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Saturday, Jun 3, 2023

There Are Deals to Be Made as Local Brokers Prove

I thought I’d devote my column this month to a roundup of transactions that have occurred in the latter part of the fourth quarter in 2008. They’re not all monster deals, but it may help your psyche to know that deals are still being done despite the warnings of an impending apocalypse. Medical Lease A 12-year lease for 17,000 square feet of medical office space in Encino has been negotiated by a team of Lee & Associates brokers. The property at 15503 Ventura Blvd. owned by Domino Realty, is not technically a medical office building and brokers Trevor Belden and Scott Romick assisted with getting the necessary permits and approvals to allow Huntington Reproductive Center to utilize it as such. The lessee was represented by Michael Dettling of Ramsey-Shilling. Tarzana Center Changes Hands The shopping center at 18131 Ventura Blvd. which presently houses a Michael’s craft store, has been sold by Safeway to TriStar Realty Group. According to CBRE broker John La Spada, who represented TriStar in the transaction, the new owner is mulling a major redevelopment of the property which may see it transformed from purely retail to possibly joint retail and medical uses. Barbara McAllister and Bob Bonanomi of CBRE’s Universal City office represented Safeway, Inc. Apartments Sold The Harris Group/Marcus & Millichap represented both buyer and seller of a 70-unit apartment complex at 14211 Sherman Way in Van Nuys. The property sold for $7,250,000. Teeing Off in Oxnard Mike and Melinda Walsh of DAUM Commercial Real Estate in Camarillo represented both sides of the lease of a 41,195 square foot industrial building in Oxnard. The Beacon Place Investments property at 1621 Beacon Place will be occupied by Golf Sales West, one of the largest OEM golf bag manufacturers in the United States. Truly Affordable Housing AMCAL Multi-Housing, Inc. of Agoura Hills has opened its newest development, Casa de Angeles, a 49-unit family affordable apartment development in South Los Angeles. The project replaced decrepit homes and commercial properties with 23 two-bedroom units, 14 three-bedroom units and 12 four-bedroom units on the 44,000-square-foot site. The $15.5 million construction project was financed primarily with low-income housing tax credits. Other financing was provided by SunAmerica Affordable Housing Partners, California Bank & Trust and the Los Angeles Housing Department. Earlier in the month AMCAL celebrated the grand opening of Temple Villas in the Echo Park/Beaudry neighborhood. The project has 52 affordable units. Bigger and Better SAFER Systems has relocated and expanded its world headquarters to a new location in Camarillo. CB Richard Ellis brokers John La Spada and Bill Clark represented the company in negotiating a five-year lease agreement for the 10,960-square-foot space at 5284 Adolfo Road. The new location doubles SAFER’s space. Landlord Camarillo Office Partners I, LLC, was represented by Brian Forster of TOLD Corporation. On the Right Foot CB Richard Ellis announced it has successfully negotiated a 15-year lease for 23,329 square feet in the Bridgeport Marketplace in Valencia. CBRE brokers Craig Peters and Doug Sonderegger represented landlord Intertex Companies which is currently completing construction of the new mixed-use development. Bryan Lewitt, Christopher Isola and Mark Raggio of Cushman & Wakefield represented tenant Southern California Orthopedic Institute which will use the space for its newest orthopedic and rehabilitation practice. Storage Team DeGrinis, better known as Patrick DuRoss and John DeGrinis of Colliers Real Estate in Encino, executed a three-year lease, with an option to purchase, a 20,834-square-foot industrial space in Newbury Park. The dynamic duo represented both landlord SDG Mitchell Associates and the tenant, Big Box Storage. New Years Resolution If you’ve put on a few pounds this holiday season, perhaps you’ll want to check out the relocated Synergy Performance Health & Fitness Center in Woodland Hills. Sam Monempour of NAI Capital Encino represented the company in negotiating an 88-month lease for its 10,274-square-foot location at 20700 Ventura Blvd. The lease is valued at more than $1.8 million. Landlord Jamison Properties was represented by Daum Commercial brokers David Corsello and Evan Kantor. Strong in Conejo The Conejo Valley office of CBRE have been busy little elves this year. Brokers Michael Slater, Tom Dwyer and Jennifer Rice have negotiated multiple leases. In Thousand Oaks, team represented Difebo & Associates in negotiating their 5-year lease agreement for 2,900 square feet of office space at 810 Lawrence Drive. The landlord was represented by another CBRE broker, Bob Boyer. In Westlake Village, they assisted a law firm in relocating and expanding their office. Lease negotiations resulted in a 7-year agreement for a 7,957-square-foot office space at 2815 Townsgate Road. The landlord was also represented by the Conejo CBRE crew. Land Sold Michel Hibbert of Charles Dunn closed a $1.3 million sale of a vacant 13,908-square-foot lot on Magnolia Boulevard in North Hollywood. The site totals an area of. Hibbert represented the buyer while the seller was represented by Frank Evanisko of Evanisko Realty & Investment. The new owner, Matt Nelson, plans to develop a 23-unit apartment building on the site, according to Hibbert. To facilitate the sale in these tough lending times, Hankey Investment financed the transaction with a purchase money first trust deed of $1.06 million for one year. Going Downtown What are Lee & Associates-LA North/Ventura, Inc. brokers Jack Schlaifer and Jay Martinez, doing downtown? Selling office buildings 12,940 square feet in two adjacent buildings for a price of $2.7 million. The Lee team represented the seller, Novak Trust while buyer, Young Y. Park, was represented by America Realty. Where the Deals Are Lee & Associates Principal Ron Feder closed the deal on a 3,500-square-foot retail unit in Yuba City Marketplace for approximately $1,850,000. The center was purchased as a NNN leased investment to complete a 1031 exchange. The seller was represented by Gary Gallelli and Mickey Turpen of Colliers International. I look forward to talking with all of you as we make our way through the next 12 months.

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