A Del Taco property (2060 S La Cienega Blvd) near Kaiser Permanente in West LA just sold in an all-cash deal. Bisnow caught up with Hanley Investment Group Real Estate Advisors SVP Jeremy McChesney, who repped the seller, to get the details.
The purchase price was $2.5M or $1,386/SF.
Jeremy (pictured here with his two sons) says buyers focused on quality coupled with the current lack of inventory means the single-tenant net-leased investment sales market should remain strong.
He says this is especially true for "well-located properties in primary markets occupied by a national or regional credit tenant.”
:quality(75))
The 1,804 SF Del Taco building was built in 1965 on a 0.24-acre lot at the hard-corner signalized intersection of La Cienega Boulevard and Cadillac Avenue. It is open around the clock and was remodeled in 2004.
Del Taco has nine years remaining on its original lease term guaranteed by a one-unit Del Taco franchisee, according to Jeremy. The lease includes four five-year options to extend with increases.
The seller was a private investor from Orange County. Coldwell Banker Commercial's Shah Noorvash repped the buyer, a local family trust.
:quality(75))
SALES
Lankershim Media Center Associates sold a 60,087 SF office complex in North Hollywood for $13M to Blueprint Post Production.
The complex consists of three buildings at 4142, 4144 and 4146 Lankershim Blvd.
The buyer plans to take up to 60% of the property to use as a post-production space for its entertainment industry clients. The company was already the largest tenant at the property before the sale.
Charles Dunn Co senior managing director Stacy Vierheilig-Fraser repped seller Lankershim Media Center Associates, an entity of LS Capital. Vierheilig-Fraser also repped Blueprint Post Production.
:quality(75))
FINANCING
NorthMarq Capital arranged $14.59M in financing for three properties. SVP and senior director David Blum arranged the $4.3M refinancing of Whitwest Plaza, a 13,130 SF retail property anchored by a 30,125 SF charter school. Warehouse Shoe Sale is the major tenant.
The deal was structured with a 10-year term and 30-year amortization schedule.
NorthMarq arranged financing for the borrower through its relationship with a life insurance company.
David also arranged for the $1.85M refinancing of 24th and Vermont, a 5,945 SF retail and medical office property (2401-2407 South Vermont Ave).
The deal was structured with a 10-year term and 27-year amortization schedule.
NorthMarq arranged financing for the borrower through a relationship with a life insurance company.
:quality(75))
NorthMarq Capital EVP and senior managing director Robert R. Hervey arranged financing of $8.44M for Harbor Medical, a 30,687 SF medical office property (2720 North Harbor Blvd) in Fullerton.
The deal was structured with a three-year term with two years interest-only and a 30-year amortization schedule.
LEASING
Following the relocation of two longtime tenants, Watt Plaza has closed $33M worth of lease deals totaling 75k SF in the twin, 23-story office complex in Century City.
The firms signing leases include NSBN LLP on the 16th floor and Resolution Economics for the entire 15th floor.
Both tenants come to Watt Plaza from Beverly Hills. JAMS, which provides arbitration, mediation and dispute resolution services, will open a new location on the 14th floor, taking up 12k SF.
Two other companies are relocating to Watt Plaza. Knobbe, Martens, Olson & Bear signed a lease for 10,700 SF on the sixth floor. Lieberman Software Corp signed a lease for 13k SF on the 12th floor.
EXECUTIVE NEWS
JLL hired Scott Kaplan as EVP and Erik Westedt (pictured with his family at Four Corners) as SVP to expand its Southern California retail practice.
Scott and Erik bring a combined 35-year track record in leasing, development and sale of retail properties locally, regionally and nationally.
They have completed deals valued at more than $5B.
Scott was an SVP at a global commercial real estate firm and before that was the co-owner of a chain of Hallmark stores in the Chicago area.
Erik previously served as VP at a global commercial real estate firm.
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Watt Cos announced VP Brian Burdzinski is the new CFO.
Brian has more than 20 years of real estate and finance experience.
He previously led finance operations at private and public homebuilding companies, including John Laing Homes and Western Pacific Housing before joining Watt Cos in 2008.
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