(RealShare Orange County convenes at the Hyatt Regency, Irvine, August 16.)
(Save the dates: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24; RealShare Net Lease West comes to The California Club, Los Angeles, November 1 – 2; RealShare Medical Office Buildings comes to the Four Seasons in Scottsdale, AZ, November 7 -8; and RealShare Industrial 2012 comes to The Banker's Club, Miami, December 5 - 6.)
LOS ANGELES-CIM Group has fully leased its approximately 82,000-square-foot, six-story, class-A office building at 7083 Hollywood Blvd. with the expansion of its lease agreement with Live Nation, a global leader in live entertainment events and promotions. Live Nation took occupancy in February 2012 and has expanded for a total of two floors. Since acquiring 7083 Hollywood Boulevard in May 2005, CIM has substantially renovated the building and has begun a comprehensive remodel of the lobby, which is expected to be completed in September.
VALENCIA, CA-Colliers International has completed the lease of a 34,000-square-foot commercial property located at 28656 and 28662 The Old Road here to Sky High Sports with an undisclosed landlord. The transaction is valued at approximately $2.4 million. John DeGrinis, senior EVP; Patrick DuRoss, AVP; and Jeff Abraham, senior associate, all based in Colliers’ Encino office, represented the tenant, while the landlord was represented by Dennis Verner of SCV Commercial Real Estate Services.
SALES
REDONDO BEACH, CA- Terreno Realty Corp. has acquired a roughly 103,000-square-foot industrial property for approximately $14.2 million. The property consists of one multi-tenant industrial building that is 100% leased to one tenant. Located in the South Bay submarket at 2475-2477 Manhattan Beach Blvd., the front-load distribution building is approximately one-half mile west of I-405 and 4 miles south of Los Angeles International Airport. The estimated stabilized cap rate of the property is 6.0%.
BREA, CA-The Koll Co. has led a partnership in purchasing Saturn Business Park here for $10.8 million, or $89 per square foot. Located at 2929 East Imperial Highway, the park is anchored by Underwriters Laboratories and the IMS Co., a software and systems developer in the airline and defense industry. During escrow, the Koll partnership leased approximately 10% of the 121,143-square-foot park to Endress+Hauser, a supplier of industrial measurement and automation equipment. The park is now 60% occupied. City of Industry-based EverTrust Bank provided a $9.4-million bridge loan for the acquisition and repositioning, which will include lobby, landscaping and building upgrades, and Koll will provide property management services. Jones Lang LaSalle brokers Bob Prendergast and Baker Morphy handled the sale.
HUNTINGTON BEACH, CA- Los Angeles-based Main Beach LLC has completed the $10.25-million sale of 2.737 acres of land located at the southeast corner of Beach and Ellis at 18502-18510 Beach Blvd. here to Elan Huntington Beach LLC. Albert Shilton and Blake Rogers of Charles Dunn Co. represented both the seller and the buyer. The parcel is well-located on a prime signalized corner that has daily traffic counts of more than 85,000, within the Town Center Neighborhood corridor of the recently adopted Beach-Edinger Specific Plan.
LAKEWOOD, CO-MIG Real Estate LLC, a Newport Beach, CA-based real estate investment company, has acquired two properties here for a price undisclosed to GlobeSt.com. The Hamptons, a 312-unit residential community and the Huntington, a 288-unit residential community, are the fifth and sixth acquisitions for MIG in Colorado. The Hamptons is located at 8507 West Hampden Ave. and includes a modern clubhouse, two pools, a year-round spa, tennis and basketball courts, an internet caf
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
