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Equity Office Daily Brief: October 29, 2015

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Daily Brief

October 29, 2015

  EquilityOffice

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Capital Improvement as Finance Firm Signs Long-Term Lease

Los Angeles Business Journal

 

Capital Group Cos., one of downtown L.A.’s biggest tenants, made a commitment last month to stay at 400 S. Hope St. for 15 more years after its lease runs out in 2018. The deal with landlord CBRE Investors includes an expansion. Capital...

 


Better Late Than Never: Downtown Options for Last-Minute Office Parties

Los Angeles Downtown News

 

DOWNTOWN LOS ANGELES - In Los Angeles, late October doesn’t seem that late. The weather remains warm, Halloween hasn’t even arrived and Christmas and Hanukkah still require two more turns of the pages of the calendar. However, if you are in charge of...

 


C&W: Economy Still Driving Growth in Office, Industrial Markets

Commercial Property Executive

 

The U.S. industrial market is the hottest commercial real estate sector with third-quarter vacancy at cyclical lows and rent growth the strongest it has been in 15 years. And the office sector is holding its own too with demand high enough...

 


UC Irvine is leading an effort to turn O.C. into the next Silicon Beach

Los Angeles Times

 

On a recent evening, a crowd of entrepreneurs, investors and tech consultants gathered at an office building near UC Irvine, drinking Heineken, playing pingpong and watching the San Diego Chargers take an early lead over the Pittsburgh Steelers. But the socializing was...

 



BLOG & ONLINE NEWS

 

This Week's LA Deal Sheet

Bisnow

 

Oh, those Millennials—they'll whip out their cellphones to snap the dish in front of them in a restaurant, but cook a meal at home? Not so much. So Hollywood's Gershwin Apartments, where a majority of the units are efficiency units without...

 


Downtown Is Medically Underserved

GlobeSt.com

 

LOS ANGELES—Wembley Realty Advisors, Matar Pacific and Robhana Group have received approval to build a 60,000-square-foot medical office property in Downtown Los Angeles at Hoover St., Washington Blvd. and the I-10 freeway. The California Office of Statewide Health Planning and Development...

 


Kidder Mathews Takes Over Voit Operations In Sacramento, Phoenix As Western Expansion Continues

CoStar.com

 

Seattle-based Kidder Mathews has recruited more than 20 brokers from Voit Real Estate Services in Sacramento and Phoenix, just weeks after Irvine, CA-based Voit announced a transition from the leadership of founder Bob Voit to a broker-led management structure headed by...

 


Proposed South Bay Galleria design includes housing, hotel

Easy Reader News

 

Public comments are currently being taken regarding the environmental impacts of a potential project at the South Bay Galleria, 1815 Hawthorne Blvd., that hopes to redesign and renovate the regional mall that many, including local officials, believe needs a rejuvenation. A notice...

 


Stockdale Capital Makes $38 Mil MOB Purchase in Santa Monica

RENTV.com

 

Stockdale Capital has acquired a 54.2k sf, Class A medical office property in Santa Monica in a recent transaction valued at $38.5 mil ($710/sf). The asset, located at 2825 Santa Monica Blvd, was sold by a partnership made up of Lincoln...

 

FULL TEXT


Capital Improvement as Finance Firm Signs Long-Term Lease

Los Angeles Business Journal

 

Capital Group Cos., one of downtown L.A.’s biggest tenants, made a commitment last month to stay at 400 S. Hope St. for 15 more years after its lease runs out in 2018.

The deal with landlord CBRE Investors includes an expansion. Capital Group will take an extra floor, bringing its occupancy to 165,000 square feet from the 140,000 square feet in its current deal. Sources said the latest transaction is valued at close to $100 million.

The expansion is to accommodate new associates in sales and distribution as business grows, said a spokeswoman for Capital Group. The firm will move into the additional space next year.

The 26-story, 701,500-square-foot Class A office building is roughly 90 percent leased. It is the location of CBRE’s corporate headquarters.

Todd Doney, John Zanetos and Will Adams of CBRE represented the landlord. John McRoskey and Frank Scott of Jones Lang LaSalle Inc. represented Capital Group.

