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The LA Deal Sheet

The city of Duarte is getting a new luxury housing project.

In a joint venture, MBK Rental Living and Haseko Corp. will break ground on a five-story, 344-unit luxury transit-oriented development in Duarte. 

Rendering of MBK Rental Living's 344-unit luxury apartment project in Duarte
Rendering of MBK Rental Living's 344-unit luxury apartment project in Duarte.

The project, which will consist of a mix of studio, one-, two- and three-bedroom units ranging from 527 SF to 1,100 SF, will sit on a 4.3-acre lot on 1700 Business Center Drive, according to city records. Additionally, there will be a six-story parking structure.

The transit-oriented development project is 11 miles from downtown Pasadena and 22 miles from Downtown Los Angeles.

The project is part of Duarte's Station Specific Plan. The Duarte City Council approved the updated plan in November as a way to promote housing developments near the city's transit areas.

The 344-unit project is one of two luxury apartment developments the city council approved for the site.

The 344-unit and 275-unit projects are located at the former Woodward Aviation building. The 275-unit building will also stand five stories and will be a mix of studios and two-bedroom units ranging from 540 SF to 1,388 SF, according to the city.

It is unclear if the JV of MBK and Haseko is the team developing the other 275-unit apartment.

A Bisnow request for information from MBK was not returned as of press time. 

Construction on the JV's project is scheduled to begin later this year. 

Farmers & Merchants Bank building at 401 South Main St. in downtown Los Angeles
Farmers & Merchants Bank building at 401 South Main St. in Downtown Los Angeles.

SALES

Main Street Trading Group has acquired the historic Farmers & Merchants Bank building in Downtown Los Angeles from 401 Tartine for $8.2M. Built in 1904, the 16K SF creative office property at 401 South Main St. received 17 offers, according to the brokers. Avison Young's Patrick Barnes and Hayden Eaves represented the seller. EOP Realty's Lee Polster represented the buyer.

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Greenlaw Partners has purchased a 130K SF industrial warehouse in Palmdale from Sinclair Printing for $15M. The warehouse sits on an 8.7-acre lot at 600 West Technology Drive. Greenlaw has secured a tenant described as a multinational technology company to occupy the entire building. DAUM Commercial Real Estate Services' Dennis Marciniak and Larry McEwan handled the sale.

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A private investor has purchased a 48-unit apartment building in Moreno Valley from an Asia-based investor for $6.65M. Built in 1979, the Bevia Apartments at 13260 Heacock St. is a two-story, 39K SF garden-style apartment. CBRE’s Eric Chen and Blake Torgerson represented the buyer and seller.

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A Southern California-based investment group has purchased a three apartment portfolio totaling 32 units in Los Angeles from Dunleer for $12.2M. The three properties are:

  • The Pepper Tree Ranch, a 20-unit property at 4959 Romaine St. in the East Hollywood submarket of Los Angeles. It sold for $7.35M.
  • The Casa Arroyo, an eight-unit property at 368 North Avenue 57 in Highland Park, which sold for $3.05M.
  • The Mountain View, a four-unit property at 132 Mountain View Ave. in Echo Park. It sold for $1.8M.

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A private investor has purchased a four-unit apartment in Los Angeles from an undisclosed seller for $1.65M. The property is located at 1139 Lodi Place. Marcus & Millichap’s Sam Liberow represented the seller.

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A private investor has purchased an 8,900 SF multi-tenant retail building in Ventura from an affiliate of MJL Capital Partners for $7.4M. The building at 5101 Telegraph Road is 100% leased to tenants including Starbucks and Jersey Mike’s. Hanley Investment Group’s Ed Hanley, Bill Asher and Jeff Lefko represented the seller. Hollander & Co.’s Mitch Hollander represented the buyer. 

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The city of West Hollywood has purchased an 8,700 SF retail building in West Hollywood from a private family trust for $11.4M. The retail building at 8315 Santa Monica Blvd. is leased to Crossroads Trading Co., Peter’s Cleaner and Joey’s Cafe. Compass Real Estate’s Partners CRE team of Morgan McMullin, Dario Svidler and Shaya Braverman negotiated the transaction. 

WeWork will open its 7th Orange County location at 100 Bayview in Newport Beach
WeWork will open its seventh Orange County location at 100 Bayview in Newport Beach.

LEASES

Stereoscope Coffee Co. has signed a lease with Granite Properties to occupy a 900 SF retail space at the 100 Bayview building at 100 Bayview Circle in Newport Beach. Terms of the deal were not disclosed. This is the second Stereoscope coffee shop in Orange County. The company opened its first in Buena Park. CBRE’s Annika Colombi represented Granite.

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Anchor Loans has signed a lease with One Baxter Way to occupy 26K SF of office space at One Westlake at 1 Baxter Way in Westlake Village. Anchor Loans is relocating from Calabasas. CBRE’s Matt Heyn represented the landlord. Lee & Associates’ Jared Smits and Mike Tingus represented the tenant.

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An undisclosed university has signed a lease with Agora Realty and Management to occupy a 16K SF bank building at 248 Hampshire Road in Thousand Oaks. Agora plans to convert the former bank into a healthcare facility. CBRE’s John La Spada and Bill Clark represented the landlord.

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Burbank Town Center has signed three new tenants to the 1.2M SF retail center at 201 East Magnolia Blvd. in Burbank. Round 1 Bowling & Amusement has signed a lease to occupy 43K SF of retail space. Han Korean BBQ, a Michael Kwan Restaurant concept, has also signed a lease. Financial terms and the size of the space were not disclosed. Additionally, Panini Kabob Grill has signed a lease at the Burbank Town Center. SRS Real Estate Partners’ Terrison Quinn and Casey Mahony represented the center’s owner.

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LiuGong North America has signed a lease with Industrial Outdoor Ventures to occupy a 13K SF industrial facility at 2353 South Cactus Ave. in Rialto. The construction equipment manufacturer will use the property for sales, storage and repairs of excavating equipment. The brokers of the deal were not disclosed.

Marcus & Millichap's Orbell Ovaness and Ara Rostamian
Marcus & Millichap's Orbell Ovaness and Ara Rostamian

EXECUTIVE NEWS

Marcus & Millichap has hired a veteran real estate team specializing in retail, led by Orbell Ovaness and Ara Rostamian. Ovaness will serve as a first vice president of investments. Rostamian is a vice president. Prior to joining Marcus & Millichap, Ovaness served as a first vice president with CBRE, and Rostamian as a vice president with SRS Real Estate Partners. The team includes Aren Ohanian, Jason Anguiano and Peter Girr.

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Tom Lagos and Patrick Toomey joined Marcus & Millichap’s Institutional Property Advisors as executive directors. The two specialize in retail. Prior to joining, Lagos and Toomey served as executive vice presidents at JLL.