LOS ANGELES – A 24,000-square-foot industrial building in Los Angeles has sold to Sam Jung Enterprises for $3 million. The building is located at 1929 W. Pico Blvd. It was built in 1965. The space is fully occupied by Loomis, an armored car transport service. Sam Jung was represented by Chris Steck of Charles Dunn Company. The seller, Namco Liquidating Trust, was represented by Stacy Vierheilig-Fraser of the same firm.
SAN DIEGO – An 18-unit apartment complex in the North Park submarket of San Diego has sold to the Bill Shepard MD Trust for $3.2 million. The complex is located at 3946-52 Idaho Street. It was built in 1970. The trust was represented by CBRE’s Eric Comer. The seller, LenRae LLC, was represented by Terry Taylor of ACI Apartments.
LOS ANGELES – Shubin Nadal Realty Investors and DRA Advisors LLC have acquired Harman International Business Campus, an 856,515-square-foot office and industrial campus in Los Angeles, for an undisclosed sum. The 44-acre campus is situated along Balboa Boulevard in the San Fernando Valley. The property has been rebranded as “The Campus.” It will undergo a multi-million-dollar repositioning plan to convert the property into a contemporary mixed business park. The repositioning will include the demolition of some buildings and the addition of new creative office, R&D and retail space. The new campus will also include significant outdoor amenities. The transaction was executed by Marc Renard, Manfred Schaub, David Hasbrouck and Lars Platt of Cushman & Wakefield’s Capital Markets Group. The seller was not named.
SAN BERNARDINO, CALIF. – The Glen at University Park, a 520-bed student housing development near California State University, San Bernardino, has received a $40.8-million construction loan. The new development will be located at the northwest corner of University Parkway and West Northpark Boulevard, directly across from the university. Community amenities will include a 7,000-square-foot recreational building with a fitness center, community lounge, media/gaming areas, a business center and study rooms. Outdoor amenities include a resort-style swimming pool, outdoor kitchen, barbecue area and open green space. The Glen at University Park is the final phase of the 132-acre University Park master-planned community, which commenced construction in 2003. It includes a mix of residential and student housing, public park space and retail options. The new student housing complex is scheduled for completion next September. The development is a joint venture between University Park Promenade & Shops and Capstone Development Partners. University Park Promenade & Shops is an affiliate of J.R. Watson & Associates. The Glen at University Park is being built by Bowlus Pacific. The three-year, floating-rate loan was arranged by HFF’s Adam Herrin and Charles Halladay. It was placed with Bank of the Ozarks.
LOS ANGELES – A 150,000-square-foot building in Los Angeles that formerly served as a Coca Cola production facility will soon undergo an adaptive reuse. The five-story, red-brick industrial building is located at 963 East 4th Street in Downtown Los Angeles’ Arts District. The property is being converted into a mixed-use, Class A creative office building. The redesign will utilize the building’s large, high-volume, 35,000-square-foot floor plates, in addition to its 14-foot ceilings, expansive windows and panoramic rooftop views. Current plans include 70,000 square feet of retail and restaurant space situated on the street and lower levels. A new flagship restaurant is planned for the east end of the building, which faces Traction Avenue, and for the west end, which faces the main entry and courtyard. Construction should be complete in the fourth quarter of next year. The redesign will highlight the building’s original brick façade. It will feature new, operable dual-glazed windows and a large atrium lobby. It will also include a newly constructed, 10,000-square-foot rooftop penthouse that will be surrounded by a landscaped rooftop deck with an outdoor kitchen, firepit and entry court park. The adaptive reuse is being carried out by HLW International. The building is owned by …
SAN DIEGO – A joint venture between Core Capital Investments and Downtown Properties has acquired the 150-room Hyatt Place San Diego in the submarket of Vista for a reported $22 million. The hotel is located at 2645 South Melrose Drive. The premium, select-service branded hotel opened in July 2012. It enjoys convenient access to Interstate 5, Highway 78 and Legoland. The seller, an entity controlled by ABA Development, was represented by Rod Apodaca and Bob Kaplan of CBRE Hotels in Newport Beach.
SAN DIEGO – Britt-Scripps House, a 5,174-square-foot commercial property in San Diego, has sold to Neo Romax Inc. for $2.9 million. The property is located at 406 Maple Street. The original structure was built in 1887 as a three-story, nine-bedroom property. It received a historical site designation in 1971. Britt-Scripps House became a bed and breakfast after undergoing an extensive renovation between 2002 and 2005. The property features a lobby, parlor, dining room, commercial-grade kitchen, carriage house, garage storage, garden wedding and reception area, and the first-ever camphor tree to be planted in North America. The property has been closed for three years. The new buyer plans to re-open it as a bed and breakfast. Bud Marsh and Rita Lancaster-Hannah of Colliers International represented both the buyer and seller, Alec H. Esker Living Trust, in this transaction.
LOS ANGELES – Vinci Academy has leased 10,127 square feet in Century City. It will occupy the entire third floor of a 46,247-square-foot office building. The four-story building is located at 1940 Century Park East in the Los Angeles submarket. The daycare center will also construct a 4,000-square-foot outdoor play area on the roof of the building’s parking garage, which is connected to the property. Construction is scheduled for completion next March. Vinci was represented by CBRE’s Matt Perlmutter. The landlord is the Gillis Family Partnership.
BURBANK, CALIF. – A 30-unit apartment building in Burbank has sold to a private investor for $8.4 million. The community is located at 1735 Peyton Ave. It was built in 1988. Warren Berzack of Berzack Investment Property Advisors and Lee & Associates-LA North/Ventura represented the buyer. He also represented the seller, another private investor, along with fellow Lee principals George Yessaie and Stephen Geiger.
LOS ALTOS, CALIF. – Barre3 has leased 1,460 square feet of ground-floor retail space at the Colonnade apartment community in Los Altos. The exercise studio, which blends ballet with yoga and pilates, will open early next year. Other retail tenants at Colonnade include the Vitamin Shoppe and Jos. A. Bank. The community’s retail space is now 85 percent leased. Colonnade also features 167 luxury apartment units that will begin leasing early next year. Barre3 was represented by Ryan Warner of Meacham/Oppenheimer. The landlord and developer, a joint venture between Pritzker Realty Group and Sares Regis Group of Northern California, was represented by Randol Mackley and Steve Gazzera of SRS Real Estate Partners.
