This Week's LA Deal Sheet
UCLA Extension is moving its administrative offices just blocks away from its current digs in Westwood Village.
The new headquarters will be at 10960 Wilshire Blvd.
UCLA Extension signed a long-term lease for the 16th and 17th floors, totaling 51,452 SF. The two floors are joined by an interconnecting staircase.
After doing a search for new offices, which proved to be challenging since the extension was looking for 50K SF of contiguous space, Savills Studley came up with a creative solution.
The firm offered its own office space on the building's 17th floor.
"Once we understood the client's challenge of finding a large block of contiguous space, we realized that the Savills Studley offices were located directly within one of the best opportunities in the market," Savills Studley Executive Managing Director Craig Jablin. "It was a timely move for both of us."
In addition to the administrative offices, UCLA Extension's former 100K SF building at 10955 Le Conte Ave. also housed classrooms.
Some classrooms and student services will be relocated to 1145 Gayley Ave.
Jablin repped UCLA Extension. The firm has advised the university for more than 15 years.
SALES
The Pasadena office of Lee & Associates brokered a $7.4M, 39,624 SF office sale at 1041 West Badillo St. in Covina.
The office complex has six units, and 20% of them are leased.
Cal Trans is one of the primary tenants.
Lee & Associates Senior Associate Chris Johnson and Lee & Associates Pasadena founding principal Christopher Larimore repped the buyer, Citrus Valley Health Partners.
The seller, the Hollfelder Foundation, was repped by CBRE.
***
A 19K SF industrial building in Sun Valley, at 8620 Tamarack Ave., sold to an owner-user for $4.4M, or $232.89/SF, after attracting multiple offers two weeks after it was put on the market.
The buyer, 1614 Schrader Apartments, purchased the building as the upleg of a 1031 exchange. It will house a business expected to open next year.
The seller was 8620 Tamarack Investors LLC.
It was one of the highest per square foot prices in the region, according to Lee & Associates-LA North/Ventura Associate Hunter Warner and principal Brett Warner, who repped the buyer and seller.
FINANCING
George Smith Partners secured bridge financing for the acquisition and condo conversion of Patio del Moro, a seven-unit, courtyard-style apartment community in West Hollywood.
The financing was arranged by George Smith Partners Vice President Zachary Streit.
The 91-year-old complex, at 8225-8237 Fountain Ave., was built by renowned architects Arthur and Nina Zwebell.
It is a historically designated and architecturally significant property where actors, including Charlie Chaplin, Paulette Goddard, Joan Fontaine, Humphrey Bogart and Suzanne Pleshette have lived.
Patio del Moro's unit sizes are 1,425 SF and include mostly two and three bedrooms.
George Smith Partners secured the $4.5M loan from a bank with a national lending platform.
The sponsor, Brian Friedman investing through his family office Friedman Capital, is a private equity, venture capitalist and commercial real estate investor developer who, upon acquisition, plans to reno the property and apply for a Mills Act Tax Abatement for economic incentives for restoring historic buildings by private owners.
LEASING
Vie Logistics made an expansion and lease extension of a Torrance building that raises its occupancy from 98K to 155K SF.
The company signed a six-year lease for more than $6M for the building it has occupied for the past four years at 4240 West 190th St.
The Klabin Co. Senior Managing Principal David Prior, Executive Vice President/principal Todd Taugner and Managing Principal Frank Schulz repped Z/A Associates LLC, the property owner.
Lee & Associates principal David Bales repped the tenant.
Kennedy Wilson closed three 10-year leases with major national retailers at the South Park by Windsor mixed-use property, at 301 West Olympic Blvd. in DTLA, bringing the ground-floor retail space to 100% occupancy.
The property is one of South Park’s newest mixed-use high-rise developments.
Kennedy Wilson Executive Vice President of Brokerage Lee Shapiro and Vice President of Brokerage Justin Weiss were the exclusive leasing agents for the project.
The team negotiated 10-year leases with Chipotle and Loit, which are already open.
Aveda Lifestyle Salon and Spa is scheduled to open in the fall.
All of these retailers account for the more than 12,500 SF of commercial space at South Park by Windsor.
The property has 284 luxury apartments above the ground-floor retail.
It was originally developed by The Hanover Co. as one of three new mixed-use developments in South Park.
