California

Congress Management Associates Buys Medical Office Building in Pasadena

by Nellie Day June 25, 2015

PASADENA, CALIF. – Congress Management Associates has purchased a 17,632-square-foot medical office building in Pasadena for $10.7 million. The building is located at 39 Congress Street, next to the 625-bed Huntington Memorial Hospital. The facility was built in 1984. Some of the local physicians who acted as investors in this purchase plan to occupy a portion of the building in the near future. The building is currently 95 percent occupied. The buyer was represented by Michael Dettling of Avison Young. The seller, 39 Congress Partnership, was represented by Carver Associates.

June 25, 2015

California Office Western

Officia Imaging Leases Office Space in Los Angeles

by Nellie Day June 25, 2015

LOS ANGELES – Officia Imaging has signed a 63-month lease for 3,150 square feet of office space in Downtown Los Angeles. The space is located at 617 West Seventh Street. Officia Imaging is an office equipment and document management software solutions provider. The building is owned by the Swig Company.

June 25, 2015

California Retail Western

Laurus to Begin $30M Renovation of Promenade at Howard Hughes Center

by Nellie Day June 24, 2015

LOS ANGELES — Laurus Corporation is set to begin a $30 million renovation of Promenade at Howard Hughes Center, a 250,000-square-foot retail center located just off Interstate 405 in Los Angeles. Renovation plans call for an exterior facelift, a new outdoor screening area and fire pit, new restaurants, enhanced landscaping and interior design, and an outdoor dining area with casual lounge space. A new pedestrian-friendly layout will be included in the renovation, adding more indoor-outdoor connections and courtyards. Jerde Partnership will act as lead architect in the renovation. Laurus recently acquired Promenade at Howard Hughes Center for $111 million.

June 24, 2015

California Retail Western

Charles Dunn Company Arranges $5.1M Sale of Retail Property in Monrovia

by Nellie Day June 24, 2015

MONROVIA, CALIF. — Charles Dunn Company has arranged the sale of a single-tenant, 7,327-square-foot property located in Monrovia for $5.15 million. Citibank occupies the triple-net leased property. Kyle Gulock and Jason Cope of Charles Dunn led the effort in representing the seller, a Los Angeles-based private investor. Other Charles Dunn team members involved in the transaction include Darrell Levonian, Fred Sheriff, Tanel Harunzade and Justin Mendelson. Kathy Quach of Treeline Realty represented the buyer, Evan & MC LLC, in the transaction, which closed at a capitalization rate of 4.3 percent.

June 24, 2015

California Multifamily Western

Vista Modern Apartment Complex in Sherman Oaks Sells for $16.5M

by Nellie Day June 23, 2015

LOS ANGELES – The 34-unit Vista Modern apartment complex in the Los Angeles submarket of Sherman Oaks has sold to a Japanese construction company for $16.5 million. The community is located at 4632-4646 Vista Del Monte Ave. It was built in 2014. Jeff Louks and Janette Monfared of Marcus & Millichap’s Encino office represented both the buyer and seller in this transaction.

June 23, 2015

California Retail Western

Mission Ridge Shopping Center in Manteca Changes Hands

by Nellie Day June 23, 2015

MANTECA, CALIF. – Mission Ridge, a 96,393-square-foot shopping center in Manteca, has sold to Argonaut Investments for an undisclosed sum. The center is located off Highway 120. It is anchored by Safeway and shadow-anchored by Burlington Coat Factory and Walmart. John DuBois, Mark Denholm and Jon Gianulias of Core Commercial represented both the buyer and seller in this transaction.

June 23, 2015

California Office Western

Rooflifters Completes 30,000 SF Roof Raising in California

by Nellie Day June 23, 2015

FREMONT, CALIF. – Rooflifters USA has just completed a 30,000-square-foot roof raising on a building near San Jose. The building, newly owned and occupied by ProExhibits, will be the location of its new main office and manufacturing operation. Originally constructed with a 16-square-foot clear height, the roof was raised fully intact to a 27-square-foot clear. The renovation process added more than 300,000 usable cubic feet to the structure. Toeniskoetter Construction served as the general contractor.

June 23, 2015

California Market Reports Multifamily Western Western Market Reports

Multifamily Development Picks Up the Pace in LA

by Nellie Day June 23, 2015

Improvement in apartment fundamentals has remained strong and is expected to continue over the next two quarters. The unemployment rate in Los Angeles County was 7.6 percent in March 2015, which represents a 100 basis point decrease from the same period last year. Supported by steady job growth, more than 108,000 new jobs are forecast for Los Angeles County in 2015, representing a 2.6 percent improvement over last year’s performance. A significant amount of units are currently under development and more are expected to come on line later this year. Issuance for about 7,446 multifamily units is forecast for 2015, and issuance is expected to rise to more than 17,000 units in 2016 and 2017 with the anticipated absorption of about 11,800 units over that same period. That said, developers are likely to relax their efforts to obtain new permits into the latter half of 2015 based on an expected modest uptick in vacancy. Currently standing at 3.2 percent, the overall vacancy rate will likely increase to 3.5 percent by year-end. The average year-over-year rent increased about 2.5 percent depending on the individual submarket. The greatest level of appreciation was represented in the South Glendale/Highland Park submarket where asking rents …

June 23, 2015

California Retail Western

Ridgecrest Town Center Sells for $5.8M

by Nellie Day June 22, 2015

RIDGECREST, CALIF. – Ridgecrest Town Center, a 204,709-square-foot community center northeast of Bakersfield, has sold to El Rey Properties for $5.8 million. The center is located at the corner of North China Lake Boulevard and Drummond Avenue. It is fully leased to Jo-Ann Fabrics & Crafts, Marshalls, and DSS Shoes. The seller was China Lake 700 LLC. The buyer was represented by Steve Heri and Steve Gim of NAI Capital.

June 22, 2015

California Office Western

Airport Wineville Business Park in Ontario Sells for $4.5M

by Nellie Day June 22, 2015

ONTARIO, CALIF. – Airport Wineville Business Park has sold to Wohl Investment Company for $4.5 million. The 53,937-square-foot park is located at 5140 Airport Dr. and 151-181-201 S. Wineville Ave. It was built between 1988 and 1990. The seller was McLellan Estate Company. It was represented by Patrick Barnes of Colliers and GM Properties’ Jason Jamison and Dustin Wheelan.

June 22, 2015

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