Laemmle Buys Back At Discount North Hollywood Movie Theater It Sold In 2021: The Los Angeles Deal Sheet
The Laemmle family reacquired 5240 Lankershim Blvd. in North Hollywood, a roughly 33K SF property it had sold to multifamily developer Grubb Properties in 2021. Grubb had planned to build a mixed-use retail and residential project on the site.
Property records show the developer bought the site for $9.5M. The Laemmle family bought it back for $6.5M. The reacquisition was part of a 1031 exchange that happened after the disposition of another former theater that was owned and operated by the family.
PEOPLE
Colliers hired Kurt Davis to its Greater Los Angeles brokerage. Davis joins as senior vice president and will focus on full‑service landlord and tenant representation on the Westside and in Downtown. Davis was previously at The Irvine Co., where he served as in‑house leasing director.
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Family office-backed Bolour Associates Inc. promoted Brad Fahlgren to managing director, strategic partnerships and capital formation. Fahlgren has been with Bolour since 2018.
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Bison Partners hired Todd Huber as head of asset management. Huber joins Bison from Paragon Commercial Group, where he was senior vice president of investments and spent eight years leading retail acquisitions, development and asset management assignments across SoCal.
SALES
MGR Real Estate purchased Lakeview, a two-building, Class-A office property in Ontario, from BH Properties for $24.7M. The campus spans 106K SF and includes 1.85 acres of excess land for immediate development.
Newmark’s Paul Jones and Brandon White, in collaboration with Kevin Shannon, represented BH Properties. Buyer MGR Real Estate was self-represented by Michael G. Rademaker and Tony Hermosillo
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Bridge Logistics Properties acquired a roughly 68-acre, entitled development site within The District, a 245-acre, mixed-use master-planned development in the Inland Empire’s Jurupa Valley. The site is entitled for up to a 1.5M SF cross-dock logistics facility. JLL’s Peter McWilliams and Mike McCrary facilitated the transaction and are handling leasing. The sale price was not disclosed.
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Universe Holdings Development bought Park Encino, a 52-unit apartment complex in Encino. The property sold for $28M, or $538,462 per unit. Institutional Property Advisors worked on the sale and financing of the property, which was completed in 2014. The transaction is the first core-plus, 50-plus-unit multifamily sale in Encino since 2017, according to a release from IPA. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller and procured the buyer.
LEASES
The Klabin Co.’s Matt Stringfellow and Courtney Bell represented Rexford Industrial in the three-plus-year lease of an approximately 38K SF, freestanding industrial building at 1315 Storm Parkway in Torrance to Vital Lyfe Inc. Financial terms were not disclosed. Vital Lyfe was represented by Savills’ Demarco Duran.
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K2 Space Corp. inked a five-year lease valued at $3.7M for a 49K SF distribution warehouse at 1355-1365 Storm Parkway in Torrance’s Storm Business Park. The landlord, Storm Properties, was represented by The Klabin Co.’s Matt Stringfellow. K2 Space was represented by Savills’ Demarco Duran.
CONSTRUCTION AND DEVELOPMENT
The 278-unit multifamily complex Vaya on Axia in Chula Vista has officially opened. Located in the master-planned community of Millenia, it was developed by Ryan Companies US Inc. and equity partner Strata Equity Group Inc.
The 340K SF project has 482 parking spaces, a pool and spa, a rooftop deck, pet amenities, a fitness center and a resident clubhouse. It also features a 1.2K SF public coworking space.
FINANCING
JLL Capital Markets arranged $26M in bridge financing for a 7.75-acre industrial outdoor storage facility at 1477 N. Jefferson St. in Anaheim.
JLL worked on behalf of the borrower, North Palisade Partners, to secure a nonrecourse, three-year floating-rate loan.
The 338K SF, Class-A property sits at the corner of North Jefferson Street and Orangethorpe Avenue in Anaheim. The site is fully leased to a Fortune 100 logistics company that uses the facility as secured parking to support two nearby distribution centers. The property includes 161 trailer parking stalls and two points of ingress and egress and can serve as secure parking for delivery trucks and trailers.
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Marcus & Millichap Capital Corp. arranged roughly $4M in financing for Penny Lane apartments, a 14-unit apartment property at 1170 Sumner Ave. in El Cajon. MMCC’s Kevin Elliott arranged a 30-year, fully amortized loan at 65% loan to value with a national bank on behalf of a private client.
