This Week's LA Deal Sheet
ARA Newmark has sold the 96-unit Valerio Apartments in Van Nuys. Bisnow caught up with ARA Aramark managing director Bryan Schellinger to find out more about the sale.
Valerio Van Nuys Apartments LLC sold the property for $14.3M or $149k/unit and $170/SF.
Bryan (pictured above on a recent vacation in Washington, DC) repped the seller, along with his partner, Tyler Martin.
Bryan says the seller had owned the property for years but decided now was "the right time to sell and reinvest the proceeds elsewhere."
The buyer recognized great potential in the property at 14420-14432 Valerio St, Bryan says.
The buyer also saw "a clear path to capturing more than 40% upside in potential revenue."
The property was 100% occupied at close of escrow.
KW Commercial realtor Kelly Morgan located the LA buyer, Studio Vista LP.
LEASING
Imperial Capital LLC signed a long-term lease for the entire 24th floor at 10100 Santa Monica Blvd in Century City.
The investment banking firm was previously at 2000 Avenue of the Stars.
Imperial Capital will move into its new 24,203 SF office in the 26-story, 605k SF Class-A building in the first quarter of next year.
Savills Studley executive managing director John Bertram and managing director Craig Newlands advised Imperial Capital.
Hines director of marketing Todd Later repped the owner, 10100 Santa Monica Inc.
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Venable, which is celebrating its 10-year anniversary, has expanded its offices in Century City.
Redesigned by AREA Architecture, the law firm's offices at 2049 Century Park East now include the 21st, 22nd and 23rd floors, which adds up to approximately 81k SF, connected by a two-story internal staircase.
The expanded space includes a state-of-the-art conference center, multiple conference rooms and casual areas for client consultations and meetings.
SALES
Decron Properties Corp bought the 349-unit Adagio at South Coast, a 349-unit multifamily apartment community in Santa Ana for $96M from Prime Residential.
Adagio at South Coast is a garden-style multifamily community built more than 40 years ago.
Decron plans to renovate the units, installing shaker-style cabinets, quartz countertops, stainless steel appliances, vinyl plank flooring, and in-unit washers and dryers.
The common areas will be upgraded to include a new fitness center and clubhouse, fire pits, outdoor lounge areas, resort-style pool amenities and dog parks.
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CBRE sold a portfolio of 22 California self-storage properties to National Storage Affiliates, a Colorado-based real estate investment trust, for an undisclosed price.
The Extra Space Storage-managed portfolio includes 22 properties in Southern California, including Anaheim, Riverside, Apple Valley, South Gate, Harbor City, Grand Terrace, Palmdale, Victorville, Rosamond and San Diego.
CBRE SVP Nicholas Walker repped the buyer and seller, CPA 17-Global, in the 1.6M SF portfolio deal.
Pasadena's 245 Los Robles LLC bought a mostly vacant 130k SF, eight-story office building at the corner of Los Robles and Cordova for $40.5M in an off-market deal.
The seller originally bought the building with several adjacent parcels two years ago.
The office building, built 45 years ago, won BOMA's Building of the Year Award in 1994.
It includes a walk-in vault and full basement, along with a 340-stall parking garage.
It was formerly occupied by a bank and title company, among other tenants.
The buyer, a local developer, plans to use the ground floors for new offices and reconfigure the top floors.
Berkadia senior managing director Dean Zander and Berkadia associate director Mark Ventre repped both the buyer and the seller.
