This Week's LA Deal Sheet
The Chapman Park Studio Building in Koreatown just traded hands in an all-cash deal for $9.7M. Bisnow caught up with Charles Dunn Co senior managing director John Anthony to get the details.
The 27,171 SF historic building at 3501-3519 West 6th St dates back to 1928.
It features Spanish Revival architecture and has eight ground-floor retail units and nine second-floor, rent-controlled, loft-style apartments.
John says the property had a "significant amount of interest" from buyers. "Koreatown is a very hot submarket with a large amount of capital currently being infused into new development and redevelopment."
Beverly Hills' Chapman Court LLC bought the building, which is a historic landmark.
The building traded quickly since it was an all-cash offer "with a timely close," John says.
The property’s interior includes detailed molding, paneled walls, tiled floors, high ceilings, arched windows, double-wide hallways and an artisan showroom. The building’s exterior includes a courtyard, fountains/statues, gardens, patios and rooftop views.
The building also has 14 parking spaces and is on around 0.39 acres.
John, senior director Chris Steck and director Christopher Giordano repped the seller, an LA family trust.
Charles Dunn Co managing director Tanel Harunzade repped Chapman Court LLC.
SALES
Stepp Commercial sold Bluff Park Apartments, a 12-unit multifamily property in the Alamitos Beach neighborhood in Long Beach for $2.95M.
The property at 1825 East 1st St has 10 one-bedroom units and two two-bedroom units.
Eleven of the units were recently renovated and have hardwood floors, granite countertops, stainless steel appliances, and washers and dryers.
Stepp Commercial principal Robert Stepp repped the seller, San Francisco's Virtu Bluff Park Associates, as well as the buyer, Long Beach-based Seaward Road Enterprises.
The property closed at a 5.32% cap rate.
The price/unit was $245,833.
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An Archway Holdings and 3D Investments JV bought 10390 Santa Monica Blvd, a 79k SF Class-A office building in West LA, from Kennedy Wilson for $36M.
The four-story building is 84% occupied, with tenants including Alcon Entertainment, Baby First TV, The Playground, The French Consulate, Alliance Francaise de Los Angeles and doctors.
The seller recently finished capital improvements that included a common area, a restroom and elevator upgrades.
Archway and 3D, both in Beverly Hills, are planning more capital upgrades to the building.
Lucent Capital's Adam Emrani and Steven Yazdani and LA Realty Partners' Gary Weiss and Tony Price repped Archway Holdings and 3D Investments.
LA Realty Partners also repped the seller.
LEASING
Toolots signed a five-year lease for 115,560 SF in a flex/warehouse building at 16300 Shoemaker Ave in Cerritos.
The building has about 14k SF of office space, an approximately 200-foot loading platform with 20 separate loading docks and a 150-degree turning radius for semi-trailer trucks.
Colliers International EVP Jeff Smart and senior associate Grace Yi of the firm’s El Segundo office repped the owner, Laskey-Weil Co.
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The Formosa Group just signed a lease for approximately 30k SF at 959 Seward in Hollywood.
The lease is larger than its current headquarters and includes sound design, sound and music editing, and mixing and ADR capabilities, as well as administrative and support staff.
959 Seward is part of J.H. Snyder’s new 250k SF Hollywood 959 development in the Hollywood Media District.
The project is built to LEED standards and has 13-foot to 16.5-foot concrete lid ceilings, operable windows, floor-to-ceiling glass and a furnished outdoor courtyard with free WiFi.
First Property Realty Corp's EVP Michael Geller, associate VP Josh Bernstein and associate Ben Silver repped the landlord, J.H. Snyder.
Cushman & Wakefield EVP Mark Robinson and EVP Arlene Sommer repped the Formosa Group.
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Two creative tenants are expanding their offices in the RedBuilding at the Pacific Design Center in West Hollywood.
New York's Digital Brand Architects is expanding its space on the ninth floor of the east tower from 9k SF to 13,200 SF.
The social networking company Grindr plans to add 8k SF square feet in the building for a total of 26k SF—taking up the entire 14th floor.
Charles Cohen is the owner and developer of the Pacific Design Center.
EXECUTIVE NEWS
Rick Chancellor (above) just joined Cardiff Development Partners as a partner.
He will be responsible for overseeing project design, identifying new retail development opportunities and collaborating with brokers on tenant leasing.
Rick is the former president and CEO of Robeks Juice.
He has worked both in-house and as an exclusive broker and was, previously, a western region VP for McDevitt Co.
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Alex Virtue has joined CBRE Capital Advisors as senior managing director.
Alex will expand CBRE’s investment banking advisory capabilities while providing coverage in the West.
Previously, he was a managing director at Eastdil Secured/Wells Fargo’s real estate investment banking group, where he led its investment banking coverage on the West Coast.
