LOS ANGELES — The Groundlings Theatre & School has purchased a 5,000-square-foot classroom space in Los Angeles for an undisclosed sum. The new space is located at 7280 Melrose Ave., right across the street from its main theater. This acquisition will make The Groundlings Theatre & School the largest comedy training facility in the United States.Will Ferrell, Kristin Wiig and Lisa Kudrow are just a few of the famous faces who got their start with the non-profit improvisational and sketch comedy troupe and school. The Groundlings was represented by Bart Pucci and Jon Azulay of Studley. The unnamed seller was represented by David Aschkenasy of Commercial Asset Group.
Western
LOS ANGELES — Sitex Group, a fully integrated private equity firm that specializes in industrial real estate investments in major U.S. markets, has opened an office in Los Angeles. The firm’s Southern California operations will be run by Eric Ruehle, a former vice president of investments at CenterPoint Properties. The expansion will allow the firm to diversify its portfolio by acquiring industrial properties via established local relationships. Sitex’s new office will be located at 1500 Rosecrans Ave. in Manhattan Beach. It is the firm’s third office in the U.S. and its first on the West Coast.
SEATTLE — Kennedy Wilson and Capri Capital Partners have joined forces to acquire the 372-unit Bailey Farm Apartments in the Seattle suburb of Bothell. The community was built in 2013 at 1225 183rd Street SE , just north of Bellevue. The seller was Wolff Company. Bailey Farm was acquired with $45.8 million of debt through a life insurance company. Kennedy Wilson also invested $4 million of equity in this transaction.
RENO, NEV. — Dermody Properties has broken ground on a 624,000-square-foot warehousing and distribution building in Reno. The facility represents the first phase of LogistiCenter 395, a 91-acre, master-planned industrial park that will be located on Lemmon Drive near Highway 395 in northern Reno. The three-building park will be built by United Construction Company. Phase I is scheduled for completion this fall. Once fully completed, LogistiCenter 395 will contain a total of 1.2 million square feet. PCCP LLC is acting as Dermody’s strategic capital partner on the project. CBRE will serve as the facility’s broker.
SAN FRANCISCO – A 71-unit apartment building in San Francisco has received $32 in refinancing. The Class A community is located at 2130 Post. The seven-year, fixed-rate loan was arranged by Dennis Williams and Brian Esquivel of NorthMarq Capital through one of the firm’s existing banking relationships.
WEST HOLLYWOOD, CALIF. – The Oprah Winfrey Network (OWN) has signed a lease for three floors at Formosa South, a creative office building in West Hollywood. The 98,000-square-foot building is situated within The Lot studios where OWN will have access to sound stages and other production facilities. The Formosa South building is the first in a series of new office buildings being developed at The Lot, an 11-acre studio campus on Santa Monica Boulevard. The Lot was originally founded in 1919 by Mary Pickford and Douglas Fairbanks. Notable productions such as Guys and Dolls, Westside Story, Some Like it Hot, The Love Boat, Dynasty, The Social Network and True Blood have all been filmed at The Lot. The landlord is CIM Group.
TEMPE, ARIZ. — Dornin Investment Group acquires Agave Center, a five-building office/flex development in Tempe, for $29.5 million. The development includes the 55,221-square-foot Agave Business Center at 8945 S. Harl Ave.; the 86,115-square-foot Agave Corporate Center at 1711 W. Greentree Drive; and the three-building, 78,405-square-foot Agave Executive Center at 17211, 1725 and 1729 W. Greentree Drive. The 219,741-square-foot Agave Center was developed in 2000. The center is collectively more than 90 percent leased. Chris Toci, Chad Littell and Ryan Bartos of Cushman & Wakefield represented the seller, an entity owned by certain funds managed by Westport Capital Partners LLC, in this transaction.
SAN DIEGO – A joint venture between Parallel Capital Partners and Equity Group Investments has purchased Wateridge Plaza, a three-building office campus in the San Diego submarket of Sorrento Mesa for $72.5 million. The Class A campus is located at 10201, 10221 and 10241 Wateridge Circle. It totals 278,787 square feet. The campus is currently 72 percent leased. The property also includes the potential to develop up to 168,000 additional square feet of Class A office space. The campus was built in 1984 and renovated in 2012. The seller, a joint venture between Beacon Capital Partners and C-III Realty, invested more than $14 million in campus upgrades between 2009 and 2013. The new joint venture plans to make additional capital improvements. The JV seller was represented by Adam Edwards of Eastdil Secured.
CHANDLER, ARIZ. – A 104,352-square-foot manufacturing facility in Chandler has sold to Grupo Phoenix for $6 million. The facility is located at 464 E. Chilton Drive. It is fully occupied by the buyer. The seller, Primrose Properties Ltd., was previously represented in the lease transaction by Mike Parker and Evan Koplan of CBRE’s Phoenix office.
DENVER — Crow Holdings Capital Partners has acquired the Brown Palace Hotel Portfolio in Denver for an undisclosed sum. The portfolio contains the Brown Palace Hotel & Spa and the adjacent Comfort Inn Downtown Denver, for a total of 472 guest rooms, 22,100 square feet of meeting space, and five food and beverage venues. The Brown Palace is located at 321 17th Street. It is the only hotel in Downtown Denver to receive both the Forbes Four-Star and AAA Four-Diamond awards for more than 30 consecutive years. The hotel was built in 1892. An affiliate of Quorum Hotel Advisors will continue to manage the property. The Comfort Inn Downtown Denver is located at 401 17th Street. The acquisition was completed on behalf of Crow Holdings Fund VI.