Though Americana at Brand opened in May 2008, the 100 condos at the mixed-used property developed by Rick Caruso have remained dark. That’s about to change.

The developer’s company, Caruso Affiliated, had to keep the units vacant until more than 50 percent were sold – a standard practice the lending community requires these days. Now, with 54 sale agreements signed, escrows were opened on the units, and once they close residents can move in. Caruso said that the first two escrows were expected to close Dec. 18 and the rest would be completed by the end of January.

“I know it’s a testament to the power of the property that in spite of this terrible housing economy we have sold almost half of our units at very strong prices,” Caruso said.

He said that lowering starting prices at the Glendale development in the middle of the year to about $500,000 had a big impact on sales. When the units originally went on sale in summer 2008, prices started at about $700,000. But the higher-end buyer may be coming back. Caruso said some units are being listed for more than $2 million and among the 54 sales is a corner unit that sold for nearly $1,000 a foot. That’s a price point rarely achieved in middle-class Glendale.

“We’ve seen a change in the last 60 days where the interest level on the higher-priced units has spiked dramatically,” he said. “I am sensing that there is a fairly dramatic change in people’ attitudes and they are re-engaging.”

The hope is that the influx of new residents will spur business for retailers at the property, which includes luxury boutiques and pricey restaurants atypical for the city. Indeed, some retailers have struggled at the property, though Caruso insisted that the holiday sales have been solid for the stores.

“We have a number of retailers that have moved to No. 1 in their chains nationally,” he said.

Meanwhile, the project’s 238 apartments are 98 percent leased, accounting for about 600 people who already live at the property. With the addition of several hundred more, Caruso believes a critical mass could soon be reached. He expects the condos to be sold out by the spring.

College Deal

After a lengthy process, the Los Angeles Community College District has purchased a Monterey Park office building for $13.4 million. The late-November transaction for the 53,148-square-foot building at 1055 Corporate Center Drive breaks down to $252 per square foot.

The five-story building was purchased for East Los Angeles College, which will convert it into classrooms for a health care education academy. The 3.5-acre property, about a mile from the main campus, should be ready by first quarter 2012, according to a broker involved in the transaction.

The conversion could force the college to terminate the leases of existing tenants early, according to Jim Orloff of brokerage NAI Capital, who represented the community college district.

Talks began in August 2008 between the district and seller Union China Investment and Development Group Inc., an investment entity of about 15 local and Chinese investors, said broker Douglas Cancienne of DC Commercial who represented the seller.

The deal was complicated by the fact it needed to be approved by the district’s board of trustees. A purchase agreement wasn’t signed until August 2009, though the general parameters of the transaction had long been outlined, Orloff said.

Utility Lease

Southern California Edison has signed a renewal and expansion for space at San Gabriel Valley Corporate Campus, a large office property at 4900 and 4910 Rivergrade Road in Irwindale.

The utility company expanded its space by 63,000 square feet with the signing of the Nov. 17 lease, pushing its total occupancy to about 293,000 square feet. Terms of the 67-month deal, which will commence March 1, were not disclosed.

The utility company uses the space for back-office operations and has been a tenant at the property for about three years, according to broker Kevin Duffy of CB Richard Ellis Group Inc., who represented landlord MetLife Inc.

The 693,000-square-foot campus, which was originally built by the defunct Home Savings of America as its corporate headquarters, is now 84 percent leased, according to Duffy.

Damon Feldmeth of CBRE also represented the landlord. The tenant’s broker, R. Todd Doney of CBRE, declined to comment.

Staff reporter Daniel Miller can be reached at [email protected] or (323) 549-5225, ext. 263.