Capital Group signed another big renewal lease just across the street at 333 S. Hope in March, agreeing to stay in the 323,000 square feet it rents from landlord Brookfield Property Partners at Bank of America Plaza for 15 more years.

-Hannah Miet

Better Late Than Never: Downtown Options for Last-Minute Office Parties

Los Angeles Downtown News

 

DOWNTOWN LOS ANGELES - In Los Angeles, late October doesn’t seem that late. The weather remains warm, Halloween hasn’t even arrived and Christmas and Hanukkah still require two more turns of the pages of the calendar.

However, if you are in charge of planning your office party, now is Code Blue. The issue is that many other party planners have already snatched up the best weekend and evening dates at the most popular places.  Fortunately, this isn’t a situation where if you’ve snoozed, you’ve lost everything. While the logistics of planning a last-minute office party can be harrowing, they’re not insurmountable. You can still pull off an event that bosses and underlings will all enjoy, but you need to act fast, you need to have information such as a firm budget and the number of guests, and you need to be flexible in case your first choice of time and place are gone.Thankfully, there is a surplus of places, both big and small, that can host a holiday celebration in Downtown Los Angeles. Some of them have been highlighted in the previous pages, and eight more are detailed below. This list is by no means exhaustive. Think of it as a launch point.

Now, get planning.

Retro Chic: The most eagerly anticipated Downtown debut of the year, Clifton’s Cafeteria opened this month after four years of renovations. The grand space, complete with multiple bars and an updated cafeteria, is one of the Central City’s most impressive destinations. It’s filled to the brim with ornate, festive decor, and its size and range of spaces make it ideal for office parties, whether you want to bring a group for a round or three of drinks or hope to sit and dine for hours. If you do plan on eating, expect all the cafeteria-style favorites: roast meats carved by hand, side dishes like tuna salad and mashed potatoes, pizzas and soups. There are plenty of desserts, too, including fruit-studded Jell-O. 

At 648 S. Broadway, (213) 627-1673 or

cliftonsla.com. 

Don’t Worry, Be Petty: Chef Walter Manzke’s Petty Cash Taqueria opened in the Arts District in late August, offering a modern take on Mexican taqueria classics. If the name sounds familiar, Manzke also runs the original Petty Cash and Republique, both in Mid-City, and once helmed the kitchen in the Arts District’s Church and State. The former Fifty Seven space on Santa Fe Avenue has been transformed into a colorful room with street art and casual seating, and while it’s not a big dining room, there are plenty of options for small- to mid-sized groups. Petty Cash’s menu is stacked with crowd-pleasers, like pork-shoulder quesadillas and fish tacos, as well as more esoteric fare, such as pig-ear nachos. 

At 712 S. Sante Fe Ave., (213) 624-0210 or

pettycashtaqueria.com. 

Artisan Eats: The big and busy Historic Core restaurant Artisan House is a neighborhood favorite that can also accommodate groups of all sizes. It offers a menu with a California-Mediterranean bent courtesy of new chef Karo Patpatyan, who has crafted items such an heirloom tomato salad with red beet puree and basil aioli, and slow-roasted sea bass with pureed artichokes. The restaurant’s event packages start at 20 people and stretch to 90-plus, with prices from $1,000 to $20,000 and beyond. Artisan House even offers a 10,000-square-foot, ninth-floor space (the former home of the Jonathan Club) for high-rolling blowouts. 

At 600 S. Main St., (213) 622-6333 or artisanhouse.net. 

Another Downtown District: You might not have noticed the opening of District, tucked away inside the newly renovated Sheraton Hotel at The Bloc, but the restaurant and bar offers enough space to host a gathering of Downtown office workers. District’s menu is a mix of American, Asian and Mediterranean influences put together by executive chef Hansen Lee, who previously led the kitchen in Pasadena’s boutique dusitD2 Constance hotel. Highlights include a “popcorn bisque” with charred corn, chili-miso-cured beef carpaccio, and cedar plank-roasted salmon with summer vegetables and harissa yogurt. There is also a full craft cocktail and beer program for those who want to imbibe. 

