This Week's LA Deal Sheet
AEW Capital Management L.P. and Sheridan Ebbert Development have completed Valencia Gateway V, three industrial buildings totaling 254,722 SF, and already have signed a tenant in one of the buildings.
CBRE leased the 60,923 SF building at 27909 Hancock Parkway to Vision Media Management.
CBRE's Craig Peters and Doug Sonderegger represented the landlords in that transaction and are handling leasing for the Valencia property.
“Vision Media was looking for another facility within the Valencia Commerce Center that was close to its 175,000 SF headquarters space on Avenue Paine in Valencia," Peters said. "The state-of-the-art features of the Gateway V building coupled with its proximity and immediate delivery made it an excellent fit.”
Savills Studley Senior Vice President Dean Krieger represented the tenant.
The remaining 88,752 SF and 105,047 SF buildings are available to be leased. The project is in a highly desirable and dynamic area, according to Peters.
SALES
Stepp Commercial brokered the $2.13M sale of Atwater Avenue Apartments, a six-unit, turnkey property in Atwater Village.
The transaction achieved the highest price per unit of $355K and highest price per square foot of $461 ever paid for comparable properties in the submarket, according to CoStar records.
The building at 3322 Atwater Ave. consists of two one-bedroom units and four two-bedroom units.
The 53-year-old building was renovated two years ago.
Stepp Commercial Vice President Mark Ventre represented the sellers and the buyer, who were all LA private investors.
LEASING
Bergen Logistics signed a new sublease for 179,518 SF of industrial at 16016–16030 Arthur St. in Cerritos.
Bergen Logistics will use the space for e-commerce fulfillment.
JLL Executive Vice President Zac Sakowski and Senior Vice President Jordan Quinn represented Bergen Logistics.
NEW CONSTRUCTION
The Luzzatto Co. broke ground on Expo Station, a 80K SF Class-A creative office development near the Metro Expo line’s Expo/Bundy station in West LA.
Expo Station, at 12414 Exposition Blvd., will have three levels of creative office above a two-level parking structure.
The building has more than 16K SF of outdoor patio areas with seating, bar, barbecue grills and unobstructed ocean and city views.
The interior space will offer 16- to 25-foot ceiling heights, operable windows, polished concrete floors and exposed wood trusses.
Expo Station is designed by the LA office of New York's HLW International. The general contractor is LA's Essey Construction Co.
The project is expected to be completed in Q1 2019.
EXECUTIVE NEWS
Jonathan Lange joined Boston Properties as vice president of the LA region.
He will be responsible for leading new business development in the market and leasing and asset management of the company’s Los Angeles properties.
Previously, he was senior vice president, capital markets at JLL in LA.
Before JLL, Lange was an associate vice president at a private equity real estate firm.
