The LA Deal Sheet
Illustrating the growing El Segundo commercial real estate market, Newmark Knight Frank has brokered the sale of a Class-A creative office campus for $117.1M.
Rockwood Capital, along with Marshall Property and Development, sold the 204K SF Campus 2100 in El Segundo to Deutsche Asset & Wealth Management.
NKF officials said the transaction for the property at 2100 to 2150 East Grand Ave., at $575/SF, is the second highest per square foot office sale in El Segundo. Just 18 months ago, NKF Capital Markets established the highest price per square foot with the sale of Apollo at Rosecrans for $608/SF, NKF officials said in a press release.
“El Segundo has truly evolved into a lower westside office market with rents surging 17% in asking rates over the last 24 months,” NKF Capital Markets West Coast President Kevin Shannon said.
Shannon said the growth of Silicon Beach, which includes Playa Vista, Venice and Santa Monica, where hundreds of tech and other startups have located, is driving the record prices in El Segundo. El Segundo is about a 15-minute drive to Playa Vista.
Campus 2100 consists of three office buildings and features a garden area, kitchen bistro and bocce ball court. It is 94% occupied with 11 tenants.
NKF Capital Markets' Shannon, Executive Managing Director Ken White, Senior Managing Director Rob Hannan and Managing Directors Michael Moll and Laura Stumm represented the seller.
SALES
Gramercy Property Trust sold a 124K SF office building and separate day care facility at 3701 Doolittle Drive in Redondo Beach to Miramar Capital for $36.7M.
Newmark Knight Frank’s Kevin Shannon, Ken White, Michael Moore, Eric Adams, Chris Strickfaden and Eric Lastition represented Gramercy Property Trust.
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Coldwell Banker Commercial Advisors closed the sale of the 18-unit Hamilton Apartments at 121 North Hamilton Drive in Beverly Hills for $12.75M.
Coldwell Banker Commercial Advisors’ Tom Jonsson and Will James represented the undisclosed seller. The buyer was not named.
FINANCING
HFF provided $31.5M in financing for the Chelsea Santa Monica to Kort & Scott Financial Group. The financing is a 10-year, floating-rate loan with Freddie Mac’s CME Program, HFF officials said in a statement. The Chelsea Santa Monica is a luxury residential and retail property with 53 rental units, including 28 studios, 19 one-bedroom and six two-bedroom units. A team including HFF’s Zach Koucos, Lee Redmons, Bharat Madan and Cater Eckerline arranged the financing for the Chelsea Santa Monica. The same team arranged financing for Kort & Scott Financial Group for the Wilshire Valencia, a 218-unit apartment community in downtown LA, this summer.
EXECUTIVE NEWS
The Orange County office of Allen Matkins celebrated its annual holiday celebration Dec. 12 at The Pacific Club in Newport Beach. More than 500 real estate industry professionals attended the event, the company said. The party followed the law firm's Los Angeles holiday event the previous week.
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NAI Capital founder and Chairman Mike Zugsmith has been named to NAI's Global Leadership Board Past Chairperson’s Council. The council is responsible for providing experiential counsel and guidance to the company’s leadership board.
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NAI Capital President and Chief Financial Officer Rachel Howitt has been named secretary of the company’s Global Leadership Board. The board’s goal is to increase the company’s profitability and foster professionalism, integrity and integrity throughout the company. She has been with the company for 25 years.
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Purplebricks has hired 40 real estate agents to its rapidly growing team. Many of the new real estate agents will serve home sellers and buyers in and around the Los Angeles area.
