This Week's LA Deal Sheet
Dimtam has set its sights on the increasingly popular Warner Center, purchasing 5959 Topanga Canyon for $14.5M, according to CoStar.
The buyer liked the location and wanted to diversify its real estate holdings, according to Coldwell Banker Commercial Advisors Senior Vice President Michael Neil.
"The property has a unique image in the marketplace, both literally and figuratively," Neil said. "It is highly visible due to its proximity between the Warner Center and 101 freeway."
5959 Topanga Canyon is a 64k SF, three-story building on a knoll overlooking Warner Center.
There is a lot going on in Warner Center with new projects in development.
Adler Realty filed plans earlier this year to build a proposed 24-acre site at Burbank Boulevard and De Soto Avenue.
Westfield also is proposing a new mixed-use complex that would bring 1,400 units of housing and two hotels to Warner Center and replace Westfield Promenade, Urbanize LA reports.
The buyer, 5959 Topanga Canyon, was repped by Neil and Coldwell Banker Commercial Advisors Managing Principal Greg Barsamian.
The seller, Younan Properties, was repped by CBRE Senior Vice President Mark Perry.
SALES
Stepp Commercial brokered the sale of a six-unit apartment property at 2206-2208 1/2 Ocean Park Blvd. in the Sunset Park area of Santa Monica for approximately $2.1M, or $337,500/unit.
The property sold for a cap rate of 3.5%.
The 69-year-old, one-story property has bungalow-style one-bedroom, one-bathroom units with hardwood floors, crown molding and private entrances.
Stepp Commercial principal Kimberly Stepp and Senior Vice President of Investment Sales Aynsley Armbrust repped the seller, LA's Gerst Family Trust.
Stepp also repped the buyer, an LA private investor.
CBRE Group brokered the sale of a net-leased office property in Norwalk to a local 1031 exchange buyer for $5.4M, or $284/SF.
The single-story, 18,984 SF office building, at 11832-11846 Rosecrans Ave., is 100% leased to Avanti Hospitals.
Avanti Hospitals has leased this property on a long-term basis with the initial agreement expiring in February 2027.
CBRE Executive Vice President Gary Stache, Vice President Mark Shaffer, Transaction Manager Doug Mack and Michael Spiezia repped the seller, Stanton Road Capital.
Paragon Commercial Group and Canyon Partners Real Estate closed on the acquisition of Northridge Plaza Shopping Center, a 240K SF neighborhood shopping center in Northridge, in an off-market deal.
Northridge Plaza was previously owned by the family of the original developer, and the sale marks the first time the center has traded since it was built in 1980.
Target and Kohl's anchor the 100% leased shopping center.
Northridge Plaza includes six buildings on 16.85 acres at the corner of Corbin Avenue and Nordoff Way.
NEW MANAGEMENT
Meridian retained Rancho Santa Margarita's Cypress West Realty Management to manage Meridian’s 115,000 SF medical office complex in Pasadena.
Meridian bought Cotton Medical Center in January 2016 for $37.5M.
The 2.8-acre Cotton Medical Center office complex consists of a four-story, 52K SF building at 50 Bellefontaine St. and a five-story, 63K SF building and an adjacent subterranean parking garage on 50 Alessandro Place in Pasadena.
Meridian invested $5M in the common areas and made capital improvements, including to the common areas, restrooms and building signs.
Cotton Medical Center will also have a new café opening this summer along with a brand-new HVAC.
Cotton Medical Center is near the Huntington Memorial Hospital and adjacent to the new Shriners Hospitals for Children scheduled to open this month.
LEASING
Abrams Artists Agency expanded its long-term lease by 11K SF and now occupies the entire 11th floor of the Pacific Design Center’s RedBuilding in West Hollywood.
Other creative tenants in the RedBuilding include Clique, Gaumont International Television, AllSaints USA, Criteria Corp. and Whalerock Industries.
Savills Studley's Robert Cavaiola repped Abrams Artists Agency.
Senior Vice President/National Director of Leasing Marc Horowitz repped landlord Cohen Brothers Realty in-house.
NEW CONSTRUCTION
Bernards began construction for a new residence and dining hall at the University of La Verne in La Verne.
Bernards is working with Steinberg Architects on the design-build project.
The new 114,970 SF residence building will include 396 beds, a dining hall, lounge and study spaces and outdoor patios.
The ground floor will have an 18,700 SF dining hall, president’s dining room and large social and recreation lounge.
The residence floors feature living clusters focused on community integration and learning.
There are also study rooms, social lounges and a two-story living room on each floor.
EXECUTIVE NEWS
Allen Matkins, a California-based full service real estate and business law firm, promoted litigation attorney Nancy Fong and real estate attorney Keith Pollock to partner at the firm effective July 1.
Fong focuses on construction litigation, employment, commercial, real estate and financial services litigation in her practice.
Pollock concentrates on leasing, the acquisition and disposition of individual properties and real estate portfolios, receivership sales and borrower side real estate finance.
They both practice out of the firm's LA office.
