The LA Deal Sheet
Black Creek Group announced it has completed two full-building leases totaling 1.2M SF in the Inland Empire.
An undisclosed tenant described as a furniture manufacturer and distributor has signed a lease with Black Creek to occupy Arrow Route Distribution Center, a 612K SF newly completed Class-A industrial building at 12400 Arrow Route in Rancho Cucamonga. Terms of the deal were not disclosed. Colliers International’s Ian DeVries and Chris DeVries represented Black Creek. NAI Capital’s Arie Salomon, Nick Chang and Richard Lee represented the tenant.
In the second lease, an undisclosed tenant described as a logistics provider signed a lease with Black Creek to occupy Waterman Distribution Center, a 554K SF Class-A facility at 1350 South Waterman Ave. in San Bernardino. Lee & Associate’s Jeff Smith, Ryan Lal and Austin Hill represented Black Creek. Lee & Associates’ Mike Chavez and Transportation Property Co.’s Steve Shields represented the tenant.
The newly signed leases bring Black Creek’s 11.2M SF California industrial footprint to 93.5% leased, according to Black Creek officials.
“The completion of these leases is a testament to the strong tenant demand we are seeing within the Inland Empire market for well-located, Class A industrial facilities,” Black Creek Head of Asset Management Scott Recknor said in a news release. “We developed both buildings to meet the continued robust need for state-of-the-art space within the market and the quick lease up of both, with Arrow Route leasing two months after construction completion, not only demonstrates that need, but also showcases the strength of our development and asset management teams.”
SALES
Ares Commercial Real Estate Corp. has purchased a 10,375 SF retail building in Lancaster from an undisclosed seller for $5.12M. Applebee's, Yogurtland and Pacific Dental currently occupy the retail property at 43545 10th St. W. CBRE’s Alan Krueger and Vanessa Haddad represented the seller.
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Benefert Enterprises has sold a two-apartment portfolio totaling 45 units in Reseda and North Hills to two separate buyers for $9M. In the first transaction, SEJ Reseda purchased a 20-unit apartment building at 19340 Wyandotte St. from Benefert for $4.57M. In the second deal, 15534 Chase LLC purchased a 25-unit apartment building at 15534 Chase St. for $4.43M. Marcus & Millichap’s Jason Tuvia and Josh Yeager represented the seller.
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Taylor Equities has purchased a two-apartment building portfolio totaling 16 units in North Hollywood from an undisclosed seller for $2.8M. The building at 11557 Erwin St. consisted of eight units built in 1958 and sold for $166,250 a unit. 11565 Erwin St., which also has eight units built in 1958, sold for $184,375 per unit. Marcus & Millichap’s Jason Tuvia and Janette Monfared represented the buyer and seller.
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In a 1031 exchange, private investors have purchased a portfolio totaling 44 units for $14M. In the first transaction, the private investor purchased Broadway Luxury Apartment Homes, a 25-unit apartment building in Anaheim, from 41st Street Broadway Investments for $6.8M. CBRE’s Dan Blackwell represented the buyer. In the second deal, the private investors acquired a 19-unit, two-story apartment building at 145 East 18th St. in Costa Mesa from 18 Street Partners for $7.2M. CBRE’s Blackwell represented the buyer. Kidder Mathews’ Steven Brombal represented 18th Street Partners.
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5761 West Adams LLC has purchased a 1,496 SF office building in Los Angeles from Glasland LLC for $1.8M. The property sits on 5,908 SF at 5761 West Adams Blvd. Westgate Industrial Properties' Carol Taubman and Marcus & Millichap’s Andrew Leff represented the seller.
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A private investor has purchased a 39K SF office building in Sherman Oaks from RDP Investments for $11.6M. The four-story office building at 12925 Riverside Drive features open ceilings, contemporary lighting and large windows. Lee & Associates’ Stacy Vierheilig-Fraser and Coldwell Banker Commercial’s Scott L. Gertz represented the seller. Savills’ Michael Shuken represented the buyer.
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An undisclosed buyer has purchased a 29-unit apartment building in Van Nuys from a private investor for $4.35M. The property is at 7461 Hazeltine Ave. Marcus & Millichap’s Filip Niculete, Glen Scher and Edward Chao represented the seller.
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A private investor has purchased a five-unit apartment building in Woodland Hills from an undisclosed seller for $2.72M. Built in 2018, the property at 22425 Del Valle St. sold for $545K a unit, a record in Woodland Hills, according to the brokers citing CoStar. Marcus & Millichap’s Arash Memary, Filip Niculete, Glen Scher, Lonnie McDermott and Brandon Evans represented the seller.
LEASES
Sage Publishing and Atara Biotherapeutics have signed a lease with Harbor Associates to occupy office space totaling 100K SF at 2380 Conejo Spectrum St. in Thousand Oaks. CBRE’s Tom Dwyer represented Sage. An unnamed Newmark Knight Frank broker represented Atara. CBRE’s Michael Slater, Andres Uribe and Caroline Bigelow represented the landlord.
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Gemalto Cogent has signed a $14M lease with a JV of Graymark Capital and Blue Vista Capital Management to occupy 54,800 SF of office space at 3100 New York Drive in Pasadena. The length of the lease was not disclosed. CBRE’s Kevin Duffy and Bennett Robinson represented the tenant. CBRE’s Natalie Bazarevitsch and Jackie Benavidez represented the landlord, Graymark and Bluevista.
EXECUTIVE NEWS
Colliers International has expanded the roles of two senior brokerage officials in the company’s quest to bolster its presence and expand its business in the Greater Los Angeles commercial real estate market. Executive Managing Director James Malone, who had been based in El Segundo, will relocate to the Colliers’ downtown Los Angeles office. Malone will oversee seven offices: downtown Los Angeles, West Los Angeles, South Bay, Commerce, the San Fernando Valley and Glendale.
Regional Managing Director Robert Caudill, who manages the company’s Orange County brokerage operation in Irvine, will oversee two additional offices: the firm’s Inland Empire office in Ontario and its City of Industry operation in east Los Angeles County.
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Shannon Woodcock has joined Savills as managing director of the company’s Workplace Strategy and Occupant Experience service. Woodcock will be responsible for working with the company’s brokerage and project management teams to help clients optimize their workspace. Woodcock is based in Los Angeles. Prior to Savills, Woodcock served as an associate and senior design strategist with HLW International.
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Brokerage veterans Jay Nichols and John Jennings have joined Cushman & Wakefield as senior director and associate, respectively. Nichols and Jennings will specialize in retail tenant representation and leasing. Prior to joining Cushman & Wakefield, Nichols served as a vice president at Lee & Associates. Jennings also came from Lee & Associates, where he worked as an associate.
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Cox, Castle & Nicholson has hired Michael Kao as general counsel. A 14-year veteran, Kao has experience in conflict management, professional ethics and internet privacy. Kao will be responsible for advising the firm’s attorneys on legal ethics and professional responsibility issues and overseeing and assisting with the firm’s compliance regimes and other client relationship, operational and corporate issues. Prior to joining, Kao served as assistant general counsel at a leading global strategic advisory and expert consulting firm.
