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Friday, Jan 27, 2023
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Dunn Adds Office, Hendricks Acquires Woodland Hills Firm

A fair amount of musical chairs has been going on around town. William Boyd and Linda Lee have been brought aboard the Charles Dunn Co. as senior managing directors of a new Tri-City office just opened in Glendale. William Boyd’s career includes 17 years with CB Commercial prior to his joining Grubb & Ellis in 1998. He has been involved with more than $1.7 billion in transactions and has been on leasing teams of over 5.25 million square feet of office space throughout the Los Angeles area. Linda Lee was also previously with Grubb & Ellis, in the position of vice president. In 1997, she was considered “one to watch” in the Real Estate Forum’s “Top 30 Under 30” issue. Associate Peter Pearce has also joined the new Glendale office. Pearce specialize in commercial appraisal and valuation. He has an MBA with a focus on real estate and project management. Apartment sales and research firm Hendricks & Partners acquired Woodland Hills-based Delson/Norris/Fischer, a boutique multifamily advisory firm. Delson partner Vince Norris will be continuing his leadership of what is now being called the Woodland Hills headquarters of Phoenix-based Hendricks & Partners. Joining Norris will be Spencer Scott whose previous engagements include CB Richard Ellis in Los Angeles and Phoenix-based Alliance Residential. Leases Drive Bus Transactions Three deals last month involved companies on the go. In the first transaction, industrial specialist Brent Weirick, a senior vice president in the Colliers International Encino office, worked with Coach USA which sublet a 3-acre parcel in Sylmar from Transportation Concepts. Coach will use the property to park and service its fleet of buses. The second transaction had MV Transportation leasing 2.5 acres of bus yard space in Van Nuys from property owner Newman & Sons. According to Weirick, who represented MV Transportation, the company will use the space to provide services for an LADOT contract. Mike LaRocque of Daum Commercial represented the lessor. In the third, Student Transportation of America leased a 2-acre industrial yard in North Hollywood to house its 71 alternative-fuel school buses. The company is contracted by the LAUSD to provide special transportation services to students in the San Fernando Valley. The $1.8 million, 5-year lease was transacted by Don Archer of NAI Capital on the lessee’s side while the private property owner was represented by Bob Hoyer of Delphi Business Properties. California Casino Listing Marcus & Millichap has been selected as the exclusive broker for the guestrooms portion of the eight-story, 238-room Crystal Casino Hotel in Compton. The property is listed at $16 million. Gordon Allred, M & M; vice president of investments, is representing the seller. He explained the deal thus: “The seller will lease back the entire ground floor and retain operation of the casino, restaurant and bar. In addition to the sale/leaseback, the food and beverage profits and the proposed seller financing, present an opportunity to achieve positive cash flow based on current operations with an opportunity for substantial growth through improved management and renovation.” Moorpark Gets Bubbly New Tenant Pepsi-Cola Fountain Company will be consolidating its space into a 315,000-square-foot space in Moorpark previously occupied by Aldik Artificial Flowers. Landlord G & S; Investment LLC was represented by CB Richard Ellis brokers Craig Peters, Bennett Robinson and Doug Sonderegger. Terms of the transaction were not released. Up the Coast David Kim, John Ochoa and Grant Harris at Lee & Associates-LA North/Ventura, Inc. represented the First Lutheran Church of Camarillo in a three-year lease of 3,500 square feet to the nonprofit People Creating Success Inc. On another deal, Kim was joined by Cory Richmond, Scott Carper and Mike Tingus who teamed up on two lease transactions in The Renaissance, a newly-built Class A medical/office building in Moorpark on behalf of developer, HFR Investments I LLC. Largest Multi-Family To Date Hanes Investment Realty said the recently brokered purchase and sale of a 112-unit multi-family property in the San Gabriel Valley was the largest of its kind in the LA Metro area during the first two months of the year. The 8-building complex sold for $16.2 million. Hanes broker Mark Dobbs represented both the seller and the buyer. More Multi Grubb & Ellis brokers Dana Brody and Joshua May represented the owners of a 14-unit apartment complex in Sherman Oaks in the sale of that property to a private investor in a 1031 exchange. The sale price was approximately $2.8 million and the buildings were 71 percent occupied at the time of the sale. Vines Management represented the buyer. Deal Done A two-unit office building in Burbank sold for $1.1 million, with Stacy Vierheilig-Fraser of Charles Dunn Co.’s Studio City office representing the seller and Prestige Real Estate representing the buyer. The property is currently fully leased. More Affordable AMCAL Multi-Housing, Inc. of Agoura Hills opened its third affordable housing development this year with great fanfare including a keynote address from Councilman Ed Reyes. The affordability of the 74-unit Villas del Lago project in Westlake is enhanced by the inclusion of energy efficient appliances and design as well as a green interior courtyard. The development exceeded California’s Energy Efficient Standards for Residential and Nonresidential Buildings by 15 percent. No-VOC (volatile organic compound) paint and low-VOC carpets and pads were used to improve air quality. It’s That Time Stay tuned for the Business Journal’s annual Commercial Real Estate report on April 13. Featured will be the ever-popular Top Commercial Real Estate Brokerage Firms and Top Commercial Real Estate Developers lists. If you’ve not received the survey yet and want to make sure you’re considered for inclusion on either list, send an e-mail to research@sfvbj.com . Staff Reporter Linda Coburn can be reached at (818) 316-3123 or at lcoburn@sfvbj.com .

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