This Week's LA Deal Sheet
CBRE Group just sold the Artesia & Prairie Center in Torrance for $7.9M. Bisnow has more on the deal.
Las Vegas' Makena Great American Prairie sold the corner strip mall at 3931 and 3971 Artesia Blvd to a local private investor.
CBRE’s Alex Kozakov (left) and Patrick Wade (right) repped the seller.
Makena Great American Prairie owned the strip mall for more than a decade.
There were more than a dozen offers for the property, according to Alex. The cash deal closed in less than 30 days.
Makena Great American Prairie had "created significant value" during its ownership "by adding several national credit retailers," Alex tells Bisnow.
There are 12 tenants at the property, including food and coffee retailers. The center is 100% leased.
The local private investor who bought the property recognized "considerable long-term value" due to its location with limited nearby retail competitors and the possibilty of future rent growth, according to Alex.
The buyer was repped by Lee & Associates.
SALES
Stepp Commercial sold an 80% vacant, seven-unit apartment building at 1446 Yale St in Santa Monica for $2.45M.
The 70-year-old property has six bungalow-style one-bedroom units and one studio unit.
The deal closed at a cap rate of 4.1%. Price per unit was $350k.
The seller was a private investor from LA.
Stepp Commercial principal Kimberly Roberts Stepp repped the buyer.
Kennedy Wilson sold a mixed-use complex at the corner of 11th Street and Wilshire Boulevard in Santa Monica for $16M.
The company 11th and Wilshire LLC bought the approximately 23,500 SF property from Paragon Properties.
The property, at 1101-1115 Wilshire Blvd in Santa Monica, has two lots, including five brick-and-beam, one-story commercial buildings with original bow truss structures.
The second parcel has a two-story, five-unit apartment building.
All of the buildings are 100% leased.
Kennedy Wilson repped both the buyer and the seller with a team led by executive managing director of brokerage Ed Sachse, EVP of brokerage Fred Cordova and SVP of brokerage Christine Deschaine.
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CBRE Group sold a multifamily property in Glendora for $2.65M, or approximately $364/SF, reportedly a record for Glendora.
The property at 121-127 North Pennsylvania Ave has 12 single-story cottage units in seven buildings.
CBRE First VP capital markets Eric Chen repped the seller, 121 N Pennsylvania Ave LLC.
The buyer, Baly Investments, was repped by Kotai Realty.
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CBRE Group sold a three-story medical office building in Glendale to a 1031 exchange buyer for $10.98M.
The 26,803 SF property is at 3600 North Verdugo Blvd and 87% occupied by a total of 12 tenants.
The property has suites, ranging from 680 SF to 3,441 SF, and is in an infill medical office market with low vacancies.
CBRE’s Gary Stache and Mark Shaffer repped the seller, Dunham & Associates Investment Council.
The unidentified buyer was repped by an outside broker.
The 24-story Carlyle Residences on the Wilshire Corridor are now 100% sold.
The Carlyle, developed by Elad Group, consists of 78 homes.
The residences sold for an average of $1,044/SF and have acquired a total gross sales revenue of nearly $280M.
The Carlyle consists of two- and three-bedroom residences, ranging from 2,772 SF to 5,716 SF with up to four and a half bathrooms.
CONSTRUCTION
Bernards just completed and received a certificate of occupancy for The Camden, a 287-unit, mixed-use urban infill project at 1540 North Vine St in Hollywood.
The mixed-use multifamily project, designed by TCA Architects, has five stories of residences on top of a two-story podium totaling 672,765 SF.
There is also an Equinox Health Club on the street level.
The amenities include a sunset deck with a heated saltwater pool, cabanas, grilling areas and a jumbo digital screen monitor.
There are also six themed central courtyards, four “art wall” panels, a lounge with a gourmet kitchen, a private outdoor exercise area and a dog den.
LEASING
Avison Young negotiated a long-term lease for a 14,779 SF office at 1150 South Olive St on behalf of engineering firm Simpson Gumpertz & Heger in South Park in DTLA.
Simpson Gumpertz & Heger has committed to a seven year, eight month lease term with landlord LBA Realty.
Simpson Gumpertz & Heger will take up the entire 16th floor.
The space is undergoing renovations with a targeted move-in date of January 2017.
Simpson Gumpertz & Heger will relocate from its DTLA office at 1055 West 7th St.
Avison Young principals Ted Simpson and Scott Steuber repped the tenant. CBRE repped LBA Realty.
USC is among the tenants at the building.
EXECUTIVE NEWS
Veteran construction industry executive Randy Grosskopf has joined Wilshire Construction as COO.
Randy has three decades of office and field operations experience. His clients have included Disney, Caruso Affiliated, Amgen, USC, UCLA and the State of California.
Previously, Randy was SVP at Lendlease.
He is also a licensed general contractor and a certified DBIA Professional.
