The Chicago School of Professional Psychology signed a lease last week to relocate its Los Angeles campus to a 62-story office building downtown.
The school will occupy 37,515 square feet at the Aon Center in a 10-year, 5-month lease valued at $15.7 million.
The Chicago School, whose campus has been located at 617 W. 7th St. since 2008, is a not-for-profit, accredited institution with more than 4,200 students at campuses in Chicago, California, Washington, D.C., and online.
The Los Angeles campus, which has more than 650 students, is the school’s second largest physical campus after its home base in Chicago.
Brokers Ryan Phillips and Eric Duncanson from Cushman & Wakefield Inc.’s Los Angeles office, in collaboration with Jeffrey Skender, Craig Cassell, Ari Klein, Scott Shelbourne and Marcus Berglund from the firm’s Chicago office, represented The Chicago School in its relocation.
The landlord Shorenstein Co. was represented by Josh Wrobel, Tim Miller and Dana Vargas with commercial real estate firm Jones Lang LaSalle Inc.
Aon Center, located at 707 Wilshire Blvd., is a 1,115,228-square-foot office tower downtown with tenants such as professional services firm Aon Corp. and law firm Morrison & Foerster. The property occupies two-thirds of a city block between Wilshire Boulevard and W. 6th Street along S. Hope Street in the Financial District.
“We love the downtown district and wanted to stay here,” said Michele Nealon-Woods, president of The Chicago School, in a statement. “We wanted a location that attracted the diverse student and employee populations we feel are necessary for a complete educational experience, and the new location fits our needs.”
The school also has a campus at 4199 Campus Drive in Irvine.
$10.4M FOR POMONA APARTMENT COMPLEX
Costa Mesa-based Mogharebi Group announced Nov. 8 that it brokered the sale of Twin Palm Apartments in Pomona for $10.4 million to W Mission Blvd Multi, an LLC that incorporated in Manhattan Beach in August.
W Mission Blvd. Multi is a consortium of investors, according to Otto Ozen, of Mogharebi Group.
According to CoStar Group Inc., the owner of W. Mission Blvd is Elizabeth Hagins.
The 54-year-old property, which was sold by a San Gabriel Valley-based investment group, is located at W. Mission Blvd., and it sold at $125,300 per unit or $337 per square foot.
“Due to the low price per unit, solid cash-on-cash return, and proven rental growth, the buyer pool was large,” said Ozen, an executive vice president at Mogharebi Group.
Ozen and Alex Mogharebi, also of Mogharebi Group, represented the seller.
R4 LINES UP $60.3M FOR AFFORDABLE HOUSING
Asset manager R4 Capital Inc. has arranged $17.3 million of equity and $43 million in tax exempt financing for housing preservation in Los Angeles.
R4 plans to use the funding to acquire, renovate and preserve low-income apartment housing.
It recently completed work on Verdes del Oriente, a 113-unit subsidized garden apartment complex in San Pedro, near the entrance to the Port of Los Angeles.
New York City-based R4 Capital and its affiliated mortgage lending platform, R4 Capital Funding, jointly arranged the $17.3 million in equity investment and $43 million in tax-exempt financing for Orbach Affordable Housing Solutions to buy and renovate low-income apartment housing in Los Angeles.
COMPTON WAREHOUSE SOLD FOR $11.1M
A Compton warehouse building currently occupied by an apparel distribution company has been sold to San Francisco industrial real estate company Terreno Realty Corp. for $11.1 million, Terreno announced Nov. 8.
The clothing distribution company, Hot Chocolate Inc., had purchased the 60,000-square-foot building at 1100 W. Walnut St. in 2015 for $7 million. The property is close to the 91 Freeway and has a loading dock with seven total loading bays, according to the Terreno announcement.
Daum Commercial Real Estate Services brokers Alex Nagel, Matthew Boggs and Casey Mungo represented both the buyer and the seller in the transaction.
Terreno Realty acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey and New York; the Bay Area; Seattle; Miami; and Washington, D.C.
