This Week's LA Deal Sheet
Valencia Studios, a 121k SF film and TV production facility, was just sold for $19.3M.
Sklar Kirsh co-chairman Andrew Kirsh, who advises entertainment companies in studio facility-related deals, tells Bisnow there is a demand for production facilities.
Andrew describes the sale as a rare opportunity to buy a great production studio property at a below-market cap rate.
NCIS is among the shows shot on the lot.
The new owners plan to continue to lease the property to CBS for the production of NCIS "for as long as possible," Andrew says.
The facility has been used by CBS and Paramount Studios to produce The A-Team, JAG, Power Rangers and Terminator 2, among other TV shows and movies.
Valencia Holdings and Valencia Studio Group bought the property from The Capital Foresight L.P. and Valencia Studios NKG.
SALES
A dialysis clinic in Palmdale recently sold for $6.97M with a cap rate of 5%.
The 13,750 SF dialysis clinic at 38454 5th St W is near the new Palmdale Regional Medical Center.
Meridian COO John Pollock tells Bisnow the deal involved a larger three-acre parcel; the dialysis clinic only required about one acre of the property.
A private investor based in the Central Valley bought the dialysis clinic and Meridian sold the remaining property to the neighboring self-storage facility, according to John.
As a result, Meridian was able to do a lot-line adjustment to include the extra two acres.
It helped to not only speed up the process but also "allowed us to reduce the basis in the land" for the dialysis user and provide a lower rent, John says.
Meridian bought the clinic six years ago from the lender General Electric Credit Equities.
The firm also has developed a 73k SF medical campus in Palmdale.
This is the second dialysis clinic Meridian has sold this year, following another sale of a similar clinic in San Rafael.
Meridian SVP of development Mike Conn delivered the clinic.
CBRE EVP Gary Stache and SVP Bryan Lewitt repped Meridian.
The buyer was repped by Wilton's Five Star Land Co.
A private investor bought an eight-unit non-rent-controlled property at 1030 South Shenandoah Ave in Pico-Robertson for $4M, or $500k/unit.
It consists of townhomes with dual levels and rooftop patios with city views.
The property was originally bought 80 years ago and has remained in the same family until now.
The buyer will be able to renovate and remodel the building to realize income potential.
KW Commercial agents Adam Zunder and David Weinberger repped the buyer.
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Lincoln Property partnered with an affiliate of Rockwood Capital to buy Gateway El Segundo, a 355k SF office campus.
The campus, at Sepulveda Boulevard and East Grand Avenue, includes three three-story Class-B office buildings, two single-story retail buildings and outdoor meeting spaces.
The office buildings are 52% leased.
The retail space is fully leased to six fast-casual and quick-service restaurants.
NEW CONSTRUCTION
The Los Angeles City Planning Commission has unanimously approved plans for THE LGBT Center’s new Anita May Rosenstein Campus in Hollywood.
The new campus will serve as the administrative headquarters for the Center and have up to 100 units of affordable housing for seniors, 100 beds for homeless youth, new senior and youth centers, up to 35 units of permanent supportive housing for young people and ground-floor retail.
Architecture firm KFA, in collaboration with design firm Leong Leong, is the architect for the project at 1118 North McCadden Place.
It is slated to open in early 2019.
EXECUTIVE NEWS
Stan Johnson Co hired Myles Helm as its regional managing director for the West Region. Myles will lead the region from DTLA.
Previously, Myles was CBRE's South Bay area managing director.
He is a former director of business development for Trizec Properties and a former president at DAUM Commercial.
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Patrick Toomey is joining Faris Lee Investments as its senior managing director.
He brings three decades of team-building to the position.
As senior managing director, Patrick will lead client development and head Faris Lee’s new office in El Segundo.
Patrick was previously first VP and national director at Matthews Retail Advisors.
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Zach Middleton has been hired as an associate broker at The Klabin Co/CORFAC International.
He will be based in the firm's LA office.
A recent graduate of Florida State University, Zach was also a professional rugby player in New Zealand.
