This Week's LA Deal Sheet
Madonna’s former recording studio on Beverly Boulevard will soon be cranking out a new melody. Bisnow caught up with NAI Capital associate Joe Remarcke to get the details.
Joe says Docler Media just signed a two-year, two-month lease for $1.3M for approximately 12,260 SF at 8000 Beverly Blvd (below).
The deal included upgrades to the server room and equipment as a way to improve the equipment’s speed.
That it used to be Madonna’s digs helped attract Docler Media to the property, he says.
The building's proximity to Docler Media's headquarters in Hollywood was also a plus, according to Joe.
Docler Media will be using the studio, which has 25 soundproof rooms and offices, for talent performing live music for streaming online, he says.
SALES
CBRE Group sold the triple-net leased Bayless Engineering buildings in Valencia for approximately $12M.
Bayless Engineering & Manufacturing occupies 100% of the two Class-A buildings at 26100 and 26140 Avenue Hall in the Valencia Industrial Center.
CBRE’s EVP Craig Peters and senior associate Robert Valenziano repped the seller.
Colliers International senior EVP Steve Calhoun and Craig Lyon of Craig Lyon Commercial repped the buyer, Sierra Nevada Investment Group.
SVN | Rich Investment Real Estate’s Pacific Bridge team sold Creekside Plaza, a 68,951 SF office building in Agoura Hills, for $12M.
The multi-tenant office building at 28720 Roadside Drive was built 29 years ago for Roy Disney.
It was sold by W-Net Inc to Agoura Hills Investments.
SVN | Rich Investment Real Estate senior partners Jeff Albee, Travis Albee and Tilden Moschetti repped W-Net.
Universe Holdings bought three South Bay multifamily properties, totaling 77 units, for $16.67M.
Universe has dedicated an additional $2.5M for immediate improvements across the Inglewood and Hawthorne properties, which were bought off-market in a single portfolio deal.
The three properties are 516 Evergreen St in Inglewood (pictured above), 702 Venice Way in Inglewood and 13220 Cordary Ave in Hawthorne.
FINANCING
Newmark Realty Capital arranged $14.8M in permanent financing for a three-property Southern California self-storage portfolio.
The portfolio totals 215k SF and over 1,900 units managed by a regional operator.
Newmark arranged a loan that allowed the borrower to lock in a low rate six months prior to the open prepayment window for its maturing loan.
Newmark VP Andy Bratt arranged the fixed-rate, non-recourse financing for the borrower. The 10-year loan was placed with one of Newmark’s correspondent life insurance company lenders.
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Holliday Fenoglio Fowler secured $30.8M in financing for Woodlake Manor, a 276-unit apartment property at 4555 West Martin Luther King Jr. Blvd in Baldwin Hills.
Vista Investment Group bought the property for $44M, or more than $159k/unit, in a separate deal.
Institutional Property Advisors executive director Greg Harris and IPA senior directors Kevin Green and Joseph Grabiec repped the seller, Jones & Jones Management Group, and found the buyer, Vista Investment Group.
Then, Vista Investment Group brought in HFF to do the acquisition financing, placing a seven-year, fixed-rate loan with a local commercial bank.
Woodlake Manor, built 52 years ago, was 97.8% leased at closing. The deal included a land parcel occupied by two radio towers.
HFF director Marc Schillinger led the debt placement team repping VIG.
Woodlake Manor Apartments is an eight-building property. It has 97 one-bedroom and one-bath apartments, 158 two-bedroom and two-bath units and 21 three-bedroom and two-bath apartments.
NEW CONSTRUCTION
Santa Monica's Killefer Flammang Architects just completed the new Jack and Cindy Jones Youth Center in Mar Vista Gardens, a $1.7M renovation and expansion project.
The Mar Vista Gardens center is a project of the Santa Monica Boys & Girls Club and the Housing Authority of the City of Los Angeles and is named in honor of the sponsor, the Jones family.
KFA also designed the Challengers Boys & Girls Club & Tennis Pavilion for youth in South LA.
The Jack and Cindy Jones Youth Center project was made possible by funds from the voter-approved Proposition K.
A new education center, a teen space and a music studio are among the upgrades to the new facility.
The grand opening was held late last month.
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McCormick Construction has new parking structure development projects, totaling 464,767 SF and 1,412 parking stalls in Burbank.
The private structures will provide parking for employees of the Nickelodeon Animation Studio, Contract Services Administration Trust Fund and 800 South Flower St (pictured above).
The 800 South Flower St parking structure is under construction. It will consist of a four-story parking structure owned and developed by Cusumano Real Estate Group.
It will house up to 525 vehicles, including 20 exterior ground-level spaces on-site.
The 178,444 SF project is environmentally friendly and has a green-screen system with live plants.
Nickelodeon Animation Studio's parking lot, at Lake and Olive streets, is a 450-stall, 129k SF, five-story parking garage designed by Clark Pacific, DLR Group and Englekirk.
EXECUTIVE NEWS
Ethika Investments appointed Marisa Lizak as director of capital markets.
Marisa will be responsible for implementing leadership for debt and equity capital market activities, relating to the firm's private equity real estate funds. She will also play a role in the development and management of Ethika's capital raising, investor relations and investment strategy initiatives.
Previously, Marisa was SVP and head of underwriting at Starwood Property Trust, an affiliate of Starwood Capital Group. She was also VP at Coastal Capital Partners.
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Scott Caswell joined Lee & Associates-LA North/Ventura as a principal and is based in its Calabasas office.
Scott, who will continue to specialize in industrial and commercial brokerage at Lee, was formerly with Delphi Business Properties, where he earned Broker of the Year honors.
Scott was a real estate analyst for Ashwill Burke & Co while working his way through college and joined Delphi in 1987. He has closed nearly 13M SF of deals with a value in excess of $655M.