At 711 S. Hope St., (213) 612-3185 or districtdtla.com. 

Mexican Flair: The former Rivera space on the ground floor of South Park’s Met Lofts is now Broken Spanish, and it is easily one of Downtown’s best new restaurants. The bright and airy dining areas feature decorative nods to the city’s Latin American communities, and the food, too, is a reflection of the Mexican-American culinary experience in L.A. It’s perhaps not the best place for a huge party — unless you’re considering a restaurant buyout — but it is perfect for intimate groups that want to break bread together. Standout dishes include braised lamb-neck tamales, griddled shrimp with an earthy chile sauce, a whole fried snapper with leeks and clams, and slow-cooked pork belly with a beguiling garlic mojo sauce. Most small plates are under $20, with bigger family-style entrees coming in at $30-$40.

At 1050 S. Flower St., (213) 749-1460 or brokenspanish.com.

And to the Republic at Which You Dine: Downtown workers and residents keep lining up at lunch and dinner at Maccheroni Republic, the casual trattoria on Broadway that pumps out handmade pastas and sauces under the keen eye of owner Jean Louis De Mori. Due to demand for group functions, De Mori built an annex of sorts at a nearby space that can accommodate large and small gatherings. Maccheroni touts affordable group prices — starting at around $25 per person for food — and the menu hits all the Italian bases, from plump agnolotti filled with braised beef shanks to linguine with seafood in a bright tomato sauce. 

At 332 S. Broadway, (213) 346-9725 or maccheronirepublic.net. 

Time for a Bier: Austrian cuisine is hard to find in Los Angeles, but Downtown is in luck: Chef/owner Bernhard Mainringer’s new and casual Bierbeisl Imbiss is a great place to grab crunchy schnitzel sandwiches, Austrian-style sausages, excellent handmade pastries and more. There’s also a bar with Austrian beers on tap and several varietals of wine. There’s no private room or even a particularly spacious dining room, but the restaurant, located in the Spring Arcade Building, is perfect for smaller groups, especially with its long patio. 

At 541 S. Spring St., (213) 935-8035 or bierbeisl-imbiss.com.

Fly High: Neal and Amy Fraser have hit a homerun at Redbird, both for the transformed space in the former rectory of St. Vibiana’s Cathedral, and for Neal’s elegant menu. Redbird has a private event space that can hold about 16 people inside or 32 with an outdoor patio. The restaurant can also handle parties in its dining room, which flaunts a retractable roof. The food can best be categorized as New American with flavor inspirations from Latin and Asian cuisines. Dishes include a riff on pozole with crisp pork belly, braised pork, hominy and chiles; spot prawns with sea urchin and wasabi “snow”; and Thai-style Dungeness crab soup. If you’re looking for an upscale way to celebrate this holiday season, Redbird is a top choice. 

At 114 E. Second St. (213) 788-1191 or redbird.la.

-eddie@downtownnews.com

C&W: Economy Still Driving Growth in Office, Industrial Markets

Commercial Property Executive

 

The U.S. industrial market is the hottest commercial real estate sector with third-quarter vacancy at cyclical lows and rent growth the strongest it has been in 15 years. And the office sector is holding its own too with demand high enough to result in one of the best quarters post-recession.

Those are just some of the highlights of the 3Q market reports from Cushman & Wakefield released this week. The healthy industrial and office statistics came during a quarter that saw the global economy hit a rough patch with market volatility, a slowdown in China, rising U.S. dollar, and fallout from the decline in oil prices that could have adversely affected both the industrial and office markets in the United States, but they didn’t.

“In our view, the core of the U.S. economy remains solid; really solid enough to power through these headwinds and we do still see this as a healthy economic background for commercial real estate,” Kevin Thorpe, Cushman & Wakefield’s chief economist and global head of research, told Commercial Property Executive.

An improving job market is one of the drivers with U.S. unemployment at 5.2 percent in the third quarter compared to 6.1 percent in the same quarter last year.

