Villas at Sherman Place
LOS ANGELES COUNTY
WEST HILLS, CA-A newly completed townhome project called the Villas at Sherman Place traded for $328,200 per unit after generating 16 offers in aggressive bidding in this week's roundup of commercial real estate news in the West. Kitty Wallace, an executive vice president in the West Los Angeles office of Colliers International who represented both the buyer and the seller, reports that the sale of the 39-unit project at 23130 Sherman Place in West Hills closed at $12.8 million. A Los Angeles-based company acquired the property from Illinois-based Quality Properties Asset Management Co. “The Villas at Sherman Place is one of the largest new townhome properties in West Hills” Wallace said. “The asset was delivered completely vacant, offering the new owner the flexibility to lease the townhomes as apartments or to sell them individually. The versatility of this deal, coupled with its location and quality of construction, caused quite a buzz amongst our investors. We received 16 highly qualified offers after just one month of marketing and the buyer won the deal after an aggressive bidding war." The buyer bought the property via a $1 million released deposit and a 25-day close. Wallace believes the new owner plans to sell the townhomes as condominiums.
Villa Bonita
The 25-unit Villa Bonita apartments at 1817 N. Hillcrest Rd. near the Hollywood and Highland complex has traded for $4.35 million, according to Darin Beebower of Madison Partners, who represented the seller, Villa Bonita Partners LP. Beebower describes the property as an architectural landmark that was commissioned by director Cecil B. DeMille, designed by architect Frank Webster and built in 1929. It was declared a Los Angeles Historic Cultural Monument and placed on the National Historic Registry in 2009. The buyer was an undisclosed investor who "recognized the unique opportunity to acquire an iconic asset in an unrivaled location,” commented Beebower. The Villa Bonita has been home to many entertainment artists, including Erroll Flynn and Francis Ford Coppola, as well as numerous magicians who have performed at the nearby Magic Castle. The Villa Bonita is surrounded by Hollywood landmarks, Beebower points out, among them the Kodak Theatre, Mann’s Chinese Theatre, the Roosevelt Hotel, El Capitan Theatre, Hollywood Bowl and the Magic Castle.
Wexler
Commercial real estate investment banking firm George Smith Partners has hired Elisheva Wexler as an analyst for Team Tenzer, according to Gary M. Tenzer, principal and managing director of the firm. Wexler has worked in real estate development in Los Angeles, New York, and Israel, notes Tenzer. He points out that analysts "are an important part of each of our teams at George Smith Partners. They provide us with additional expertise, gathering key information and figures on the properties that help to make our arguments to potential lenders stronger and allow us to achieve financing for our clients' properties at the best rates possible, customized to each situation." Wexler most recently served at California Landmark, a residential development firm in Los Angeles. At George Smith Partners, she will be primarily responsible for research, underwriting and support on loan placements as well as assisting in business development.
ORANGE COUNTY
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Mordoff
Jones Lang LaSalle has hired Bryce Mordoff as director of research in the firm's Orange County office. He will be responsible for expanding the firm's research capabilities focusing on the Orange County market by strategically partnering with businesses and clients to track and analyze the commercial real estate market. "Bryce comes to us with a landlord perspective where he delivered premier results while working with one of our clients," said Jones Lang LaSalle Senior managing director Jeff Ingham. Before joining JLL, Mordoff worked at GE Capital/Arden Realty as a market research analyst, where his responsibilities included analyzing and benchmarking competitive market intelligence, identifying local market trends, and analyzing quarterly market statistics.
INLAND EMPIRE
Marc Brutten, chairman and founder of Westcore Properties, has acquired a 72,756-square-foot distressed neighborhood retail center known as Mission Plaza Shopping Center at 35781-35935 Date Palm Dr. in Cathedral City for $3.17 million. The center will be managed by Westcore Properties. Brutten, dba WH Mission Plaza LLC, represented himself. Seller CW Capital was represented by Maggie Montez of CB Richard Ellis. “The center’s location on the northwest corner of Date Palm Drive and Gerald Ford, two major corridors across the Coachella Valley, presents great opportunity,” said Brutten. “We will pursue an aggressive leasing strategy with the goal of repositioning the center with a strong diversified tenant base.” Mission Plaza Shopping Center includes one free standing pad and one vacant pad. The center was built in 1981 and is 27% leased to tenants such as local Michael’s Caf
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