The real estate arm of U-Haul has purchased a shuttered Kmart in Lancaster from an undisclosed family trust for $5.2M.
U-Haul plans to convert the 110K SF former big-box retail store into an 80K SF self-storage and truck rental facility, said Lee & Associates principal John Battle, who represented the buyer and seller.
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Battle said the sale highlights some of the ways former retail real estate is being repurposed in today’s market. Due to lagging sales, the Kmart at 1810 West Ave. J in Lancaster has been closed for about five years.
The family trust had been actively trying to sell the property the past two years. Battle said once he took over the listing, he lowered the price and generated a lot of interest from healthcare and automotive companies.
“We had a lot of inquiries for this property but the highest and best use was self-storage, and we proceeded with that strategy,” Battle said in a news release.
With this purchase, U-Haul plans to open its second facility in Antelope Valley.
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SALES
Oppidan Inc. has sold Friendly Hills Marketplace, a nearly 90K SF shopping center in Whittier, to Golden Capital Whittier LLC for $40M. Built in 2017, the shopping center on 7.7 acres at 15311 Whittier Blvd. is 100% leased with tenants including Orchard Supply Hardware, HomeGoods and ULTA Beauty. CBRE’s Philip D. Voorhees, Kirk Brummer, James Tyrrell, Megan Wood, Preston Fetrow and Jim Leary represented the seller. CBRE’s Bruce Francis and Shaun Moothart arranged the buyer’s financing.
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An undisclosed buyer has purchased the 16-unit Whitsett Courtyard Apartments in North Hollywood from a private investor for $6.75M. Lee & Associates’ Warren Berzack represented the seller. The property at 5716 Whitsett Ave. features 12 two-bedroom townhomes and four three-bedroom townhomes.
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A San Diego-based private investment group has purchased the 125-unit Parkwood Apartments at Polo Grounds in Indio from an undisclosed real estate development firm for $16.5M. Built in 2014, the property sits on a 7.51-acre site at 81777 Ave. 48 in Indio. The Mogharebi Group’s Alex Mogharebi and Otto Ozen represented the seller and buyer.
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A West Los Angeles-based private investment group has purchased the 60-unit Loma Vista Apartments in Pacoima from a private investor for $10.75M. The 2.4-acre property, built in 1957, is at 12544 Van Nuys Blvd. in Pacoima. The Mogharebi Group’s Alex Mogharebi and Otto Ozen represented the seller and buyer.
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Liberty Property Trust purchased an industrial building in Commerce from an undisclosed seller for $92.7M. The 400,169 SF Class-A property at 5959 Randolph St. is fully leased. Cushman & Wakefield’s Mike Condon Jr. and JLL’s Zac Sakowski represented Liberty Property Trust.
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LEASES
US Direct LLC has signed a lease to occupy a 39,260 SF building at 1700 Barranca Parkway in Irvine from landlord 1700 Barranca Company LLC. The terms of the deal were not disclosed. JLL’s Wade Tift, Nick Carey and Byron Foss represented the landlord. Lee & Associates represented US Direct.
FINANCING
HFF has secured $35M in construction financing on behalf of the Huntington Hotel Group for the development of a 129-room Courtyard Marriott and a 96-room TownePlace Suites in Agoura Hills. The HFF team placed the 60-month loan with Umpqua Bank. The dual-branded hotel will be developed on a vacant 5.5-acre site at 29505 and 29515 Agoura Road in Agoura Hills. HFF’s Timothy Wright and Aaron Lapping represented the borrower.
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On behalf of an undisclosed borrower, iBorrow has provided a $10M refinance loan for the upgrading of the Pacific Stock Exchange Building at 618 Spring St. in downtown Los Angeles. Officials with iBorrow said the loan will be used to turn the upper floors of the property into creative office space and make other improvements.
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EXECUTIVE NEWS
Reid Wilbraham and Nicolas Vranka have joined CBRE, the company announced. Wilbraham has been named as a senior vice president based in CBRE’s Ontario office. Vranka was named as first vice president and based in the Newport Beach office. Wilbraham and Vranka will be part of the company’s Occupier Advisory & Transaction Services group. Both worked at Colliers International prior to joining CBRE.
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Thornton Tomasetti announced Derya Thompson has joined the firm’s Weidlinger Transportation practice as a senior vice president and U.S. West Region leader. Thompson served as director of complex bridges and structures at Jacobs Engineering Group prior to joining Thornton Tomasetti.
