The LA Deal Sheet
A JV of Ocean West Capital Partners and Westbrook Partners has sold a newly renovated 165K SF creative office building in Westwood to an affiliate of Goldman Sachs Group for $92.5M, according to the Los Angeles Business Journal.
NKF Capital Markets’ Kevin Shannon, Rob Hannan, Ken White, Michael Moll, Laura Stumm and Guillermo Boisson represented the buyer and seller.
Ocean West Capital Partners will remain invested in the 1640 Sepulveda office building and continue to manage the asset, according to a news release.
“With the creative office transformation now complete, 1640 Sepulveda is one of the Westside’s most coveted mid-rise creative office properties that has attracted prominent entertainment, tech, and media related companies seeking a premier office environment,” Shannon said in the release.
Built in 1987, 1640 Sepulveda at 1640 South Sepulveda Blvd. recently underwent an $8.3M repositioning and modernization. Ocean West and Westbrook bought the building for $54M in 2013, according to The Real Deal.
The capital improvements completed this year included renovations to the exterior of the building and the lobby, extension system upgrades and a new open air common area patio.
The creative office building is 77% occupied.
SALES
A Northern California-based private multifamily investment firm has recently acquired a 134-unit apartment community in Los Feliz from a private seller for $55M. The 114K SF Los Feliz Club Apartments at 1800 North New Hampshire Ave. is a mix of studio and one- and two-bedroom units. The community also has an indoor pool and spa, a fitness center, multiple courtyards and two rooftop decks. Colliers International’s Kitty Wallace represented the buyer and seller.
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An undisclosed buyer has purchased a 14-unit apartment building in West Hollywood from a private investor for $5.5M. Built in 1943, the 15,270 SF two-story building is at 1319 Havenhurst Drive. Marcus & Millichap’s Bryan M. Schellinger and Steven Goldstein represented the seller.
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MMG Investments has purchased a six-unit apartment building in Santa Monica from an undisclosed family trust for $2.9M. Built in 1937, the Vogue Apartments at 633 Ninth St. features five one-bedroom units and one two-bedroom unit. It closed at a 1.8% cap rate. Stepp Commercial’s Kimberly R. Stepp represented the buyer and seller.
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A private investor has purchased the Pomona Tech Center office building in Pomona from LNR Partners for $6M. The two-story 44,187 SF office building at 3201 Temple Ave. is 89% leased. Cushman & Wakefield’s Jeffrey Cole, Ed Hernandez and Nico Napolitano represented the seller. Cushman & Wakefield’s Sean Kern and Ryan Russell were the market advisers.
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Safeco LLC has acquired an 18K SF parcel of land with a building in the MacArthur Park neighborhood of Los Angeles from Salem Missionary Baptist Church for $2.875M. The property at 729 South Park View St. will possibly be developed into a mixed-use project with up to 150 multifamily units and ground-floor retail, according to the brokers. Charles Dunn Co.’s Chris Giordano, Chris Steck and John Anthony represented the buyer and seller.
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Sterling Value Add Partners III L.P., Sterling Organization’s latest institutional fund, has acquired North Ranch Gateway, an 86,520 SF shopping center in Westlake Village, from Crow Holdings Capital for $35M. Built in 1989, North Ranch Gateway is at the intersection of Lindero Canyon Road and Thousand Oaks Boulevard. The property is 74% occupied and features anchor tenants such as T.J. Maxx, Bank of America and Dunkin' Donuts. CBRE’s Preston Fetrow and Sam Alison brokered the transaction.
LEASES
Tarzana Treatment Centers has signed a 10-year, $8.1M lease with Amoroso Development to occupy a 36,700 SF building in Woodland Hills. The building at 6018-6022 Variel Ave. underwent extensive improvements in 2015 that included a music/recording studio, a performing arts room, private offices, a computer center, conference rooms and classrooms. Colliers International’s John DeGrinis, Patrick DuRoss and Jeff Abraham represented the landlord.
EXECUTIVE NEWS
Lee & Associates has named Matt Slezak as an associate. Slezak will specialize in the sale and leasing of industrial, flex and investment properties. Prior to joining Lee & Associates, Slezak, a USC graduate, served as a manager of corporate development and marketing for the Jayco Capital Group and director of marketing for Griffith Capital.
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Veteran mortgage broker Max B. Mellman has launched Max Benjamin Partners, a Beverly Hills-based real estate advisory firm that provides capital solutions to developers and investors. Prior to starting his own company, Mellman served as a vice president of a boutique mortgage brokerage firm.