“The economic environment in 2016 should support continued job gains, pushing the unemployment rate down below 5 percent and improving the outlook for the American consumer,” according to the Marketbeat U.S. Industrial Snapshot Q3 2015 report

The Marketbeat U.S. Office Snapshot Q3 2015 report also notes that the fundamentals in the economy are strong enough to withstand some of the global turbulence and predicts the six-year long expansion to continue.

“Job growth indicators remain robust for office-using industries and strong leasing activity combined with lagging new construction will keep upward pressure on rental rates,” the office report stated.Thorpe said demand for office space declined slightly in the third quarter, but it was still strong enough to remain one of the strongest quarters in this cycle. The U.S. office market absorbed 17.3 million square feet of space in the third quarter. While it was down 10 percent from the second quarter, the demand was still strong enough to offset the limited new office space and drive the vacancy rate down from 14.4 percent in Q2 to 14.2 percent in Q3. But the construction pipeline is ramping up and 95.1 million square feet of office space was under construction by the end of September.

Rent growth is also a big story with about 90 percent of all U.S markets seeing positive rent growth and more than 40 percent experiencing year-over-year growth above 5 percent, according to the Cushman & Wakefield office report

As for the markets that are the hottest, Thorpe said tech markets like San Francisco and San Jose, Calif., are still “white hot.”

“What’s interesting about this year increasingly is it’s becoming a second market story,” Thorpe told CPE. “Markets like Nashville, Oakland and Atlanta, these are markets that are nowhere near the top ten list a few years ago and now all are in the top ten in terms of rent growth.

Nashville, for example, saw year-over-year third-quarter rent growth of 10.6 percent to $21.99 per square foot. Thorpe noted Nashville has a strong diverse economy that “benefits greatly from the millennial boom.”

But it is the industrial market that has really been on fire, Thorpe said.

“It’s absolutely thriving,” he said. “There were reasons to believe that the third quarter was going to be weak. There was the slowdown in China. There was market volatility and that didn’t disrupt the robust path that industrial is on at all.”Thorpe said U.S. industrial rent growth is the highest it has been in 15 years and is “now in record-setting territory.”

“About 70 percent of all markets are experiencing positive rental growth, and 45 percent have seen year-over-year growth above 5 percent with double-digit gains in 14 markets,” the Cushman & Wakefield industrial report noted.

Nationwide, the average vacancy was 7.4 percent.

“It was another massive quarter of absorption in the industrial sector,” Thorpe said.

The report stated the U.S. industrial sector absorbed 57.9 million square feet in the third quarter, bringing the year-to-date occupancy gain to 173.1 million square feet. Net demand is on pace to exceed 200 million square feet this year. In the third quarter, all regions reported positive absorption gains, according to the report.

With demand increasing, construction has also ramped up. There was 182.3 million square feet of industrial space under construction at the end of the third quarter compared to 160.9 million square feet a year ago, according to the report.

Thorpe said the growth of e-commerce, particular companies like Amazon that are increasing same-day or next-day delivery, has been a big driver in the industrial market spurring construction and leasing of small and mid-sized facilities as well as large distribution centers.

“E-commerce account for nearly 50 percent of all the net absorption,” he said. “The fulfillment centers are certainly a big part of that.

Also contributing to the strong industrial numbers is an improving housing market along with growth in the automotive and manufacturing sectors, Thorpe said.

He said areas near port cities  and distribution areas are the leaders in the industrial market citing the Inland Empire of California, Los Angeles, Atlanta and Chicago as a few of the hottest markets.

-Gail Kalioski

UC Irvine is leading an effort to turn O.C. into the next Silicon Beach

Los Angeles Times

 

On a recent evening, a crowd of entrepreneurs, investors and tech consultants gathered at an office building near UC Irvine, drinking Heineken, playing pingpong and watching the San Diego Chargers take an early lead over the Pittsburgh Steelers.

But the socializing was just background for the main event: an emerging effort to connect Orange County entrepreneurs and financiers in building a local technology sector more like those in Silicon Valley and L.A.'s Silicon Beach.

Salar Soroori, a 36-year-old entrepreneur, stepped in front of a wall of televisions and pitched his company, Datavia Systems. It's a new entrant in the burgeoning field of "big data," the mining of business intelligence from massive databases.

