LOS ANGELES — Bolour Associates has acquired an industrial building located at 3333 W. Temple St. in Los Angeles. The $5.6 million sale-leaseback transaction includes a 10-year lease with Rentokil North America and future development opportunities. Situated at Highway 101 and Silver Lake Boulevard, the property includes 44,931 square feet of land and a 11,681-square-foot building, which is fully occupied by Rentokil North America under a 10-year lease. The tenant is a wholly owned subsidiary of United Kingdom-based FTSE 100 company Rentokil Initial. Jake Wagner of JLL represented the seller in the deal, while Adam Eisenberg provided in-house representation for the buyer.
LOS ANGELES — Gaw Capital USA, a Hong Kong- and Los Angeles-based real estate private equity firm, and DJM, a San Jose- and Los Angeles-based private equity real estate developer, have released plans for transforming the shopping center at Hollywood & Highland into Ovation Hollywood. Upon completion in late 2021, Ovation Hollywood will be a mixed-use project offering 135,000 square feet of retail space, two floors of nearly 100,000 square feet of creative office space, 85,000 square feet of restaurant space, 65,000 square feet of entertainment space and 40,000 square feet of event space. Gensler is providing design and architectural services to update the property’s physical appearance, including a simplified façade and color scheme, new concept for the tower, an easier to navigate layout, updated landscape design, new art pieces and enhanced outdoor space. In addition to physical upgrades, the project team is focusing on refreshing the property’s tenant mix. Renovations are slated to begin later this year, with completion scheduled for late 2021.
LOS ANGELES — Ametron, an audio and video equipment supplier, has purchased an industrial building located at 10919-10939 Vanowen St. in Los Angeles’ North Hollywood neighborhood. An undisclosed local investor sold the asset for $6.5 million. Fred Afamian and Ryan Lin of CBRE represented the buyer in the deal, and an outside broker represented the seller. The 28,400-square-foot property features concrete block construction with two ground-level loading doors and 15- to 16-foot clear heights. The property also includes a cell tower, which will generate additional revenue for the new owner.
HERMOSA BEACH, CALIF. — CBRE has arranged the sale of a former restaurant and retail building located in Hermosa. A Greater Los Angeles-based private investor acquired the asset from a Los Angeles-based family for $4.8 million. Located at 2701 Pacific Coast Highway, the 6,031-square-foot building was originally built in 1963. The single-story property features 44 parking spaces and is zoned for commercial uses. Round Table Pizza recently vacated the property, which it had occupied for 30 years. Dan Riley, Jeff Pion, Simon Mattox and Austin Wolitarsky of CBRE represented the seller in the transaction, while the buyer was self-represented.
CALABASAS, CALIF. — Marcus & Millichap (NYSE: MMI) reported total revenues of $117.4 million in the second quarter, compared with $209.6 million during the same period a year ago, a 44 percent decrease, according to the company’s latest quarterly results released Thursday. The precipitous drop in revenue resulted in net income of $106,000 for the second quarter that ended June 30, compared with $21.3 million for the same period in 2019. The decline in total revenues was driven by the decrease in real estate brokerage commissions, financing fees and other revenues due primarily to the COVID-19 pandemic, the earnings release stated. “The health crisis and economic shutdown resulted in major market disruption during the second quarter with an estimated decline of roughly 60 percent in market transactions,” explained Hessam Nadji, president and CEO of the Calabasas-based firm. “Our team worked extremely hard to take care of our clients’ needs in a difficult environment, which resulted in 1,075 closed brokerage transactions.” Nadji added that the company’s long-term focus is on the continued hiring of experienced agents, investments in technology and strategic acquisitions. “We are positioning MMI to lead an eventual recovery in real estate transactions facilitated by record-low interest rates and …
MORGAN HILL, CALIF. — Trammell Crow Co. (TCC) and Los Angeles-based CBRE Global Investors have acquired a fully entitled, 24-acre land site within Morgan Hill Ranch Business Park in Morgan Hill. Terms of the transaction were not released. The buyers plan to develop up to 440,000 square feet of light industrial space across five Class A buildings at the site. Dallas-based TCC plans to submit a development application for the new project to the City of Morgan Hill during the third quarter. The intended project is consistent with the existing development agreement for the land.
RIVERSIDE, CALIF. — Orange County, Calif.-based Dornin Investment Group has completed the disposition of an office building located in Riverside. A Chicago-based institutional buyer acquired the asset for $16 million, or $361 per square foot. CBRE’s Anthony DeLorenzo, Sammy Cemo, Gary Stache, Doug Mack and Bryan Johnson represented both the seller and the buyer in the deal. Located at 3480 Vine St. in the Inland Empire, the 44,354-square-foot office building was originally built in 2004 and features prominent freeway frontage. At the time of sale, the property was fully occupied by three tenants: the U.S. General Services Administration (GSA), Fidelity National Title and the County of Riverside.
FONTANA, CALIF. — CBRE has arranged the sale of Juniper Apartments, a multifamily property located in Fontana. A local private investor sold the complex to another private buyer for $2.6 million. Located at 8945 Juniper Ave., the community offers 18 two-bedroom/two-bath units that average 856 square feet. Additionally, the property features gated access, 25 covered parking spaces, 16 storage units and 15 surface parking spaces. Located south of the historic Route 66, the property is within walking distance to Chaffey College-Fontana campus, Fontana Metrolink Station and downtown Fontana. Cray Carlson of CBRE represented the seller and buyer in the deal.
EL SEGUNDO, CALIF. — Boston Properties has acquired a 50 percent interest in an existing joint venture that owns Beach Cities Media Campus, a 6.4-acre site on the Rosecrans Corridor in El Segundo. Continental Development, a developer and owner of Class A properties in the El Segundo and South Bay submarkets of Los Angeles, is another partner in the joint venture. The site is fully entitled to support the future development of approximately 275,000 square feet of Class A creative office space. The Media Campus is the western border of Continental Park, a 3 million-square-foot, 86-acre office and mixed-use campus.
BERKELEY, CALIF. — UC Funds has provided a $13 million construction loan for a student housing development in Berkeley. The undisclosed borrower plans to develop a 40-unit student housing project on the site, which is located on University Avenue adjacent to the University of California – Berkeley.