LOS ANGELES – A three-property multifamily portfolio in Los Angeles has sold to an unnamed buyer for a total of $13.4 million. The communities included in the acquisition are the 34-unit Strohm Apartments in North Hollywood; the 30-unit Ratner Apartments in Sun Valley; and the 21-unit Hollywood Way Apartments in Burbank. Warren Berzack, Stephen Geiger, Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and unnamed sellers in this transaction.
SANTA FE SPRINGS, CALIF. – 7-Eleven has signed a seven-year lease for 146,326 square feet of warehouse and distribution space in the Los Angeles submarket of Santa Fe Springs. The space is located at 12330 Lakeland Road. It will include 35,000 square feet of new cooler space. The convenience store operator was represented by Chuck Wilson and Jon Thys of Colliers International. The landlord, Carson Companies, was represented by CBRE’s Rick McGeagh.
FREMONT, CALIF. – Bayside Technology Park, a 46,944-squre-foot industrial facility in Fremont, has sold to Crest Properties for $5.3 million. The park is located at 46107-46127 Landing Parkway. The unnamed seller was represented by Steve Kapp of Cornish & Carey Newmark Knight Frank and Jim and Craig Kovaleski of Cassidy Turley.
Construction on the 73-story Wilshire Grand Hotel, office and retail complex in Downtown Los Angeles’ Financial District, coupled with Google’s recent purchase of 12 acres for development in Playa Vista prove the region’s office market is alive and well. It may even be enjoying a bit of a rebirth in this post-recovery period. Los Angeles, unlike many other comparable U.S. metropolitans, is composed of several distinct business centers that make it difficult to generalize about the overall market. Separated by only a few miles, there are nonetheless very distinct markets that comprise LA, due, in no small part, to the lack of a fully integrated public transportation system and long-standing traffic that remain a barrier to full connectivity between the various areas. With that in mind, there are some very evident trends emerging out of Downtown and the Westside, which includes Century City, Westwood, Santa Monica, Playa Vista and adjacent cities. Downtown is enjoying a resurgence. It now has a real live-work vibe due, in large part, to the highly successful LA Live mixed-use hotel, retail and entertainment development adjacent to Staples Center. A variety of high-rise condominiums and apartments now make it possible to actually live Downtown. With new …
CAMPBELL, CALIF. – The Carlyle Group has acquired Vasona Technology Park, a 314,256-square-foot office/flex center in Campbell, for an undisclosed sum. The seven-building center is located at 200-250 E. Hacienda and 1315-1357 Dell Ave. The seller, Hines Interests L.P., was represented by DTZ’s Eric Fox, Robert Gilley and Steve Hermann.
PLEASANTON, CALIF. – Meridian Property Company has purchased the Atrium, a 74,000-square-foot office building in Pleasanton, for an undisclosed sum. The building is located at 5776 Stoneridge Mall Road. It was built in 1982. Meridian was represented by Simon Vogt of Lee & Associates-East Bay. The seller, Downtown Properties, was represented by CBRE’s Katherine J. Kelleher.
IRVINE, CALIF. – Freedom National Insurance has acquired a 9,900-square-foot office/R&D building at the Irvine Spectrum for an undisclosed sum. The building is located at 8855 Research Drive. Freedom National plans to use the property to house its technology research and development division. The company was represented by Cushman & Wakefield’s Blake Garrett. The seller, Research Property LLC, was represented by Bob Reiden of Lee & Associates.
SAN FRANCISCO — Ivanhoé Cambridge and partner Veritas Investments have acquired 11 multifamily properties in San Francisco for a total of $190 million. These acquisitions are part of Ivanhoé’s ongoing residential property aggregation strategy in San Francisco through the exclusive partnership it created with Veritas in 2014. Though the addresses were not divulged, Ivanhoé says the properties are located “in some of the most favorable neighborhoods in the center of San Francisco, ranging from the traditional exclusive districts of Lower and Upper Nob Hill and Russian Hill, to the trend-setting lifestyle neighborhoods of NOPA, Noe Valley and the Mission.” The partnership now owns 20 properties in San Francisco, for a total of 580 housing units. The initial nine properties the partnership had previously acquired are valued at nearly $50 million. Ivanhoé cites the demand for space among technology and creative companies as the driving force behind its strategy to snatch up multifamily properties in the city’s favorable neighborhoods.
LOS ANGELES — The 299-unit Sunset and Gordon apartment community has debuted in Los Angeles. The luxury high-rise community is located at the northeast corner of Sunset Boulevard and Gordon Street in Hollywood. In addition to the residential units, the $76.2-million project contains 36,688 square feet of office space, 12,229 square feet of retail and restaurant space and a 523-space parking garage. The 547,500-square-foot tower features office space on the third and fourth floors, with rental units on floors five through 22. Residential amenities include a pool deck, media room and fitness center. Sunset and Gordon was developed by CIM Group, built by Balfour Beatty Construction and designed by GBD Architects. The project came in about $21 million under budget, which was largely attributed to a complete re-design of the structure’s mechanical, electrical and plumbing (MEP) systems. Its reconfiguration will save CIM more than 500,000 gallons of water a year, on average. The cast-in-place structures also allowed the team to reduce construction cycle times and accelerate project delivery by several months. The 1.7-acre site has been home to many legendary establishments, including the Peerless Motor Car Showroom and The Motion Picture Hall of Fame in the 1920s; KNX Radio and …
WALNUT CREEK, CALIF. — Decron Properties has acquired a two-property multifamily portfolio in the San Francisco Bay Area submarket of Walnut Creek for a total of $63 million. The portfolio includes the 152-unit Creekside Glen complex and the 99-unit Cypress Creek complex, which are both located in the city’s downtown area. Decron plans to invest up to $16 million to upgrade the properties, which were built in the early ‘60s. The Walnut Creek portfolio is in keeping with Decron’s strategy of acquiring assets that have upside potential in attractive suburban areas near markets with strong job growth. Decron plans to renovate the interiors with luxury finishes, providing full-size washers and dryers to each unit, enhancing community facilities and modernizing the exterior. The upgrades will include the installation of high-quality flooring, new cabinets, stone countertops, stainless steel appliances and six-panel doors, creating a resort-style swimming pool and barbecue areas and adding resident lounges and leasing offices. The Walnut Creek purchase falls on the heels of Decron’s recent acquisition of a 187-unit, garden-style apartment community in nearby Mountain View for $86 million. The company also just announced its disposition of a Southern California-based shopping center portfolio for $108.5 million. Decron says it’s …
