Institutional Property Advisors, a division of Marcus & Millichap, just sold IMT Thousand Oaks, a 191-unit multifamily community, for $67M—more than $350k/unit. Bisnow caught up with IPA senior director Kevin Green, based in the Encino office, to discuss why there was such interest in the property.
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The buyer, an affiliate of Pacific Urban Residential, saw it as a rare opportunity to buy the large property in one of the most supply constrained and coveted locations in SoCal, says Kevin, shown here with his family.
It is one of a small number of such quality assets in the area and is expected to remain a market-leading property in the near future, according to Kevin.
The more than 40-year-old property is at 491 West Gainsborough Road.
It features one-, two- and three-bedroom floor plans with large patios and balconies and a business center, a pet park and a swimming pool.
Kevin, along with IPA executive director Greg Harris and senior director Joseph Grabiec, repped the seller, IMT Capital LLC.
SALES
Madison Partners sold 200 South San Pedro St, a 40k SF Class-A office property in Little Tokyo for $14.25M, or $358/SF.
The property also has 14k SF of street-level space.
Madison Partners’ Bob Safai, Matt Case and Brad Schlaak repped the seller, 200 San Pedro LLC.
Matt tells Bisnow his client was interested in selling the property because it is a "good time to trade at a number above their basis."
The property was bought by an undisclosed LA private real estate investment company.
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Investment Real Estate Associates, or IREA, sold a Vallarta Supermarket in Van Nuys for $13M.
The 35,295 SF property is at 16105-16153 Victory Blvd in Van Nuys.
IREA SVP Yubin Tao repped the seller, a private investment firm, and the buyer, a private family trust.
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IREA just sold a single-tenant retail property in Studio City for $3.65M.
Built in 1949, the 2,500 SF property is at 12103 Ventura Blvd.
IREA SVP Yubin Tao repped the seller, a private LLC.
The buyer, a private LLC, was repped by The December Co's Alexander Koustas.
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Marcus & Millichap sold the 10th Street Portfolio, which contains industrial properties and two land parcels in the DTLA Industrial District, for $38.4M.
The portfolio includes 4.6 acres that could be developed and eight industrial buildings with short-term leases and below-market rents along Olympic Boulevard, 10th Street and 11th Street.
Marcus & Millichap VP of investments Mike Malick, along with associate Carol Song, repped the seller.
Quantum Associates repped the buyer.
NEW HEADQUARTERS
Bold Films will move its headquarters next year to Hollywood 959 at 959 North Seward in Hollywood.
It was developed by JH Snyder Co and completed last March.
Bold Films has leased 15k SF in the five-story West Wing building.
The expansive campus has 245k SF of creative office space.
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EXECUTIVE NEWS
Marc Renard was promoted to executive vice chairman of Cushman & Wakefield's Capital Markets Group.
Marc is based in Cushman & Wakefield’s DTLA office and is regularly recognized as one of the firm’s top-producing brokers.
He has earned the "Top Global Capital Markets Broker" designation on numerous occasions since joining the firm more than 30 years ago.
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