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Real Estate Bisnow
   
January 3, 2012 
 
 
The Deal Sheet

 
An entity of Champion Real Estate has acquired 600 Villa, a 62-unit apartment building at 600 E Olive Ave in Burbank, for $15.6M. The property includes a 10k SF luxury penthouse unit with its own pool, reflecting a time when builders constructed apartment buildings with an owner unit, according to Lee & Associates-LA North/Ventura principal Craig Stevens, whose team repped both sides.
 
600 Villa was built by August Bacchetta in 1973 and continued to be owned by his family until the sale; family members occupied the penthouse (above) until two years ago. The buyer plans to subdivide the vacant penthouse into one or two units, along with with a gym and screening room, Craig told us yesterday. He notes very few apartment buildings have rooftop pools outside of the Westside or converted buildings downtown, and that none in Burbank have such an amenity. The idea is to “make it more like a Westside building to get a higher rent.” The building also has a common area pool. Craig’s team included Tyler Stevens and principals Jim Fisher and Mike Smith.
 
Bisnow (PropManage)

SALES

Jupiter Holdings of Newport Beach bought the 11-story, 293k SF Pacific Place office tower in San Pedro (222 W Sixth St). Northrop Grumman previously occupied the Class-A building, located near the Downtown Harbor project and Ports of Call redevelopment. Just 29% leased, Pacific Place has upside potential due to its proximity to the ports, freeway access, and ocean views, according to CBRE’s Kevin Shannon, who repped the seller along with Dave Smith and Scott Schumacher.

 

Roll Global, a privately owned LA-based holding company, bought a 213k SF office complex in Bakersfield (10000 Ming Ave) from Castle & Cook. CBRE’s Kevin Shannon, Tom Bohlinger, Ken White, and Michael Longo marketed the property, which is fully leased to AERA Energy.

***

Oxford Gardens, an 81-unit apartment property in LA (951 S Oxford) was sold by the original developer for $15.3M or $189k/unit. The garden-style community was built in 1986. Hendricks & Partners’ Brent Sprenkle and Karoline Sauls negotiated the sale to Xenon Management.

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Olympic Harbor Investment Corp bought 1360 W Garvey Ave in West Covina for $4.2M in SoCal’s largest single-tenant restaurant sale since 2010. According to Colliers International’s Patrick Barnes, who repped the seller along with Peter Spragg, the biggest challenge was the strength of the tenant: Without a lease in place, there would have been a demand for the real estate, 2.4 acres next to the West Covina Mall with direct exposure to the 10 freeway.

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Rexford Industrial bought a 126k SF, 95% leased multi-tenant industrial park, just off Highway 101 in Oxnard (701 Del Norte Blvd) for $9.5M or $75/SF. CBRE’s Paul Farry and Mark Perry represented the seller, which acquired the property through foreclosure in 2001.

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Macy’s West Stores bought 722 Parriott Place in City of Industry, a 5,000 SF office/warehouse building on 4.5 acres, from Philipson Business Properties for just over $3.3M. The property includes a billboard leased to CBS Outdoor. Heger Industrial’s Thomas Holland, Robert Thornburgh, and Jon Reno repped the seller, while CBRE’s Kent Stalwick represented the buyer.

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A private seller sold a 2,422 SF retail storefront property, 2407 Main St in Santa Monica, to an exchange buyer for just under $1.4M. Coldwell Banker Commercial WESTMAC’s T.C. Macker and William Althouse repped both sides in the off-market transaction.


LEASES

Inland Empire Health Plan leased 207k SF in The Atrium at Empire Lakes, 10801 Sixth St in Rancho Cucamonga, for its new HQ. The not-for-profit health plan will consolidate from four locations in San Bernardino (including a 68k SF owned HQ) into a single building with large floor plates, achieving real estate and cost efficiencies, according to Studley’s Joshua Gorin, who repped IEHP along with teammates Steve Pisarik, Mark Sullivan, and Roi Shleifer and Lee & Associates’ Tom Pierik. CBRE’s Phil Woodford, John Oien, and Vindar Batoosingh repped landlord Torchlight Investors/Kelly A. McLaren.

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Port Logistics Group renewed and expanded its LA County ops for a total of 700k SF of warehouse and distribution facilities. The gateway logistics provider renewed 350k SF at 18175 E Rowland St in City of Industry and leased the neighboring 350k SF building at 18215 E Rowland. Jeff Cannon and John Simons of Studley’s industrial services group represented the tenant.

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Feeling frisky in '13? 69 Adult Toys leased 2,350 SF in the San Fernando Valley, 14510 Ventura Blvd in Sherman Oaks. Illi Commercial Real Estate’s Todd Nathanson, Cynthia Luther, and Joyce Lichten repped the landlord, while Coldwell Banker’s Tricia Thompson represented the tenant.

FINANCING

Lucent Capital’s Farzin Emrani and Ethan Schelin arranged a $9.9M land loan for TSG-Platinum LP, an affiliate of The Shopoff Group, to acquire and re-entitle 4.3 acres of infill land in Anaheim’s Platinum Triangle. The property consists of two contiguous parcels that were previously entitled in 2008 with a neighboring site for a mixed-use development. The borrower plans to increase the multifamily component while removing the retail and restaurant components.

DEVELOPMENT

AMF Development topped out Eleve Lofts & Skydeck, a 208-unit, mixed-use multifamily complex, at Maryland and Broadway in Glendale’s Arts & Entertainment district. Slated to open next spring, the $34M project is the first in AMFD’s “Young Urban Community” series, designed to appeal to Gen Y dwellers by offering smaller units in a vibrant setting.

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