The LA Deal Sheet
As industrial rent continues to soar in the LA Arts District, apparel companies are acquiring property outside of downtown Los Angeles.
Maple DTLA LLC, a local apparel company, has purchased the Rosenthal Property Portfolio in Boyle Heights from Rosenthal Property Owners for $15.5M.
The 102,859 SF Rosenthal portfolio is a collection of manufacturing buildings for the apparel industry in the East Los Angeles and Boyle Heights area.
Kidder Mathews’ Jon Reno, Robert Thornburgh, Tom Holland and Trevor Gale represented the seller. The Quantum Associates’ Iqbal Hassan represented the buyer.
Kidder Mathews officials said neighborhoods outside of downtown Los Angeles are in a transitioning area and a landing spot for industries being pushed out of the Arts District due to redevelopment projects and higher-end uses.
With rents increasing, many traditional users are heading to the East Los Angeles/Boyle Heights district, said Reno, a Kidder Mathews senior vice president. He added that these manufacturing properties are being refurbished for manufacturing apparel.
“Through our unique marketing platform, we were able to generate multiple offers for this project, resulting in a managed bid process,” Reno said. “This transaction confirms the high demand for older, functionally challenged industrial properties with upside potential and proximity to downtown Los Angeles.”
FMB Development LLC has purchased a 1.2-acre lot in Van Nuys from Blue Arch Investments Inc. for $9.5M. The site at 7111 North Sepulveda Blvd. is entitled for a six-story multifamily property. CBRE’s Laurie Lustig-Bower and Kadie Presley Wilson represented the seller. Reuben Realty’s Reuben Benhaghnazar represented the buyer.
Lincoln Property Co. has sold a 21-story office tower in downtown Los Angeles to Cerberus Capital Management for an undisclosed sum. The Wedbush Center at 1000 Wilshire Blvd. sits in the heart of downtown’s financial district and recently underwent a multimillion-dollar renovation. The building is 86% leased.
Brandywine Homes has sold the Parkview Apartments in Buena Park to Cameron Properties for $9.18M, or $417,273/unit. The 21,524 SF, 22-unit apartment complex at 6785 Knott Ave. has two-bedroom and two-bathroom apartments. The sales price represents a record price per unit for the area, according to CBRE. CBRE’s Dan Blackwell represented the seller. Avison Young represented the buyer.
An undisclosed partnership has purchased a 23-unit apartment building in Sherman Oaks from a limited liability company for $7.75M. The property is at 4540 Hazeltine Ave. Marcus & Millichap's Catherine O'Brien represented the seller. Marcus & Millichap's Jeff Louks represented the buyer.
Bita Salamat has joined the Los Angeles office of HGA Architects and Engineers as associate vice president and corporate interiors principal. Salamat will focus on business development, client relations and workplace strategies to grow the company’s Corporate Interiors Group. Prior to joining HGA, Salamat worked as an interior design management leader for Skidmore, Owings & Merrill.
Carrier Johnson + Culture has tabbed Rick Castillo as its new director of architecture. Castillo will be responsible for planning, client management and business development. Prior to joining Carrier Johnson + Culture, Castillo served as vice president of MVE + Partners.