This Week's LA Deal Sheet
Azzi Advisors of Marcus & Millichap just sold a 24-unit apartment property at 324 South St. Andrews Place near Mid-Wilshire. Bisnow caught up with Azzi Advisors president Tony Azzi to get the scoop.
Tony (right) and Marcus & Millichap senior associate Rabbie Banafsheha (left) had the exclusive listing to sell the property.
Tony tells Bisnow investment opportunities in Mid-Wilshire, especially in a good location, are not easy to find.
"A deal like this doesn't become available very often," Tony says.
The building is a non-rent-control building with upside potential for rent increases.
The seller was ready to sell because he had acquired a larger asset, according to Tony.
The buyer was interested in the property because he liked the location and that it was a non-rent-control building.
The property (above) is more than 50 years old and is on a 9,016 SF lot.
Tony and Rabbie repped the seller, a limited liability company, and the buyer, another limited liability company.
SALES
A private investor bought a multifamily portfolio, totaling 41 units in Studio City and Toluca Lake for nearly $9.5M.
Blix Apartments, at 4731 Vineland Ave in Toluca Lake, sold for $4.095M.
It is a 19-unit property with one-bedroom, two-bedroom and three-bedroom units.
The other property, Vineland Villa Apartments, a 22-unit property at 3935 Vineland Ave in Studio City, sold for $5.4M, more than $100k above the list price.
It has studio, one-bedroom and two-bedroom units.
Berzack Investment Property Advisors president Warren Berzack repped the buyer and seller. Berzack Investment Property Advisors is a multifamily specialty group of Lee & Associates-LA North/Ventura.
***
RE/MAX Commercial & Investment Realty sold a property at 1840 North Kenmore Ave in Los Feliz.
The 72‐unit, 71,232 SF building is not subject to rent control and was built nearly 30 years ago.
RE/MAX Commercial & Investment Realty VP Jonathan Taksa repped the buyer, Kenmore GF LLC.
Beverly Hills Realty Group partner Chuck Henderson repped the seller, Kenmore View Apartments LLC.
Voit Real Estate Services sold Arrow Business Park, a seven-building, 136,806 SF multi-tenant industrial/flex business park in Rancho Cucamonga for $15.4M.
It consists of 69 units ranging from 240 SF to 12,650 SF.
Arrow Business Park, built 28 years ago, is at 9047-9087 Arrow Route.
It was 76% occupied at acquisition.
Focus Real Estate acquired the property in partnership with HG Capital.
Bridgeport Investments' Chris Bramel and Randy Bramel arranged the debt and assisted with the equity for the acquisition.
An acquisition loan was provided by Silvergate Bank of La Jolla.
Voit's Frank Geraci and Juan Gutierrez of the Inland Empire office, and Mike Bouma of the Orange County office, worked together to rep both the buyer, Focus Real Estate, and the seller, Essex Arrow LLC.
Madison Partners just sold the Tower at Sherman Oaks, a 167,726 SF Class-A office property with street-level retail at 14724 Ventura Blvd in Sherman Oaks.
The price was $56.7M or $338/SF. The building is 96% occupied.
Madison Partners also arranged acquisition and renovation financing totaling $48.1M with Loancore Capital on behalf of Sandstone Properties.
Madison Partners president and founder Bob Safai, senior executive director Matt Case and Brad Schlaak repped the seller, Douglas Emmett.
LEASING
Avison Young negotiated a 63-month, 13k SF office lease in Hollywood for Soothe, an on-demand massage service.
Soothe plans to move from its current 4k SF office in West Hollywood to the recently revamped sixth floor of 1800 Highland Ave before the end of the year.
Avison Young principal Scott Steuber and VP Jeff Vertun repped the tenant.
NGKF repped the landlord, Souferian Group.
Ardmore Home Design signed a long-term lease for a 128,810 SF state-of-the-art Class-A industrial facility in the City of Industry.
The space will serve as the corporate headquarters for Ardmore’s popular home décor business lines Made Goods and Pigeon & Poodle.
Ardmore will be consolidating and relocating operations from three separate warehousing facilities in Baldwin Park to its new facility at 768 Turnbull Canyon Road.
Cushman & Wakefield director Ty Newland with the Inland Empire office repped the tenant.
FINANCING
iBorrow has provided an $18.05M acquisition loan for the purchase of an approximately 133k SF office building on Olympic Boulevard in Koreatown.
As part of its acquisition loan, iBorrow will fund part of the cost for the borrower to change the use of the property from an office to a hotel.
The building gained notoriety last year when a fire on the fifth floor forced all of the building’s tenants to vacate.
The property had been vacant since then.
