The family of the House of Halston and shoe designer Charles David just bought a Beverly Hills trophy apartment property.
Their company, CEM Properties LLC, is listed as the new owner of 201 and 203 South Arnaz Drive, as reflected on LoopNet and records filed with the LA County Recorder's Office.
The family trust paid around $5.6M, or $566k/unit.
The Beverly Hills private family trust bought two adjacent Beverly Hills apartment buildings, dating back to the 1920s.
There are 10 units total on the property.
KW Commercial's David Weinberger (right, with KW Commercial adviser Rich Johns) said the barrier to entry is so significant in Beverly Hills since a lot of property owners pass down their properties to subsequent generations.
The seller is a third-generation owner who had owned the property for 50 years, according to Rich and David, who repped the seller.
The area also requires buyers put down at least 50% to get financing, although most pay cash, David said.
David and Rich describe the buildings as having Spanish architecture that is prevalent inside and out.
Some enhancements are planned for the property.
:quality(75))
SALES
CBRE Group sold a mixed-use property in downtown Santa Monica to Palisades Capital Partners for $33M.
The property, at 631 Wilshire Blvd at the corner of 7th Street, features 40k SF of office and retail space.
The nearly 60-year-old property has undergone more than $4M in upgrades since 2013.
The facelift includes a remodeled lobby and outdoor common areas with new retail, including Mendocino Farms, Sidecar Donuts & Coffee and Juice Served Here.
CBRE’s Mike Longo and Newmark Grubb Knight Frank’s Kevin Shannon, Rob Hannan and Ken White repped the sellers, PacShore Partners and GreenOak Real Estate.
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CBRE Group sold a large, off-campus single-tenant medical building at 4323 Riverside Drive in Burbank to Worchell Hollywood Properties for approximately $14.3M.
The building is 100% leased by The Regents of the University of California and occupied by UCLA Health.
The property has 102 parking spaces and a high parking ratio. Parking is free to patients and employees.
CBRE’s Bryan Lewitt, Chris Isola, Chris Bodnar and Lee Asher repped the seller, Motion Picture & Television fund, a nonprofit public benefit corporation.
CBRE’s Patrick Wade and Alex Kozakov repped the buyer.
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GROUNDBREAKING
Rockwood Capital and Marshall Development have started work expanding Playa Jefferson.
Gensler is designing the 55k SF Building E, which is scheduled to be finished at the end of next year and will increase the size of the office campus to around 250k SF.
Building E will likely accommodate a variety of requirements ranging from approximately 18k to 55k SF of contiguous space.
The new building will have 14-foot slab-to-slab floor heights, 13-foot-high windows, open plan flexibility, outdoor meeting and eating areas, and roll-up glass garage doors.
The existing four-building campus is 100% leased to firms including Facebook, Omnicom Group Inc, R/GA and Arup.
LEASING
Financial software engineering and cloud operator firm InvestCloud expanded its long-term lease in the Pacific Design Center's Green Building by 11k SF for a total of 28k SF.
The company recently moved into its space on the Green Building’s sixth floor from its prominent Wilshire Boulevard address in Beverly Hills.
Cohen Brothers Realty SVP and national director of leasing Marc Horowitz repped InvestCloud and landlord Cohen Brothers Realty Corp.
:quality(75))
EXECUTIVE NEWS
Gelt Inc has named recently retired MLB player Josh Satin as its asset and acquisitions coordinator.
He will be responsible for investor relations and will work with Gelt’s team to identify and buy apartment properties.
Josh ended his nine years in baseball last June after suffering from an injury.
He played with the New York Mets, the Cincinnati Reds and the San Diego Padres.
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Atlas Real Estate Group is now Sperry Commercial Global Affiliates LLC's newest affiliate in Pasadena.
Led by David Chen, Atlas is a full-service brokerage firm serving the San Gabriel Valley and specializing in high-net-worth Asian investors.
Previously, David worked at Keller Williams Commercial, MacVaugh & Co and Coldwell Banker George Realty.
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