LOS ANGELES-The office leasing market here is continuing the momentum it picked up in late 2012. Cassidy Turley has recently closed leases for 81,000 square feet of office space in Metro Los Angeles.
Executive managing director Lee Black and VP Jared Smits represented Nationwide Medical Inc. in a long-term, 38,000-square-foot expansion and relocation to 29901 Agoura Rd. in Agoura Hills. Property owner Realty Bancorp Equities was represented internally in the transaction.
The duo also represented landlord Adler Realty Investments in its lease of 43,000 square feet to American Homes 4 Rent, which has expanded and relocated its headquarters from Malibu to Agoura Hills. The transaction brings the 120,000square-foot property at 30601 Agoura Rd. to full occupancy. David Ickovics and Bruce A. Frasco of Commercial Asset Group represented the tenant in that transaction.
“We're seeing a carryover from 2012 into 2013 as the L.A. office market continues its resurgence,” said Black in a prepared statement. “We expect tenant activity and interest to continue to accelerate throughout the year.”
Additionally, Black represented the Foursquare Church in its approximately $4.1-million sale of 21 acres in Northeast Los Angeles to New Life Vision Church. The vacant land is located in the Atwater Village neighborhood on Los Feliz Blvd.
According to Voit Real Estate Services' mid-quarter report, office vacancy in L.A. County is expected to decrease to below 13.5% through the third quarter of 2013, and availability will decrease to roughly 16.5% Effective lease rates should begin to increase, but at a slow pace of around 1% to 2%. User sales prices are expected to stabilize based on continued low interest rates. Cap rates for core institutional stabilized assets run between 5.5% and 7%; for everything else, cap rates are 7% and up.
As GlobeSt.com reported earlier this week, Cassidy Turley's David Webb and Jamie Butler have arranged construction equity and debt financing on behalf of Insight Property Group for two transit-oriented projects in Silver Spring, MD, and Alexandria, VA. The two projects are Fenwick Station in Silver Spring and Huntington Metro in Alexandria. Webb declined to say who the equity provider was but did tell GlobeSt.com that the debt provider is PNC Bank.
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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.
