Amo Blvd. in Carson. The Klabin Co.'s Tyler Rollema represented HoYu, which specializes in e-commerce, transloading and Amazon fulfillment distribution. DAUM Commercial’s Brad Levin represented Agron.
FINANCING
Talonvest Capital has secured $9.6M in funding for The Bascom Group’s purchase of a 78-unit apartment in Pico Rivera. The Island Apartments at 8222 Rosemead Blvd. sits on 1.54 acres. Bascom plans to renovate and rebrand the property. Talonvest negotiated a four-year floating-rate loan priced at a low spread over Libor with 36 months of interest-only payments, a 12-month extension option and prepayment flexibility from a large regional bank. Talonvest’s Erich Pryor, Terra Hendrich and Tom Sherlock arranged the transaction.
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On behalf of Man Group, JLL Capital Markets has arranged a $48M financing package to recapitalize a portfolio of 300 single-family residential homes in Los Angeles County. The three-year credit facility allows the owner to make the individual homes available for sale to homebuyers, JLL officials said. The owner plans to sell the properties in Lancaster and Palmdale individually in the next two to three years. JLL’s Zane Sweet, Chris Casey and Reid McGlamery secured the credit facility for the ownership group.
GROUNDBREAKING
Bolour Associates has broken ground on a $24M multifamily development in Silver Lake. The 65-unit luxury apartment complex at 3160 Riverside Drive will include a swimming pool, a gym, a clubroom and a landscaped common areas. It will consist of a mix of 29 studios, 27 one-bedroom, one-bathroom units and nine two-bedroom, two-bathroom units.
