Azzi Advisors of Marcus & Millichap just sold a popular multifamily property at 1533 North Martel Ave for $15.6M. It had not been on the market in more than 30 years.
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The property, which is on a 24,574 SF lot in the West Hollywood adjacent neighborhood, consists of 39 units.
It was inherited by some siblings "who each wanted to sell and exchange into their own individual properties," Azzi Advisors founder and Marcus & Millichap EVP of investments Tony Azzi (right with business development associate Jordan Asheghian) told Bisnow.
There was a great deal of interest in the property, which ended up receiving eight written offers, according to Azzi.
Ten of the units are vacant, and the new buyer, a private investor, plans to renovate those units and the entire building.
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The multifamily building (above) has 42,300 rentable SF.
The units average around 1,100 SF.
There are also 58 underground parking spaces and an on-site laundry facility.
Azzi, along with Azzi Advisors business development associates Jordan Asheghian and Adi Mizrahi, repped both the seller and the buyer.
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SALES
Trion Properties repositioned and sold the 26,186 SF Valencia Town Center Plaza for $9.8M.
The firm bought the Valencia Town Center Plaza at 24510 Town Center Drive in Valencia about three years ago for $6.8M.
The property went through a reno, and the shopping center's occupancy was more than doubled.
Arbor Realty Capital Advisors managing partners Joshua Levy and Matthew Dobson repped both the seller and the buyer, a private real estate investor.
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Stepp Commercial completed the $9.7M sale of Ocean Plaza, a 44-unit apartment property at 633 East 1st St in the East Village Arts District of downtown Long Beach.
The property closed at a 4.2% cap rate and $220,455/unit.
Built more than 60 years ago, the property has three, two-story buildings with a pool in the center courtyard.
It has 18 one-bedroom units and 26 studios. The property recently underwent light renos, including remodeled kitchens.
Stepp Commercial principal Robert Stepp repped the seller, Santa Monica's Joda Investments, and the Westchester-based private buyer.
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A 35,584 SF, multi-tenant office building in Woodland Hills sold for $7.05M.
A private investor sold the building at 22900 Ventura Blvd to another private investor who plans to occupy part of it.
Lee & Associates-LA North/Ventura principal Jay Rubin repped the seller.
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NEW CONSTRUCTION
CBRE is partnering with landlord Douglas Emmett to renovate a 10k SF former Kate Mantilini restaurant at 5921 Owensmouth Ave, in the middle of Warner Center Towers, into a new Workplace Strategy office.
The new space will have an open-floor design, floor-to-ceiling windows, and 1,500 SF of outdoor working space.
The office will be 100% address free, meaning no assigned desks for employees, and paperless.
It is part of CBRE’s global Workplace360 initiative.
CBRE plans to move about 50 employees, many from the former Camarillo office, to the new location.
The office is scheduled to open at the end of Q1.
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Surgery Partners just relocated to a new state-of-the-art surgical facility at 9001 Wilshire Blvd in Beverly Hills, according to Cushman & Wakefield.
The 12k SF facility, known as the Specialty Surgical Center of Beverly Hills, will specialize in ophthalmology.
It marks the company's second location in Beverly Hills.
Cushman & Wakefield's Jon Gorczyca in the West LA office and Yarden Drimmer in the firm’s New York City office are national account managers for Surgery Partners and repped the tenant.
The Specialty Surgical Center will be housed on the office's ground floor.
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EXECUTIVE NEWS
Perkins+Will has added Martin Leitner, AIA, to lead its Cities and Sites practice.
Leitner will expand the architectural firm's reputation in designing spaces that reimagine the environment that is already built by creating more sustainable, walkable and livable communities.
Previously, Leitner was a senior associate at Torti Gallas + Partners.
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