This Week's LA Deal Sheet
A retail property in Hawaiian Gardens just sold for $22M to an unidentified LA real estate buyer.
CBRE brokered the sale of The Gardens, a 58K SF retail property at 12101-12171 Carson St.
The property is near the Gardens Casino and Tri-City Regional Medical Center and 96.1% occupied.
CBRE Senior Vice President Patrick Wade said it is a plus that the property is in a busy area.
“This is an extremely high traffic location with high barriers to entry," Wade said. "It is close to the Gardens Casino and has excellent demographics in the immediate area. In addition, there is also a good mix of national and regional tenants.”
The center’s major tenants include 99 Cents Only, Wing Stop and Subway.
Wade said the portfolio of the seller, AU Zone Investments #2 LP, was heavily invested in retail, and it wanted to diversify into other real estate assets.
Wade and CBRE’s Alex Kozakov repped the seller.
Newmark Grubb Knight Frank represented the unidentified buyer.
CBRE's Shaun Moothart, Bruce Francis, Dana Summers, Doug Birrell and Bob Ybarra arranged the non-recourse financing on behalf of the buyer.
SALES
Encino's Investment Real Estate Associates brokered the sale of 1001 Melrose Ave. in Glendale for $20M.
The 55-year-old property is a 63-unit complex just north of the 134 Freeway.
1001 Melrose has undergone $1.3M in property improvements over the last four years. Its amenities include a gym, a private penthouse unit and renovated common areas.
Investment Real Estate Associates partners David Leibowitz, Clark Everitt and William Everitt repped both the seller and the buyer.
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Madison Partners arranged the sale of 10780 Santa Monica Blvd., a Class-A office property in West LA. This is the fourth time Madison Partners has sold the property.
The four‐story office tower totals 95K rentable SF.
Madison Partners President Bob Safai, Senior Executive Director Matt Case and Senior Executive Director Brad Schlaak brokered the transaction on behalf of the seller, Zurich Alternative Asset Management, a wholly owned subsidiary of Zurich Insurance Group, which sold the property to the ICO Group.
The property was built 33 years ago and is adjacent to Century City.
The building was 94.8% leased at the time of sale, has had a strong occupancy history and benefits from its location within the West Los Angeles commercial zone.
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CBRE brokered the sale of three 99 Cents Only stores in Walnut Park, Huntington Park and Hawthorne for a combined total of $12.4M, more than $170K above the list prices.
M & M Investments purchased the store in Walnut Park, and Aria Venture Capital bought the locations in Huntington Park and Hawthorne.
The building in Huntington Park is at 6124 Pacific Blvd. and encompasses 15K SF.
The Walnut Park property, at 2566 East Florence Ave., totals 7,943 SF.
The Hawthorne property is approximately 15K SF and is at 13023 Hawthorne Blvd.
CBRE Senior Vice Presidents Alex Kozakov and Patrick Wade and Associate Matthew Greenberg represented the sellers, HKJ Gold Inc. and AU Zone Investments #2 LP, on all three deals.
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Colliers International brokered the sale of a three-building industrial investment portfolio in the City of Industry for $20.9M.
The development reached 100% occupancy as a result of a five-year lease agreement simultaneous to the purchase.
While negotiating the acquisition package for Denver's EverWest Real Estate Partners, the Colliers team, in a separate deal, was navigating the terms of the five-year lease agreement for the only space remaining available in any of the three buildings.
A China-based import/export firm will occupy the available 47K SF.
Colliers Executive Vice President Richard Schwartz and Associate Joey Reaume repped EverWest.
LEASING
Coast Produce Co. signed a 65-month lease on a 61K SF cold-storage industrial property.
The property is at 1700-1800 Bay St. on a 98K SF lot. It consists of two buildings, 30K SF and 31K SF, and has approximately 23K SF of coolers.
Kidder Mathews commercial real estate brokers William Morrison and Tom Williams repped Coast Produce Co.
The landlord is Prologis, an industrial real estate and warehouse logistics management company.
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CBRE announced lease renewals totaling approximately $8M at three industrial buildings in Commerce and Santa Fe Springs.
The 140K SF Prologis Commerce Business Park is at 5500 East Slauson Ave. in Commerce.
The two other properties are in Santa Fe Springs at 12202 Slauson Ave. and 12425-12411 Los Nietos.
The three sites total 320K SF.
CBRE First Vice President Steve Young and Executive Vice President John Privett repped the tenant, ALS West Coast Logistics, and the landlord, Prologis, repped itself.
EXECUTIVE NEWS
Stepp Commercial has named 10-year industry expert Mark Ventre as vice president.
Ventre will focus on servicing clients in Hollywood and growing market share in Westside neighborhoods including Palms, Mar Vista and West LA.
He will also continue to rep owners, buyers and developers throughout LA County.
Previously, Ventre was a director with Berkadia. He is also a former senior sales director at CBRE.
