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BLT Enterprises has sold a former gas station and parking lot in West LA for $13.75 million. The property will be redeveloped into a 119-unit multifamily community including 17 units dedicated to affordable housing.
Rendering of Wiseman Residential's 119-unit multifamily project at 11261 Santa Monica Blvd. in Los Angeles

Wiseman Residential has acquired a fully entitled land parcel in Los Angeles and plans to develop a six-story, 119-unit apartment building on the half-acre site. 

The property at 11261 Santa Monica Blvd. is a former gas station and parking lot.

Wiseman purchased the land from BLT Enterprises for $13.75M. Newmark Knight Frank’s Anthony Muhlstein and Brian Bowis represented BLT Enterprises. Wiseman Residential represented itself.

Prior to selling the land, BLT, which bought the site in 2007 for $6.3M, obtained entitlements under Los Angeles' Transit Oriented Communities program.

The TOC allows developers who are developing multifamily projects within a half-mile of a major transit stop an opportunity to increase the building's density and floor-to-area ratio, if it also provides affordable housing in the project. 

Of the 119 units, the planned apartment community will have 17 units dedicated to affordable housing, according to BLT officials in a news release. 

Rendering of Leon Group's self-storage project in Los Angeles
Rendering of Leon Group's self-storage project in Los Angeles

SALES

Leon Capital Group has purchased an industrial property in Los Angeles from a private seller for $6.62M. Leon Group plans to demolish the industrial building at 6500 Avalon Blvd. to develop a new, three-story, 115K SF self-storage building on the nearly 1.5-acre site. Newmark Knight Frank’s Ed A. Palmer represented the buyer and seller.

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An undisclosed family trust has purchased an 18,500 SF warehouse in the City of Industry from Golden Triangle Group for $5.5M. Built in 1979, the warehouse at 19062 San Jose Ave. sits on a 1.9-acre lot. NAI Capital’s Ryan Campbell represented the buyer. Lee & Associates represented the seller.

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The Goldfinger Group has acquired a 27-unit multifamily complex in the Pico Union neighborhood of Los Angeles for $3.8M. According to commercial real estate data site Reonomy, 1019 Albany St and 1412 W 10th Pl sold the land. The property at 1412 West 10th Place and 1019 Albany St. is located two blocks away from LA Live and the Staples Center in downtown Los Angeles. 

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An investor named Brad Vernon has acquired a 79K SF creative industrial campus in Fillmore in Ventura County from David Storrs for $1.42M. The Citrus Packing House at 341 A St. was a former fruit packing house recently repurposed as a creative office. Lee & Associates’ Matt Benwitt represented the seller.

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An undisclosed investment firm has purchased a 28-unit apartment building in Hollywood from a private investor for $10.7M. Built in 1964, the Gramercy Hollywood at 1836 North Gramercy Place closed with a cap rate of 4.3%. Stepp Commercial’s Darin Beebower represented the buyer and seller.

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In a 1031 exchange, Gofermor has purchased a 102K SF multi-tenant industrial building in Hesperia from Positive Investments for $8.9M. Built in 1986, the master-planned six-building property is situated on 11 acres at 17229 Lemon St. and is fully occupied by 17 tenants. Avison Young’s Al Pekarcik and Chris Smith represented the seller.

330 North Brand Blvd. in Glendale
330 North Brand Blvd. in Glendale

LEASES

California Insurance Guarantee Association has signed a 10-year lease with an undisclosed landlord to occupy 29K SF of office space at 330 North Brand Blvd. in Glendale. The financial terms of the deal were not disclosed. Built in 1982, the building features a three-story atrium, private outdoor decks and parking. Other tenants include Dignity Health, Liberty Mutual and Allstate. CBRE’s Paul Stockwell, David Kim and Sonya Schmidt represented the tenant. A JLL brokerage team represented the landlord.

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The City of Hope has signed a lease with an undisclosed landlord to occupy 152,600 SF of office space at The Campus at SGV in Irwindale. Terms of the deal were not disclosed. The Campus at SGV at 4900, 4910 and 4920 Rivergrade Road is a 693K SF office campus on 24.59 acres. CBRE’s Kevin Duffy, Natalie Bazarevitsch and Damon Feldmeth represented the landlord. Savills’ David Gordon represented City of Hope.

EXECUTIVE NEWS

Anyone Home has hired veteran multifamily executive Gary Glucroft as chief sales officer. Glucroft will be responsible for managing and enhancing the growth of Anyone Home’s client base. Prior to joining, Glucroft served as a TSP president and product manager at Apartments.com. 

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CBRE has promoted Sean Conry to senior managing director for project management, Pacific Southwest Division. Conry, who is based in Los Angeles, previously served as director of project management for the company in Orange County and the Inland Empire. In his new role, Conry will be responsible for providing line-of-business support and leadership for the Pacific Southwest Division, which includes 13 offices throughout Southern California and Arizona.