ALTADENA, CALIF. — Marty Cohan, Josh Levy and Paul Brehme of Marcus & Millichap’s West Los Angeles office represented the seller in the disposition of an eight-building facility in Altadena. Located at 183-205 E. Palm St., the approximately 35,646-square-foot property sold for $7 million. The seller and the buyer were not disclosed.
Western
LOS ANGELES — Dovetail Furniture Inc. has purchased a 52,426-square-foot industrial building, which is located at 14000 S. Figueroa St. in Los Angeles, for a consideration of more than $4.5 million. The company plans to use the facility to house its corporate offices, warehouse and showroom. Kai Chon of Charles Dunn Company, a partner of GVA Worldwide, represented the buyer in the acquisition; The Klabin Company represented the seller, Glabman Furniture Inc., in the transaction.
What area is your expertise? My specialty is in the sale of multifamily in the North Bay region San Francisco Bay Area (Marin, Sonoma, Napa and Solano Counties). What trends do you see presently in multifamily development in your area? Developers for the most part have pursued condo development in lieu of apartment development on land zoned high density residential. This is due to the huge economic value advantage condos offered over apartments. The apartment development we have seen has been concentrated in either a few very large Class A apartment assets, or affordable (tax credit and bond enhanced) or senior living. Who are the active multifamily developers in your area? Spanos, Fairfield Residential and DR Horton Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? The Moore Building (79 units in Downtown Santa Rosa) and Water Street North (107 entitled apartment units in Downtown Petaluma) are two interesting projects. Neither project has or will have a significant impact on the supply of units. What is more interesting is that both projects are victims of the same problem: projects getting entitled without a market to support them. In the …
What trends do you see presently in retail development in your area? Developers continue to move forward on projects in which they have an anchor tenant and financing. Land and construction costs have risen to a point where the rents developers need aren’t feasible to tenants, thus putting the project on hold. What type of retail product is doing well in your area? Regional malls and our two lifestyle centers continue to perform very well. What retailers are new to your area? Dick’s Sporting Goods, Famous Dave’s, LA Boxing, and over a dozen new tenants to our area that are currently in negotiations with landlords. Who are the active retail developers in your area? Center Cal, CE John and Company, Gramor Development and Opus NW are the most prominent players right now. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Cascade Station was recently completed located next to Portland International Airport, on the east side of Portland near the border of Oregon and Washington. This project’s success was banked on the fact that customers who don’t want to pay a Washington State sales tax will cross the Columbia …
Submitted by Kitty Wallace, senior vice president with the West Los Angeles office of Sperry Van Ness. What area is your area of expertise? My area of expertise is Southern California, but for the purpose of this interview I will focus on Los Angeles County. What trends do you see presently in multifamily development in your area? The rapid escalation of construction costs has subsided and in some cases is even coming down and labor is more widely available and less expensive. Despite reduced costs, land costs have started to come down. As demand for luxury condos wane, many development sites that were once slated for condo-construction will most likely be redirected to multifamily apartment buildings or mixed-use buildings. Who are the active multifamily developers in your area? A few major multifamily developers in the area are Legacy Partners, Related Development Company, NMS Properties, JPI Development, Lowe Enterprises, Fifield Company, and JSM Development. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? One significant multifamily development is the $600 million mixed-use development on Hollywood and Vine by Legacy Partners. This project is comprised of a hotel, retail space, condominiums, …
What area is your expertise? Office / San Diego/ Submarket: Kearny Mesa What trends do you see presently in office development in your area? Once known primarily as an industrial market Kearny Mesa continues to add new office buildings to its inventory. The market currently consists of approximately 9.4 million square feet of office space of which only 13.8 percent is Class A space. Recent development projects support an increased movement toward new Class A office buildings. Two brand new Class A developments underway in Kearney Mesa include the Sunroads Centrum (273,468 square feet) and the Terraces at Copley Point (380,000 square feet). These two projects together will add an additional 653,468 square feet for a total of 1.3 million square feet of Class A office space in the Kearny Mesa market. Who are the active office developers in your area? Sudberry Properties, Sunroads Enterprises, the County of San Diego, Badiee Development Inc., and The Ghianni-LaRussa Group. Please name one or two significant office developments in your area. What impact will these projects have on the market? Sunroad Centrum: The Sunroad Centrum is a 273,468-square-foot, Class A office tower in Kearny Mesa designed by Brian Paul & Associates, which is …
SAN BERNARDINO, CALIF. — JLO Properties LLC has acquired an 80-unit apartment complex, which is located at 1823 Clyde St. in San Bernardino. Clyde Street Properties sold the property for $8.97 million. Bo Drake and William Everitt of Los Angeles-based Investment Real Estate Associates represented the buyer; Alex Mogharebi of Marcus & Millichap represented the seller in the transaction.
SAN DIEGO — Public Storage has purchased Miramar Place Self Storage, a 100,638-square-foot self-storage property located at 6200 Miramar Rd. in San Diego. Granite Investment Group sold the property for an undisclosed price. Constructed in 2006 and situated on a 4.02-acre lot, the property offers 100 RV parking spaces. At the time of acquisition, the facility was 100 percent occupied. Greg Wells, Steve Rowland and Michael Roberts of Grubb & Ellis|BRE Commercial represented both parties in the transaction.
ROSEMEAD, CALIF. — Richard Longobardo of Marcus & Millichap’s Ontario, Calif., office represented the seller in the disposition of an 8,000-square-foot retail center in Rosemead. An undisclosed buyer acquired the property for $1.4 million or $175 per square foot. Located at 1600 N. Potrero Grande, the property is a sale/lease-back offering and has had a successful owner/user in occupancy since 1995.
CANOGA PARK, CALIF. — Paul Kenworthy of the West Los Angeles office of Charles Dunn, a partner of GVA Worldwide, has brokered the sell and acquisition of a 19-unit apartment building, which is located at 7037 Alabama Ave. in Canoga Park. Saswata Sen purchased the 17,324-square-foot property for $2.85 million. The seller was Khougaz Trust. At the time of acquisition, the property was 100 percent occupied. Kenworthy represented both parties in the transaction.