Essex Property Trust just sold The Jefferson at Hollywood for $132.5M to a JV between Redwood Urban and Beverly Pacific.
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ARA Newmark executive managing director Curtis Palmer told Bisnow the buyer was interested in the mixed-use property because it offered "the opportunity to acquire a 2010 vintage asset with no functional obsolescence and ample value-add opportunity."
The Jefferson at Hollywood consists of 270 apartments and 8,850 SF of retail space.
The JV plans to spend around $5M upgrading the units, including adding quartz countertops, new stainless steel appliances, new flooring and lights.
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There is also a plan to make the gym accessible to the pool deck, Palmer said.
The property also has the advantage of being on Highland Avenue across the street from the Metro Red Line, he said.
He and directors Chris Benton, Jaspaul Kapoor and Chris Tresp repped both the buyer and seller.
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SALES
CBRE Group reported the sale of a 1.27-acre mixed-use site in Pasadena to an unidentified private Chinese buyer for $16.55M.
Nearly 20 offers were made for the property at 141 South Lake Ave, which consists of a 22,500 SF office-and-retail building and an adjacent parking lot.
CBRE EVP Laurie Lustig-Bower and Kadie Presley Wilson repped the seller.
The building is around 93% leased. The site would potentially allow for up to 146 residential units and about 6,500 SF of retail space under Pasadena’s new general plan.
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The Bay Theatre in Seal Beach just sold for $2.1M to Dunlap Property Group.
The single-screen theater at 340 Main St and Pacific Coast Highway was a significant gathering spot for locals from when it opened 70 years ago until it closed in 2012.
The building has about 5k SF on the ground-floor theater and an additional 2,200 SF combined of apartment and office on the second and third levels.
The buyer plans to extend the building's roof deck and restore the theater to include live theater and music, movie screenings and other private events, according to Dunlap Property Group president Paul Dunlap.
CBRE Group Nathan Holthouser and James Lehigh repped the buyer and the seller, R E Loderhose Enterprises.
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LEASING
Crow Holdings Industrial purchased a fully leased, 120k SF industrial building in Rancho Dominguez.
Crow bought the building, which takes up about six acres at 3025 East Victoria St, as a leased investment.
The purchase price was not disclosed.
Klabin Co managing principal Frank Schulz, Todd Taugner and David Prior, along with Colliers International's Rick Putnam and Bret Hardy, repped both the buyer and TA Associates Realty, the seller.
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EXECUTIVE NEWS
Alex Anamos (above) joined R&A Architecture & Design as its new studio director and senior architect.
Anamos brings 20 years of experience to the position.
He was recently elected to the board of directors of the American Institute of Architects’ L.A. chapter.
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Lendlease has two new additions to its L.A. office leadership team.
Mark Turner will serve as director of operations, and Joe Wathen takes on the role of director of pre-construction services.
Each has at least 35 years of experience.
Turner has been involved in numerous projects, including Metropolis Phases I and II while Wathen has worked on the Californian and the Montage Hotel, among other developments.
