A new Miracle Mile apartment building, originally known as the Micropolitan, has been snapped up for $27.1M and renamed the Urbanpolitan (739 S Ogden Ave). We spoke with Investment Real Estate Associates SVP Clark Everitt to get the exclusive story on the deal.
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The new 45-unit apartment building began leasing last August.
Its proximity to the new Metro Purple Line extension being built on Wilshire Boulevard and the other amenities in the area, including the Los Angeles County Museum of Art, made it attractive to the buyer, Clark tells us.
It all "fit into a vibe and a location that really worked for them," he says.
He describes the property's design as fantastic with features, including courtyards, a coffee bar, a gourmet kitchen, open spaces, sitting areas, LED lighting and WiFi throughout. There is a dog spa complete with shower heads, soap dispensers and drying areas, and a secured bicycle parking area with bike repair stations.
The property has 32 one-bedroom apartments that average 800 SF and 13 two-bedroom apartments that average around 1,100 SF. Each unit has air conditioning and alarms controlled by an app on a resident's cellphone.
The seller, 739 Ogden Drive LLC, consisted of multiple developers and investors, Clark says. It does not plan to make any changes to the property, which is fully leased.
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Clark, along with his brother, Investment Real Estate Associates SVP William Everitt, repped the buyer. Marcus & Millichap's Ron Harris and Paul Darrow repped the seller.
This transaction was an upleg in a 1031 Exchange purchased by the sellers of 443 S San Pedro St in DTLA.
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SALES
Hanley Investment Group Real Estate Advisors sold a single-tenant absolute net-leased Walgreens property (6100 Pacific Blvd) in Huntington Park for $11.8M, which represented a cap rate of 4.22%. It was reportedly the lowest cap rate for a single-tenant Walgreens in LA County priced over $10M.
The 15,525 SF Walgreens building was built in 2007 on a 47,916 SF lot at the intersection of Pacific Boulevard and Randolph Street. The Walgreens lease had more than 22 years remaining on its initial 30-year term.
Hanley Investment Group SVP Patrick Kent and EVP Bill Asher repped the seller, a private investor based in LA. Kidder Mathews’ Nigel Keep and Bill Kurfess repped the buyer, a private investor based in northern California.
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CBRE Group sold a former bank branch building (3032 Wilshire Blvd) in Santa Monica to Cadence California for $13.5M. The 9,370 SF building is on nearly 30k SF of land formerly occupied by Bank of America.
The site consists of two parcels and a large parking lot.
CBRE’S Alex Kozakov and Patrick Wade repped the seller, a JV between UDR and a local developer, and the buyer, Cadence California, a private developer.
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LEASING
CBRE Group completed a lease for Neural Analytics, a two-year-old healthcare tech startup that makes brain-diagnostic devices (2440 S Sepulveda Blvd). Neural Analytics is quadrupling the size of its lease to 8k SF in a 140k SF office building in West LA.
The company closed a $10M fundraising round at the end of last year.
CBRE senior associate Andrew Riley and vice chairman Jeff Pion repped Neural Analytics. The landlord, Harvey Capital Corp, was repped by the John Alle Co.
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Charles S. Cohen, owner and developer of the RedBuilding in WeHo, announced New York-based Digital Brand Architects, a boutique marketing communications firm, signed a lease for 9k SF on the ninth floor of the RedBuilding’s east tower.
Cresa Los Angeles/Travers SVP Marc Bretter repped Digital Brand Architects. Cohen Brothers Realty SVP/national director of leasing Marc Horowitz and RedBuilding’s JLL brokerage team, including managing director Josh Wroble, repped owner Cohen Brothers Realty.
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NEW CONSTRUCTION
Century West Partners, owned by the Fifield Cos and Cypress Equity Investments, began construction on Next On Lex (200 block of Lexington), a $280M mixed-use multifamily project in Glendale.
The new six-floor community includes 494 rental units above 8,140 SF of ground-floor retail with services anchored by Citibank.
On-site amenities will include bike parking, storage space, a business center, a yoga studio, a fitness center, a competition-sized pool, a private massage room, a sky lounge, and a landscaped rooftop deck and courtyard. Each unit will have its own washer/dryer.
A $126.4M construction loan was secured for the project through Citizens Bank.
The project should be completed by fall 2019.
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