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Real Estate Bisnow
The largest commercial real estate publication in the United States.
   
January 3, 2012 
 
 
The Deal Sheet

Q10 | Dwyer-Curlett & Co. services income property loans totaling approximately $4 billion on behalf of life insurance companies and other institutional lenders. Find out more here

 
AEW Capital Management LP acquired 2050 Main St, a 315k SF office building in Irvine, on behalf of an institutional client.
 
The 13-story, granite-clad tower was constructed in 2007 and is the newest building in Orange County’s Airport Area submarket. It’s part of the Irvine Concourse Corporate Center, a 48-acre development consisting of 10 office towers, Embassy Suites and Crowne Plaza hotels, an Equinox Health Club, and three restaurants including McCormick & Schmick’s. According to AEW director Dan Bradley, 2050 Main’s pending LEED Gold certification will help to solidify its top-tier status. The seller, a JV between Westbrook Partners, Walton Street Capital, and Greenlaw Partners, was repped by Eastdil Secured.
 

EXECUTIVE NEWS

Newmark Knight Frank managing principal Steve Kolsky was elected 2012 chairman of the Los Angeles Commercial Realty Association’s board of directors. He’s served on the board since 2007.

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Mark Dannettel, a VP in Thornton Tomasetti’s LA office, has been named leader of the firm’s Pacific Rim building skin practice. Mark, who is also Thornton Tomasetti’s West Coast practice leader, has more than 20 years of experience in architecture, engineering, façade design, and building technology in Asia and the US.

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KTGY Group expanded its retail studio to accommodate growth. The firm promoted retail studio director Craig Chinn to associate principal and hired retail design veteran Rick Grandy, formerly a principal at JAG Architects.


Bisnow
HOT FOR 2012
 

All the warm weather we’ve been having may just be the sun shining on multifamily. Greenberg Traurig’s Mark Levinson is already busy working on negotiating and documenting the sale of a Beverly Hills apartment complex for a Mideast client, plus repping a REIT hopeful of acquiring several properties in the region the first quarter. In even more important news, his son just got accepted early admission to Emory in Atlanta, and with Mark’s twin daughters at Wash U in St. Louis, he now has places to visit spanning the country. Yes, he’ll likely fly, but in theory he could also take the Hanoverian horses he rides in Calabasas or take out his Catalina ‘38 from Marina del Ray and sail up the Mississippi.


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SALES

IMT Capital LLC and its affiliate IMT Residential acquired IMT MetroPointe, a 249-unit multifamily property at 11615 Firestone Blvd in Norwalk. Amenities at the garden-style community include a resort-style swimming pool, indoor basketball court, fitness center, and community room.

 

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A Beverly Hills-based private trust bought a 50k SF retail property occupied by LA Fitness, 220 N Sanderson Ave in Hemet, from Pleasanton-based Eden Group LLC for $9.6M. Faris Lee Investments’ Shaun Riley repped the buyer, which was in a 1031 exchange, while Marcus & Millichap repped the seller. The property sold at a 7.6% cap rate, reportedly the lowest cap rate for a single-tenant health club-occupied property in the US since July 2008.

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Realm Group II LLC acquired 200 Pine Ave, a 67k SF office and retail building in downtown Long Beach, for $9.6M or $143/SF. The recently renovated building is 70% occupied with local and national tenants including Ignify, XO Communications, Octopus Restaurant, and Gaucho Grill. Lee & Associates’ George Thomson and Noel Aguirre are the leasing brokers.

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Evergreen Packaging bought a 28.3k SF, free-standing industrial building, 16000 Phoebe Ave in La Mirada, from InSite Realty Advisors for $2.7M. Voit Real Estate Services’ Cameron Driscoll and Luke McDaniel repped the seller, while Grubb & Ellis repped the buyer. According to Cameron, the property originally was listed for lease, but the Voit team knew there was stronger activity in the sale market and advised its client to shift the focus to buyers.