After his presentation, he closed with a simple request: that he might chat with some of the business leaders, investors and tech executives. A short while later, Soroori walked up to the chief financial officer of a $6.5-billion company and talked up his venture.

So went the Monday Night Football pitch party at the Cove, a new UCI-backed venture that aims to help budding entrepreneurs both in and outside the university flourish locally — and not feel the need to move to the rival tech clusters in Los Angeles and the San Francisco Bay Area.

"Our end goal is to create hundreds of companies and thousands of jobs. We want to be the spark," said Richard Sudek, an angel investor and executive director of UCI's Applied Innovation institute.

"If you walk into a Silicon Valley Starbucks, there is probably 15 entrepreneurs and five VCs and five angels," he said. "Well, in Orange County, where is that?"

Supported by a $5-million endowment from the Beall Family Foundation, a Newport Beach philanthropy that's given heavily to UCI, the institute held a grand opening for the Cove this month.

The 31,000-square-foot space features an incubator for entrepreneurs just starting businesses and three accelerators to help them grow — all with the help of a network of nearly 400 mentors. Start-up funding is available from seven investment firms that maintain offices. Business advisory firms offer free help, financed by the Small Business Administration, and there's the university's Applied Innovation institute, which focuses on commercializing technologies coming out of UCI.

The event space itself could be the most important element of the effort, a place for the Orange County tech industry to gather informally and make connections that could launch new ventures. Its giant flat screens are spread along three walls. A game room with foosball and air hockey provides another venue for the kind of off-chance encounters that often occur more easily in places such as Silicon Valley or Silicon Beach — the stretch of Santa Monica, Venice and Playa Vista where tech companies are clustered.

"People want do business with people they like and people they trust," said David Friedman, a mentor at the Cove and a member of Tech Coast Angels, a Southern California angel investor group that has an office at the Cove.

Orange County has long had an established tech industry, particularly in the healthcare and hardware sectors. But the county is known less for start-ups than for old-line companies such as Microsemi Corp, Western Digital Corp. and Edwards Lifesciences Corp. that employ thousands and are valued at billions of dollars.

Still, there's a significant start-up community. Through the third quarter of this year, venture capitalists pumped $722 million into Orange County companies, up from $448 million a year earlier. But that's less than the $1 billion Silicon Beach received and just a fraction of Silicon Valley's $23 billion, according to PricewaterhouseCoopers.

Some hot companies include cybersecurity firm CrowdStrike and healthcare billing software firm Kareo, which ranked first and second in third-quarter venture funding with $100 million and $55 million, respectively, according to a separate report from PitchBook.

Even so, start-ups, events and investors are still scattered across the suburban county, which experts said has led some young companies to believe they must head elsewhere to take their business to the next level. That includes drone software firm Airware, which decamped for San Francisco less than two years ago.

"We are still trying to search for each other," Ray Chan, managing director of Newport Beach venture fund K5 Ventures, said of the local tech community.

The Cove joins a similar, but less comprehensive effort called the Vine, also in University Research Park, a more than decade-old development by the Irvine Co. and the university that has sought to cluster high-tech firms just off campus.

Inside the Vine, there are co-working spaces and the nonprofit EvoNexus incubator, which started in San Diego and opened in Irvine last year. EvoNexus sees an opportunity across the parking lot as well; it holds events at the Cove and Sudek helps select its class of start-ups.

"We all have the same mission: help support small business and make Orange County a thriving place to work and live," said Carolyn Liikala, portfolio manager at EvoNexus Irvine.

Soroori, the chief executive of Datavia, said the Cove's pitch party gave him a chance to get in touch with potential clients once he's ready to commercialize his software and hardware company, founded this year. Datavia aims to sell hardware that can process massive amounts of data faster and cheaper than traditional computers, with applications in industries as diverse as medical imaging and refining.

"Just in a matter of five minutes, I had three different leads," he said.

Nicolas Mangano said he's also found help at the Cove.

The entrepreneur founded SketchTogether in 2013 with $20,000 he earned through internships and a small stipend from his doctorate program. The start-up sells software that enables colleagues to remotely scribble on a shared digital whiteboard, no matter where they are.

