WEST HOLLYWOOD, CA-The three-story building is located at 8335 Sunset Blvd. The new owner plans to refurbish the structure. Brokers on the deal say the property drew six offers in excess of the $2.6 million asking price.
LOS ANGELES-The San Lucas Apartments will be a four-story building with subterranean parking and will provide 116 one-bedroom units, 16 two-bedroom plans and 64 studios. The project is being developed by the Portland, Ore.-based GSL Properties.
WESTLAKE, CA-The Westlake Village City Council approved the 20-acre hotel and spa last week. Construction is set to begin by fall 2002 with completion slated for early 2004. Industry sources say the project to be worth well over $80 million.
ONTARIO, CA-Evergreen Aviation Ground Logistics Enterprises (E.A.G.L.E), a ground handling services company recently awarded a contract to perform shared network terminal handling service for the U.S. Postal Service, has leased a new 168,000-sf building in Western Realco's Airport Mission Business Park adjacent to the international airport here.
NORTH HIGHLANDS, CA-An individual investor from the Bay Area of California picks up the two-story, 40-unit multi-housing complex. The property was sold by the Gordon England and Irma McClinton Trust of Nevada.
EL SEGUNDO, CA-The battle lines are drawn over a proposed corporate campus to be developed by Thomas Properties on the former Rockwell site on the east side of Sepulveda Blvd. Residents here will be voting in a special election on June 18 on Measures J and L. A yes vote will uphold the City Council's approval of the 2.5-msf development, while a no vote will stop the project.
SANTA FE, CA-The seven-building, 105,000-sf park is located at 14928-14948 Shoemaker Ave. in the city of Santa Fe Springs, Calif., and is part of the Mid-Cities submarket. The property was 98% leased at the time of sale.
OXNARD, CA-The property was sold by Palma Investors III. The buyer was Bakersfield Pipe & Supply. The building is located at 2521 Palma Dr. here. The site is zoned M-2 industrial, with a yard and heavy power supply.
LOS ANGELES-The Kingsley Apartment Plaza here is sold to Los Angeles-based FSC Realty at a price that translates to $90,291 per unit and $115 per sf. The cap rate is said to be 7.9%.
LOS ANGELES-The proposed 879 acre City Center Redevelopment Project Area is expected, over its 30 year life, to create up to 12,900 new units of housing--at least a quarter of which would be affordable to low and very low income households--and up to 6.7 million sf of new commercial and industrial development.