Retail Investment: Federal Realty, a Rockville, Md.-based real estate investment trust, has taken a controlling interest in retail complex Plaza El Segundo. The 381,000-square-foot plaza, at Sepulveda Boulevard and Rosecrans Avenue, expands Federal’s presence in Southern California. The trust also acquired 100 percent interest in an adjacent 8.1-acre undeveloped parcel.
Commercial Building: Cassil Management LLC has sold a commercial property in Hollywood in a deal valued at $1.3 million to 1542 Cassil LLC, a full-service postproduction rental equipment company. The 4,026-square-foot building, at 1542 Cassil Place, was built in 1964 but rebuilt in 2001.
HQ Expansion: Adept Fasteners, which provides fasteners for the aerospace industry, has purchased a nearly 15,000-square-foot building next to its headquarters in Valencia. The company acquired the property at 28721 Industry Drive for extra distribution space. Although the price was undisclosed, sources said it went for less than the 1.8 million asking price.
Securities Pickup: COR Securities Holdings Inc., the Santa Monica financial services holding company of hedge fund COR Capital LLC, has acquired Legent Clearing LLC, a securities clearing firm in Omaha, Neb. COR Securities also has increased Legent’s equity capitalization by $20 million to help expand Legent’s business.
Multifamily Acquisition: Baumgarten Trust has sold a six-unit Santa Monica apartment property for $1.56 million to TS Property Management LLC. All of the units in the property at 1243 Berkeley St. are more than 1,300 square feet, and include two bedrooms and two bathrooms.
German Deal: Gores Group, a Westwood private-equity investment firm, has made a deal to acquire the Hay Group in Bad Sobernheim, Germany, a maker of forged and machined components for the automotive and bearing industries. Hay employs nearly 1,600 and owns three manufacturing sites in Germany. Financial terms of the deal were not disclosed.
PLAYA DEL REY
Apartments Sold: Private owner Edith Tirany has sold a five-unit apartment property in Playa del Rey for $1.2 million in a 1031 exchange with buyer Nikbin Investments. The apartment property, at 8351 W. Manchester Ave., includes a three-bedroom unit, two two-bedroom and two one-bedroom units.
In the photo essay headlined “Jumbo Projects” in the Jan. 2 issue, an item about the Long Beach Courthouse should have said that the total project is to cost $495 million. Of that, $49 million is equity from Meridiam Infrastructure and the rest is debt from a consortium that includes seven banks. After completion, the state is to make 35 annual payments to satisfy the lenders.
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