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Friday, Feb 23, 2024

Real Estate Quarterly

Conejo Valley Office vacancy tightened to 11.5 percent compared to 13.3 percent a year earlier. However, asking rates ratcheted up $2.70, a gain of 33 cents, or 13.9 percent in the last year. Tenants absorbed 198,900 square feet during the fourth quarter. Main Events Jafra Cosmetics International Inc. sold its headquarters in Westlake Village for $28.2 million. New owner PS Southern California One plans to develop a portion of the property at 2451 Townsgate Road into a Public Storage. The 108-unit Stonepine Apartments at 1394 E. Hillcrest Drive in Thousand Oaks sold for $33.8 million to FPA Multifamily. The 60,416-square-foot industrial building at 685 E. Cochran St. in Simi Valley traded for $11 million. The seller will continue to occupy a portion in a leaseback for SensoScientific. Mission Oaks Corporate Center at 5300 Adolfo Road in Camarillo sold for $11 million. Santa Clarita Valley The decade’s final quarter ended with a 15.3 vacancy for office, a significant uptick from 13.8 percent during the previous quarter. Office tenants gave back 33,300 square feet, according to Colliers International data, while rents edged higher to $2.67. Main Events The 105,000-square-foot warehouse at 27811 Hancock Parkway in Valencia sold for $18.2 million to Enayat Properties, which plans to occupy it as an owner-user, according to CoStar Group Inc. A developer and two investors paid $4.3 million for Valencia Medical Building at 23928 Lyons Ave. The building has 20,304 square feet. Coldwell Banker Quality Properties leased 3,250 square feet of second-floor office space at 27451 Tourney Road in Valencia. According to sources, Coldwell Banker signed a five-year lease pitched in the mid-to-high $2 per square foot range. Santa Clarita Plaza at 23942-23945 Lyons Ave. sold to Rami Darghalli Living Trust for $2.9 million. Antelope Valley A solid 70,900 square feet of industrial space were sold or leased during the fourth quarter. Vacancy registered at 2.4 percent compared to 2.1 percent for the same quarter a year prior. Asking rents for industrial space increased to 67 cents a square compared to 59 cents a year ago. Main Events Investor Gary Pietruszka in North Hollywood paid $13 million for 10 West Plaza, a 3,500-square-foot retail center at 40117 10th St. West in Palmdale. Industrial property with 31,350 square feet at 244-254 E. Avenue K4 in Lancaster sold to iLead Education in Acton for $10.2 million. The 59,384-square-foot warehouse at 45545 Trevor Ave. in Lancaster sold to Lone Oak Lancaster for $8.2 million. The seller was W.A. Thompson Distributing Co. New York-based Blackstone Group sold the Motel 6 property at 407 W. Palmdale Blvd. to Divine Hospitality in Palmdale for $6. 2 million. The motel has 105 rooms and 27,284 square feet. San Fernando Valley Valley tenants absorbed 67,500 square feet of office space in the fourth quarter. Compared to the previous quarter, lease rates decreased 5 cents to $2.70, according to Colliers International data. Vacancy moved marginally lower to 11.1 percent. Developers have an impressive 343,000 square feet of office under construction. In the industrial market, 682,700 square feet were leased or sold during the fourth quarter while vacancy fell incrementally to 0.7 percent. Industrial lease rates were 92 cents a square foot, a penny less than the previous quarter and 7 cents less than a year ago. Main Events Northridge Plaza shopping center at 8840-8878 Corbin Ave. in Northridge sold for $42.5 million. The center has 108,400 square feet. Monster Beverage Corp. purchased an industrial property at 510 Park Ave. in San Fernando for $33.7 million. Monster plans to raze the 26,600-square-foot warehouse and redevelop the property. Rockwood Capital and Artisan Realty Advisors paid $30 million for the six-story office building at 4640 Lankershim Blvd. in North Hollywood. Air 1 Moving & Storage signed a lease for about 21,600 square feet in the warehouse at 9556 Cozycroft Ave. in Chatsworth. A source with knowledge of the deal put the five-year lease’s total value at about $1.4 million. The 88-unit Cambridge Apartments in Sherman Oaks sold for $29.4 million to Interstate Equities Corp. The two-building complex is at 14340 and 14350 Addison St. Tropical Creations Landscape Contractors purchased a 10,221-square-foot industrial building at 12610 Saticoy St. South in North Hollywood for $3 million. AmaWaterways leased 50,000 square feet and moved its headquarters to The Park Calabasas office complex at 4500 Park Granada in Calabasas. Financial terms of the lease were not disclosed. The company previously had its offices at 26010 Mureau Road, also in Calabasas. Northridge Medical Center, located at 18433 Roscoe Blvd. in Northridge, sold for $11.7 million. u EC365 Investments in Sherman Oaks bought the Victory Square office building at 12444 Victory Blvd. in North Hollywood for $15 million. The seller was Homeowners Marketing Services Inc., which has its offices in the building. Burbank and Glendale Burbank office vacancy fell to 8.1 percent during the fourth quarter compared to 10.7 percent in the same quarter a year previous. Glendale vacancy came in at 16.8 percent. In terms of price, Burbank rents fell 6 cents compared to the previous quarter to $3.53. In Glendale, the price rose a penny to $3.16. Both Burbank and Glendale reported positive absorption of 49,900 and 6,900 square feet, respectively. Main Events The Griffith, a 220-unit apartment complex at 435 W. Los Feliz Road in Glendale, sold for $119 million to Greystar Real Estate Partners. The sellers were AFL-CIO Investment Trust Corp. and PNC Realty Investors Inc. Walt Disney Co. signed a lease to expand into The Tower at 3900 W. Alameda Ave. in Burbank. According to CoStar Group, Walt Disney Animation Studios will occupy about 116,000 square feet. Financial terms were not disclosed. Pacific States Box & Basket Co. Inc. sold a portfolio of eight Glendale industrial buildings with 131,050 square feet for $25.5 million to CPD Los Angeles. The properties are located at 1225, 1275, 1295 and 1291 Los Angeles St.; 440 and 444 Cypress St.; and 437 and 449 Fernando Court. The historic Woolworth Building at 201 N. Brand Blvd. in Glendale sold for nearly $18.1 million to investor BrandWilson. Netflix Inc. leased up to 60,000 square feet in the Burbank Studios complex at 3000 W. Alameda Ave. in Burbank. The streaming company expects to occupy the space for two years until its permanent offices in Hollywood finish construction. Financial terms were not disclosed. Raintree Partners bought a 92-unit apartment complex called the Summit at 3250 Fairesta St. in La Crescenta-Montrose for $34.5 million.

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