LOS ANGELES — Apartment Investment and Management Company (Aimco) (NYSE: AIV) has acquired the remaining interest in a Los Angeles multifamily portfolio for $451.5 million. Aimco already owned 53 percent interest in the properties, and bought the remaining 47 percent from its joint venture partners, institutional investors advised by J.P. Morgan Asset Management. The acquisition now gives Aimco complete ownership of three Palazzo communities. These include the 521-unit Palazzo at Park La Brea, the 611-unit Palazzo East and the 250-unit Villas at Park La Brea. All three communities are situated in the mid-Wilshire area of Los Angeles, about two miles from Beverly Hills, Hollywood and Century City, and six miles from downtown LA and Santa Monica. “We appreciate the mid-Wilshire submarket with its highly educated and high-income customers who value the proximity to transportation, job centers and upscale retail … and where we can see clearly that future development is increasingly difficult,” says Terry Considine, CEO and chairman of Aimco. “We expect to continue the operation of the properties and to redevelop each, over time and at the right time, to serve different and distinctive market segments.” The average age of the units within the Palazzo portfolio is 12 years, …
PHOENIX — Regent Properties has purchased Camelback Commons, a 322,406-square-foot office campus in Phoenix, for $66.4 million. The Class A office property is located at 4722 and 4742 N. 24th St. It was built in 1986 and underwent a $4.5 million renovation in 2015. CBRE’s Barry Gabel and Chris Marchildon represented the seller, a joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing, in this transaction. CBRE Capital Market’s Debt & Structured Finance team secured the financing for the buyer. The firm has also been retained to lease the property.
LOS ANGELES — Sussex Capital Group has acquired The Hillpointe, a 30-unit apartment property situated in the Hollywood Hills neighborhood of Los Angeles, for $13.4 million. The community is located at 2330 N. Cahuenga Blvd. It was built in 1987. Peter Sherman of Avison Young represented both the buyer and seller, Inco Monterra, in this transaction.
ANAHEIM, CALIF. — An unidentified private owner has acquired an 81,836-square-foot industrial building fully occupied by Discount Dance Supply for $12.2 million. The building is located at 5065 E. Hunter Ave. in Anaheim. CBRE’s Gary Stache, Anthony DeLorenzo and Doug Mack represented the seller, Makena Properties, in this transaction.
SANTA ANA, CALIF. — Gold Acceptance has purchased a 24,737-square-foot office building in Santa Ana for an undisclosed sum. The building is located at 555 N. Park Center. It was renovated in 2016. Gold Acceptance will occupy a portion of the building. The seller was Stream Realty Partners.
DENVER — Gershman Mortgage has closed a $6.5 million loan for a medical office building in Denver. The building is located at 36 Steele St. in Cherry Creek. The space will bring together two plastic surgeon offices into a single space. This was the second leg of a previously closed purchase and renovation of the property, which was completed in 2016. The new financing facility provided a little more than $6.5 million of combined permanent, fixed-rate debt.
With limited inventory and historically high values and rental rates, it’s safe to say the Los Angeles industrial market is enjoying an all-time high. There are several factors contributing to ongoing strength in the market, including a healthy appetite for acquisitions, strong tenant activity and creative solutions to adapt to supply constraints and maximize ROI. Industrial buyers continue to be active in Los Angeles, even with tightening availability and compressing cap rates. The fact is, there is still tremendous value to be found in this gateway city. Interest rates remain low, and those looking to acquire properties know that the sooner they buy, the better. Conversely, sellers are not especially eager to dispose of properties in the current market, based primarily on the challenge in finding acquisition-worthy assets. Specifically, owners seeking 1031 exchanges are finding it increasingly difficult to identify properties to trade into. That said, values are high enough that some owners are selling and choosing to simply pay taxes on capital gains or look to other markets for product to acquire. For example, Daum recently helped a seller dispose of a property in Los Angeles and reinvest those funds into an asset in Cleveland, Ohio, at a 7 …
ROCKLIN, CALIF. — Soma Capital Partners, in partnership with Timbercreek Asset Management, has acquired Blue Oaks Marketplace in Rocklin for $19.2 million. The seller was Diamond Creek Properties. At the time of sale, the 100,000-square-foot property was 81 percent leased.
LOS ANGELES — Faris Lee Investments has arranged the sale of a retail strip center located at 3921-3929 W. Olympic Blvd. in the Koreatown neighborhood of Los Angeles. A private Los Angeles-based investor acquired the property for $2.9 million. Built in 1920, the asset features 13,070 square feet of retail space. Tom Chichester, Joseph Chichester and Matt Brooks of Faris Lee Investments represented the buyer, while Rosano Parters represented the seller, a private Los Angeles-based family, in the deal.
VENTURA, CALIF. — Marcus & Millichap has arranged the sale of College Square Strip Center, a retail property located at 134-156 N. Ashwood Ave. in Ventura. An undisclosed buyer acquired the 7,680-square-foot property for $2.3 million. Brandon Michaels of Marcus & Millichap represented the seller, a limited liability company, in the transaction.