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January 4, 2011 
 
 

THE DEAL SHEET


As we move forward in 2011, we're curious what you think are the hottest topics in the real estate world. Have an idea or topic for a future event? Send us an email.

 

Modern VideoFilm Inc, a post-production and film conversion company, signed a 96k SF lease for the relocation of its HQ to the newly built Empire Center at 2300 Empire Ave in Burbank.

 

The 11-year lease, valued at about $35M, represents a 30% expansion for the company as well as the consolidation of its Burbank, Glendale, and Studio City locations. Studley EVP/SoCal regional manager Mark Sullivan represented the tenant, securing building-top signage. It's the second significant lease signed at the 364k SF, LEED Gold building. (Studley previously repped payroll services provider Cast & Crew Entertainment Services in a 51k SF lease at the project.) Move-in’s slated for Q4. Patrick Church and Anneko Greco of CBRE represented landlord Clarius Partners of Chicago. As if this weren’t enough, Modern VideoFilm also signed a 10-year transaction for 20k SF at Yahoo! Center, located at 2500 Broadway in Santa Monica.

Sales

Golden State Financial bought Edgewater Apartments, a 258-unit community at 8200 Kroll Way in Bakersfield, from Equity Residential for $25M. Mike Murphy and Mary Ann King of Moran & Co’s Irvine office represented the seller, while Marc Thurston of Grubb & Ellis/ASU & Associates represented the buyer.

***

Tony O’Neill and Kendrick Askew of Voit Real Estate Services completed two multifamily REO sales and one loan disposition. In the latter, a San Diego opportunity fund bought a $13M nonperforming loan secured by 33 loft-style condos in LA. IMT Capital REIT purchased a partially completed 52-unit condo project at 11525 Blucher Ave in Granada Hills, while Pathfinder Partners bought an 18-unit condo project at 1711 E. 10th St. in Long Beach.

***

Jeffrey and Bryan LLC sold a 3.3-acre vacant auto dealership, formerly occupied by Bauer Jaguar, in the Santa Ana Auto Mall for $5.8M. Bryan Bauer of the Coreland Cos represented the seller. The buyer, Santa Ana Properties II, which represented itself, plans to relocate its nearby Mini Cooper auto dealership to the new property.

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Richard Ringer, a first VP of investments in Marcus & Millichap’s West LA office, sold a 24-unit apartment building at 332 Victoria St in Costa Mesa to an LLC for more than $4M.

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Pacifica Enterprises bought 15 units (including six penthouses) within Pan American Lofts, a 40-unit adaptive reuse project at 253 S. Broadway in downtown LA, for more than $3M. Richard Plummer, Michael Ross, and Andrew Harper of Grubb & Ellis’ capital markets group repped seller Phoenix Realty Group while Pacifica represented itself.

***

David Temko of Marcus & Millichap sold a 29k SF industrial property at 2614-2616 Temple Heights Dr in Oceanside to an owner/user for nearly $1.7M. The seller was a private investor.

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Pelican Packaging bought a 9,329 SF industrial building at 1806 Ord Way (above) in the Oceanside Gateway complex for $900k, relocating from leased space in Carlsbad. The Saywitz Co’s Jeff Saywitz represented the buyer. The seller, PCCP bkm, Oceanside II LLC, was represented by Jim Spain and Josh McFadyen of Colliers International and Joe McDermott of Coldwell Banker.

 

***

Marcus & Millichap sold a 16k SF industrial building in Corona Palisades Business Center in Corona for $1.3M. Michael Lawrence of M&M’s Newport Beach office marketed the property on behalf of a general partnership.

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Joe Linkogle and Adam Friedlander of Marcus & Millichap’s Long Beach office sold a foreclosed retail building at 11122 Los Alamitos Blvd in Los Alamitos for $1.2M. The 20k SF property housed a Shakey’s Pizza parlor for more than 30 years. The new owner plans to open a restaurant at the property.

Leases

 

Premier Business Centers signed a 38k SF, 91-month lease renewal for its executive suite center at 1875 Century Park East (above) in Century City. The new lease, which is valued at $8.5M, begins Nov. 1, 2012. LA Realty Partners principal Gary Weiss represented the tenant, while landlord Watt Management was represented in-house by Kathy McKay.

***

Excel Hotel Group signed a five-year lease for 4,494 SF of office space at 10660 Scripps Ranch Blvd. Chris Hobson and Bob Kuzman of Cassidy Turley BRE Commercial represented the landlord, Cornerstone Realty Investments, while Chris Downs and Robert Faithful of Stone-Miller represented the tenant.

***

Orbital Enterprises leased about 12k SF of industrial space at 4650 Mercury St in San Diego from Herbert Gary Lewis Separate Trust. Bryce Aberg and Brant Aberg of Cassidy Turley BRE Commercial represented the landlord and tenant, along with the firm’s John Orlando.

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National Semiconductor Corp leased 2,086 SF of office space at 12520 High Bluff Dr in San Diego from Plaza Holdings. Bill Cavanagh of Cassidy Turley BRE Commercial represented the tenant, while Chris High of Cushman & Wakefield represented the landlord.

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La Jolla Capital Group and Kairos Capital leased 980 SF of office space at 1025 Prospect St in La Jolla from Portland Investments. Bob Kuzman of Cassidy Turley BRE Commercial represented the tenant and the firm’s Mike Slattery also represented the landlord.

Financings

TNP Strategic Retail Trust Inc entered into a secured revolving credit facility with KeyBank with an initial aggregate lending commitment of up to $35M, replacing a $15M facility that matured Dec. 17. The new facility includes an accordion feature that allows for an increase in commitments up to $150M.

Executive News

CityView added Mark Beisswanger, formerly the Ryland Group’s Western regional president, as a managing director and EVP. He’s in charge of asset management for the urban real estate investment firm’s three housing funds, which total more than $350M in 12 states. CityView also promoted Damian Gancman to SVP of acquisitions and strategic ventures and Boris Sturman to VP of finance.

***

James Matson, office director and project manager in HGA Architects and Engineers’ LA office, was promoted to VP. His projects include the recently completed Arts Village at Chaffey College and the Net Zero Energy Science Complex under construction at Los Angeles Harbor College.

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Jeff Gahagan and John Son, principals in Lee & Associates’ Anaheim office, were appointed shareholders. Gahagan specializes in industrial leasing, sales and investments, while Son focuses on owner/user industrial and office transactions as well as land sales and development.

A little bit of good news can go a long way if you tell Julie@bisnow.com.

 
 
 
 
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