The 30-year-old UCI alumnus, who works out of shared workspace at the Cove, has received mentoring from an entrepreneur on how to pitch prospective clients and from a former chief executive who got SketchTogether's financials in order. Then there's the other start-ups who stream through for events, allowing Mangano to learn from their successes and failures.

"This is a springboard," he said.

-Andrew Khouri

This Week's LA Deal Sheet

Bisnow

 

Oh, those Millennials—they'll whip out their cellphones to snap the dish in front of them in a restaurant, but cook a meal at home? Not so much. So Hollywood's Gershwin Apartments, where a majority of the units are efficiency units without kitchens in an urban, walkable neighborhood, hits all the right notes.

 Recently, we chatted with George Smith Partners principal Shahin Yazdi, who arranged $20.9M in bridge financing through a debt fund for Massie Capital to acquire the 163-unit property for $25M. Shahin tells us the project is targeted toward one of the hottest groups right now—young professionals who are rarely home and see their pads as just a place to sleep. "They're OK giving up the kitchen," he says. "They eat out most nights anyway." Or, they take advantage of another big trend: food delivery services that bring, on demand, fresh food to your doorstep within minutes. They're also OK with giving up cars—the Gershwin is close to 100% occupied despite having no parking. Tenants bike, walk or take public transit. "As the world changes, so does the real estate to accommodate it," Shahin notes.

Formerly known as the Gershwin Hotel, the historic property (5533 Hollywood Blvd) was built in 1927. It was redeveloped as apartments in 2013 by CIM Group (which just completed a retail project next door). It offers a mix of small units, including 105 efficiency units with kitchenettes totaling less than 350 SF. Shahin says lenders don't look favorably on units that don't have kitchens, but as the product becomes more popular, it's becoming easier to finance. Massie's investment partners on the deal, Glenn and Shannon Dellimore, are the founders of the GlamGlow line of skin care products that sold to Estée Lauder in January. The new owners plan to make the Gershwin's lobby more open and welcoming. Shahin says that even now, after work tenants hang out in the lobby, where they network, talk and build a community.

SALES

Montana Avenue Capital and a Roxborough Group affiliate bought 1700 Walnut Ave, a six-story office building and separate six-story parking structure in El Segundo, from USAA Real Estate for $33.5M. The building contains more than 119k SF and is 99% leased to tenants including Fuhu and iSupply. Recent renovations have created a blend of traditional office and repositioned creative office space, according to CBRE's Kevin Shannon, who repped the seller along with Ken White and Mike Moore. Creative office space has a 30% rent premium compared to traditional office space in El Segundo, he says. *** Orchard Adams LLC bought Palisades Apartments, a 28-unit apartment building in LA (1210–1226 W Adams Blvd within walking distance of USC), from Palisades USC LLC for $12.6M or $450k/unit. CBRE’s Laurie Lustig-Bower, who repped the seller along with Kamran Paydar, says there is tremendous demand for off-campus housing near USC. Built in 2002, the fully occupied Palisades features spacious units, gated parking and furnished rooftop decks. *** Totex Manufacturing Inc, a designer and manufacturer of battery packs and chargers, bought a former General Motors R&D facility at 3040-3050 Lomita Blvd in Torrance for $9.8M for an expansion of its area manufacturing HQ (located across the street at 2927 Lomita). The Klabin Co/CORFAC International's Todd Taugner, Frank Schulz, David Prior and Patricia Wisman repped the buyer while Colliers International represented seller Lomita Partners LLC. Occupancy: January 2016. Totex also has major manufacturing facilities in Hui Zhou, China.

*** San Sebastian Properties bought Villa Grande, a 78-unit apartment property in Reseda, for $21.5M. Built in 1987, the complex consists of all two- and three-bedroom individually deeded townhomes. Berkadia's Dean Zander and Vince Norris listed and sold the property, marking their seventh sale in the SF Valley in Q3. The property (Yolanda Avenue and Saticoy Street) attracted 120 interested buyers representing a variety of capital sources, including private investors, sponsored equity groups and condo converters. The buyer plans to spend $15k/unit in upgrades.

