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Thursday, Nov 30, 2023

Real Estate Quaterly

San Fernando ValleyValley office tenants exited from 275,700 square feet, pushing vacancy up to 12.6 percent from 11.8 percent in the previous quarter. Rents declined a penny to $2.58 a square foot. A total of 365,000 square feet of future inventory is under construction. In the industrial market, 788,000 square feet are under construction. Lease rates declined to 93 cents, a 6 cent drop from the previous quarter. Vacancy grew incrementally to 1.6 percent compared to 1.4 percent last quarter. Developers have 1.34 million square feet of industrial space under construction.Main Eventsυ Alder Law purchased the office building at 12800 Riverside Drive in Valley Village for $5.3 million. The 17,300-square-foot property was sold by Los Angeles Oasis Church.υ Chatsworth Hills Academy sold its 15.8-acre campus at 21523 Rinaldi St. in Chatsworth for $9 million. New owner Manifest Point plans to move DNA Prep Academy onto the property. Chatsworth Hills Academy plans to become Granada Preparatory School in Granada Hills.υ The 52-unit apartment complex at 6251-6267 Reseda Blvd. in Tarzana sold for $11.7 million as part of a 1031 exchange. Both buyer and seller were private LLCs.υ City of L.A. approved Lankershim Crossing, a project from Summerland Partners and Hankey Investment Co.

with 432 apartments and 22,000-square-feet of retail in Sun Valley. The address is at 7918-7946 N. Lankershim Blvd. and 11650-11664 W. Strathern St.υ Woodland Hills-based Sussex Capital Group bought Mountain View Manor Apartments at 21700 Septo St. in Chatsworth for $26.4 million. The complex has four buildings with 97 units.υ Denmar Investment Co.

sold the 24-unit White Oak Regency apartments at 5143 White Oak Ave. in Encino to a private investor for $15.4 million.υ Harry Marks Inc.

of Van Nuys purchased a 30,000-square-foot industrial site at 7361 Ethel Ave. in North Hollywood from a private investor for $5.7 million.

υ Norman Celik of Porter Ranch, bought the 8,4560-square-foot industrial site at 11087 Tuxford St. in Sun Valley from James Barker of Burbank, for $2.15 million.

υ Delano Village, an 18-unit apartment property at 14161-14163 Delano St. in Van Nuys, sold for $5.1 million to a private investor.

Burbank and GlendaleIn Burbank, office rents held steady at $3.65 a square foot, the highest price in the Valley region; in response, developers have 622,800 square feet of new inventory under construction. Vacancy increased during the quarter to 6.2 percent compared to 5.3 percent the previous quarter, with tenants giving back 78,100 square feet.  In Glendale, a similar scenario unfolded with rents stable at $3.23 a square foot and 87,000 of office space under construction. However, Glendale vacancy declined slightly to 16 percent compared to 16.4 percent in the second quarter.Main Eventsυ Allan Falk, owner of Post Haste Digital & Post Haste Sound, bought the office and post-production facility at 3809 W. Burbank Blvd. in Burbank for $2 million. Falk plans to move his business to the site.υ Netflix Inc.

leased 171,000 square feet in the Burbank Empire Center at 2300 W. Empire Ave.

Financial terms were not disclosed.υ Broadway Square of Glendale in La Crescenta paid $10.4 million for the 33,162-square-foot medical office building at 662-716 W. Broadway in Glendale.υ The corner retail site at 900 W. Glenoaks Blvd. in Glendale sold for $6.4 million. The multi-tenant building also has 39 parking spaces.υ Joseph Hovsepian in Sun Valley sold the office building at 3058 N. Lima St. in Burbank for $2.2 million.

υ Anton Tomassian of Sylmar bought the warehouse at 416 Magnolia Ave. in Glendale from Bessolo Family Trust of Glendale for $1.9 million.

υ Jaq Creative Inc.

bought the 4,297-square-foot warehouse at 112 W. Elm St. in Burbank from Folter Inc. of Burbank for $1.9 million.

Conejo ValleyVacancy grew slightly to 13.6 percent compared to 13.2 percent in the previous quarter, with tenants abandoning 52,500 square feet in the market. Asking rates dropped 8 cents since the previous quarter to $2.66.

Main Eventsυ Omninet Capital paid $55 million for an office portfolio totaling 256,602 square feet in Westlake Village. One pair of buildings are at 2801 and 2815 Townsgate Road; the others are at 100 and 200 N. Westlake Blvd.

Topa Equities was the seller.υ The former office building at 1757 Tapo Canyon Road in Simi Valley has been converted to a warehouse and leased to a distribution company.

Xebec Realty Partners owns the 211,715-square-foot building on 11 acres.υ B. Riley Financial has signed a 10-year lease for 18,000 square-feet at 30870 Russell Ranch Road in Westlake Village. The tenant will relocate from Woodland Hills.Santa Clarita ValleyThe office market maintained an even keel during the third quarter. Tenants gave back only 2,900 square feet, while asking rates declined 2 cents to $2.67 a square foot, according to data from Colliers International.

Main Eventsυ Triscenic Production Services signed four leases for a total of 275,000 square feet in the Santa Clarita Valley. The leases are at 28145 Harrison Parkway, 28114 Witherspoon Parkway, 25395 Rye Canyon Road and 27727 Avenue Scott.υ Valencia Atrium, a three-story office building at 28494 Westinghouse Place in the Valencia Gateway Corporate Point office park, sold for $15 million.υ Dedeaux Properties, in a joint venture with Stockbridge Capital Group, paid $28.4 million for a vacant 214,436-square-foot warehouse on 11 acres at 24903 Avenue Kearny in the Valencia Industrial Center. It features ceiling clear heights up to 30 feet and 27 loading doors.Antelope ValleyAsking rents for industrial space grew 5 cents during the quarter to 79 cents a square foot. A solid 22,400 square feet were sold or leased, while vacancy tightened to 1.5 percent from 2 percent the previous quarter.Developers have 120,000 square feet under construction.Main Eventsυ The Shirley Jeanne Carmichael Family Trust paid $6.7 million for the medical office building at 38454 Fifth St. West in Palmdale. It has 13,750 square feet and is leased through 2031 to DaVita.υ Laundry Headquarters sold the strip mall at 43535 Gadsden Ave. in Lancaster for $2.35 million. The center has 12,054 square feet.υ The retail building at 2330 Mall Loop Road in Lancaster sold to Kamran Gharibian for $2.84 million. The 66,764-square-foot building is part of the Lancaster Marketplace shopping center.υ Kazazian Family Trust sold the Garden Plaza shopping center at 2553 E. Palmdale Ave. in Palmdale for $1.8 million.

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