Vital Statistics
Property Address: Sony Pictures Animation Campus, 9050 Washington Boulevard, Culver City
Square Footage: 182,176
Deal Value: $160 million
Vital StatisticsThe sale of the three-building, 182,176-square-foot Sony Pictures Animation Campus was a highly complex transaction, taking place just before and during the pandemic. In the course of a private, yet full institutional financial process and the selection of the ideal buyer, Hackman Capital and Square Mile Capital Management, the brokers had to carefully navigate the bifurcation of the new Silicon Beach pricing specifically in the downtown hub of Culver City, versus lower prices in West LA overall.
Seasoned veterans Judd Dunning of DWG Capital Group and his partner on the transaction, Kevin Keating of TRES Advisory Group, were very pleased to move the Sony Pictures Animation Campus sale forward while most commercial real estate sales in LA were experiencing a very significant drop in volume, further prospering the local economy.
Vital Statistics
Property Address: 465 North Halstead Street, Pasadena
Square Footage: 238,288
Deal Value: $72.5 million
This off-market sale was facilitated by Newmark’s Kevin Shannon, Rob Hannan, Ken White and Laura Stumm who represented the seller, a partnership between The Rhone Group and Everwest Real Estate Investors. The buyer was a partnership between Angelo Gordon and Lincoln Property Company. The property is a newly renovated creative project in Pasadena and sold for $72.5 million. Sitting on over 10 acres, the project is comprised of 238,288 rentable square feet and was 69% leased at the time of sale to a diverse tenant mix. With large rectangular floorplates, the two-story asset provides flexible and efficient space for tenants of multiple dimensions.
Vital Statistics
Property Address: The Los Angeles Regional Food Bank, 2300 Pelissier Place, City of Industry
Square Footage: 255,878
Deal Value: $52.1 million
Vital StatisticsIn December 2020, Farmers & Merchants Bank approved a Tax-Exempt Bond Program up to $50,000,000 to the Los Angeles Regional Food Bank. Original loan proceeds were used to acquire the collateral property located in City of Industry. Thanks to the efforts of the Lee & Associates Industry Commerce Inc. / Newmark team, the property was purchased for $52,100,000. The facility will be used as a distribution and volunteer center, will include construction of 40,000 square feet of cooler and freezer space, construction of pallet racking and production areas, loading dock. They also plan to install solar panels and LED lighting.
