A Brentwood multifamily property owned by a family trust for 40 years has just changed hands.
Investment Real Estate Associates managing broker Jonathan Krikorian tells Bisnow the family decided it was finally the right time to sell.
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The two identical buildings at 12033 and 12039 Goshen Ave in Brentwood have nine primarily one- and two-bedroom units in 8,829 SF each.
The property was sold for $500k/unit or $510/SF, according to Jonathan (pictured above with his parents, Raffi and Ani, and girlfriend, Francesca).
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The "aggressive pricing" in the area and local market conditions helped sway the seller's decision, Jonathan says.
The buyer is a private LLC that is very active on the Westside, including in Brentwood and Santa Monica, he says.
Jonathan, along with Investment Real Estate Associates SVP Clark Everitt and SVP William Everitt repped both the buyer and the seller.
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SALES
Ness Holdings bought a 65-unit multifamily complex in Hollywood for $14.225M in an off-market deal.
The property at 6520-6530 De Longpre Ave is on a one-acre corner lot near Sunset and Cahuenga boulevards.
The nearly 60-year-old property primarily has one-bedroom units. It was 96% leased at below-market rents at close of escrow.
The buyer plans to renovate the property, including retrofitting the building.
Keller Williams Studio City's Henry Garcia repped both the buyer and the seller, a local JV operating as De Longpre Investors and Eleanor Avenue Investments.
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The Kavli Foundation in Oxnard bought 5715 Mesmer Ave in an all-cash deal worth $12.3M.
The development is about 13k SF and will be Kavli's new headquarters when the planned improvements are completed in Q2 2017.
The seller, Vista Management, designed and built the property to function as the showroom and main offices of Benchmark Builders.
The three-story building features floor-to-ceiling soundproof glass, solar panels, a brushed steel frame, concrete floors and subterranean parking.
Wolcott Architecture & Interiors will handle the redesign and renovations.
Beitler Commercial Realty Services SVP Mike Rago, VP Tobin Koziol and senior associate Adam Targan repped the Kavli Foundation.
Marcus & Millichap associate John Lally and first VP Brandon Michaels repped the seller.
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FINANCING
PSRS, or Pacific Southwest Realty Services, closed a $13.5M, 10-year, non‐recourse loan for Primestor.
The loan was for Village Square, an 80,787 SF multi-tenant retail shopping center in Bell Gardens.
Village Square was built 10 years ago in a partnership between the City of Bell Gardens and Primestor.
The shopping center is 100% leased by seven tenants, including Ross and Marshalls.
The funds for the loan were used to pay off a maturing loan.
PSRS principals Kostas Kavayiotidis and Mike Davis repped Primestor, which focuses on underserved urban infill retail markets.
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GROUNDBREAKING
Urbana Development broke ground Friday on its Terminal at Douglas Park project at Douglas Park, on the corner of Conant Street and Bayer Avenue in Long Beach.
The Terminal is in the Douglas Park master planned community and is a commercial condo project with shared parking and enhanced greenspace amenities.
Phase 1 in the six-acre development consists of two buildings at 25,463 SF each, with a total of 20 office condos offering more than 50k SF.
The unit sizes range from 2,356 SF to 2,888 SF.
Construction is scheduled to begin this month.
It should be completed in Q3 2017, and 14 of the 20 units are under contract.
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EXECUTIVE NEWS
Irvine's Meridian, a real estate developer focusing on the healthcare sector, has hired Michelle Lagos as its senior asset manager. She will be based in an office in Pasadena.
Michelle will work with Meridian’s healthcare group in the asset management of Meridian’s healthcare properties in Northern and Southern California.
Previously, Michelle worked in marketing at Grubb & Ellis and as an associate in leasing and investment sales. She has also worked for Boulevard Investment Group.
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Seefried Industrial Properties has hired Scott Irwin as SVP of its Southern California office.
Scott’s main goal in his new position will be to bring large, quality projects like the Amazon Distribution Center to Southern California.
Previously, Scott was a VP and investment officer for the Southwest region with Prologis.
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AWARDS
Related California’s Ocean Avenue South development in Santa Monica was one of 11 real estate development projects from around the world to win the Urban Land Institute's 2016 Global Award for Excellence.
This year’s winners represented projects in Asia, Europe and North America.
They were honored at the ULI fall meeting in Dallas.
Ocean Avenue South is the only development in LA to win the 2016 award.
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