*** Hotel D. Artistes LLC sold its 3,730 SF 402 E First St building in Long Beach for $2.1M. Coldwell Banker Commercial BLAIR WESTMAC's Becky Blair and Sheva Hosseinszadeh repped the seller. Steve Warshauer, also with BLAIR WESTMAC, and Keller Williams' Coralyn Wahlberg represented the buyer, 402 East First LLC.

*** Medical office developer Yvonne Yiu bought 18k-plus SF at 120 W Hellman Ave in Monterey Park for $2M or $113/SF. According to CBRE healthcare expert Bryan Lewitt, who repped the seller along with Chris Isola, this marks the highest price per square foot to date for San Gabriel Valley medical land. The site is adjacent to the Alhambra Hospital. The sale included plans and permits for a 30k SF MOB.

*** Sheet 1200 N Cahuenga Blvd in Hollywood, home to an Armenian school and cultural center operated by Tekeyan Cultural Association since 1981, changed hands to Silicon Valley-based private school operator Stratford School. The buyer plans to open its new LA location in August, offering classes for students from preschool through middle school. The 1.2-acre campus features two buildings totaling 30k SF, subterranean parking, an outdoor play area and a theater. Christine Deschaine and Fred Cordova of Kennedy Wilson represented Tekeyan.

*** Brent Sprenkle of Berkadia sold a pair of apartment buildings totaling 20 units—1447 (above) and 1621 S Crescent Blvd—for a combined $5.4M. The buyer was in a 1031 exchange from a Louisiana land sale and was looking to reinvest locally. The seller owned and operated the properties for 30 years.

*** Koloe LLC bought three office buildings totaling 7,210 SF in Studio City (3751-3757 and 3759 Cahuenga Blvd W) for just under $2.6M. The property was 50% occupied by a television production company at the close of escrow, according to Charles Dunn Co's Stacy Vierheilig-Fraser, who repped the buyer as well as the seller, a private investor. The site consists of a two-story creative office building and two single-story buildings with outdoor courtyards. The buyer plans to occupy the remaining space as an owner/user for his mortgage company, Standard Home Lending, which is relocating and expanding from 13223 Ventura Blvd.

LEASES

The Pacific Design Center’s RedBuilding inked two leases with creative firms. Abrams Artists Agency, a diversified talent and literary agency, signed a long-term lease for more than 15k SF on the 11th floor. Clique Media, operator of fashion and lifestyle websites (WhoWhatWear.com, MyDomaine.com), is expanding into 10k SF on the ninth floor (giving the advertising firm a total of 30k SF). Savills Studley's Robert Cavaiola repped Abrams while Cresa LA/Travers Cresa's Marc Bretter repped Clique. Building owner Cohen Brothers Realty was represented by Marc Horowitz in-house and the RedBuilding’s JLL brokerage team led by Josh Wroble.

*** eggslut, a gourmet breakfast food truck that transitioned to a stall in DTLA's Grand Central Market, just got cracking on its first standalone location. This second brick-and-mortar shop is a 1,300 SF space in Venice (1611 Pacific Ave), two blocks from the historic Venice sign over Windward Avenue. RKF's Marc Finkel repped eggslut, while Conroy Commercial's Brad Conroy, Jeff Grey and Lauren Aboulafia repped the landlord.

*** New leases at Vannord, a 90k SF neighborhood shopping center at Van Nuys Boulevard and Nordhoff Street in Panorama City, include beauty supplies, an optical store and a credit union. Colliers Retail Foresight's Michael Bohorquez and James Rodriguez repped the landlord and tenant in each transaction. The duo also repped the landlord in a 17k SF lease in Paramount by WSS (Warehouse Shoe Sale), a regional shoe store chain. Rosano Partners' Sam Kangavari repped the tenant in the $2.8M deal.

FINANCING CBRE Capital Markets’ Debt & Structured Finance team arranged $156.8M in financing for the acquisition of a six-property, 1,413-unit multifamily portfolio in Washington and Oregon. Brian Eisendrath and Cameron Chalfant arranged the financing on behalf of LA-based TruAmerica Multifamily, which plans to implement a value-add renovation program to reposition the assets. Four properties received seven-year, fixed-rate loans with three years IO and a blended interest rate of 3.85%. The remaining two properties received floating-rate loans with three years IO and a starting rate of 2.6%.

