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In just six days, workforce housing developer Ush completed the assembly of an 80-unit modular project in Los Angeles.
The mixed-use apartment building at 740 South Alvarado St. came with appliances, finishes and fixtures and was installed from July 6 to July 13.
Ush will begin pre-leasing the building in September, and the first tenants will move in during November. Rents will start at $1,600.
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SALES
Omninet Capital has acquired a suburban office portfolio totaling 256K SF in Westlake Village from Topa Equities for $55M. The portfolio features a two-building campus totaling 195,900 SF at 2801 and 2815 Townsgate Road and a two-building campus totaling 70K SF at 100 and 200 North Westlake Blvd. Newmark Knight Frank's Sean Fulp, Kevin Shannon, Ken White, Ryan Plummer, Mark Schuessler and Ryan Tetrault represented the seller. Omninet represented itself.
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A private investor has purchased a three lot assemblage totaling 25,100 SF in Los Angeles from an undisclosed seller for $9.17M. The properties at 3702-3716 West Jefferson Blvd. consist of two warehouses and a radiator shop. The properties are in the West Adams neighborhood of Los Angeles. RE/MAX Commercial's Casey Lins represented the buyer. Austin Russell represented the seller.
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A private investor has purchased a 23,800 SF building in Fountain Valley from a limited liability company called 18300 Euclid Street for $9.18M. Built in 1969, the property at 18300 Euclid St. is occupied by VCA Animal Hospital. SRS' Matthew Mousavi, Patrick Luther and Rich Walter represented the buyer and seller.
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Griffin Capital Essential Asset REIT has sold a 273K SF office campus in Simi Valley to a private investor for $24.5M. The property at 1800 Tapo Canyon is occupied by a Bank of America branch. Griffin Capital originally bought the property for $28.6M in 2015, according to CRE date site Reonomy. The brokers were not disclosed.
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EXECUTIVE NEWS
Nadel Architecture + Planning has completed its ownership transition. Herb Nadel, who founded the company in 1973, will serve in a business development role for the firm. Nadel Chairman and principal Greg Lyon and President Patrick Winters will now lead the firm. Nadel specializes in retail, mixed-use, multifamily and hospitality design.
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Jodie Poirier has rejoined Colliers International as an executive managing director. Poirier will be responsible for overall business operations, talent recruitment and retention and client care for Colliers' Greater Los Angeles region. Prior to rejoining Colliers, she served as a managing director at CBRE. She worked at Colliers in 2011 as director of brokerage services.
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