The LA Deal Sheet
Pasadena-based real estate investment group The Arroyo Parkway has acquired an 80K SF retail building leased to Whole Foods and 2 acres in Pasadena for $100M.
A private family trust sold the property as part of a 1031 exchange.
The Whole Foods building and 2 acres are at 465 to 577 Arroyo Parkway.
Commercial Asset Group’s David Ickovics represented the seller. The buyer was self-represented.
Whole Foods has occupied the property since it was built in 2007.
Ickovics also represented the private family trust 12 years ago when it purchased the property for $75M.
Ickovics said in a news release he is working with the family trust to acquire fully leased retail properties to complete the 1031 exchange. His client has already acquired a 29,747 SF retail property leased by Gelson’s Markets in Pacific Palisades for $51M and a 34K SF retail property leased by Target in Santa Barbara for $27M.
“My client’s goal was to sell the properties in Pasadena, which required some management, and purchase Class A single-tenant retail properties occupied by top-tier tenants with long-term absolute net leases, which would require no active management on his part,” Ickovics said in a statement. “We’re well on our way to achieving that goal.”
SALES
Dollinger Properties has purchased a 145K SF office building in Brea from an undisclosed seller for $33.5M. The Fairway Center I is a two-story office building on 5.5 acres at 1800 East Imperial Highway. The building is 90% leased to five tenants. HFF's Mark DeGiorgio and Michael Leggett represented the seller.
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A Northern California-based private investor has purchased an eight-unit apartment building in the Miracle Mile neighborhood of Los Angeles from an undisclosed seller for $2.89M. The apartment at 330 South Cochran Ave. has eight one-bedroom, one-bathroom units. The property sold for a 3.64% cap rate. Marcus & Millichap's Rick Raymundo represented the seller.
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BrandView Capital Partners has acquired a 7,400 SF mixed-use building in Venice from an affiliate of Optimus Properties for $7.15M. Built in 1922, the two-story retail and creative office building is at 62-66 Windward Ave. and is blocks away from the beach. Madison Partners' Bob Safai, Matt Case and Brad Schlaak represented the seller.
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West Harbor Capital has acquired an 8.67-acre land parcel in La Habra from Harbor Blvd. Investments for an undisclosed price. The buyer plans to complete a horizontal development for industrial use. The property is at 551-555 South Harbor Blvd. Daum Commercial Real Estate Services Chris Migliori represented the buyer and seller.
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A private investor has purchased an eight-unit apartment building in Pasadena from an undisclosed seller for $3.6M. The property at 55 Arlington Drive sold for $450K a unit. Marcus & Millichap's Filip Niculete, Glen Scher and Edward Chao represented the seller.
Silvan LLC has purchased a four-property multifamily portfolio totaling 83 units in North Hollywood and Panorama City from a court-appointed referee, Stephen J. Donell, for $13.1M. The properties include a 10-unit apartment building at 8849 Van Nuys Blvd. in Panorama City and a 26-unit apartment complex at 7817 Ventura Canyon Ave., also in Panorama City. The third property is a 25-unit apartment complex at 6943 Whitsett Ave. in North Hollywood and a 22-unit property at 6961 Whitsett Ave., also in North Hollywood. CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the buyer and seller.
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A private investor has purchased a nine-unit apartment building in Pasadena from an undisclosed seller for $3.5M. The property at 435 South Hudson Ave. sold at a 4.1% cap rate. Marcus & Millichap's Filip Niculete, Glen Scher and Edward Chao represented the seller.
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A private investor has purchased a 29-unit apartment building in Van Nuys from an undisclosed seller for $4.3M. The property at 7461 Hazeltine Ave. sold at a 4.58% cap rate. Marcus & Millichap's Filip Niculete, Glen Scher and Edward Chao represented the seller.
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A private investor has purchased a 24-unit apartment building in Los Angeles from an undisclosed seller for $6.15M. The building at 1722 Garfield Place sold at a 4.37% cap rate. Marcus & Millichap's Sam Liberow represented the buyer and seller.
LEASES
Valencia Pipe Co. has signed a $10.1M lease with Valencia LLC to occupy a 170,990 SF industrial building at the Vista Business Park in Valencia. The industrial building at 28305 Livingston Ave. will serve as the company’s new headquarters and distribution facility. CBRE's Matt Dierckman, David Harding, Greg Geraci and Billy Walk represented the tenant. JLL's Nigel Stout and IDS' Rob Fuelling and Brady Thomson represented the landlord.
EXECUTIVE NEWS
Transwestern Development Co. announced several executive moves. John Privett has joined Transwestern as development partner for Southern California projects. Prior to joining, Privett served as an executive vice president at CBRE.
Sara Santomauro and Scott Heaviside join Transwestern as development managers responsible for providing project support. Santomauro also came from CBRE. Heaviside has previously worked at Alston Construction.
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Rich McEvoy has joined Harbor Associates as a principal. McEvoy will be responsible for helping lead the company’s asset management and operations team. Prior to joining Harbor, McEvoy served as vice president and portfolio director at EQ Office.
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Scott Botsford has been hired at NorthMarq as vice president producer. Botsford will specialize in commercial and multifamily real estate finance and capital advisory services. He will be based in Los Angeles. Prior to joining NorthMarq, Botsford served as vice president for CRE debt and structured finance at MetroGroup Realty Finance.
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CBRE has hired Ronnie Harrell as a senior vice president. Harrell will focus on the company's national multifamily equity clients in the company's valuation and advisory services division and business development within the firm’s building technology consulting division. Prior to joining CBRE, Harrell served as transaction director of realty investments at Passco Cos.
