A 100-year-old Christian school near South Pasadena was sold after being shuttered two years ago.
The seven-acre site of Pacific Christian on the Hill was purchased Dec. 7 for $9 million by Bethesda Christian University, ending a two-year effort by Pacific Christian to sell the property.
Initially, residential developers eyed the 625 Coleman Ave. parcel, but community members in Hermon, just west of South Pasadena, vehemently opposed a residential development at the site. KB Home was slated to buy it but the deal fell through when executive Barry Kamel, who had championed the deal, left the homebuilding company.
Richard Riesen, the school’s former principal, said that Pacific Christian all along had preferred to sell the parcel to another school, and preferably a Christian one.
“In the initial round of bidding for the property from the schools that bid, they couldn’t have paid near what developers could pay, because (the schools) were non-profit,” Riesen said. “In the end the buyer was quite able to meet fair market price.”
Riesen, who is a member of Pacific Christian’s six-person leadership board, said that body will take the proceeds of the sale and create a scholarship fund to help send children to Christian schools.
Bethesda University is a Korean vocational school based in Anaheim that provides religious training. Bethesda’s exact plans for the site are unclear and the university did not return calls seeking comment.
Riesen said Pacific Christian was forced to close in summer 2004, when the school “simply ran out of money.” The school was founded in 1904 as a college preparatory academy for grades seven through 12 and had an enrollment of about 120 students.
“The school could no longer operate in that neighborhood; financially there were not the resources,” Riesen said. “It is part of a national urban tragedy. Private schools are closing all over the country in urban areas where there is not a lot money, and private schools require private money to operate.”
Mark Tarczynski and Jeff Pion of CB Richard Ellis Group Inc. represented Pacific Christian in the sale. Richard Park represented Bethesda University.
Paramount Deal
A large apartment building has been sold in the city of Paramount, demonstrating the viability of the housing market in the area.
The 306-unit rental property, called Century Place, was purchased by a joint venture of real estate equity capital firm Hanover Financial and Kennedy Wilson Multifamily Management, a subsidiary of Kennedy-Wilson Inc., a real estate services company.
The two companies paid $51.5 million for the property, located at 13801 Paramount Blvd., just south of the Glen Anderson (105) Freeway and east of the San Gabriel River (605) Freeway. The deal with Jan Development Co. Inc., which built the complex in 1991, closed Dec. 14.
Bob Hart, president of Kennedy Wilson Multifamily Management, said that property’s location made it very attractive. He said it is prime “work-force housing.”
“It’s in a major transportation and job corridor,” Hart said. “Paramount is the epitome of what workforce housing should be. Without a doubt it will continue to grow.”
About $3 million will be spent on improving units upon vacancy, Hart said. Mark Macedo, president of Hanover, said that he expects rents to increase at the development by 3 to 5 percent annually.
Both sides of the deal were represented by Robin Ossenbeck and David Casper of Hendricks & Partners Inc.
Record Set
CB Richard Ellis Group Inc. vice chairman Todd Doney has set a record for office leasing activity, executing over 1 million square feet in office lease transactions during a six-week period from early October to mid-Nov to Nov. 15.
Real estate industry experts said that type of volume in a 45-day period is unprecedented in Los Angeles. Doney did 1.11 million square feet of leasing, and in total the transactions were valued at about $300 million
Brentwood Buy
Real estate firm Lowe Enterprises Inc. has opted to stay in Brentwood, renewing its lease at 11777 San Vicente Blvd. for about $11 million.
The deal with landlord Douglas Emmett Inc. for 34,593 square feet will keep Lowe in its headquarters building for another seven years, said Jerry Porter, chairman of CRESA Partners LLC, who represented Lowe on the deal.
The deal was in the low $3 range per square foot per month, a market rate deal for Brentwood. Lowe looked at relocating to Santa Monica or Westwood, but the cost of relocating and the benefits of the Brentwood area kept the firm there.
CRESA principal Matthew Miller also represented Lowe. Douglas Emmett was represented in-house by Michael Means.
Staff reporter Daniel Miller can be reached at
[email protected]
, or (323) 549-5225, ext. 263.
