This Week's LA Deal Sheet
A historic building in Pasadena, at 225 East Colorado Blvd., was just sold for around $15M, according to market sources.
ANDA Realty Capital in Old Town Pasadena bought the seven-story, 54,961 SF office building from Barker Pacific Group.
"Barker Pacific had a vision to add value to the building through a capital improvement program, including bringing new technology capabilities to tenant suites, installing a new HVAC system and upgrading the building’s common areas," JLL senior vice president Jon Lange said.
As a result of executing its business plan, Barker Pacific felt like it was the right time to reap the benefits.
ANDA Realty partner Andy Carpiac is bullish on the Pasadena office market and plans to continue in the capital improvement program to bring value to the building and its tenants, according to Lange.
Lange and JLL executive vice president Tom Bohlinger repped the seller and the buyer. JLL managing director Brian Halpern and senior associate Alex Kane secured a bridge loan for the buyer.
NEW CONSTRUCTION
CBRE Group just had the wall tilting of a 47K SF industrial and office development called Industry Gateway in Valencia.
The project will deliver much-needed contemporary warehouse and office space to the supply-constrained Greater Los Angeles market.
The two-story development will be for sale or lease.
Industry Gateway is in the Valencia Commerce Center and will feature 38K SF of state-of-the-art warehouse space on the ground floor. There will be an open office concept and conference rooms on the first and second floors.
It is scheduled to be completed at the end of June.
CBRE executive vice presidents Craig Peters and Doug Sonderegger are representing the developer, Industry Associates LLC.
LEASING
Ingenuity Studios signed a new five-year lease for 10K SF on the second floor of 941 North Highland Ave. in the Hollywood Media District.
Ingenuity Studios is an artist-owned visual effects studio that creates moving images for film, television and advertising.
The creative office space has 18-foot-high bow truss beamed ceilings, a kitchen, large windows and a private entrance.
Ingenuity Studios outgrew its offices at 1545 Wilcox Ave. and is nearly quadrupling its space in the new location.
Avison Young senior vice president Gary Berwick, based in the company’s West LA office, and Savills Studley managing director Craig Newlands repped the tenant.
Lee & Associates repped the landlord, Snyder Family Trust.
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Alpine Electronics of America signed a long-term lease renewal for $3.3M with Prologis for a 69,718 SF high-image industrial building in Torrance.
Alpine renewed the lease at the concrete tilt-up facility at 2012 Abalone Ave., where it provides services and repairs electronics. Approximately 75 people are employed there.
The Klabin Co. executive vice president/principal Todd Taugner, managing principal Frank Schulz and senior managing principal David Prior repped both Alpine Electronics and Prologis, the property owner.
LA-based Modus Furniture International signed a five-year renewal on its lease at 11751 Cabernet Drive in Fontana. The lease was valued at $6M.
The 231,600 SF building is part of the 140-acre Vintage Park East Industrial Park.
Colliers International's Kevin McKenna repped the landlord, Vintage Park East LLC.
A Colliers team of executive vice presidents Stephen Bellitti and Thomas Taylor, and vice president Summer Coulter, all in Colliers' Ontario office, repped Modus. In addition to its Fontana distribution center, Modus has showrooms in High Point, N.C., and Las Vegas.
Rolling Greens signed a new 64K SF lease at 1005 Mateo St. in the Arts District.
This will be the third and largest retail store, with the opening scheduled for Q4 2017.
The location was previously a scrap metal yard.
JLL LA's senior vice president Paul Park repped Rolling Greens. Lee & Associates senior vice president David Brandt repped the landlord.
EXECUTIVE NEWS
Tia Jones was named as an associate at Stepp Commercial.
She will focus on multifamily investment sales in West Hollywood and Hollywood.
Jones is a graduate of The University of Colorado – Boulder and began her career in real estate working for The Ritz-Carlton Hotel & Residences before transitioning into property management.
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C.W. Driver Cos. promoted project executive Paul Ruig to vice president of the Greater Los Angeles region.
Ruig will work with project owners and architects to oversee construction projects and develop new business opportunities in the region with a focus on hospitality, commercial, education, entertainment and studio work.
He has 20 years of experience, with 15 of them being at C.W. Driver working in various capacities, including as a project executive, project director and senior project manager.
Previously, Ruig was a construction manager at Whiting-Turner Contracting Co.
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R&A Architecture + Design has hired principal Shawn Gehle at the Culver City firm.
Gehle is bringing members of his former studio to the firm, which now has more than 30 staff members, up from five at its inception in 2012.
He has 18 years of experience in the industry.
Previously, Gehle served as principal of the LA design studio he founded for Kansas City, Mo.'s BNIM Architects.
