This Week's LA Deal Sheet
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The Silver Lake Collection, 10,497 SF of urban streetfront retail in the Silver Lake's Sunset Junction, just sold for $13.3M.
CBRE executive vice president Philip Voorhees (below) and CBRE National Retail Partners – West brokered the sale of the property, which is 100% leased to three contemporary restaurant and beverage tenants.
There were nine offers to buy the property at 3701-3713 West Sunset Blvd. and 1601 Griffith Park Blvd., according to Voorhees.
The buyer, a subsidiary of San Mateo's Strategic Realty Trust, was interested in the property because it is an emerging high-street asset, Voorhees said.
The Silver Lake Collections' restaurants — Sawyer, Kettle Black and El Condor — do well at the property, he said.
"We expect that the $1,300/SF sale price will feel like a value for this sort of one-of-a-kind asset and location in Silver Lake over the next several years," he said.
Originally built more than 77 years ago, the building was remodeled last year. The total tenant and landlord cost was more than $2.55M and consists of two parcels on a 0.36-acre site on Sunset Boulevard.
The buyer plans to hold onto the property, according to Voorhees.
CBRE's Voorhees, executive vice president Todd Goodman, senior vice president Preston Fetrow, director Kirk Brummer, first vice president Megan Wood, chief financial officer Matt Burson, vice president Jimmy Slusher and vice president John Read, repped the buyer and the seller, 9 Mile Investments. CBRE’s NRP-West also repped the buyer.
The firm bought the 76,939 SF coastal infill property for $24M from the Colton Cos.
The 34-year-old building called Congressional Place is 100% occupied with clients, including Morgan Stanley and Wells Fargo.
Across the street from the Long Beach Marina, it is within Long Beach’s Southeast Area Specific Plan.
The sale was part of a 1031 exchange for ValueRock Realty Partners.
Two of the properties are at 5340 Alla Road and 12901 Jefferson Blvd. in Playa Vista.
The Malibu property is at 22619 Pacific Coast Highway.
Two adjacent retail centers in Torrance just sold to Winright Investments for $14.5M.
The Torrance Western Shopping Center, at 1820-1842 West 182nd St., is 30,279 SF and anchored by a 99 Cents Only store. The shopping center recently had its parking lot repaved and other exterior updating.
The second property, the new Sansei Shopping Center, is at 18203 South Western Ave. The tenants include 7-Eleven and a Japanese restaurant, Shin Sen Gumi. The resaurant will open its first drive-thru store at this location. The property was still under construction and had two vacancies at the time of the sale.
CBRE Group senior vice president Alex Kozakov, senior vice president Patrick Wade and associate Eric Roy repped the sellers, a partnership between JSGT Fund LLC and Torrance RF LLC.
Realty Advisory Group repped the buyer.
The property closed at a 4.7% cap rate and a price/unit of $175k.
The 38-year-old property is at 5075 Atlantic Ave. and has nine one-bedroom units, 10 two-bedroom units and one three-bedroom unit. Some units have private balconies.
There are also 18 garage spaces and nine parking stalls and controlled access entry.
Stepp Commercial principal Robert Stepp repped the seller, L.A.'s June Quest One, and the buyer, Realty Holdings PSBJ.
James Sousa has been promoted to president of Weichert Commercial Brokerage.
Sousa has more than 28 years of real estate experience, specializing in corporate services, institutional and tenant representation and investment sales.
He joined Weichert Commercial Brokerage about 12 years ago as senior vice president.
Sousa was most recently manager of Weichert Commercial’s Morris Plains office, where he oversaw the office, industrial, land, retail and investment divisions.
Chris Baer, Brian Hennessey and Armand Aghadjanians were recently hired in Avison Young’s L.A. North office.
Baer, a 31-year CRE veteran, will be a principal; Hennessey, a 33-year CRE veteran, is a senior vice president; and Aghadjanians, now in his second year in the industry, specializes in office sales and leasing in the San Fernando Valley/Tri-Cities.