This Week's LA Deal Sheet
A 32,574 SF site at 431 North La Cienega Blvd in West Hollywood just sold for $21.25M. Marcus & Millichap's Brandon Michaels said the site is ideal for mixed-use.
He described the location as fantastic with reposition equity.
Michaels said there was a great deal of interest in the property, which was sold by a local family to a group of local and national developers.
The sale "represents a market-leading land price per square foot" of $652/SF of land, making it one of the highest land sales in the local area, according to Michaels.
The buyer plans to redevelop the asset as a retail/multifamily mixed-use property.
Michaels, along with Marcus & Millichap VP investments Lonnie McDermott, repped the seller and procured the buyer.
SALES
After receiving multiple offers, SVN, formerly Sperry Van Ness, sold 22900 Ventura Blvd, a multi-tenant property in Woodland Hills, to 22900 Ventura Blvd LLC for $7.05M, or $188/SF.
It was an all-cash deal of $7.3M, and the buyer received a $250k credit for needed repairs.
The buyer plans to update the interiors and exterior and occupy part of the 35,589 SF office building.
SVN managing partner, special asset team Shiva Monify repped the buyer. Lee & Associates principal Jay Rubin repped the seller.
An affiliate of Brickstar Capital purchased a 60k SF, mixed-use building at 120 South San Pedro St in Little Tokyo from MUFG Union Bank.
Union Bank had owned the six-story building on the corner of South San Pedro and 2nd streets since it was built more than 30 years ago.
Procopio, Cory, Hargreaves & Savitch attorney Sarah Kikla Rosen acted as legal counsel for Union Bank.
Brickstar was repped by outside legal counsel Andrew Kirsh, co-founding partner of Sklar Kirsh.
CBRE SVP Joel Frank, senior associate Taylor Watson and associate Alex Bergeson will manage the lease up for Brickstar.
NEW CONSTRUCTION
McCormick Construction just completed Nickelodeon’s newly expanded West Coast facility in Burbank.
The more than 200k SF campus includes a new 110k SF, five-story, state-of-the-art animation building, a redesigned courtyard and a newly renovated 72k SF studio that opened in 1998.
The campus is home to more than 700 Nickelodeon employees and 20 active show productions.
McCormick's work included the construction of the core and shell of the animation building, a 151k SF, five-story, 450-stall parking structure and a design-build media mesh system on the buildings to display animation.
Other project team members included DLR Group; Studios Architecture; Environmental Contracting Corp; Brightworks Sustainability; and Accord Interests.
LEASING
Best Costumes & Toy Deals leased a 30k SF industrial building at 2660 East Del Amo Blvd in Compton.
Consideration for the five-year lease was $1.3M. BCT Deals recently occupied the facility, now its new headquarters.
BCT’s new headquarters has 4,118 SF of office space, dock-high and ground-level loading, 22- to 24-foot interior clearance and on-site parking for 30 cars.
The Klabin Co principal David Grote repped AC Industrial Properties, the property owner.
The Klabin Co associate Mike Ouellette repped Best Costumes & Toy Deals.
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Criteria Corp is doubling its office space on the 15th floor of the east tower of the Pacific Design Center's RedBuilding.
Criteria moved into 8k SF a year ago. The new long-term lease will total 16k SF.
Savills Studley's Michael Shuken repped the tenant.
Cohen Brothers Realty Corp SVP and national director of leasing Marc Horowitz repped Cohen Brothers Realty.
Marcus & Millichap VP investments Bryan Schellinger with his sister, Dana, in Lake Tahoe
EXECUTIVE NEWS
Bryan Schellinger just made the move to Marcus & Millichap’s L.A. office. He is now vice president, investments.
Schellinger, a graduate of the University of Colorado, Boulder, who has seven years of experience in investment property sales, will focus on middle-market and private client segments.
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Cox, Castle & Nicholson just elected seven new partners, making it the firm’s largest class of new partners in recent years.
Christian Cebrian, Christian Dubois, Julian Freeman, Corin Korenaga, Stephen Li, Erik North and David Schwartzman were all elected to the partnership effective Jan. 1.
Each brings experience in a variety of real estate areas, from financing and joint ventures to real estate development, retail and commercial leasing, land use and environmental compliance and affordable housing.
