With plans to expand, Burbank City Federal Credit Union has purchased a 9,410 SF office building a block from PHSF Realty LLC for $3.75M.
The building, at 1918 West Magnolia Blvd. in Burbank, attracted heavy interest from potential buyers, Lee & Associates-LA North/Ventura Managing Director Scott Romick said.
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Romick and Stephen Geiger of Lee & Associates-LA North/Ventura represented the seller. Kyle Barratt and Gerard Poutier of CBRE represented the buyer.
The two-story property was fully leased with six tenants on short-term leases. Romick said within 10 days he received 20 potential buyers.
“We anticipated getting a strong response to this offering because of its location and size, which fits right in the sweet spot of office demand in this area,” he said. “But we were still a little surprised at the extent of the demand and were very pleased with the final sale price, which was very close to our listing price.”
The $400/SF deal is above the median sale price for office buildings in the San Fernando Valley. In the third quarter, office buildings in the area were selling for $271/SF, up from $211/SF the previous year.
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SALES
Montana Avenue Capital Partners has sold the 50K SF Linq creative office project in Redondo Beach to joint venture EverWest Real Estate Partners and Frontal Trust. The terms of the deal were not disclosed.
The office building at 2400 Marine Ave. is 80% leased.
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Fusion Management has purchased the Idaho Bungalows Apartments, a six-unit garden-style apartment community in Santa Monica, from an undisclosed private trust for $2.5M. Stepp Commercial principal Kimberly R. Stepp represented the seller and buyer. The property at 522-532 Idaho Ave. closed at a 2.1% cap rate and $416K/unit.
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Cameron Pacific and LS Capital Inc. have purchased the Hyperion, a mixed-use property in Silver Lake, from music producers Mike "E.Z. Mike" Simpson and John "King Gizmo" King for $5M.
The property at 2400-2410 Hyperion Ave. consists of two office buildings totaling 13K SF and a 6,650 SF parking lot. The joint venture plans to renovate and upgrade the property with tech-like improvements.
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Investment Real Estate Associates announced the sale of Flight Ave Apartments, a 20-unit, non-rent-controlled apartment building in Westchester for $10.2M. The $513K/unit price set a record for the highest price per unit multifamily sale in the area, according to the company. The Investment Real Estate Associates team of Jonathan Krikorian, Clark Everitt and William Everitt represented the unidentified buyer and seller.
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ARI M. Properties LLC has purchased 5530 Bonner Ave., a five-unit apartment property in North Hollywood, from an undisclosed limited liability company for $1.55M. Marcus & Millichap First Vice President Investments Janette Monfared represented the buyer and seller.
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Winstar Properties has purchased 236 South Bonnie Brae St., a 65-unit multifamily building in the Westlake/MacArthur Park neighborhood of Los Angeles, to a private investor for $15.6M. Transwestern Los Angeles Multifamily Investment Services group Senior Vice Presidents Josh Kaplan and John Swartz represented the undisclosed seller and Winstar Properties.
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EXECUTIVE NEWS
Kennedy Wilson Executive Vice President Lee Shapiro and Senior Vice President Christine Deschaine will be the exclusive leasing agents for The Culver Steps, a 40K SF mixed-use development in downtown Culver City. The center is expected to open spring 2019.
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JLL has hired Reid McCartney as executive vice president and Los Angeles market lead of its Project and Development Services team. McCartney will be responsible for overseeing the direction, management and execution of project management assignments for JLL. Prior to joining JLL, McCartney served as vice president of project management at Cresa.
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CoreLogic Managing Director of Risk Management and Workflow Barry Sando was named a 2017 HW Vanguard Awards winner. Since 2015, Housingwire’s Vanguard Award is given annually to 45 industry professionals and business leaders who have become leaders in the housing and mortgage finance industry. This is the third straight year a member of CoreLogic has received the award.
