The LA Deal Sheet
Gramercy 321 East 2nd LLC and CS 321 East 2nd Investors LLC have acquired a 10-story office building in Little Tokyo from an undisclosed tenant-in-common group for $18M.
The sale of the 53,827 SF building at 321 East Second St. in downtown Los Angeles highlights the growing demand of the downtown area, according to Charles Dunn Senior Managing Director John Anthony in a news release.
A pedestrian-friendly area and popular tourist destination, the Little Tokyo neighborhood is near many downtown institutions such as the The Geffen Contemporary at MOCA, Japanese American National Museum, the civic center, courthouse and businesses. Little Tokyo is also within walking distance of the Arts District, which has seen a resurgence of developments.
“The Little Tokyo submarket of downtown continues to evolve and the location positions the asset to be a part of the bright future of the area,” Anthony said.
Charles Dunn's Janet Neman represented the buyers. Charles Dunn's Anthony, Chris Steck and Chris Giordano represented the seller.
SALES
Alere Property Group LLC has purchased an 81K SF industrial building in Corona from 66 River Partnership L.P. for $12.1M. The manufacturing and distribution facility is on a 4.2-acre site at 200 River Road. CBRE’s Tom McAllister, Rebecca Perlmutter and Darla Longo represented the buyer and seller.
***
Hargis LLC has sold the Barrington Apartments in West Los Angeles to Ivy Hill Palmdale LLC for $1.58M. Built in 1955, the two story, seven-unit multifamily building at 2280 South Barrington Ave. consists of four one-bedroom units and four studio units. Stepp Commercial’s Kimberly Stepp and Mark Ventre represented the seller and buyer.
***
Meridian has purchased three buildings on five parcels totaling 29K SF in downtown Long Beach from an undisclosed private investor for $2.45M. Meridian plans to spend an additional $3.1M to upgrade the property for the development of a 9,200 SF ambulatory outpatient clinic, the company said. Coldwell Banker Commercial’s Becky Blair represented Meridian. Colliers International’s Dan Weil represented the seller.
***
Atlantic Pearl Investments has purchased a four-story office building in Long Beach from a Brookfield-sponsored private real estate fund for $13.35M. The 78,279 SF property at 1501 Hughes Way sold for $175/SF and is 88% occupied, according to CBRE. CBRE’s Mark Shaffer, Anthony DeLorenzo, Gary Stache and Doug Mack represented the seller.
***
An undisclosed Northern California-based family trust has purchased a 40,376 SF office building in Long Beach from United Pacific for $15M. In a sale-leaseback, United Pacific signed a new, 10-year long-term lease on the 2.65-acre property at 4130 Cover St. in Long Beach. Faris Lee Investments' Rick Chichester and Thomas Chichester represented United Pacific. CBRE's Bob Bower represented the family trust.
LEASES
DLA Piper has signed a 10-year lease for a 33,491 SF office space at the KPMG Center in downtown Los Angeles. The terms were not disclosed. Newmark Knight Frank’s David Kluth, Aliya Coher and Brad Feld represented DLA Piper. Morgan Stanley owns the building. DLA Piper will occupy the entire 24th floor and office spaces on the 23rd and second floor of the KPMG Center at 550 South Hope St.
EXECUTIVE NEWS
StarPoint Properties has named Lonnie Vidaurri as head of investments and capital markets. Vidaurri will be responsible for directing and executing investment strategy for StarPoint. Prior to joining, Vidaurri served as a managing director for Ladder Capital.
***
Newmark Knight Frank has hired Dan Samulski as senior managing director. Prior to joining, Samulski served as senior vice president at CBRE. Samulski has been a retail broker since 1999.
***
Charles Dunn Co. has named Michael Asarch as director in its Century City office. Asarch will join the firm’s Net Leased Retail Group and focus on the retail property sector. Prior to joining Charles Dunn, Asarch was part of Colliers International's National Retail Investments group.
