LOS ANGELES-A 20-unit, fully occupied building and a 31-unit apartment complex with one vacancy were sold in six days to the same buyer. The capitalization rates on the deals were 5.2% and 4.8%, respectively.
VAN NUYS, CA-The 87,665-sf office building was 40% occupied during negotiations, but a new tenant signed on during the escrow period, raising occupancy to 75% at the close of sale. The seller was Genesis Properties.
LOS ANGELES-Peter T. Belisle has as svp of development for Jones Lang LaSalle's Southwest region for the past two years. His new role has him heading up Jones Lang LaSalle's entire project and development services group for the Western region.
LONG BEACH, CA-The recently completed retail center is comprised of three buildings containing 67,727 sf of gross leasable area. The Long Beach Marina, immediately to the rear of the center, is one of California's larger public marinas.
WESTWOOD, CA-The 7,500-sf first-run cinema has been bought by ReelCinema, an independent theater operator committed to preserving single-screen theaters.
CALABASAS, CA-Medea Corp. is relocating its headquarters from Westlake Village to the 69,000-sf Malibu Canyon Corporate Center and Business Park. The company is subleasing all but 7,000 sf of the 34,000-sf first floor.
LOS ANGELES-The 236-unit Mark Wilshire Apartments building was erected in 1966. New owner Donald T. Sterling Corp. is planning to spend about $2 million on improvements, including new elevators and electric generator systems.
WESTWOOD, CA-Developer Casden Glendon's plan to build 350 luxury apartments and create 230,000 sf of commercial space here meets opposition from community activists fearing traffic glut.
GLENDALE, CA-The project is expected to reach completion by the fall of 2003. It is on 5.12 acres of land and is the first apartment building built in Glendale since 1989.
LOS ANGELES-The two 10-year leases, signed by Playboy and the City of Los Angeles, have a combined value in excess of $24 million. The Los Angeles Media Tech Center is nearly 100% leased.