Laurel Park Commerce Center in Rancho Dominguez sold for $10.45M, marking a record price of nearly $200/SF for a business park of its size in the South Bay submarket.
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PRG Investment & Management sold the 53K SF business park at 19500-19520 Rancho Way, which is fully occupied, to an undisclosed buyer involved in a 1031 exchange.
PRG bought the property in 2011 for $3.9M in a short sale. The park was 80% vacant with tenants on month-to-month rental agreements.
“Our original business plan was to execute our PRG value-add strategy, which involved cosmetic enhancements, leasing the units to quality tenants seeking good value, and creating a stronger property cash flow,” PRG co-founder and Managing Partner Britten Shuford said in a statement.
Laurel Park Commerce Center now has 10 tenants from industries including biotech, international manufacturing, LED lighting and import/export. It is near Dominguez Technology Center, which is the largest master-planned industrial business park in the South Bay.
Colliers International's Michael Kendall and Gian Bruno and Cushman & Wakefield brokers represented PRG. America West Properties' Eric Strauss represented the buyer.
SALES
An undisclosed San Francisco-based investment company has purchased a 14-unit apartment building in Los Angeles from a private investor for $4.4M. Built in 1963, the two-story courtyard-style property at 3240 Fay Ave. contains six two-bedroom units, four one-bedroom units and four studios. Stepp Commercial’s Mark Ventre represented the seller.
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GPI Cos. has sold the 39,400 SF retail portion of The Burbank Collection in Burbank to a JV of KBS Strategic Opportunity REIT and Goldstein Planting Partners for $26.8M. Built in 2008, The Burbank Collection is a mixed-use property consisting of 118 condominiums above 39,400 SF of ground-floor retail at 250 North First St. The retail component includes a Yard House restaurant, the Boiling Crab, Sketchers, Panera Bread, Pinkberry and Steak ‘n Shake. CBRE’s Ken McLeod represented GPI. George Smith Partners arranged a $19.9M CMBS acquisition loan for the purchase.
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A private investor has purchased 28 acres in Mission Hills from an undisclosed seller for $32M. The property consists of 1.2M SF of flat land at 11630 Indian Hills Road. IREA’s Chris Thompson, Clark Everitt and William Everitt represented the buyer and seller.
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A private investor bought a 33-unit apartment complex in Indio for $3.38M in cash. The gated property at 45601 Monroe St. totals nearly 29K SF and has two studios, one one-bedroom and 30 two-bedroom units and a swimming pool. The buyer was a local multifamily investor who owns other buildings in Indio and several thousand units throughout the U.S. The seller exchanged into two single-tenant triple-net-lease properties.
LEASES
Dimensional Fund Advisors has renewed its office lease with Douglas Emmett at 1299 Ocean Ave. in Santa Monica. Dimensional Fund occupies office space in the building’s ground level and fifth floor totaling 36K SF. The company has been there since the early 1980s. CBRE’s Jacob Bobek and Scott Steuber represented the tenant.
EXECUTIVE NEWS
Nadel Architects has appointed Anna Jones as studio director of National Retail Accounts. Jones will be responsible for strengthening the company’s brand by strategically driving growth and building client relationships. Prior to Nadel, Jones served as the national retail accounts manager at Ware Malcomb.
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Real estate veteran Lori Horn has joined Goldrich Kest as vice president of conventional property management. Horn will be responsible for overseeing the company’s team of directors, regional managers and on-site personnel and support staff. Prior to joining Goldrich, Horn served as vice president of the John Stewart Co.
CORRECTION, AUG. 2, 6:17 P.M. ET: A previous version of this story misstated the name of a Colliers International broker. He is Michael Kendall, not Kendall Bruno. This story has been updated.
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