SALES
MJW Investments bought a 53-unit multifamily property, 450 S La Fayette Park Place in LA, for $8.3M in a 1031 exchange. The building traded for $50k over the listing price at a 4.2% cap rate. Lee & Associates-LA North/Ventura's Jim Fisher and Mike Smith repped both the buyer and seller, a private investment group that owned the property for nearly 25 years.
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NAI Capital's Tim Steuernol and Rob Zaharia closed the $4.7M sale of 7000 S Hoover in LA, a 32-unit apartment property with long-term affordability restrictions from HUD. The buyer, which used a combo of 9% tax credits and Freddie Mac financing, plans an extensive rehab.
LEASING
Glumac Engineering inked a 12-year lease valued at $8.6M for more than 17k SF of office space at 707 Wilshire Blvd, expanding its employee base by 30%. Cresa's Joe Faulkner repped the tenant, which will relocate from 617 W Seventh St in August. Glumac's projects include the Wilshire Grand Hotel and Shanghai Disneyland. JLL's John McAniff repped landlord Beacon Properties.
CONSTRUCTION
The Hodgdon Group completed the conversion of a former FAMSA building into an Ashley Furniture HomeStore, 1810 S Broadway in LA. Hodgdon's HMC Construction unit handled all entitlements and served as the design-build contractor for the 49k SF project. Hodgdon Realty Group repped Ashley in the lease, with Studley's Bryan Norcott and Bill Bauman representing the landlord. KTGY Group was the project architect.
EXECUTIVE NEWS
Coretrust Capital Partners named Adam Lurie as VP responsible for acquisitions, financing, and underwriting. He joins the firm from Bank of America's Short Sale Strategy Group. Coretrust, a private real estate investment, management, operating and development company, was formed last year by several industry veterans including three former partners of Thomas Properties Group.
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San Fernando Valley retail real estate veteran J. Richard Leyner and retail, office, and finance expert Michael Haim Sharon joined illi Commercial.
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