NoHo Media Center Changes Hands in $19.7 Million Deal

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Media Center, a multi-tenant office building in North Hollywood, has changed hands.


Pres Cos., a Newport Beach-based real estate services firm, paid $19.7 million for the 73,162-square-foot building at 4640 Lankershim Blvd.


The deal with seller LaeRoc Partners Inc., a commercial real estate firm, breaks down to $269 per square foot.


“It’s well located, it has a good roster of tenants and is well occupied,” said Nick Brighton of Velocity Investment Sales Inc., who represented LaeRoc. “There is some potential to improve rents.”


The deal closed March 29. LaeRoc had owned the building since 2003.


Rents will be raised at the six-story building which mostly houses entertainment industry-related companies as the North Hollywood residential community expands and the office rental market tightens. Rents are in the $2.35 per square foot per month range and will be raised to $2.50 per square foot, Brighton said.


David Bonaparte, a principal at Pres, said his firm will do some minor cosmetic upgrades to the building. Pres represented itself on the deal.



Santa Monica Sale

A West L.A. accounting and business management firm has grown so weary of skyrocketing rental rates in the area’s office market that it has decided to purchase a building.


London & Co. LLP, based in Brentwood, has bought the 14,500-square-foot, two-story building at 2800 Olympic Blvd. in Santa Monica for $7.5 million. The deal closed March 29 and London intends to locate its offices there.


Though the deal breaks down to a pricey $517 per square foot, Cresa Partners principal Douglas Econn said that the deal represented an opportunity for London to “secure its financial outlook.”


The average Class A asking rent on the Westside for the fourth quarter was $3.01, up from $2.41 a year earlier. At the same time, the vacancy rate dropped nearly 1 point to 8.1 percent in the fourth quarter, according to Grubb & Ellis Co.


“My thought was why don’t we go buy the building and not be at the mercy of this rapidly escalating market place,” said Econn, who represented London on the deal, and believes lease rates will continue to rise.


London leases space in Brentwood at 11601 Wilshire Blvd., known as the World Savings Building. The company has been there for 16 years and has three years remaining on its lease, Econn said.


The seller, private investor group 2800 Olympic Blvd. Partners, was represented by KMK Ltd. and Equis Corp.



Retail Center Sale

Encino-based real estate developer Urbatec has sold a retail center it built in Whittier in 1992.


Whittier Marketplace, a 168,263-square-foot community center anchored by a Ralphs, has been sold to a private investor operating as Whittier Marketplace LLC for $38 million. The property, 99 percent occupied, is located at 11701-11891 Whittier Blvd.


The seven-building retail center includes an AutoZone auto parts store and a CVS drug store, among other tenants. “All the tenants seem to be doing pretty strong sales at that location,” said Jereme Snyder of Sperry Van Ness, who represented Urbatec. “It has really good traffic and is close to a ton of residential.”


The development is located within one mile of the San Gabriel River (605) Freeway, helping generate high customer traffic at the center. The deal breaks down to $226 per foot. “We sold it for a very aggressive price,” Snyder said.


Sperry Van Ness’ Geoff Tranchina also represented Urbatec. Robert Zaharia of Sperry Van Ness represented the buyer.



Calabasas Deal

Calabasas Center, a two building office complex in its namesake city, has changed hands for just over $8 million.


Real estate investor Mike Abergel’s Agoura 26540 LLC purchased the complex from real estate investor Alan Satterlee’s Kasco LLP in a deal that closed April 2.


The 30,624-square-foot multi-tenant complex at 26540 Agoura Road is leased out to local professionals in 1,000-square-foot blocks. The complex was completed in 1980.


Jay Martinez of Marcus & Millichap Real Estate Investment Brokerage Co., who represented the seller and Jay Rubin of Lee & Associates Commercial Real Estate Services represented the buyer.



Staff reporter Daniel Miller can be reached at (323) 549-5225, ext. 263, or

[email protected]

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