ALAMEDA, CALIF. – A 4,500-square-foot industrial building in Alameda has sold to Ming Zhi Investment LLC for $3.1 million. The building is located at 580 South Alameda Street. It is situated within the Los Angeles Arts District. The LLC was represented by Heger Industrial’s Thomas Williams and William Morrison. The seller, Urth Alameda Development, was represented by CBRE’s Brandon Burns.
LOS ANGELES — Watt Plaza, a 903,000-square-foot office complex in Los Angeles, has received a $220 million refinance. The complex includes twin 23-story office towers and a 10-story parking structure. Watt Plaza is located at 1875 Century Park East. It was built in 1982. The complex was the first building in the Los Angeles submarket of Century City to receive LEED-Platinum certification. The complex has undergone $42 million worth of renovations since 2003. It is occupied by a mix of legal, accounting and financial services firms. Convenient services at the plaza include a Chase Bank, Starbucks and FedEx store. The 15-year, fixed-rate loan was provided to the Watt Companies by Prudential Mortgage Capital Company. This is the commercial mortgage lending business of Prudential Financial Inc.
TORRANCE, CALIF. — A joint venture between the Muller Company and GreenOak Real Estate has purchased Del Amo Financial Center, a 367,000-square-foot complex in Torrance, for $62.5 million. The complex is located on the corner of Hawthorne Boulevard and Carson Street. Del Amo Financial Center contains a 12-story office tower and a five-story tower, in addition to four circular pavilions. The complex was originally built in 1966 and remodeled in 1998. The JV plans to convert the property into a mixed-use facility that contains office, medical and retail space. The new iteration will also include a 42,000-square-foot health club and 10,000-square-foot restaurant. The complex will be rebranded as Del Amo Crossing once the conversion is complete. The first phase will include the conversion of the five-story tower into a state-of-the-art medical facility that will be designed for large medical groups. It will also modernize the mechanical, electrical and plumbing systems, as well as the common areas and lobby space of the 12-story tower. The portion of the property facing Hawthorne Boulevard may also be repositioned to accommodate for additional retail users. Parking will be re-designed and enhanced to improve access and circulation patterns throughout the entire project. Chris Sinfield and …
SANTA MONICA, CALIF. — Montana Avenue Capital Partners has acquired a 118,394-square-foot office campus in Santa Monica. The property was originally listed for $32.5 million, though the final sales price was not disclosed. The campus is located at 6303-6309 Carpinteria Ave. It is situated on nine acres that overlook the Pacific Ocean. The property serves as the headquarters for CKE Restaurant Holdings, which owns Carl’s Jr, Hardee’s and Green Burrito. Cloud-based construction management software firm Procore Technologies recently signed a lease at the campus as well. Procore occupies two buildings on the campus, while CKE occupies the third building. The campus will soon undergo a renovation in the hopes of leasing up its remaining space. The renovation will add indoor-outdoor collaborative space and patio areas, glass roll-up doors, new signage and architectural features and EV charging stations. The property will also expose existing 15-foot ceiling heights, among other creative improvements.
LOS ANGELES – Matura Farrington has signed a 65-month lease for 5,696 square feet of office space in Downtown Los Angeles. The space is located at 617 West Seventh Street. Matura Farrington is a staffing services agency. The building is owned by the Swig Company.
SANTA ANA, CALIF. — Avison Young has arranged the sale of the Pacific Building, an historic 16,274-square-foot, mixed-use property located in the Artist Village District of Santa Ana for $5.3 million. Dan Vittone and Alan Pekarcik of Avison Young, along with Gil Marrero of Voit Real Estate Services, represented the seller, Gumm Investments. Red Rock Capital Advisors LLC represented the buyer, Red Rock Management. The property is 100 percent leased to 11 tenants, including Chapter One, a metropolitan-style restaurant and bar, Downtown Sugar, a spa, and the Copper Door, a nightclub. The transaction closed at a capitalization rate of 6 percent.
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.
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.
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.
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.