CONSTRUCTION

Xebec acquired 12-plus acres in Vernon (5370 Boyle Ave) to develop a 203k SF spec industrial warehouse. The $29M project dubbed Boyle at 54th will feature just under 13k SF of office space, 25 dock-high positions, 32-foot clear height and a 130-foot truck turning radius, plus enough land to park 294 vehicles. CBRE's John Privett and Cameron Merrill, who repped the buyer as well as seller Pechiney, will market the project. Equity partner American National is providing the construction loan. Xebec Building Co will be the GC. Construction is slated to begin in Q4. 

A 10k SF HQ in El Segundo has been completed for JustFab, an e-commerce company and lifestyle brand. Landlord SSV Properties transformed old aerospace and defense contractor facilities to create next-gen office space. The new digs feature an open floor plan to promote collaboration, custom storage units, and a large production studio area. The five video and photo studios allow JustFab to produce all commercials in-house at a substantial cost savings. The project was designed by Moshiri Associates and built by Clune Construction, with JLL also on the team.

KUDOS

Bringing college access to the fore, the Posse Foundation raised $55k in its third annual golf tournament, chaired by Avison Young managing director Jonathan Larsen (center). More than 150 participants from the likes of Brookfield, Kilroy and SAA participated in the event, which was held at the Calabasas Country Club. The winning foursome included Jonathan's son Chandler Larsen, an associate with the firm, and AY urban retail guru Derrick Moore. Other AY pros who participated included Stan Yoshihara and Eric Moore, left. Jonathan notes the Posse Foundation has helped more than 6,200 disadvantaged public high school students get a "full ride, four-year college education with a 92% graduation rate."

*** A full turnout of 144 commercial brokers and related industry pros gathered at the Industry Hills Golf Club for the 32nd annual AIR Golf Classic. (No, that's not where you swing your arms in the air with a pretend club.) The event supports AIR Commercial Real Estate Association's Jules B. Altemus Scholarship Fund, which helps deserving college students studying commercial real estate. Above, Lynn LaRocque of DAUM'S Woodland Hills office admires Newport Beach colleague (and daughter) Jackie LaRocque's style-setting hosiery while Bob Hoyer of Delphi Business Properties looks on. This Week's LA Deal Sheet The Altemus Co's Mike Benesch and Robert Laswell are stunned as four-time long drive champion Frank Miller tees off on the 558-yard first hole, sending the ball some 370 yards down the fairway on the par 5 hole. The all-day event also included a reception, a gala awards banquet, and a raffle featuring such swag as a 55-inch Samsung TV and a trip to the Bahamas.

EXECUTIVENEWS

Chalvis Evans joined CBRE as an SVP in the LA North office, focused on investment sales and tenant representation. He and his team of Kyle Barratt and Gerard Poutier come from the Pasadena office of Coldwell Banker Commercial, where Chalvis closed more than $125M worth of transactions in the San Gabriel Valley last year.

*** Oakwood Worldwide promoted Marina Lubinsky to SVP, shared services and chief information officer. Previously SVP, CIO and interim human resources lead, she'll oversee the company's global sales and service center operations in Phoenix while continuing to lead global IT and human resources. Oakwood also promoted 26-year veteran Chris Brenk to SVP, financial services and chief financial officer, from interim CFO. His responsibilities include enhancing Oakwood Worldwide’s global pricing and payment system, which expands multi-currency billing to clients.

*** Mark Witsken, formerly with Keller Williams Commercial, joined Stepp Commercial as a VP responsible for multifamily sales in the greater Long Beach area. While the firm up till now has focused its efforts on properties with more than 10 units, he'll emphasize buyers and sellers of smaller apartment assets who seek to trade into larger properties through a 1031 exchange.

-Julie Nakashima

Downtown Is Medically Underserved

GlobeSt.com

 

LOS ANGELES—Wembley Realty Adviso
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