The LA Deal Sheet
An undisclosed institutional buyer has acquired the Onyx, a mixed-use property in Glendale.
Chandler Pratt & Partners sold the 183-unit building at 301 North Central Ave. in downtown Glendale’s central business district for $86.2M.
Eastdil Secured represented the buyer and seller. The names of the brokers were not disclosed.
A few blocks away from The Americana at Brand and the Glendale Galleria, the Onyx features a mix of studio, one-, two- and three-bedroom units with a few townhomes. KTGY served as the architect.
The six-story building has 4,400 SF of ground-floor retail and sits on a 33,200 SF lot.
SALES
A private investor has purchased a 27-unit multifamily property in the Mar Vista neighborhood of West Los Angeles from an undisclosed seller for $12.8M. Built in 1989, the property sits on a 22K SF lot at 3815 McLaughlin Ave. IREA’s Jonathan Krikorian, Clark Everitt and William Everitt represented the buyer and seller.
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A private investor has acquired a 20,500 SF retail center in Maywood from an undisclosed family trust for $9.8M. The Maywood Towne Center at 4444 Slauson Ave. and 5921-5925 South Atlantic Blvd. is anchored by a Food 4 Less and Rite Aid. Hanley Investment Group’s Ed Hanley and Bill Asher represented the seller. Marcus & Millichap represented the buyer. The name of the broker was not disclosed.
LEASES
The Chicago School of Professional Psychology has signed a 10-year, $15.7M lease with Shorenstein Co. to occupy 37,515 SF of office space at the Aon Center at 707 Wilshire Blvd. in Los Angeles. The Chicago School is relocating from its campus on 617 West Seventh St. to occupy the sixth and seventh floors of the Aon Center, a 62-story 1.1M SF office tower. The school will begin its lease in June. Cushman & Wakefield’s Ryan Phillips, Eric Duncanson, Jeffrey Skender, Craig Cassell, Ari Klein, Scott Shelbourne and Marcus Berglund represented The Chicago School. JLL’s Josh Wrobel, Tim Miller and Dana Vargas represented the landlord.
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Surprise Clothing has signed a lease with an undisclosed landlord to occupy 3,500 SF of retail space at Superior Grocers Shopping Center at 3831 Martin Luther King Jr. Blvd. in Lynwood. Terms of the deal were not disclosed. Colliers International’s James Rodriguez and Michael Bohorquez represented the tenant and landlord.
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Storm Properties Inc., which owns and operates the Glendora Marketplace in Glendora, has signed three new retail leases, bringing the center to 100% occupancy. Blaze Pizza, Fatburger and Saj Bakery each signed a lease to occupy retail space at the 22K SF retail center. Terms of the deals were not disclosed.
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King and Country, a design firm, has signed a six-year, $1.5M lease with BLT Enterprises to occupy 4,600 SF of creative office space at 1941 Pontius Ave. in West Los Angeles. Lee and Associates’ David Wilson and James Wilson represented King and Country as the lessee and BLT Enterprises as the lessor.
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Hawke Media, a marketing consultancy company, has signed a five-year, $6M lease with BLT Enterprises to occupy 2231 Barrington Ave. in West Los Angeles. BLT is currently in the process of a $3M creative build-out for the property. The brokers were not disclosed.
FINANCING
On behalf of Mosaic Investment Partners, HFF has provided $26.65M refinancing for a 19-property, 245-bed student housing portfolio near The University of Southern California in Los Angeles. HFF secured a five-year, fixed-rate loan through a national bank. The 19 properties total 81,374 SF and are fully leased to undergraduate and graduate students. HFF’s Greg Brown and AJ Manas represented Mosaic Investment.
EXECUTIVE NEWS
JLL has named retail investment sales veteran Tim Kuruzar as vice president capital markets. Kuruzar will work with Executive Vice President Geoff Tranchina. Kuruzar will be responsible for growing JLL’s retail investment sales and disposition capabilities. Prior to joining JLL, Kuruzar served as a vice president at CBRE.
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Marcus & Millichap Vice Presidents Filip Niculete and Glen Scher have formed Los Angeles Apartment Advisors, a multifamily brokerage team. The new team will be under the umbrella of Marcus & Millichap. The team currently has nine members.
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Commercial real estate veterans Lucy Hartford, Ken Ward and Gian Starita have joined NAI Capital. The trio came from Colliers International. Starita will serve as an executive vice president and will become a member of NAI Capital’s Investment Services Group. Ward joins NAI as a vice president and specializes in the sale and leasing of industrial properties in the North Los Angeles region. Hartford will serve as a senior associate with an emphasis on tenant and landlord representation in the San Fernando Valley.
