This Week's LA Deal Sheet
A two-property portfolio just sold in Woodland Hills for $1.8M. Bisnow caught up with Newmark Grubb Knight Frank associate director Amir Araghi to get the details.
Amir (pictured above right), along with NGKF managing director Serge Vishmid, repped the buyer for 21133 Costanso St and 21150 Ventura Blvd.
The buyer was ABM Medical.
The sellers were the original owners of the property, which is a local landmark and included My Brother’s Barbecue at 21150 Ventura Blvd.
The new owner plans to convert the building into a medical building.
Medical buildings are becoming "a rare and a very hot commodity," Amir tells Bisnow.
"The demand has really gone up," he says. "They are so few and far between."
Amir, pictured above with NGKF senior managing director David Ghermazian, also brokered the recent sale of 4165 Beverly Blvd for around $6M.
The seller was 4165 Beverly LLC. The buyer was not disclosed.
SALES
Hanley Investment Group Real Estate Advisors, along with Voit Real Estate Services, sold a single-tenant net-leased coastal property occupied by Petco at 537 North Pacific Coast Hwy in Redondo Beach for $7.63M.
The sales price reflected a cap rate of 4.5%, a record low cap rate for a single-tenant Petco in LA County.
The 17,160 SF Petco building sits on a 1.07-acre parcel in King Harbor Plaza, shadow-anchored by Smart & Final.
Petco has been in the building for 22 years and recently signed a 10-year lease extension.
Hanley Investment Group president Ed Hanley and EVP Bill Asher, along with the seller’s exclusive adviser, Voit Real Estate Services VP Joe Miller, repped both the seller and buyer in the 1031 exchange transaction.
The seller was The Beacon Group, based in Orange County. The buyer was a private corporation based in LA.
Stepp Commercial sold a fully occupied, six-unit apartment building at 919 20th St in Santa Monica, for $2.7M.
The deal closed at a cap rate of 3.4%, and the price was $450k/unit.
There are three two-bedroom units and three one-bedroom units on a bungalow-style property on a lot that's more than 8k SF.
Stepp Commercial principal Kimberly Roberts Stepp repped the seller, LA's Devlaur LLC, and the buyers, private investors in San Diego.
LEASING
The Orange office of Lee & Associates completed a lease for a 56,481 SF industrial building at 12717 Ann St in Santa Fe Springs.
The lease is valued at approximately $2.1M.
The Mid-Counties Industrial Team of Lee & Associates principal Joel Hutak and associate Phillip DeRousse repped the tenant, Hawaiian Islands Forwarders.
NEW CONSTRUCTION
CIM Group began building a 34-story apartment tower with 6k SF of ground-floor retail space and a public park at 888 South Hope St in South Park in downtown LA.
The building is at the corner of 9th Street and Hope, adjacent to a seven-story, 654-stall parking structure built by CIM that includes a 5k SF Petco.
The apartment tower has 525 units and a 30k SF rooftop deck with an outdoor pool, a lounge, a garden and other greenspaces.
There also will be lounge and outdoor terrace on the 34th floor.
EXECUTIVE NEWS
Eric Kenas has joined Cushman & Wakefield as its research market director for the Greater LA region.
He will work in the DTLA office, where he will be responsible for delivering research services and managing the day-to-day activities of the LA Basin research team.
Previously, Eric worked at Newmark Grubb Knight Frank as director of research and marketing for the Southwest region.
He also spent 11 years with CBRE's National Mapping Center as national director of special projects and retail development.
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Scott Godfrey is a new principal in the LA office of Cuningham Group Architecture.
Scott has more than 26 years of architectural experience with a primary focus on retail, resort and entertainment.
Previously, Scott has worked on attractions for Knott’s Berry Farm, Universal Studios and Walt Disney Imagineering.
