Downtown’s second quarter office vacancy rate fell to 15.9%, down from 16.2% the previous year and quarter. Average Class A asking rents rose to $3.83 a square foot, up 8 cents from the previous quarter and 28 cents over the previous year. Net absorption was 213,657 square feet while 116,000 square feet was under construction.
Irvine-based Ghost Management Group, which runs weedmaps.com, signed a lease for a 115,000-square-foot-office at the ROW DTLA at 767 S. Alameda St.
L.A. Care Health Plan signed a lease for 370,000 square feet at 1200 W. 7th St. in downtown with landlord Rising Realty Partners.
San Diego-based CommonGrounds Workplace signed a 13-year lease with Lincoln Property Co. for nearly 46,000 square feet at 915 Wilshire Blvd. in downtown.
Hollywood’s office vacancy rate increased to 11.2%, up from 8% the previous quarter and 9.3% the previous year. Class A asking rates were $5.31 a square foot, down 12 cents quarter over quarter and 34 cents year over year. Net absorption was 34,580 square feet while 815,452 square feet was under construction.
A subsidiary of Santa Monica-based BLT Enterprises purchased the Ben Kitay Stages in Hollywood for an undisclosed sum.
Cypress Real Estate Advisors Inc. purchased MetWest, a 79-unit multifamily building at 5837 W. Sunset Blvd. in Hollywood from Cornerstone Holdings and Harridge Development Group for $38 million.
Vive LA purchased a 24-unit multifamily building at 1722 Garfield Place from an individual for $6.2 million.
The Westside office vacancy rate decreased to 11.1%, down from 12.5% the previous quarter and 12.9% the previous year. Century City had the lowest vacancy rate at 4.6%. Playa Vista had the highest vacancy rate at 15.3%. Westside Class A asking rates were $5.36 a square foot, up 11 cents quarter over quarter and 14 cents year over year. Santa Monica had the highest asking rate at $6.68 a square foot. Brentwood had the lowest at $4.37 a square foot. Net absorption was 685,927 square feet while 1,449,207 square feet was under construction, with 564,356 square feet under construction in Culver City alone.
SHVO, Bilgili Group and Deutsche Finance purchased a development site at 9200 Wilshire Blvd. in Beverly Hills from New Pacific Realty Corp. for $130 million.
Santa Monica-based Douglas Emmett Inc. purchased a 350-unit apartment building at 1060 Glendon Ave. in Westwood from Clarion Partners for $365 million.
Los Robles Office Partners purchased a fully leased retail center at 11201-11223 National Blvd. in West L.A. from an individual owner for $13.5 million
Koreatown-based Jamison purchased a site at the intersection of Santa Monica Boulevard and Federal Avenue in West L.A. for $16 million from a family partnership that owns a carwash on the site.
Santa Clarita Valley
Santa Clarita Valley’s office vacancy rate held steady with the previous quarter at 13.7%, up from 11.8% the previous year. Class A asking rates were $2.84 a square foot, down 3 cents quarter over quarter and 4 cents year over year. Net absorption was negative 8,701 square feet. There was no office space under construction during the quarter.
Valencia Pipe Co. Inc. signed a lease for 170,990 square feet at Vista Business Park at 28305 Livingston Ave. in Valencia in a deal valued at $10.1 million.
Compass Acquisition Partners purchased the 232-unit Sierra Canyon Apartments at 27520 Sierra Highway in Canyon Country from Klingbeil Capital Management Ltd. for $60 million.
San Fernando Valley
The San Fernando Valley’s office vacancy rate fell to 11.7%, down from 12.7% the previous quarter and 12.2% the previous year. Class A asking rates were $3 a square foot, up 21 cents quarter over quarter and 12 cents year over year. Net absorption was 189,910 square feet, and 240,000 square feet was under construction.
Brentwood-based Rexford Industrial Realty Inc. bought an industrial property at 15835 Oxnard St. in Encino for $16.8 million in a sale-leaseback transaction.
Johnston Group and Majestic Asset Management Inc. purchased Westlake Plaza Centre 2, a roughly 84,000-square-foot office building at 2829 Townsgate Road in Westlake Village from Kilroy Realty Corp. for $18.3 million.
Second-quarter office vacancies decreased to 13.7%, down from 14.2% the previous quarter and 14.6% the previous year. Class A asking rents were $3.60 a square foot, up 10 cents quarter over quarter and 39 cents year over year. Net absorption was 29,492 square feet and 219,000 square feet was under construction.
Dana Point-based Raintree Partners purchased seven multifamily properties in Glendale from a private seller for $79 million.
Pasadena-based Arroyo Parkway purchased an 80,000-square-foot building leased to Whole Foods and 2 acres of nearby land from a private family trust at 465-577 Arroyo Parkway in Pasadena in a deal valued at more than $100 million.
Wilshire Corridor’s office vacancy rate increased to 20.2%, up from 19.3% the previous quarter and 18.1% the previous year. Class A asking rents decreased to $2.54 a square foot, down 65 cents quarter over quarter and 51 cents year over year. Net absorption was negative 104,652 a square foot. There were no properties under construction during the quarter.
Century City-based Urban Commons bought seven parcels at 1009-1047 Crenshaw Blvd. from Crenshaw Country Club for $19 million.
An individual purchased Fusion Apartments, a 32-unit building at 855 S. Harvard Blvd. in Koreatown, from Kingstone Properties Inc. for $10.9 million.
The Intergulf Group of Cos. purchased land at 495 Hartford Ave. in Westlake from Torkian Construction Inc. and a trust for $18 million.
South Bay’s industrial market vacancy rate decreased to 1.6%, down from 1.9% the previous quarter. Roughly 1.7 million square feet was under construction, while 2.2 million square feet either sold or leased during the quarter. Asking rents increased to $1.00 per square foot, up
2 cents quarter over quarter and 5 cents year over year.
A joint venture between Ocean West Capital Partners and Lionstone Investments purchased a 318,000-square-foot building at 777 Aviation Blvd. in El Segundo from Westbrook Partners and Embarcadero Capital Partners for $170 million.
TA Realty purchased the 340,000-square-foot 101 Continental building at 101 Continental Blvd. in El Segundo from Vereit Inc. for $138.5 million.
San Gabriel Valley
San Gabriel Valley’s second-quarter industrial vacancy rate fell to 1.9%, down from 2.1% the previous year. Asking rents were 77 cents a square foot, up 4 cents year over year. Roughly 1.8 million square feet was sold or leased during the quarter; roughly 2 million square feet was under construction.
Lennar Homes purchased a shopping center in Arcadia from Olson Co. for $36.6 million; it includes an approved tract map, improvement plans and construction drawings for a mixed-use development.
Brentwood-based Rexford Industrial Realty bought an industrial property at 218 S. Turnbull Canyon Rd. in the City of Industry from Clarion Partners for $27.1 million. Rexford also bought a 456,000-square-foot industrial portfolio from Colony Capital Inc. for $84.5 million.
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