Can't see content of this e-mail? Click HERE for browser version. LNR Warner Center IV Sells for Nearly $150 Million | The vast 500,000-square-foot LNR Warner Center IV in Woodland Hills has sold for nearly $150 million, according to L.A. commercial real estate brokerage Newmark Grubb Knight Frank. New York investment advisor Angelo, Gordon & Co. and Lincoln Property Co., a Dallas commercial...
 | John Aaroe Group Merging with San Francisco Real Estate Brokerage | Beverly Hills-based John Aaroe Group is merging with San Francisco’s Pacific Union International Inc., the ninth-largest real estate brokerage in the United States by sales volume, the companies announced Wednesday. Terms of the deal were not disclosed. “This strategic collaboration with Pacific Union...
| | |  | Deal Alert Word & Brown Insurance Administrators, Inc. renews 4,525 RSF at 801 North Brand Blvd. in Glendale. Deal represented by Jason Hoffman of Mohr Partners. | | | | | | | CIM Group Brings Flagship Fred Segal Store to 8500 Sunset | CIM Group announced today that is has signed a long-term lease with Fred Segal, a brand known for its eclectic mix of premier retailers, to bring a flagship store of approximately 22,000 square feet to the street level of 8500 Sunset,...
| George Smith Secures $34M Refinancing of Crenshaw Imperial Plaza Near Los Angeles | George Smith Partners has secured the $34 million refinancing of Crenshaw Imperial Plaza, a 305,000-square-foot mixed-use center located roughly 12 miles outside Los Angeles in Inglewood. The property consists of 238,000 square feet of retail and a 67,000-square-foot office building. The financing...
| LNR Warner Center IV Sells for Nearly $150 Million | The vast 500,000-square-foot LNR Warner Center IV in Woodland Hills has sold for nearly $150 million, according to L.A. commercial real estate brokerage Newmark Grubb Knight Frank.
New York investment advisor Angelo, Gordon & Co. and Lincoln Property Co., a Dallas commercial real estate developer, partnered on the deal and paid $147 million for the 510,000-square-foot pair of Class A office buildings at 21255 and 21215 Burbank Blvd. near Canoga Avenue.
The deal also includes the purchase of a land parcel of less than an acre that would allow a 7,500-square-foot retail building, according to Newmark. The seller was Starwood Property Trust Inc.
The buildings are six stories and were built in 2008 as part of the 1.3-million-square-foot, seven-building LNR Warner Center. LNR Warner Center IV features a fitness center, cafeteria, basketball court, and data center, with tenants such as Activision Publishing Inc., New York Life Insurance Co. and United Online Inc. The pair sit next to the headquarters of Viking Cruises at 5700 Canoga Ave.
Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark’s capital markets division and Jim Lindvall and Dan Sanchez of Jones Lang LaSalle Inc. negotiated the deal on behalf of the seller and the buyer. David Milestone and Scott Selke, also with Newmark, secured debt for the buyer.
“LNR Warner Center IV is a trophy asset and is one of only 12 institutional office projects that have been constructed over the past 10 years in Los Angeles County,” Shannon said in a statement. “The buyer will have a prime opportunity to add even more value through lease-up of vacancy, as well as development of the retail property.”
-Carol Lawrence
| John Aaroe Group Merging with San Francisco Real Estate Brokerage | Beverly Hills-based John Aaroe Group is merging with San Francisco’s Pacific Union International Inc., the ninth-largest real estate brokerage in the United States by sales volume, the companies announced Wednesday.
Terms of the deal were not disclosed.
“This strategic collaboration with Pacific Union delivers on our brokerage's mission to expand our international reach and accelerate the adoption of the most advanced technology and innovative thinking for our real estate professionals in the industry today,” John Aaroe, the firm’s president, said in a statement.
John Aaroe Group has eight other offices in the L.A. area in addition to its Beverly Hills headquarters. The firm participated in 2,834 closed transactions in 2015 with a combined market value of over $2.3 billion, according to the company.
One of its most high-profile deals was the $70 million sale in 2014 of a 23,000-square-foot mansion to Swedish billionaire Markus Persson, the inventor of the Minecraft video game. The deal is the highest-priced home sale to date in Beverly Hills.
-Paul Eakins
| CIM Group Brings Flagship Fred Segal Store to 8500 Sunset | CIM Group announced today that is has signed a long-term lease with Fred Segal, a brand known for its eclectic mix of premier retailers, to bring a flagship store of approximately 22,000 square feet to the street level of 8500 Sunset, a first-class residential building located at the apex of Sunset and La Cienega Boulevards. Fred Segal Sunset will be prominent on Sunset Boulevard and spreads across the residential project, flanking the interior plaza.
“Fred Segal’s trademark flair for boutique retail is a strong addition to the vibrant Sunset Strip and sets the standard for the level of quality that we are bringing to 8500 Sunset,” said Shaul Kuba, Co-Founder and Principal of CIM Group.
Fred Segal Sunset’s distinctive Mansard awning with signature striping will frame the retail space along Sunset Boulevard. Its collection of carefully selected retailers will offer the best brands and operators across the major retail categories including fashion, accessories, fragrance and beauty products, beauty and health services, furniture and home interior items.
In addition to the retail offerings, Fred Segal Sunset will feature a cafe by San Francisco’s Tartine as well as a full lifestyle offering including a fitness studio, salon, wine shop, a florist and an indoor/outdoor restaurant created for Fred Segal by Los Angeles restaurateur Bill Chait. Fred Segal Sunset will also feature the MART at Fred Segal, as it has in its stores in Japan as well as a gifting concierge, bespoke tailoring and other personal services. 8500 Sunset’s outdoor plaza will be utilized by Fred Segal for fashion presentations, performances, red carpet and other events.
“The cache of Fred Segal is attractive to other retailers that want to locate adjacent to the popular destination. We are in discussions with several other boutique businesses for some of the remaining retail space,” noted Kuba.
8500 Sunset features approximately 190 residences in two eight-story towers and offers a total of approximately 42,000 square feet of ground level retail along on Sunset Boulevard and La Cienega. It has an unparalleled location, on the southwest corner of Sunset Boulevard and La Cienega, at the gateway to the Sunset Strip, a premier shopping, dining and entertainment district in West Hollywood. Across La Cienega, CIM is completing work on The James West Hollywood, a hotel comprised of two 10-story towers with 286 guest rooms.
Headquartered in Los Angeles, CIM is an investor in communities throughout North America. CIM identified the nearby city of West Hollywood as an urban district that meets the firm’s strategic investment guidelines and made its first investment in the city in 2005. Since then, it has acquired and developed a portfolio of properties in West Hollywood that includes office, retail, studios and multifamily residential uses.
-Staff
| George Smith Secures $34M Refinancing of Crenshaw Imperial Plaza Near Los Angeles | George Smith Partners has secured the $34 million refinancing of Crenshaw Imperial Plaza, a 305,000-square-foot mixed-use center located roughly 12 miles outside Los Angeles in Inglewood.
The property consists of 238,000 square feet of retail and a 67,000-square-foot office building. The financing will be used to fund renovations at the center and pay off an existing loan.
Renovations will include the demolition of obsolete space, new signage and the conversion of ground-floor office space into retail. The converted ground-floor space will be home to tenants including Chipotle Mexican Grill, Five Guys and Ono Hawaiian BBQ.
Steve Bram, David Pascale and Ali Akbar of George Smith Partners secured the three-year, interest-only financing on behalf of the borrower, NewMark Merrill Cos. The lender was undisclosed.
-Staff
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