San Fernando Valley Vacancy rose in the quarter to 13 percent, up from 12.5 percent in the previous quarter. Lease rates rose 3 cents. In the industrial market, vacancy fell to 1.3 percent with 805,200 square feet sold or leased during the quarter, according to Colliers International. Main Events -IMT Capital in Sherman Oaks sold more than 400 apartment units in Valley Village for $185 million. Essex Property Trust in San Mateo bought the 264-unit Ashton Sherman Village at 12729 Riverside Drive and the 144-unit Emerson Valley Village at 12021 Kling St. Also during the quarter Essex sold the 189-unit Candlewood North apartment complex at 9830 Reseda Blvd. in Northridge for $43.5 million to Chicago real estate investment company Waterton. -Angelo, Gordon & Co. and Lincoln Property paid $147 million for LNR Warner Center IV in Woodland Hills. The 510,000-square-foot pair of office buildings at 21255 and 21215 Burbank Blvd. have tenants such as Activision Publishing, New York Life Insurance and United Online. -OnTrac, a package delivery service based in Chandler, Ariz., has leased the 255,500-plus-square-foot warehouse under construction at 11063 Pendleton St. in Sun Valley. It is the first lease agreement for the new Sun Valley Business Center. Financial terms were not disclosed. -The Lofts at NoHo Commons sold for nearly $103 million to a joint venture between KBS Strategic Opportunity REIT II in Newport Beach and L.A. property operator MWest Holdings. The complex at 11136 Chandler Blvd. has 292 studio and one-bedroom units . -The Academy Tower office building in North Hollywood sold for $61.5 million to Swift Real Estate Partners in San Francisco. The 174,000-square-foot office building at 5200 Lankershim Blvd. was sold by L.A.’s Kennedy-Wilson. -Tarzana Professional Center changed hands for $32 million. The complex is located at the northeast corner of Reseda and Burbank boulevards. -IMT Capital sold the Patio Del Cielo apartment complex in Sherman Oaks for $18.5 million. The four-story, 31-unit building at 4410 Sepulveda Blvd. fetched $596,774 a unit. -Quixote Studios, an L.A.-based provider of soundstages, equipment and vehicles for film and television productions, paid $2.6 million for the 21,000-square-foot warehouse at 10244 Norris Ave. in Pacoima. It plans to use the building for equipment rentals. Burbank and Glendale Burbank’s average lease rate jumped 10 cents during the quarter and tenants absorbed 280,000 square feet during the quarter, according to Colliers International. Vacancy plummeted to 12.9 percent compared to 17 percent in the previous quarter. Next door in Glendale, vacancy increased to 11.6 percent as tenants gave back space. But average Glendale rents are 55 cents lower than Burbank rates. Main Events -The 25,000-square-foot medical office building at 4323 Riverside Drive has sold for $14.3 million. The seller was the nonprofit Motion Picture & Television Fund, while the buyer was Worchell Hollywood Properties. The building is occupied in full by UCLA Health. -The 52-year-old Verdugo Village apartment complex in Glendale traded hands for $54.2 million. Interstate Equities Corp. in Los Altos, bought the 126-unit community at 1717 N. Verdugo Road. Interstate plans to rename it Towne at Glendale. -Real Mex Restaurants Inc. has closed the El Torito eatery in Burbank located at 3113 W. Olive Ave. near the corner of Alameda Avenue across from the Burbank Studios television production facility. -Media company Fuse has renewed its lease for its Glendale headquarters at 700 N. Central Ave. The multi-platform business has occupied the 20,00-square-foot space lease since 2009. Fuse plans to renovate the space into a creative office layout for its 75 employees. Financial terms of the lease were not disclosed. -Airport Plaza shopping center in Burbank sold for $37 million. The 135,039-square-foot retail plaza at 635 to 699 N. Victory Blvd. was bought by El Segundo investment firm Paragon Commercial Group. The sellers were Airport Plaza Inc. and Alton Jennings Trust. Conejo Valley Lease rates climbed 2 cents in the Conejo Valley office market during the quarter, marking a 3 percent climb since a year earlier, based on data from Colliers International. Vacancy fell to 16.7 percent, down from 17.1 percent the previous quarter. Main Events -Five-building Westlake Spectrum office park in Westlake Village sold for $23 million to Majestic Asset Management in Van Nuys. The 118,555-square-foot park is located at 31355 Oak Crest Drive and 4373 Park Terrace Drive. -Harbor Associates and partner Bascom Group of Irvine paid $13 million to buy the Conejo Spectrum office and industrial park out of foreclosure. The two-building campus has 160,000 square feet at 1525 and 1535 Rancho Conejo Blvd. The new owners plan to reposition the property. -Ventura County Community College District paid $7 million to buy a 37,400-square-foot building at 761 E. Daily Drive in the Camarillo Business Center. Santa Clarita Valley Vacancy fell during the quarter to 13.1 percent from 13.5 percent the previous quarter, while lease rates ticked up a penny, according to data from Colliers International. In the industrial market, vacancy ratcheted down to 1.2 percent. Main Events -The two-building Valencia Studios at 26030 Avenue Hall and 28343 Avenue Crocker sold for $19.3 million to companies formed by real estate investors Richard Reilly and Art Davis. The 6-acre property has six sound stages and more than 46,000 square feet of office space. -International Airport Centers, a developer in Highland Park, Ill., held a groundbreaking for IAC Commerce Center, a 116-acre industrial park northwest of the 5 freeway and 126 freeway interchange. -William S. Hart Union High School District sold a 16,773-square-foot building at 21515 Centre Pointe Parkway in Santa Clarita for $3.2 million. The buyer was Santa Clarita-based Warrior Fitness Camp. Antelope Valley Industrial vacancy narrowed to 1.6 percent from 1.8 percent during the fourth quarter, according to Colliers International. Rates gained a penny to 54 cents. In the office market, vacancy rose to 22.7 percent, the highest of any of the Valley region submarkets. Office lease rates fell to $1.62 a square foot. Main Events -Life Source International Charter School in Lancaster has bought the building it has occupied for three years. The nonprofit school paid $2.63 million for the roughly 28,000-square-foot building at 44339 Beech Ave. -Antelope Valley College District approved a lease with Abbey Co. so the college can relocate its Palmdale Center to 2200 E. Palmdale Blvd. The 30-year lease for 50,720 square feet costs $76,080 a month. The buildings are under construction and will be complete in the spring. -The 13,750-square-foot building at 38454 Fifth St. West in Palmdale sold for nearly $7 million. The property is leased to DaVita Kidney Care.
SPECIAL REPORT: Main events in Valley submarkets in the fourth quarter.
