Recent Los Angeles Area Commercial Building Sales

May 6, 2019

Recent Los Angeles Commercial real-estate sales include mixed-use, multifamily, industrial and other commercial properties. Feature image provided by CBRE.

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Original Article: The LA Deal Sheet by Joseph Pimentel

Read more at: https://www.bisnow.com/los-angeles/news/deal-sheet/the-la-deal-sheet-98717?utm_source=CopyShare&utm_medium=Browser

“Province Group has purchased a 12.83-acre mixed-use development site in Simi Valley from LNR Partners for $18.5M. The 271K SF property at 3039-3041 Cochran St. is a former Farmers Insurance headquarters. The property will be converted into a multifamily development with street-level retail. CBRE’s Gary Stache, Melinda Russell, Mark Shaffer and Matthew Heyn represented the buyer and seller.

A private investor has purchased a 13,760 SF retail building in Lancaster from The Niki Group and Wood Investment Cos. for $6M. The property consists of two multi-tenant buildings at 1721 East Avenue J and at 44421 20th St. East. The buildings are 100% leased to several retailers, including AT&T, Papa John’s, Panda Express and GameStop. Hanley Investment Group Real Estate Advisors’ Eric Wohl, Ed Hanley and Andrew Cunningham represented the seller. Realtex’s James Chin represented the buyer.

Urban Stearns, a mixed-use and multifamily developer, has acquired a 30K SF development site in San Pedro from Harbor Shoreline for $3.9M. The site at 111 North Harbor Blvd. is designated as an opportunity zone and qualifies for the city of Los Angeles’ Transit Oriented Communities Affordable Housing program. CBRE’s Laurie Lustig-Bower and Kadie Presley Wilson represented the buyer and seller.

Aho LLC has purchased a 16,800 SF office building in West Los Angeles from Optimus Properties for $11.9M. The property at 864 South Robertson Blvd. was renovated and upgraded last year. Newmark Knight Frank’s Steven Salas, Daniel Chiprut and Britney Kagawa represented the seller.

 In a 1031 exchange, an undisclosed buyer described as an Asian Pacific-based company has purchased a 290K SF retail shopping center in Moreno Valley from Brixton Capital for $51M. The Towngate Center at 12625 Frederick St. is 95% leased to tenants including TJ Maxx/Home Goods, BevMo, Ross Dress for Less, Dollar Tree, ULTA, Regency Theatres, Planet Fitness, Chipotle and Wells Fargo Bank. CBRE’s Phillip D. Voorhees and the company’s National Retail Partners-West represented the seller. 

SBH Real Estate Group has sold a 14K SF retail property in Burbank to a private investor for $7.8M. Harbor Freight currently occupies the property at 822 South San Fernando Blvd. JLL’s Adam Friedlander and Kien Tsoi represented SBH. CBRE’s Jeff Gerlach represented the buyer.”

Read more at: https://www.bisnow.com/los-angeles/news/deal-sheet/the-la-deal-sheet-98717?utm_source=CopyShare&utm_medium=Browser

 

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