This Week's LA Deal Sheet
Madison Partners recently sold 1546 7th St in Santa Monica to CFL Properties for $10.25M. Bisnow caught up with Madison Partners broker Mitchell Stokes to get the details.
The property is an 11,276 SF boutique creative office building designed by architect David Gray.
It includes a large outdoor space, fountains, secured subterranean parking and modern interior design that Stokes (pictured above with his wife, Leslie Stokes) said makes the property unique.
In downtown Santa Monica, 1546 7th St has easy access to the Metro Expo Line terminus at 4th and Colorado.
The seller, repped by Industry Partners, was interested in selling the property now because "they want to get into less-management-intensive properties," Stokes said.
Buyer CFL Properties, which also owns Murphy Research, plans to occupy the property, according to Stokes.
SALES
Interstate Equities Corp bought a 126-unit multifamily property in Glendale for $54.2M.
IEC will rebrand and rename the property, currently known as Verdugo Village, Towne at Glendale.
The apartment community was built 52 years ago and renovated in 2007 to include high-end finishes, central air conditioning and other amenities.
Towne at Glendale is at 1717 North Verdugo Road and is 96% occupied.
Plans for the reno include a major redevelopment of the main lobby and entrance, installing a new fitness center, upgrades to the existing on-site movie theater and adding on-site storage for residents.
Hendricks Berkadia managing director Adrienne Barr and partner Shane Shafer brokered the deal. The acquisition loan was arranged by Holliday Fenoglio Fowler managing director Peter Smyslowski and provided by CIT Bank.
Institutional Property Advisors, a division of Marcus & Millichap, sold Candlewood North, a 189-unit multifamily community in Northridge for $43.55M, or more than $230k/unit.
Candlewood North, at 9830 Reseda Blvd, consists of three buildings totaling 166,910 net rentable SF on 3.2 acres.
Amenities include an outdoor gazebo, two large swimming pools and spas, and a barbecue/picnic area.
There are 13 studios, 118 one-bedroom apartments and 58 two-bedroom units on the property with the average apartment size being 883 SF.
IPA executive director Greg Harris and IPA senior directors Kevin Green and Joseph Grabiec repped the seller, Essex Property Trust.
Harris, Green and Grabiec also secured the buyer, Chicago's Waterton, an investment and management firm.
NEW CONSTRUCTION
NewMark Merrill Cos just completed Phase 1 of the $15M redevelopment of Crenshaw Imperial Plaza, a 304,755 SF neighborhood shopping center at Crenshaw Boulevard and Imperial Highway in Inglewood.
The firm has also secured a $34.4M senior loan, provided by PCCP and arranged by George Smith Partners SVP David Pascale for the recapitalization of the project.
Phase 1 includes remodeling the dd's Discounts and 99¢ Only Stores and converting the ground floor of the office building to retail.
Phase 2 includes remodeling the remainder of the retail center and office building, which will also house Mission View Charter School, a new 15k SF school.
It is scheduled to be completed by the end of next month.
OFFICE REPOSITIONING
The Ruth Group recently completed the creative office transformation of a six-story building at 211 East Ocean Blvd in Long Beach, along with architecture firm Ware Malcomb.
The reno aimed to achieve environmental design while emphasizing open, creative space. The building features floor-to-ceiling murals in the building lobbies done by local artists and a large plaza to connect indoor and outdoor space.
The Designory, a creative marketing agency, and Opus Bank are among the tenants.
