The LA Deal Sheet
Pension fund adviser Alere has acquired the Los Alamitos Corporate Center industrial business park from Northwestern Mutual in a $128.5M deal.
CBRE’s Darla Longo, Barbara Perrier, Brett Hartzell, Rebecca Perlmutter Finkel, Eric Cox and Laird Perkins represented the seller.
The 685K SF industrial complex at 4332-4478 Cerritos Ave., 10541-10681 Calle Lee and 4392-4465 Corporate Center Drive consists of 17 buildings ranging from 11,788 SF to 134K SF on a 36.9-acre lot.
The complex is 98% leased to 82 tenants.
“This offering was a unique opportunity to acquire a high-performing asset in the tight Southern California industrial market,” CBRE Vice Chairman Perrier said in a news release. “This rare asset in an infill market provides the buyer stable cash-flow due to the strong historical tenancy that Los Alamitos Corporate Center has enjoyed.”
SALES
Rockefeller Group has sold a newly constructed 344K SF industrial building at Tri-City Industrial Complex in San Bernardino to Nuveen Real Estate for an undisclosed price. The building at 1445 South Tippecanoe Ave. is fully leased to Home Chef, a division of Kroger, and Protempo, a third-party logistics provider. Cushman & Wakefield’s Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Chuck Belden, Kyle Kehner, Milo Lipson and Tim Pimentel represented Rockefeller.
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A private investor has purchased a 6K SF industrial building in Vernon from an undisclosed seller for $1.3M. Built in 1950, the industrial building is at 3212 East Olympic Blvd. Marcus & Millichap’s Sam Liberow represented the buyer.
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An undisclosed buyer has purchased a 28-unit apartment building in Northridge from a private investor for $7M. The Cambridge Courtyards at 17931 Devonshire St. is within a half mile of California State University, Northridge. Marcus & Millichap’s Paul Darrow, Kevin Green, Joseph Grabiec and Greg Harris represented the seller. Marcus & Millichap’s Rick Raymundo represented the buyer.
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1700 Malcolm has purchased an eight-unit apartment building in Los Angeles from One Malcolm Group for $4.52M. The property at 1700 Malcolm Ave. sold at $565,625 per unit. Marcus & Millichap’s Sam Liberow represented the seller. Marcus & Millichap’s Jeff Louks and Michael Sterman represented the buyer.
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New York-based Vella Group has purchased a 200K SF office campus in El Segundo from a private family for $50.8M. The two-building office campus at 650 and 700 Pacific Coast Highway is being leased to Boeing through the end of 2020. Newmark Knight Frank's Kevin Shannon, Ken White and Michael Moore and CBRE’s Bill Bloodgood represented the seller. Vella Group was self-represented.
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In a 1031 exchange, a private investor has purchased a 10K SF shopping center in Lake Forest from Rosemarie Haynes for $4.5M. Built in 1984, the center at 21991 El Toro Road sits on a 35,719 SF land parcel with 40 parking spaces. The center has six tenants, according to commercial real estate data site Reonomy. Lee & Associates' Cory Stehr represented the seller.
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The Carson Cos. has purchased a 9.8-acre industrial development site in Perris from Circle Development for an undisclosed price. The site is at the southwest corner of Harley Knox Boulevard and Redlands Avenue. Carson is planning to develop a 210,900 SF industrial warehouse. Newmark Knight Frank’s Ron Washle, Mark Kegans and Dean Washle, along with CBRE’s Darla Longo and Barbara Perrier, represented both the buyer and seller. NKF will be retained by Carson to market the planned industrial development for lease.
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A private investor has purchased an 11-unit rent-controlled apartment building in Hollywood from an undisclosed seller for $2.85M. Built in 1953, the building at 5705 Carlton Way consists of 10 one-bedroom/one-bathroom units, and one two-bedroom/one-bathroom unit. Marcus & Millichap's Jason Tuvia and Joshua Yeager represented the buyer and seller.
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A private investor has purchased a six-unit apartment building in Sherman Oaks from an undisclosed seller for $1.27M. The building at 13804 Moorpark St. sold at a 4.11% cap rate. Marcus & Millichap's Filip Niculete and Glen Scher represented the seller and buyer.
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Bolour Associates has purchased a 0.69-acre site at 163–179 South Vermont Ave. in Koreatown from a private investor for $7.4M. Upon closing, Boulour also completed a 15-year triple net ground lease with an undisclosed quick-serve restaurant. Westmac Commercial Brokerage Co.'s Alex Sachs and Brian Peterson represented the buyer and seller in the acquisition transaction. Matthews Real Estate Investment Services' Michael Pakravan represented Bolour in the lease transaction.
LEASES
P&P Imports has signed a lease with Turner Real Estate Investments to occupy a 132,545 SF warehouse at 17352 Derian Ave. in Irvine. Terms of the deal were not disclosed. Cushman & Wakefield’s John Griffin represented the landlord. WindWater Real Estate's Morgan Hill represented P&P.
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Planet Fitness has signed a lease with an undisclosed landlord to occupy 24,345 SF of retail space at the Vineyard Freeway Center at 1670 East Fourth St. in Ontario. Terms of the deal were not disclosed. Planet Fitness will be occupying a portion of a former 100K SF Kmart store. The store has been subdivided into three anchor spaces. Progressive Real Estate Partners’ Paul Galmarini and Paul Su represented the lessor. SRS Real Estate’s Townsand Cropsey represented Planet Fitness.
EXECUTIVE NEWS
Khalif Edwards has joined Cityview as the firm’s managing director of capital raising and investor relations. He will be responsible for fostering institutional relationships, expanding the firm’s investment management intelligence and driving new capital development opportunities with private and public pension fund plans, insurance companies, foundations and endowments and family offices. Edwards has more than 20 years of real estate investment and capital management experience. Prior to joining Cityview, Edwards served as managing director and equity partner at Clarion Partners.
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Savills has added Allan Brass as director, Cross-Border Tenant Advisory, Americas. Brass will be responsible for working directly with Savills advisers to serve clients with multinational footprints and geographically diverse real estate portfolios. Prior to joining Savills, Brass worked in the global occupier services division at Cushman & Wakefield. Brass will be based in Los Angeles.
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BH Properties has named real estate veteran James R. Brooks as president. Brooks will be responsible for running the day-to-day operations of the company and ensure a more efficient platform for its lenders, tenants and employees. Brooks will also be tasked with contributing to the company’s real estate initiatives and future strategies. Prior to joining, Brooks served as president of Topa Management Co.
