The LA Deal Sheet
C.W. Driver Cos. has broken ground on the $82M Science and Innovation Building at California State University Dominguez Hills. The 91K SF project is scheduled to complete in 2020.
The project is set to achieve LEED Gold certification or greater and will include laboratories, faculty offices, classrooms and facilities for new graduate programs through the university's College of Natural and Behavioral Sciences.
“Science and technology centers have become a major differentiator for colleges across the country, as a new wave of students look for innovative programs that prepare them for careers in science, technology, engineering and math,” C.W. Driver Cos. Project Executive Tom Jones said.
The building's Toyota Center for Innovation In STEM Education, funded by a $4M gift from Toyota USA, will include a fabrication lab, K-12 teacher demonstration and training labs, classrooms, collaborative workspaces and outdoor work areas. C.W. Driver Cos. is working with HGA Architects, A.J. Kirkwood & Associates Inc., University Mechanical and Moe Plumbing on the project.
The groundbreaking for Long Beach's tallest building, Shoreline Gateway, has been set for early 2018.
The 35-story Shoreline Gateway, at Ocean Boulevard and Alamitos Avenue, will stand 400 feet tall — taller than Long Beach World Trade Center. Co-developed by Ledcor Properties and Anderson Pacific LLC with Qualico and Lantower Residential, the mixed-use luxury apartment complex will follow The Current, a 17-story, mixed-use apartment tower with 223 units, on Ocean Boulevard.
The Current opened in 2016. It was the first ground-up high-rise in Long Beach since the Great Recession and the first apartment tower built in the city since 1966.
The Current and Shoreline Gateway will connect through a 10K SF shared plaza with retail and amenities. Shoreline Gateway will have 315 luxury apartments, 6,700 SF of commercial space, five levels of subterranean parking for 467 vehicles and amenities that include a 33rd floor community room with views of the ocean, downtown Long Beach and Orange County.
Marcus & Millichap closed two multifamily portfolio sales in Long Beach for $17.4M.
The first portfolio comprises 45 units on East Wardlow Road. Built in 1965 in the California Heights neighborhood, the properties are near the Long Beach Airport, Walmart Supercenter and Lakewood Golf Course.
The second portfolio comprises 52 units on Chestnut Avenue in downtown Long Beach within a few blocks of the $520M Long Beach Civic Center project, which will include a new City Hall, library, retail market and public park.
Marcus & Millichap Vice President of Investments Matt Kipp said the sales reflect the high level of investor interest in Long Beach. Kipp and Senior Managing Director Tyler Leeson represented the seller in both transactions and found the buyer for the East Wardlow Road portfolio.
Miller Trust sold Churchill Apartments, a 16-unit multifamily property at 450 South Los Robles Ave. in Pasadena, for $4.2M. It was the first time the property, built in 1965, has sold in 40 years.
Charles Dunn Co. Senior Managing Partner Chuck Dunn represented Pasadena-based Miller Trust, and Senior Managing Director Mike Vara represented the buyer, an LA-based private investor. Earlier this year, Dunn represented Miller Trust in the $2.4M sale of another Pasadena apartment property at 268 Pleasant St. He also represented the buyer in that transaction, Bechirian Trust.
Charles Dunn Co. completed the $5.8M sale of a 7,396 SF retail property occupied by Wells Fargo Bank in Thousand Oaks. The sale of the property, at 140 East Thousand Oaks Blvd., closed at a cap rate of 4.75% and $784/SF. Charles Dunn Co. Bank Property Group's Kyle Gulock, Matt Kramer and Brian Jensen represented the seller, a private, Southern California-based investor. Colliers International represented the buyer, a private investor from the San Francisco Bay Area that made the purchase as part of a 1031 exchange.
A freestanding light industrial building with a 1,085 SF showroom and ground-level loading door in Glendale sold for nearly $1.67M. Mohamed Omidghaemi Rugbank of Glendale bought the 4,422 SF building at 5914 San Fernando Road from a group of sellers: Robert and Doris Poole, Sharon Catri and Gary and Larry Aim, all of Glendale. Choice Real Estate Brokers' Debra Lee Brzescinski represented the buyer, and Stevenson Real Estate Services' Mark Miller represented the seller.
An auto parts supplier has acquired a 28K SF industrial facility in LA's Sun Valley submarket for nearly $5.03M, or $178/SF. Lee & Associates — LA North/Ventura's Hunter Warner and Brett Warner represented the buyer, Sabzeh. The property, at 11847 and 11851 Sheldon St., gives Sabzeh a warehouse hub for its retail locations. CBRE's Billy Walk represented the seller, Greenview Investments.
Coldwell Banker Commercial Advisors completed the sale of a six-unit apartment building in El Segundo for $3.75M, a city record of $625K/unit. The building, at 526 Illinois St., had multiple offers and sold in an all-cash deal with no loan contingency as part of a 1031 exchange. CBC Advisors Managing Principal Jonathan Nikfarjam and Senior Associate of Multifamily Investment Sales Luca Jacoli represented the private seller. OBR represented the buyer.
Hanley Investment Group Executive Vice President Jeremy McChesney negotiated the sale of a two-tenant retail property at 1661 and 1665 South Robertson Blvd. in LA. The 4,722 SF building, occupied by 7-Eleven and Launderland Laundry, sold for nearly $4.4M at 100% of asking price and $931/SF.
The cap rate was 4.03%, the lowest recorded closing cap rate in the nation for a multi-tenant 7-Eleven property this year, according to CoStar. McChesney represented the seller, an LA-based private investor. Bulldog Realtors' Michael Irvine represented the buyer, also a private investor from LA, in a 1031 exchange.
The sale was part of three separate transactions, in which McChesney represented the sellers for 7-Elevens in LA, Bakersfield and San Diego, totaling $9.13M.
Stepp Commercial represented both parties in the $2.5M sale of a six-unit apartment property next to Clover Park in Santa Monica. Stepp Commercial principal Kimberly R. Stepp represented the seller, an LA-based family trust, and buyer Landmark Villas West LLC. The closing cap rate was 3.6%. The two-story property at 2450 Oak St. sold at full list price. The buyer plans to upgrade and lease the vacant units.
Vanguard Logistics Services, a neutral freight consolidation service, has signed a long-term lease renewal for 2665 East Del Amo Blvd. in Rancho Dominguez. The company uses the 201K SF concrete tilt-up building as a distribution hub and began negotiating the new 62-month lease with a year left on its current lease.
The Klabin Co.'s Frank Schulz, David Prior and Tom Taugner represented landlord Prologis in the lease, valued at $9.8M. Savills Studley represented Vanguard Logistics Services.
Caine & Weiner Inc., an accounts receivable management company, has signed a lease for a 17K SF Class-A building at 5805 Sepulveda Blvd. to house its new headquarters in the San Fernando Valley. The company was looking to relocate its national headquarters from Woodland Hills. CBRE's Andrew Ratner and Ron Wade represented the tenant, and Corporate Asset Group's Bruce Frasco represented the landlord, 5805 Sepulveda LLC.