Some things never go out of style in Hollywood like Grauman’s Chinese Theater.
So, it makes sense that a nearby apartment building that may have served as the architectural inspiration for the famed venue is a hot property in the current Hollywood renaissance.
The Nirvana, a 44-unit building at 1775 N. Orange Drive, has sold for $5.9 million. Constructed in 1925 in Oriental Revival style, the building is a Los Angeles Historic Cultural Monument and opened two years before the Chinese Theatre.
Wilshire Skyline Inc. purchased the building from Sebren Development Inc. Brian Nissel of Wilshire Skyline said that he was interested in Hollywood property and the Nirvana, with its hand-carved dragons and pagoda-style roof, instantly caught his eye.
“It’s breathtaking,” Nissel said. “I did research on the building and some people think it may have inspired the architecture of Grauman’s.”
Sebren renovated part of the 36,098-square-foot, four-story building over the last two years, adding hardwood floors and restoring exposed brick walls, according to Darin Beebower of Madison Partners, who represented both sides of the deal. The sale value breaks down to about $163.44 per square foot.
“There is still tremendous potential to add value. Rents will be raised. Only roughly 30 percent of the units have been renovated,” Beebower said.
Linda Dishman, executive director of the Los Angeles Conservancy, said that in the 1920s revival style architecture of all types was very popular in Los Angeles.
“You had the Egyptian Revival architecture that coincided with the opening of King Tut’s tomb and at the same time you have this whole Spanish Colonial Revival architecture,” she said, adding that it was as if people said: “Let’s look around the world, and recreate and reinterpret architecture for Los Angeles.”
Jamison in Long Beach
Jamison Properties Inc. has acquired a 150,000-square-foot medical office building in Long Beach from Long Beach/Signal Hill Partners LP in a $30 million deal.
The building, located at 2600 Redondo Ave., is completely leased and key tenants include Long Beach Memorial Hospital and HealthCare Partners Medical Group.
The 5.4-acre property is entitled for another 100,000- to 150,000-square-foot building. The deal breaks down to about $200 per square foot, with entitlements adding value to the property.
“The Long Beach freeway corridor market is very healthy,” said Michael Sidney, senior director at Cushman & Wakefield Inc., who represented the seller. “Vacancy is approximately 7 percent and rents are increasing.”
Los Angeles-based Jamison, run by Dr. David Lee, has its major holdings in mid-Wilshire but has been expanding into other areas of Los Angeles.
Andrew Harper and Richard Plummer of Cushman & Wakefield also represented the seller. Jamison represented itself in-house.
Monterey Park Deal
Procare Management Corp. has purchased a retail medical plaza in Monterey Park from Atlantic Asset LP for about $6.7 million.
The deal for the 22,500-square-foot rental property at 861 Atlantic Blvd. next to the Monterey Park City Hospital closed on Oct. 31.
Douglas Cancienne of DC Commercial Inc., who represented both sides of the transaction, called it a market rate deal in a tightening environment.
“That market is improving. There is a lot of development going on in Monterey Park,” he said, noting the plaza has changed hands three times in three years.
Trevor Caster of DC Commercial also represented both sides of the deal.
Covina Deal
Sunflower Square Shopping Center in Covina, which is anchored by a Big Lots retail store, has changed hands.
Ben Gentry Limited LLC purchased the center from Sunflower Square Shopping Center LLC for $6.875 million in a deal that closed Oct. 20.
The 32,000-square-foot center, located at 20766 Arrow Highway, is on almost four acres of land.
“Big Lots was the anchor tenant and most buyers were afraid of that, they didn’t know how strong Big Lots was,” said Cancienne, who represented both sides of the deal with Caster. “They are actually expanding all over and they are really strong right now. The buyer saw that.”
Caster said Covina is a market on the rise.
“Rents are strengthening rapidly. It’s an area in transition, especially in the last five to 10 years,” Caster said.
Downtown Starbucks
By at least one measure, downtown’s South Park neighborhood has arrived: It has its first Starbucks.
A grand opening celebration was Nov. 16 at the new coffeehouse in ground-floor space of the South Group’s recently opened condo development, Elleven, at 11th Street and Grand Avenue.
“It’s a huge deal for South Park,” said Tom Cody, principal with South Group. “Starbucks today is like the modern bellwether for a community or a neighborhood being born. It’s like the modern equivalent of a town square.”
The 1,845-square-foot coffee emporium is already doing brisk business, he added.
Staff reporter Daniel Miller can be reached at (323) 549-5225, ext. 263, or
[email protected]
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