This Week's LA Deal Sheet
A new $30M apartment development that will offer unobstructed views of the ocean and the Santa Monica mountains from most of its units is under construction in Marina del Rey.
California Landmark Group president Ken Kahan tells Bisnow why D1 will give local competitors a run for their money.
D1, on a one-acre site at 4210 Del Rey Ave in the Marina Arts District, is what Ken describes as a great location because of its proximity to the South Bay, Santa Monica, Culver City and the area surrounding LAX.
With rents ranging from $2k to $4,500, Ken says D1 will feature ceilings nearly 10 feet tall and interiors with an industrial feel, including concrete floors and exposed HVAC ducts.
The five-story building's architecture will be striking, combining white standing seam sheet metal and smooth plaster exterior, Ken says.
It will feature studios, one-, two- and three-bedroom floor plans from 740 SF to 1,640 SF.
Amenities include a 3k SF rooftop pool deck, a business center and a fully equipped gym.
D1 is designed by Woodland Hills' PK Architecture.
It is expected to be completed in fall 2018.
SALES
Stepp Commercial just sold a 13-unit property at 1313 Pico Blvd in Santa Monica for $3.2M. The two-story property includes 11 residential apartment units and two commercial spaces occupied by a hair salon and an accounting firm.
The 70-year-old property has 10 one-bedroom units, one two-bedroom unit and the two commercial units.
The deal closed at full asking price with a low cap rate of 2.8% and gross rent multiplier of 19.
Stepp Commercial principal Kimberly Roberts Stepp and Stepp Commercial VP Aynsley Armbrust repped the seller, a private trust from LA, and the buyer, North Hollywood's MGA Investments.
Airport Plaza, a 135,039 SF shopping center, located at 635-699 Victory Blvd in Burbank, was sold for $37M by Paragon Commercial Group.
The sellers, Airport Plaza Inc and Alton Jennings Trust, had owned the property for decades.
The plaza was built more than 50 years ago.
The newest store, Hobby Lobby, opened two years ago. Other major tenants include Toys 'R' Us, O’Reilly Auto Parts and Burger King.
Savills Studley EVP Bill Bauman and senior managing director Kyle Miller repped both sellers. Savills Studley also repped the buyer.
***
Marcus & Millichap sold the Tarzana Professional Center, an office and medical campus of about 160,345 SF in Tarzana for $32M, or $200/SF.
Built more than 50 years ago and renovated in 1977 and 1982, the 2.33-acre property is at the northeast corner of Reseda and Burbank boulevards.
The Tarzana Professional Center consists of three multi-story office buildings with parking spaces for 420 cars.
Marcus & Millichap SVPs Brandon Michaels and Earle Hyman repped the seller and found the buyer.
EXECUTIVE NEWS
Ladera Ranch's Money360 recently hired Ken Gaitan (above) as regional director of the company’s Western region.
Ken is a commercial real estate industry veteran with nearly 30 years of experience in originating loans, generating pipeline growth and asset management.
***
Newmark Grubb Knight Frank just added Daniel Chiprut as senior managing director in the West LA office. Daniel, a specialist in landlord and tenant representation, with a focus on the medical and technology sectors, has more than a decade of experience.
Daniel began his career with Grubb & Ellis, now known as NGKF, as a market analyst. His experience includes working with Marcus & Millichap, where he was responsible for real estate financial modeling and analysis. He was also a senior managing director with Commercial Asset Group.
Grandpoint Bank has promoted Karen McGuire to EVP.
She continues to serve as manager of Grandpoint’s construction lending department.
Karen is responsible for helping Grandpoint Bank and its divisions, Bank of Tucson, Regents Bank and The Biltmore Bank of Arizona, expand their construction lending.
Her duties include analyzing and underwriting the bank’s construction loan requests.
