This Week's LA Deal Sheet
CBRE Group brokered the sale of Gardena Crenshaw Plaza in Gardena to Crenshaw Retail Holding LLC for approximately $7M.
Gardena Crenshaw Plaza offered a good return for Crenshaw Retail Holding, and is in an area that has new businesses, tenants and SpaceX as a nearby neighbor, according to CBRE Senior Vice President Dan Riley.
“The buyer has wanted to invest in successful strip centers, offering in-place income with future upside potential," Riley said.
At 14730-14842 Crenshaw Blvd. at the corner of 147th Street, the retail site is 26,504 SF.
It is 100% occupied by a variety of tenants with AutoZone as an anchor.
The center underwent a substantial property upgrade between 2007 and 2017, including a new roof, HVAC units, electrical panels and exterior building painting.
Riley and CBRE Associate Austin Wolitarsky repped the seller, Diamond Rock Partners.
The buyer repped itself. Promark Investments co-founder Mark Rafeh and owner John Proia are the primary principals of Crenshaw Retail Holdings LLC.
SALES
Younan Properties purchased Burbank Corporate Center at 21900 Burbank Blvd., a multi-tenant office building in Warner Center.
Burbank Corporate Center is a 91,109 SF, Class-A former BOMA building of the year.
The three-story property is 83% leased.
It is on 2.15 acres and has a two-story granite-and-glass lobby, 24-hour access control and 284 parking spaces, both surface and underground parking.
CBRE Senior Vice President Mark Perry repped Washington Capital, a fund manager for the seller.
Lion Real Estate Group sold a two-building, 54-unit apartment community at 118-124 Westmoreland Blvd.
LA's RVT Capital bought the property for $9.1M.
Lion Real Estate Group bought the property two years ago for approximately $130/SF. The company did a reno of the property that included new exterior paint, new paint in common area hallways, new common area flooring, upgraded light fixtures and updated landscaping.
The property has 42 studio units and 12 one-bedroom apartments.
Keller Williams broker Henry Garcia repped Lion Real Estate Group. RVT Capital repped itself.
***
Terreno Realty Corp. purchased an industrial property in Compton, California, for approximately $9.4M.
The property consists of one rear-load industrial distribution building containing approximately 58K SF on three acres at 1215 West Walnut St.
It offers eight dock-high and one grade-level loading position, parking for 68 cars and is 100% leased to one tenant.
Rancho Pacifica Park, a nearly 1.2M SF industrial/flex project, totaling six buildings and on more than 55 acres, just sold to Rexford Industrial Realty.
The master planned project is in Rancho Dominguez in the South Bay.
It was approximately 99% leased at the time of the sale.
The 1,170,806 SF park, at 20001-20021 Rancho Way and 2301-2399 East Pacifica Place, was built between 1987 and 1989.
It has five industrial buildings and one flex building each on its own parcel.
The property benefits from a wide range of unit sizes, ample dock loading and minimum warehouse clear heights ranging from 24 to 30 feet.
Cushman & Wakefield National Industrial Advisory Group Executive Managing Director Jeff Chiate, Executive Director Jeffrey Cole, Director Ed Hernandez, Senior Associate Mike Adey and Associate Nico Napolitano repped the seller.
GRAND OPENING
The Idea Factory El Segundo, at 123 Lomita St. in Smokey Hollow, just had its grand opening.
The 10K SF creative space is occupied by multiple creative companies, including ComedyTrafficSchool.com, Skyscraper Productions, BottleKeeper and Uhll Marketing.
The El Segundo City Council helped celebrate El Segundo’s newest creative space with a ribbon-cutting that attracted 100 people.
The three-year project was developed by Propeller Properties' Brett Drogmund and built by CalStar builders and JGC Construction. It was designed by E.B.E. and Associates.
Re/Max Associates' Bill Ruane and Matt Crabbs handle leasing for the Idea Factory.
EXECUTIVE NEWS
Dean Zander has joined CBRE Capital Markets as executive vice president.
He is based in the firm’s Beverly Hills office and will focus on enhancing the firm’s institutional multifamily investment sales presence across Southern California.
Zander has more than 30 years of experience.
Previously, Zander was senior managing director at Berkadia.
