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Friday, Feb 23, 2024

Real Estate Quarterly: Q3 2022 Market Data

Conejo Valley

An Agoura Hills apartment complex sold for $87.3 million.

Office tenants took more than 14,000 square feet during the quarter, while no office product was under construction. The market experienced a vacancy rate of 20.4%, down from 22% the previous quarter. In the industrial market, the vacancy rate increased to 3.4%, up from 1.6% the previous year. Rents still rose 30 cents in a year.

  • The Lexington Apartments, a 178-unit rental community in Agoura Hills, sold for $87.3 million. Intercontinental Real Estate Corp. — in a joint venture with MG Properties — acquired the property. Built in 1986, the Lexington offers a unit mix of one- and two-bedroom apartment homes housed in 11 two-story residential buildings on a 15-acre site at 30856 Agoura Road.
  • Yolo East, a 45-unit multifamily property located in Thousand Oaks, sold for $22.6 million, or $502,222 per unit. The property, located at 1801 Los Feliz Drive, sold for $511 per square foot.

Santa Clarita Valley

Pelican BioThermal signed a five-year industrial lease in Valencia.

Office vacancy during the third quarter was 19.7%, down from 20.4% the previous quarter but up from 18.8% the previous year. Asking rents increased 2 cents quarter over quarter and 7 cents year over year to $2.72 a square foot. In the industrial market, the vacancy rate was a mere 0.3%. The asking rent was $1.37 a square foot, up 47 cents year over year but steady quarter over quarter.

  • Pelican BioThermal, a manufacturer of temperature-controlled, thermally-protected packaging, signed a five-year, 54,060 square-foot industrial lease at 28308 Industry Drive in Valencia. It is a free-standing warehouse and distribution space with two ground-level doors, six dock-high positions and 28-foot clearance height ceilings.
  • Lyons Properties sold an office building at 23206 Lyons Ave. in Santa Clarita for $11.3 million.

Antelope Valley

Three retail properties in Palmdale sold for more than $10 million.

A total of 29,732 square feet of industrial space was sold or leased in the High Desert during the quarter. The vacancy rate rose was 1.9%, down from 3.1% the previous year. Asking rents were $1.15 a square foot, up 15 cents from the previous quarter and 32 cents over the previous year.

  • Valley Central, a 375,541-square-foot community shopping center in Lancaster, sold for $45.3 million. The mall, at 44400 Valley Central Way, spans over 35 acres and includes 17 different entry drives. The property is part of a larger 715,000-square-foot Super Walmart-anchored shopping center.
  • SRS Real Estate Partners completed the sale of three retail properties that are part of a larger complex called Palmdale Marketplace for $10.2 million. Located at 39340 10th Street W., Palmdale Marketplace is a 214,000-square-foot power center anchored by Target, Lowe’s Home Improvement and Sprouts. The biggest asset to sell was a 5,958-square-foot property.

San Fernando Valley

The Addison Arms Apartments in Sherman Oaks sold for $21 million.

Office tenants gave back more than 47,000 square feet during the third quarter. The vacancy rate rose to 17.6%, up from 17.4% the previous quarter. Asking rents fell 1 cent quarter over quarter to $2.68 a square foot. In the industrial market, the vacancy rate was a mere 0.5%. Asking rents increased 10 cents quarter over quarter to $1.64 a square foot.

  • Three multifamily properties in the San Fernando Valley sold for a combined $70.5 million. The 154-unit Brooks Venture Apartments — located at 17200 Burbank Blvd. in Encino — sold for $51.3 million, or $332,792 per unit. The 36-unit Fruitland Villa Apartments — located at 10831 Fruitland Drive in Studio City — sold for $12.1 million, or $336,111 per unit. The 26-unit Weddington Oaks Apartments — located at 5259 Sepulveda Blvd. in Sherman Oaks — sold for $7.1 million, or $273,076 per unit.
  • Tarzana-based Gelt Inc. acquired Avalon Studio 4121 — a 149-unit value-add apartment property at 4041-4121 Radford Ave.in Studio City — for $76 million.
  • Ventura Property Management bought the 154-unit Brookside Terrace Apartments at 17200 Burbank Blvd. in Encino for $51.3 million.
  • AVG Partners purchased the 91,339-square-foot Corporate Center at 26707-26709 W. Agoura Rd. in Calabasas from Majestic Asset Management Inc. for $35 million.
  • Harbor Associates — in a joint venture with Platform Ventures — acquired a 118,906-square-foot commercial office and research and development building in Agoura Hills for $19.3 million. Harbor signed A2 Biotherapeutics to a long-term, 75,994-square-foot lease at the building, which is located at 30601 Agoura Road. The building will serve as A2 Biotherapeutics’ new global headquarters.

    Harbor Associates and Platform Ventures acquired a building in Agoura Hills.
  • Brickstar Capital bought the 66,721-square-foot Valley Country Market Shopping Center at 20929 Ventura Blvd. in Woodland Hills from Atlas Capital Group for $19.7 million.
  • The Addison Arms Apartments, a 57-unit apartment building in Sherman Oaks, sold for $21 million, or $375,893 per unit. The previous owners of Addison Arms spent $2.2 million on capital expenditures to upgrade property systems, common area amenities, and 45% of the unit interiors.

Burbank and Glendale

An industrial flex building at 3401 W. Pacific Ave. sold for nearly $4 million.

More space is available in Burbank’s office market as tenants gave back 178,814 square feet during the quarter and the vacancy rate was 11.7%. Office rents held steady quarter over quarter at $4.31 a square foot. In Glendale, the office vacancy rate rose to 25.4%. The asking rent was $3.31 a square foot. The Tri-Cities market had more than 1million square feet of office product under construction during the quarter.

  • Worthe Real Estate Group is planning a five-story residential tower on a vacant, triangular-shaped parcel just north of the 134 Freeway in the Burbank Media District. The project, located at 3201 W. Olive Ave., would see the construction of a mixed-use building featuring 144 apartments above 1,058 square feet of ground-floor retail space and two levels of subterranean parking.
  • SDI Media signed a lease for 52,217 square feet at the Link, 2901 W. Alameda Ave. in Burbank, with owner Pendulum Property Partners.
  • Brookfield Property Group sold the 117,868-square-foot Glendale Corporate Center at 425 E. Colorado St. for $23 million to Premier Place.
  • An industrial flex facility in Burbank sold in an off-market sale for $3.9 million. The approximately 10,000-square-foot warehouse located at 3401 W. Pacific Ave. had been renovated.

    A $370 million redevelopment is planned for a former Sears store.
  • San Diego-based developer Merlone Geier Partners proposed a $370 million redevelopment of a defunct Sears store in Glendale. The firm wants to construct a 682-unit residential complex with 38,100 square feet of space for a public park at the 236 N. Central Ave. site.
Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is Interim Editor at the Los Angeles Business Journal and the Inside The Valley. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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