The average asking rent in Class A office buildings during the fourth quarter of 2018 in Glendale was $3.05 per square foot, according to JLL data, putting the value of the lease at roughly $4.6 million a year.
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Container-based Homebuilder Has New Name
Adaptive Modular Solutions Inc. has changed its name to Crate Modular Inc. to better highlight the work it does in designing and building multifamily housing and school buildings out of containers.
The company also announced that it hired Amanda Gattenby as the group’s vice president of development. Gattenby has 15 years of experience in the industry, and has overseen construction and development of more than 1,200 units and 90,000 square feet of commercial space in Southern California and Arizona.
Lisa Sharpe will stay on as the company’s president. “Our new name and brand reflect the best parts of our combined company’s DNA,” Sharpe said in a statement.
Last year, the company acquired GrowthPoint Structures, another manufacturer of shipping container-based buildings. Crate said that in the coming year, it plans to build and install 100,000 square feet of projects.
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El Monte Apartment BUILDING Sells for $16M
As the population ages, the demand for senior housing increases.
A 70-unit apartment building for seniors in El Monte has sold for $16 million, Marcus & Millichap Inc. announced March 25. Marcus & Millichap’s Alexander Garcia Jr. represented the buyer and the seller, both private investors.
The Villa Raintree Apartments, at 11905 Ferris Road, was built in 1978. All of its apartments are one-bedroom units.
The complex has a less than 2 percent vacancy rate historically, according to Marcus & Millichap, and has a seven-year waiting list for Section 8 tenants.
Staff reporter Hannah Madans can be reached at email@example.com or (323) 556-8337.
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