This Week's LA Deal Sheet
The $2.6B NFL stadium in Inglewood is not scheduled to open until 2019, but it is already drawing an increasing number of developers to the area.
The Hoffman Co. just brokered the sale of Grace Park, a fully approved, 18-acre master planned community entitled for 310 condos.
The gated community will be between Prairie and Grace avenues, a half-mile from Hollywood Park.
The buyer, LA's Harridge Development Group, plans to redesign the existing plan to include detached condos.
The seller was Irvine's Shopoff Realty Investments.
Harridge Development Group CEO David Schwartzman said the firm was attracted to the area because Inglewood is the future.
"There is so much changing in this city," he said. "There are very few places where you can get the kind of product we are going to deliver here on this site."
Work has already begun on the property. The condos are expected to be ready for new residents to move in when the stadium opens in mid-2019.
SALES
The home of Grandmaster Recorders, a famous recording studio at 1518 North Cahuenga Blvd. in Hollywood, sold for $6.1M to LA's Cahuenga Investors.
The property includes a 9,200 SF commercial building on 8,557 SF of land.
The building, which dates back to the 1920s, was originally known as Bijou Studios.
Artists that have recorded at Grandmaster Recorders include Stevie Wonder, David Bowie, Ringo Starr, Tom Petty, Motley Crue, Chaka Kahn and Billy Idol.
The buyer plans to renovate and convert the space to retail or possibly a nightclub.
Silver Commercial principal Kathleen Silver and vice president Kay Sasatomi repped the seller, a private investment group.
Brooktree Partners president Howard Sadowsky repped the buyer.
Berkadia brokered the sale of 8261 Fountain Ave., a 10-unit apartment building in West Hollywood.
The rent-controlled apartment building sold for $2.55M, or $315/SF, at a 2.35% cap rate after receiving 27 offers.
The apartment building, built in the 1950s, is on an 8,095 SF lot and has a mix of studio, one- and two-bedroom units.
There also are 10 covered parking spaces, tenant storage and on-site laundry.
Berkadia managing director Adrienne Barr repped the seller.
The buyer, a local family, was attracted to the location, the rental upside and lot size of the property.
The Bay Shore Apartments in Long Beach sold for $4.1M.
The property closed at a 3.8% cap rate and nearly $456K/unit, a record high, according to Stepp Commercial.
The nine-unit apartment property, at 20 Bay Shore Ave., was built in 1946 and has all two-bedroom units.
Some of the units have been upgraded with hardwood floors, granite countertops and custom cabinetry.
Stepp Commercial principal Robert Stepp and vice president Michael Toveg repped the seller, a private investor from Los Angeles.
Stepp Commercial vice president Todd Hawke repped the buyer, also a private investor from Los Angeles.
Charles Dunn Co. brokered the $7.78M sale of a 20,800 SF industrial building that includes an additional 30,615 SF surface parking lot at 1660 Beverly Blvd.
The buyer, LA's Rideback Ranch LLC, will convert the property to a production campus for its company.
Charles Dunn Co. senior managing director John Anthony, director Chris Giordano, managing director Chris Steck repped the seller, Bev-Union LLC.
LS Capital repped the buyer.
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MAJOR RENO
Legacy Partners will perform a complete reno of The Verandas, a 209-unit, 180K SF apartment community in West Covina.
Legacy Partners has owned and managed the property since 2007.
The company recently received Department of Housing and Urban Development approval to refinance a $37M loan from Greystone to complete the reno.
The major upgrades will include improvements to the interior and exterior of the community, all of its units, the clubhouse and the swimming pool area.
There will also be enhancements to the dog park, barbecues and outdoor dining areas throughout the property.
The building's exterior will be repainted and the interior units will be repainted and have cabinets upgraded, new wood panel floors, improved lighting and stainless steel appliances.
Costa Mesa interior design firm Commercial Design Solutions is working on the project.
EXECUTIVE NEWS
Kidder Mathews expanded its operations by adding a team of nine senior valuation employees with team members in San Francisco, LA, Orange County, San Diego, Sacramento and Phoenix.
Newly named vice president Bob Dietrich, a 40-year expert in commercial real estate valuation and advisory, will be based in the firm's LA office.
He is a past president of the Southern California chapter of the Appraisal Institute and the the Southern California CCIM chapter.
His areas of specialization include planned developments, subdivisions, leasehold/leased fee analyses and project modeling.
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Savills Studley hired Willy Mann as a senior workplace strategist in its LA office.
Mann’s areas of expertise include data analytics, graphic design, visual storytelling, design research and space planning.
He also has an understanding of contemporary urban dynamics to deliver strategic spatial solutions for corporate, education and nonprofit clients.
Previously, Mann was an experience designer at VITAL and a design strategist at MKThink.
