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The LA Deal Sheet

OceanWest and Lionstone Partners purchased the Class A, three-story creative office building
777 Aviation creative office building in El Segundo

A Class-A office building in El Segundo has traded for $170M.

In an off-market transaction, a JV of OceanWest and Lionstone Partners has purchased 777 Aviation, a three-story building, from Westbrook & Embarcadero Partners.

Designed by modernist architect Craig Ellwood in 1968, the office building at 777 Aviation Blvd. has been renovated and transformed into an amenity-rich modern creative office building totaling 318K SF. 

The building features a three-story atrium with stadium seating and gathering areas, an on-site fitness center, indoor/outdoor conference rooms, flexible open floor plates, a café and outdoor areas.

Madison Partners' Bob Safai, Matt Case and Brad Schlaak represented the buyers and seller.

Bluewave Car Wash in West Los Angeles
Bluewave Car Wash in West Los Angeles

SALES

Jamison Properties has acquired a 0.65-acre property in West Los Angeles from a private investor for $16M. The Bluewave Car Wash currently occupies the property at 11600 Santa Monica Blvd. and the owner signed a leaseback agreement for while Jamison entitles the site. The site is believed to be suitable for a 100-unit apartment development. CBRE’s Laurie Lustig-Bower and Kadie Presley Wilson represented the seller.

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In an opportunity zone transaction, Diamond Ivy has purchased a 12-unit multifamily community in Placentia from Neal Cypress for $2.9M. The 9,200 SF property on a 1-acre lot at 911 Cypress Ave. consists of 12 single-story cottages. Each unit is 768 SF and features two bedrooms and one bathroom, as well as a washer and dryer. CBRE’s Dan Blackwell represented the seller.

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In a sale-leaseback, an undisclosed institutional investor has acquired a six-property portfolio of Mobil-branded convenience and gasoline retail sites in Los Angeles from 1234 M Division Street for $24.5M. The addresses of the properties were not disclosed. Stan Johnson Co.’s Matt Lipson, Chris Lomuto and Milo Spector represented the seller. 

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A private investor has purchased an 1,800 SF retail building in Riverside from Greens Capital Ventures for $2.3M. Built in 2018, the single-tenant building at 1115 West La Cadena Drive is occupied by a Jack in the Box and is on a triple net 20-year ground lease. The property also has a Verizon cell tower. Hanley Investment Group Real Estate Advisors’ Austin Blodgett and Eric Wohl represented the seller. Packo Investments’ Allen Park represented the buyer.

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Prologis has acquired a 10-building industrial park totaling 265K SF in Westminster from CMSS Ventures for $44M, according to CRE data site Reonomy. Built in 1968, the industrial park sits on 3.8 acres at 7130 Fenwick Lane. JLL’s Louis Tomaselli, Steve Wagner and Zach Niles represented Prologis. Lee & Associates’ Curt Stalder represented the seller.

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A private investor has purchased an eight-unit apartment building in Hollywood from an undisclosed private trust for $2.37M. Built in 1985, the property at 842 Wilcox Ave. is in Hollywood’s Media District. It sold with a 4.1% cap rate. Stepp Commercial’s Mark Ventre represented the seller.

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Precision Screen & Security has purchased a 245K SF industrial building in Corona from America YouCare Pharma for $26.5M. The property at 2455 Wardlow Road is a Class-A manufacturing facility. CBRE’s Sonya Schmidt and Erik Wanland represented the buyer. CBRE’s Jeff Carr and Chip Wright represented the seller.

Media Studios Campus
Media Studios Campus in Burbank

LEASES

Advanced Digital Services has signed a 10-year, $10.3M lease with 3575 Cahuenga L.P. to occupy a 23K SF creative office building at 3575 Cahuenga Blvd. in Los Angeles. The 137K SF building is currently under renovation with a remodeled lobby, common areas and an outdoor patio lounge. Lee & Associates’ Darren Casamassima and Scott Romick represented the landlord. Newmark Knight Frank’s Greg Frankovich and Steven D. Kolsky represented the tenant.

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Trader Joe’s has signed a lease with Paragon Commercial Group to occupy a 15K SF grocery store at 2101 West Imperial Highway in La Habra. The store is under construction and slated to open later this month. The terms and brokers of the deal were not disclosed. 

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Representing Alere Property Group, Newmark Knight Frank has leased the 250K SF Airport Distribution Center at 5700 East Airport Drive in Ontario to two tenants. The building is split into two units. Esperia Holdings is occupying 103K SF of industrial space, and Technical Consumer Products is leasing 147K SF. Lease terms were not disclosed. Newmark Knight’s Mark Kegans and Ron Washle represented the landlord. Lee & Associates’ John Seoane represented Esperia. JLL’s Tim O’Rourke represented Technical Consumer. 

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Insomniac Games has signed a lease with Blackstone Group and Worthe Real Estate Group to occupy an additional 11,400 SF of office space at the Media Studios building at 2255 North Ontario St. in Burbank. Insomniac’s total occupancy is now 53,100 SF. Terms of the deal were not disclosed. Savills’ Matt Brainard represented Insomniac. CBRE’s Todd Doney, Doug Marlow, Ryan Pettersen and Juliana Sampson represented the landlord.

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Protempo US Limited has signed a lease with Rockefeller Group to occupy 139K SF of distribution space at Tri-City Industrial Complex at 1445 South Tippecanoe Ave. in San Bernardino. The Tri-City Industrial Complex is a 344K SF distribution facility. Protempo is the second tenant. In March, Home Chef signed a lease for 206K SF. Cushman & Wakefield’s Chuck Belden, Kyle Kehner, Milo Lipson, Tim Pimentel and Ryan Velasquez represented Rockefeller Group. Lee & Associates’ Rocky Moran represented Protempo. 

EXECUTIVE NEWS

James Capital Advisors has expanded its multifamily division with the hiring of Mike Hanassab and Elliot Hassan as senior directors. Both will be responsible for further developing the company’s multifamily division in Southern California. In addition to Hanassab and Hassan, the new multifamily team includes Senior Associate John Katnik, Associate Danny Spiwak and Marketing Assistant Marcelo Perez. The Hanassab and Hassan team was previously with Marcus & Millichap.