The LA Deal Sheet
Illustrating the growing demand for creative offices adjacent Silicon Beach, IDS Real Estate Group and JLL have announced the signing of six new tenants at C3 in Culver City.
Designed by Gensler, the Culver City Creative, better known as C3, is a seven-story, 282,951 SF creative office campus at 5800 Bristol Parkway that opened last year.
IDS Real Estate developed the campus in a joint venture with a fund managed by PNC Realty Investors.
The new leases bring the creative office building’s occupancy rate to 100%.
“Culver City is flourishing as a hub for tech, media and entertainment firms,” IDS Real Estate Group Senior Vice President David Saeta said in a statement. “C3’s creative design and strategic location resonated well with a broad cross section of the Westside’s cutting edge firms.”
Tenant leases include:
- Henkel has signed a lease for 65,776 SF. CBRE’s Alex Hayden, Travis Boyd, Rob Waller and Patrick Amos represented the tenant.
- Dentsu Aegis Network signed a lease for 48,445 SF. Cushman & Wakefield’s Katie Bernhisel and Dillon Moscone represented the tenant.
- Red Light Management signed a lease for 32,632 SF. Newmark Knight Frank’s Ryan Harding and Jennifer Frisk represented the tenant.
- MMGY Global signed a lease for 8,144 SF. Savills Studley’s John Bertram represented the tenant.
- Corgan Associates signed a lease for 8,098 SF. Cresa’s Howard Feuerstein and Michael Eyler represented the tenant.
- An undisclosed firm signed a lease to occupy 118,974 SF of office space. JLL’s Darren Eades, Scott Becket and Alyssa De Oca represented the tenant.
JLL’s Carl Muhlstein and Hayley Blockley and IDS’ Rob Fuelling led the leasing effort at C3.
LEASES
Action Gypsum Supply West L.P., one of the nation’s leading independent suppliers of building materials, has signed a 99-month lease for 53,699 SF for Overton Moore Properties' industrial building at 1225 East Artesia Blvd. in Carson. The lease is valued at almost $5M. The Klabin Co./CORFAC International Senior Managing Principal David Prior, Managing Principal Frank Schulz III and Executive Vice President and principal Todd Taugner represented Overton Moore. Voit Real Estate Services' C.J. Collins represented Action Gypsum Supply West.
Action Gypsum Supply West is expanding operations from its previous location in Long Beach and will use the space for wholesale drywall sales and construction supplies and as a key distribution warehouse for its customers around the western United States.
SALES
HFH Ltd. has purchased a 40-unit multifamily property in Torrance from a private family trust for $13.1M. Built in 1969, the property consists of a mix of one- and two-bedroom units spread across four buildings at 20308 Madison St. HFH represented itself. Triwell Properties represented the seller. The names of the brokers were not disclosed.
***
An undisclosed buyer has purchased a two-story office building in Studio City from a private seller for $4.6M. Built in 1945, the 6,100 SF building sits on a 9,400 SF lot at 13263 Ventura Blvd. The building was renovated two years ago. Colliers International’s Kevin Fenenbock and Jacob Mumper represented the seller.
***
In a 1031 exchange, a private investor has purchased a 21,800 SF medical office building in Whittier from an undisclosed seller for $5.55M. The one-story multi-tenant building at 12444-12472 Washington Blvd. is fully leased. CBRE’s Anthony DeLorenzo, Gary Stache, Mark Shaffer, Thomas Adelson and Doug Mack represented the seller.
***
A private investor has acquired a six-unit multifamily property in Glendale from an undisclosed seller for $1.9M. Built in 1954, the 5,380 SF apartment complex is composed of two buildings on 7,417 SF of land at 415 North Fischer St. Colliers International’s Arthur Dedeyan and Reza Ghobadi represented the seller.
The 159-room Courtyard Long Beach Airport, a Marriott International brand, recently sold to Harbor Hotels LLC, an affiliate of Cornerstone Hotel Group LLC. The hotel at 3841 North Lakewood Blvd. in Long Beach sits in the heart of Douglas Park, adjacent to the Long Beach Exchange and 1 mile from Long Beach Airport. CBRE Hotels' Rod Apodaca represented Harbor Hotels LLC, an Arizona-based high net worth family investor group.
“The Long Beach hotel market has been doing very well,” Apodaca said in a statement. “This hotel is in an exceptional location, plus the quality of the Marriott brand was a major factor in the buyer’s decision-making process. The combination of these factors has contributed to the hotel’s preeminent position in the market.”
EXECUTIVE NEWS
Irvine-based Stream Realty Partners has expanded its Southern California industrial division with several new hires. The national real estate investment, development and services company has hired Chase MacLeod as executive vice president and Steven Doll and Joanna Zirbes as associates. The team will focus on expanding Stream’s industrial platform and will be responsible for developing the company’s investment sales, land sales, leasing and tenant representation service lines of industrial product. MacLeod, Doll and Zirbes previously worked together in various capacities at Voit Real Estate Services.
***
Carlee Carpio has joined multifamily developer LaTerra as senior development manager. Carpio previously served as a marketing and design director at Alliance Residential. Carpio has more than 10 years of property management, design and development experience.
***
NorthMarq Capital announced Shane Shafer has joined as managing director. Shafer will be responsible for expanding NorthMarq’s multifamily investment sales business. Shafer previously was a partner at Berkadia. Shafer will be based in Northmarq’s Los Angeles office.
***
Industrial real estate specialists Moon Lim and Richard Tovar have joined JLL as a senior vice president and vice president, respectively. Lim and Tovar will be part of the company’s Los Angeles Capital Markets team specializing in industrial middle-market transactions valued between $5M and $20M. Prior to joining JLL, Lim served as a vice president at Marcus & Millichap and Tovar was an investment broker at Marcus & Millichap.
AWARDS
Kidder Mathews Executive Vice President Linda Lee has received Connect Media’s Women In Real Estate Award for the state of California. Lee is an office leasing specialist with nearly two decades of experience in commercial real estate. The award recognizes 10 national winners covering the United States and 10 leaders each from California, Chicago, Texas and New York.
