NGKF Capital Markets just sold 550 Continental, a 97,445 SF three-story office building in El Segundo. Bisnow recently caught up with NGKF president of West Coast capital markets Kevin Shannon to find out more about the sale.
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Time Warner Cable occupies 70% of the building, which is 97% occupied.
Brightforward bought 550 Continental from Colony Capital. The seller was repped by Kevin (pictured above with his family in Deer Valley, UT) and the other members of the NGKF Capital Markets team, Ken White and Mike Moore.
Kevin says the area is ideal because El Segundo is a "great coastal market with excellent transit and favorable municipal tax treatment."
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Another big advantage: El Segundo is an "established market for creative lifestyle product, which is the upside should Time Warner vacate this building," Kevin says.
NGKF senior managing director David Ghermezian repped the buyer.
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SALES
Avison Young sold a 16,814 SF Hollywood land parcel (6140 Hollywood Blvd) for a hotel development for $9.5M, or $565/SF. The sale marks a record for land in Hollywood, according to CoStar.
A vacant 8,500 SF retail building is now at the site.
Avison Young's Thor Lee, John Tronson and Steve Tronson repped the seller, a private local investment group. The buyer was China's Hollywood Culture & Investment Corp, which plans to build a high-end boutique hotel and possibly begin construction in early 2017.
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Charles Dunn Co sold a 3,139 SF single-tenant, NNN-leased property (8232 De Soto) occupied by Wendy’s in Canoga Park for $2.97M, or $948/SF.
Kyle Gulock and Jason Cope of Charles Dunn repped the buyer, a private investor from Orange County. Sands Investment Group repped the seller, a private investor from LA. The deal closed at a cap rate of 5.87%.
The property was built 15 years ago.
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GROUNDBREAKING
Killefer Flammang Architects (KFA), held the groundbreaking last week for Next On Lex, a $280M mixed-use multifamily project (201 Lexington Dr) the firm designed in Glendale.
The largest apartment project to be launched in the LA area in 2016, Next On Lex is part of $1.3B in new developments by Century West Partners.
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GRAND OPENING
The Current, a 17-story, 223-unit mixed-use tower (707 E Ocean Blvd) just had its grand opening in downtown Long Beach.
AndersonPacific, Ledcor Properties and Qualico Developments are developing the project, billed as the first luxury apartment tower developed in Long Beach in 50 years.
The Current has two towers that will be connected by a 10k SF plaza with retail and amenities.
A companion 35-story tower is scheduled to break ground in 2017.
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EXECUTIVE NEWS
Mark Seferian (pictured above) joined CBRE Group as first VP in its national restaurant practice. He will work out of CBRE’s Newport Beach office.
Previously, Mark was real estate director for Bloomin’ Brands, where he oversaw real estate development activity in the western US for restaurants, including Outback Steakhouse, Bonefish Grill, Carrabba’s Italian Grill and Fleming’s Prime Steakhouse & Wine Bar.
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Mike Scimo and Henry Johnson joined Cushman & Wakefield as vice chairmen of global occupier services. The two will co-lead a platform in LA that will focus on optimizing the firm's global real estate and facilities portfolios.
Previously, Mike was vice chairman, global corporate services at CBRE and worked for Trammell Crow Co for 16 years.
Henry was previously EVP, managing director at Trammell Crow Co for 20 years. He also was formerly CBRE's vice chairman of global corporate services.
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Chike Uzoka (pictured above) joined Weichert Commercial Brokerage as a sales associate.
Previously, Chike was the founder and CEO of Valentine Global, where he designed and facilitated entrepreneurial seminars, workshops and courses and coached entrepreneurs. Chike has a bachelor's degree from the New Jersey Institute of Technology.
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TruAmerica Multifamily senior managing director Noah E. Hochman has been named to lead the firm’s new capital markets group.
TruAmerica Multifamily senior managing director Greg Campbell will now lead the company's national acquisition team.
