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Thursday, Mar 28, 2024

Transformation of Roscoe Blvd. Building Complete

The gut-and-rehab of the 6-story office building at 14500 Roscoe Blvd. in Panorama City owned by Roscoe Investments LLC is now complete and CB Richard Ellis brokers have started leasing space. The 14,500-squarefoot fourth floor is now occupied by Premier Business Centers, an executive suites firm. Most recently, CBRE signed a lease with AT & T; to install a retail store on the ground floor. The 5-year deal is for approximately 4,500 square feet on the ground floor, at $3.75 per square foot, triple net. The lessor was represented by CB Richard Ellis brokers Nancy Stark and John La Spada, who are representatives for the building; assisted by James Rodriguez and Juan Jimenez who handled the retail lease. The lessee was represented by CBRE broker Carlos Diaz. According to Senior Associate La Spada, it is now, for all intents and purposes, a brand new building. In addition to installing new electrical and plumbing, solar panels were added to the rooftop. “We are told that the solar will offer a savings of 20 percent to 25 percent on electrical costs overall,” he said. With the building located in an enterprise zone, there are additional incentives available to prospective tenants, which may soon include a “government group (that) is looking at about 6,000 square feet,” said La Spada. Racing to Thousand Oaks MB2 Raceway, owners of the only indoor kart racing facility in Los Angeles County, will now also be the only indoor kart racing facility in Ventura County. The Sylmar-based company has finalized its lease of 58,700 square feet at the Conejo Spectrum business park in Thousand Oaks. Jerry Scullin and David Hoffberg, COO and senior vice president, respectively, of Van Nuys-based Delphi Business Properties, represented MB2 in the $6 million, 10- year lease for part of a larger industrial building at 1475 Lawrence Drive. Developers Voit Conejo Partners LLC were represented by Nick Gregg and Ken Ashen of CB Richard Ellis. On A Roll Dynaroll Corporation, an independent supplier of miniature bearings to the automotive, medical and aerospace industries, has purchased a 41,536-square-foot industrial building at 12840 Bradley Ave. in Sylmar. The transaction was valued at more than $5.3 million and the buyer was represented by Chad Gahr and David Young, SIOR of NAI Capital’s Encino office. Daum Commercial brokers Mike LaRocque, SIOR and Lynn Laroque represented the sellers, Haskell andWilma Hall. In another Daum-NAI transaction, Vibra Finish Company, a supplier of vibratory media and mass finishing supplies, were represented in selling their refurbished, 41,536-square-foot industrial building at 12840 Bradley Ave. in Sylmar by Daum’s Mike LaRoque. No word from buyers’ reps Gahr and Young about what new owner Anderon Holdings, LLC has planned for the property. Gahr and Young also represented Forest Lawn Mortuary in leasing out a 41,250-squarefoot industrial building at 3061 Treadwell St. in Los Angeles to Riverfront Stages, Inc. The 63-month lease is valued at more than $1.7 million. The facility will be Riverfront’s second sound stage in the area: Gahr and Young also represented the company in negotiating the lease for their original Sylmar facility. Affordable Housing A 10-bay, coin-operated car wash located on two parcels at 8925 and 8933 Glenoaks Blvd. has been acquired by Glenoaks Gardens LP, an entity of North Hollywood-based L.A. Family Housing reports Capital Realty Solutions principal Ash Joshi. The 34,225-square-feet of land sold for $2.7 million. The new owners plan to develop 61 units of affordable housing on the property, said Joshi who represented both the seller, Alex Leyton Trust, and the buyer in the transaction. The nonprofit L.A. Family Housing owns and operates 21 properties in Los Angeles County, with 16 being in the San Fernando Valley. Lawyers Expand Law firm Loewenthal, Hillshafer & Rosen LLP will be adding an extra 1,100 square feet to its existing office space at 15260 Ventura Blvd. in Sherman Oaks, bringing their total occupied space to 8,447 square feet. The expansion lease is valued at about $1.75 million, according to Thomas N. Specker, a principal in the Calabasas office of Lee & Associates- LA North/Ventura, Inc., who represented the law firm. Landlord Douglas Emmett Management was represented by in-house representative Carol DeFore. New Park Has Four Sales Four new deals have closed at the Bollinger Office Park in Newbury Park with a total value of $6 million. Two buildings, 3311 and 3307 Old Conejo Road, encompassing approximately 3,387 square feet, were purchased by ear, nose and throat specialist Dr. Gary Zerlin. This will be the second practice for Zerlin whose first clinic is in Bakersfield. The doctor will have as his neighbor the Unitarian Universalist Fellowship of the Conejo Valley. The UU Fellowship purchased 3327 and 3331 Old Conejo Road and will be installing 12,894 square feet of sanctuary, classroom, meeting and office space on the property. Mike Tingus, president and managing partner of Lee & Associates- LA North/Ventura, Inc., is marketing the business park for developer Telair-Wendy Road LLC, in collaboration with Lee Calabasas associates Cory Richmond and Grant Fulkerson. Condos Out, Seniors In Gangi Development of Burbank has received a 9-month extension of its exclusive negotiating agreement with the City of San Fernando to allow changes to the project. The developer of the mixed-use development is now proposed to replace the originally-planned condominiums with affordable senior housing. Stay Tuned Next issue we’ll be digging into the latest San Fernando Valley office and industrial market first quarter reports recently released by Colliers International. Staff Reporter Linda Coburn can be reached at (818) 316-3123 or at [email protected].

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