Partnership Picks Up Westside’s Sepulveda Eagle Center

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A mixed-use building in West L.A. that is 100 percent leased has changed hands for $27 million.


A partnership of local developer DS Ventures LLC and Troxler Value Fund 6 LLC purchased the namesake building from Sepulveda Eagle Center LP, the entity of a local private investment group. The sale price breaks down to $279 per square foot.


The deal for the 20-year-old property at 1901-1919 S. Sepulveda Blvd. closed Oct. 12. Troxler Value Fund 6 LLC is the entity of local developer Bryan Troxler.


Sepulveda purchased the 96,700-square-foot building for about $18 million three years ago. The building includes two tenants with long-term leases: Westwood Self-Storage and anchor tenant Sports Authority, a sporting goods store.


“I think it is a great deal and presents a unique opportunity to own a great piece of property on the Westside,” said DS owner David Schwartzman.


The buyers have no immediate plans to remodel the property, said Dave Leit of Cresa Partners LLC, who represented the buyer. The seller was represented in-house.



Industrial Deal

Rexford Industrial LLC, a Los Angeles-based industrial real estate firm, has bought an industrial center in Hawthorne for $10.5 million. The deal with seller 13020 Yukon LLC closed Sept. 28.


The Yukon Industrial Center at 13020 Yukon Ave. is a 123,174-square-foot, multitenant facility. The property includes three buildings on nearly six acres.


The property is 100 percent leased. Tenants include Gentle Giant Moving Co. Inc. and transportation company Ryan’s Express, which sold its interest in the property to Rexford.


Howard Schwimmer, managing partner at Rexford, said the property had under-market rents and there is an opportunity to raise rental rates at the site.


“The leases were not long term,” said Schwimmer. “And Hawthorne has been a sleepy area, but it is really becoming a great alternative to areas in the West L.A. market.”


Smaller industrial users are feeling the pinch in West L.A., where land constraints are making industrial space harder to come by and more expensive. There was a 1.8 percent vacancy rate for industrial space in the South Bay in the third quarter. That compares favorably with a 0.7 percent vacancy rate in Central L.A., according to Grubb & Ellis Co.


ANR Asset Management represented both sides of the transaction.



Downtown Sale

A historic 1928 downtown L.A. building has changed hands.


An entity of local real estate management company M & Y; Management, 617 Olive LLC, purchased the Oviatt Building at 617 S. Olive St. from Beverly Hills-based Blue Real Estate. The terms of the transaction, which closed in mid-October, were not disclosed.


The 12-story Art Deco office building houses the upscale restaurant Cicada and is about 75 percent occupied. The 107,396-square-foot building is on the National Register of Historic Places.


“It is a beautiful building, you couldn’t build the building today just because of some of the materials used,” said Bob Safai of Madison Partners, who represented Blue Real Estate, which has left the L.A. market to focus on other areas.


Blue Real Estate did not return calls.


A representative of M & Y; Management said that the company plans no major renovation of the building because Blue Real Estate did modernization work a few years ago. M & Y; represented itself in the deal.



Glendale Sale

A 67-unit Glendale apartment building has changed hands for $16.4 million, just above the asking price.


Santa Clara-based Calera Investment Group LLC purchased Casa Vaquero from DMC Investment Group Inc. of Los Angeles in a sale that closed Oct. 23. Both companies are real estate investment firms.


The deal for the 40-year-old property at 1630 Calle Vaquero, which is 92 percent occupied, breaks down to $244,030 per unit.


The new owner plans to spend more than $20,000 per unit in upgrades that will begin next month, said Dave Casper of Hendricks & Partners Inc., which represented both sides of the transaction.


“For an asset of this age it is setting a high water mark (for Glendale),” said Casper. “This is such a singular, rare asset, being nestled in the Glendale foothills. It has tremendous views from every unit looking northwest and south.”


The property includes studios and one-, two- and three-bedroom units. Currently, the average monthly rent at the property is $1,708, but that is expected to increase by up to 25 percent after the upgrades.


Dean Zander of Hendricks & Partners also represented both sides of the deal.



Staff reporter Daniel Miller can be reached at

[email protected]

or (323) 549-5225, ext. 263.

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