Hawthorne-based Zaharoni Industries is readying its shovels on a long-stalled senior living project in Calabasas. The company plans to break ground on the 60-unit luxury, independent living project May 3. It received construction financing in March. “Everything was moving forward and then Lehman Bros. went bankrupt and our entire world stopped,” said Dan Zaharoni, who along with his father Isaac Zaharoni manages the family-run development company. Since then, the apartment market has opened up and developers are eyeing senior living as an attractive investment as the baby boomers age. Senior housing developments are planned throughout the Valley. The rising population of seniors helped spur the Hawthorne developer to purchase the 2.77-acre site in 2006, Zaharoni said. The city of Calabasas also allowed more units to be built if it the project was designated for senior housing, which helped to make the development more attractive economically, he added. “I believe senior housing is going to be one of the hottest real estate sectors over the next few decades,” Zaharoni said. The new Spanish style community — dubbed The Horizons at Calabasas — is located at 26705 Malibu Hills Road. The developer originally planned the community as condos, but will instead rent the units, which average 1,200 square feet. “We are going to be offering them for lease initially to gage where the market is at,” although the units may be sold in the future, he said. Located on a cul-de-sac, Horizons will have cabanas, a pool, a spa and a fitness center. Seniors can also chose from an “à la carte” menu of special services, including house cleaning, meal and grocery deliveries and more. Construction on the 57 two-bedroom units and three one-bedroom units is scheduled to wrap up in September 2013. Residency will be limited to individuals age 55 or older. IMT Capital Buys Land in Sherman Oaks Backed by a multi-million dollar investment fund, IMT Capital LLC is at it again, scooping up a long-coveted property in Sherman Oaks. The Sherman Oaks real estate investor purchased the 2.37 acre site along Magnolia Boulevard, located just west of Van Nuys Boulevard, for $4.28 million. The location — with 360 feet of frontage on Magnolia — spurred considerable interest and more than a dozen offers, brokers said. The property is zoned for both multifamily and single-family homes. There is currently one house and a duplex on site. Principal David Tedesco of IMT Capital said the real estate investor is still weighing its options for the site. “We see some great potential for the property, but haven’t figured out what will work best there yet,” he said Using a $350-million committed equity fund, IMT has been buying up property across the Valley. The developer has several projects in the works, including a 354-unit apartment and townhome project at the former Northridge Hospital Medical Center Sherman Way campus in Van Nuys. Clark Everitt and William Everitt of The Everitt Group, both vice presidents with Investment Real Estate Associates, represented the buyer and the seller, a private family trust. “Three-hundred and sixty feet of frontage on Magnolia (Boulevard) in the Valley is a pretty amazing situation,” Clark Everitt said. He said the deal is the largest land sale in Sherman Oaks since 2010. Hundreds of investors have been eyeing the more than two-acre property over the last 20 years, he said. Containers Firm Moves to Simi Florida-based All American Containers has signed a five-year lease for 76,090 square feet of industrial space in Simi Valley, brokers said. The supplier of metal, plastic and glass containers is moving from a 29,000-square-foot space in Chatsworth to its new building at 2390 Ward Ave., Unit B. Associate Vice President Patrick DuRoss of Colliers International said the deal made sense for the Florida company because it will accommodate its future growth. The building also has attractive amenities and the deal was a good fit economically, he said. The deal is valued at about $1.4 million, Colliers said. The company will use the building for distribution, DuRoss said. DuRoss along with his partners Senior Executive Vice President John DeGrinis and Senior Associate Jeff Abraham represented All American Containers. Senior Vice President Scott Caswell of Delphi Business Properties Inc. represented the landlord. The building, constructed in 1989, has remained vacant for years, DuRoss said. Staff Reporter Andrew Khouri can be reached at (818) 316-3124 or by e-mail at [email protected].