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The Ensign Group acquired the underlying real estate and operating assets of the 108-bed Orem Rehabilitation & Nursing Center in Orem, Utah. The Mission Viejo-based company had been operating the skilled nursing facility under a lease since May 2008.

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Charles Dunn Co’s Kimberly Roberts Stepp repped both sides in three multifamily sales on LA’s Westside. TS Property Management bought a six-unit building at 1243 Berkeley St in Santa Monica from Baumgarten Trust for nearly $1.6M; Nikbin Investments bought a five-unit property at 8351 W Manchester Ave in Playa del Rey from Edith Tirany for $1.2M; and Shaffid Inc bought a six-unit building at 1108 19th St in Santa Monica from Mizrahi Trust for $1.7M.

 

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Mon Mon LLC bought Margarita Center, a 60k SF retail property at 39520-40 Murrieta Hot Springs Rd in Murrieta, from MS Kearny CPB 3 LLC for $8.5M. The neighborhood center was built in 2008 and is anchored by Fresh & Easy. Voit Real Estate Services’ Todd Holley repped the buyer, while CBRE’s John Read, Patrick Toomey, and Phillip Voorhees repped the seller.

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Steven Label, a printing company, bought a 19k SF, free-standing industrial building at 9046 Sorensen Ave in Santa Fe Springs from Kearny Real Estate Co for $2.1M. Voit Real Estate Services’ Cameron Driscoll and Luke McDaniel repped the seller in the REO sale, while Lee & Associates repped the buyer.

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1542 Cassil LLC, a full-service post production rental equipment company, bought a 4,026 SF property at 1542 Cassil Place in Hollywood, from Cassil Management LLC for $1.3M. Colliers International’s Kathleen Silver and Kay Thorpe repped the seller along with Avison Young’s Steve Tronson and John Tronson. Avison Young’s Lori King repped the buyer.

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Marcus & Millichap’s Lane Schwartz and Thomas Jonsson sold a 10-unit apartment property, 1803 S Burlington Ave in LA, on behalf of a trust for $779k. They also secured and repped the buyer, a private investor.

LEASES

Guitar Center leased nearly 43k SF of office space at Lakeview Corporate Center, 112 S Lakeview Canyon Rd in Thousand Oaks, for a regional office. Jones Lang LaSalle’s Gary Horwitz, Jim Lindvall, and Kamil Agha repped the tenant, while NAI Capital’s Lee Black and Jared Smits repped owner LBA Realty Fund III-Company VII LLC.

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Danning Gill Diamond & Kollitz LLP leased 22k SF of office space at 1900 Avenue of the Stars in Century City. The bankruptcy law firm, which will occupy the entire 11th floor, is relocating from 2029 Century Park East. Studley’s Mike Catalano repped the tenant, while Topa Management repped the landlord Duesenberg Investment Co LLC.

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Car2Go, a wholly owned subsidiary of Daimler North America Corp, leased a 3,800 SF building, 633 Ninth Ave, from Mitchell Investments for its downtown San Diego retail lounge and office HQ. The 300-smart for two all-electric drive vehicle carsharing pilot project is the first of its kind in North America. Cassidy Turley BRE Commercial’s Danny Fitzgerald, Andrew Ewald, Michael Burton, and Pasquale Ioele repped Car2Go. Mitchell Investments’ Glenna Schmidt was instrumental in completing the deal.

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J. Robert Scott, a luxury home furnishings manufacturer, extended the lease on its corporate HQ at 500 N Oak St in the Airport Business Park in Inglewood. The company has occupied the 76k SF building for 17 years. The Klabin Co/CORFAC International’s Ronald Rader repped landlord Roxbury Property Management, while Klabin/CORFAC’S Doug Marshall repped the tenant. The 78-month lease extension is valued at $4.3M.

BUSINESS

Marcus & Millichap’s Clyde Isaacson and Lonnie McDermott are marketing The Verona, a 35-unit apartment building at 11115 Aqua Vista St in Studio City. The listing price is $13M or $371k/unit.

 
Out with the old, in with the new (deals, that is). Julie@bisnow.com.
 
 
 
 
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