An affiliate of Pepperdine University has purchased two office buildings in Malibu from Miramar Property Investment Co. for $17.5M.
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The buildings at 23805 and 23815 Stuart Ranch Road in the Malibu Professional Park total 39,600 SF.
Wave Enterprises acquired the buildings, which were about 85% leased at the time of the sale. Wave Enterprise is the charitable entity of Pepperdine University. Anchor tenants include UCLA Medical and Pepperdine University.
Newmark Knight Frank's A.J. Dorn and Beitler Commercial Realty Services' Tony Dorn represented the seller.
SALES
A private investor has purchased a fourplex in West Hollywood from an undisclosed seller for $1.86M. The building at 1038 North Crescent Heights Blvd. sold for $465K a unit. Marcus & Millichap's Sam Liberow represented the buyer and seller.
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A private investor has purchased a 43K SF industrial building in Rancho Cucamonga for $7.58M. A limited liability company called Chu Kun Lan sold the free-standing building at 9568 Richmond Place, according to commercial real estate data site Reonomy. CBRE's Jason Chao and Charlie Noebel represented the seller.
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5Arch Group has sold a five-unit apartment building in Hollywood to a private investor for $1.7M. Built in 1922, the two-story apartment building at 1954 Argyle Ave. features a mix of one- and two-bedroom units ranging in size from 922 SF to 1,137 SF. Avison Young's Chris Maling and David Maling represented the seller.
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SJ4 Burbank has purchased an 8-acre parcel in Burbank from Northridge Properties for $40M. The parcel at 777 North Front St. went through a four-year entitlement process. The buyer plans to develop the La Terra Project, which will include a 550-unit residential development, a 300-room hotel and 6K SF of retail, according to the brokers. Lee & Associates' Brett Warner, Hunter Warner and former Lee principals Jim Fisher and Mike Smith represented the buyer and seller.
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A private investor has purchased a 13-unit apartment building in San Gabriel from an undisclosed local family office for $5.1M. The 12,500 SF apartment at 817 Padilla St. features all two-bedroom and two-bath units. CBRE's Eric Chen and Andy Yu represented the seller.
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First Industrial Realty Trust has purchased two industrial warehouses in Rancho Dominguez from Savone U & B Living Trust for $14.35M. Built in 1981, the warehouses at 19400 and 19302 South Laurel Park Road total 85K SF. First Industrial plans to redevelop the site. DAUM Commercial Real Estate Services' Natalie Lara, Jordan Lara and Andrew Lara arranged the transaction.
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EXECUTIVE NEWS
Newmark Knight Frank has added Richard Sung as managing director at its Irvine office. Sung is an office leasing specialist, having completed more than 400 lease transactions valued at over $150M and totaling 2.8M SF of real estate in his career. Prior to joining, Sung served as a broker at WindWater Real Estate.
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Retail Brokers Network has named Progressive Real Estate Partners President Brad Umansky president of the national retail organization. Umansky will be responsible for leading the organization's executive committee, represent the organization at events, recruit new member firms and overall, help grow the brand. Founded in 1992, Retail Brokers Network is a retail networking group with 57 member offices representing more than 700 retail specialists across the U.S.
