Downtown’s third-quarter office vacancy rate fell to 15.8%, down from 15.9% the previous quarter and 16.3% the previous year. Average Class A asking rents rose to $3.87 a square foot, an increase of 4 cents from the previous quarter and 29 cents from the previous year. Net absorption was 47,454 square feet while 116,000 square feet was under construction.
Healthcare Trust of America Inc. bought 3rd Street Medical Center, a 147,000-square-foot property at 2100 W. 3rd St., from Stockdale Capital Partners for $85 million.
KTGY Architecture and Planning signed a lease for nearly 16,000 square feet at the Trust Building, owned by Rising Realty Partners and Lionstone Investments.
Daydream Apartments purchased the Grace on Spring and the Griffin on Spring from Holland Partner Group for $203.5 million and $199.6 million, respectively.
Hollywood’s office vacancy rate decreased to 10.9%, down from 11.2% the previous quarter but up from 10.5% during the same period in 2018. Class A asking rates were $5.37 a square foot, up 6 cents quarter over quarter but down 58 cents year over year. Net absorption was 11,768 square feet. Roughly 816,000 square feet was under construction.
DJM Capital Partners Inc. and Gaw Capital USA purchased the 460,000-square-foot Hollywood
& Highland retail and entertainment property from
CIM Group for $320 million.
The AIDS Healthcare Foundation acquired a retail building at 4905 W. Hollywood Blvd. from Cadence Capital Investments for $32.75 million.
An individual bought a parcel of land with a vacant auto repair building at 1410 N. Highland Ave. from King’s Arch Inc. for $10 million.
The Westside's office vacancy rate fell to 10.6%, down from 11.1% the previous quarter and 13.3% the previous year. Century City had the lowest vacancy rate at 4.3%. Culver City had the highest vacancy rate at 15.2%. Westside Class A asking rates were $5.47 a square foot, up 11 cents quarter over quarter and 20 cents year over year. Santa Monica had the highest asking rate at $6.76 a square foot. Culver City had the lowest asking rate at $4.39 a square foot. Net absorption on the Westside was 355,807 square feet while 1.2 million square feet was under construction.
Medical Properties Trust Inc. acquired the real estate interest of 24 hospitals for roughly $2 billion. The acquisition included the $219.8 million purchase of Southern California Hospital at Culver City at 3828 Delmas Terrace.
Sterling Organization acquired a two-building retail portfolio at the intersection of Melrose Avenue and Melrose Place in West Hollywood for $35 million.
Blatteis & Schnur Inc. purchased a retail and office building at 1452 Third Street Promenade in Santa Monica from Tucker Investment Group for $34.5 million.
Second-quarter office vacancies in the Tri-Cities area decreased to 13.1%, down from 13.7% in the previous quarter and 15.8% in the same period the previous year. Class A asking rents were $3.61 a square foot, up 1 cent over the previous quarter and 38 cents over the same period in 2018. Net absorption was 116,013, and 219,000 square feet was under construction.
Graymark Capital Inc. and Eightfold Real Estate Capital bought a nearly 219,000-square-foot campus at 2947 Bradley St. in Pasadena from Hudson Americas for $30 million.
Brentwood-based GPI Cos. sold the retail portion of the Burbank Collection for $26.8 million to an unnamed buyer.
Wilshire Corridor’s office vacancy rate decreased to 19.7%, down from 20.2% the previous quarter and 19.8% in the same period a year earlier. Class A asking rents were $2.59 a square foot, up 5 cents over the previous quarter but down 55 cents over the previous year. Net absorption was 9,848 square feet. There was nothing under construction during the quarter.
Equity Residential purchased the 398-unit Next on Sixth in Koreatown from Santa Monica-based Century West Partners for $189 million.
WeWork Cos. Inc. signed a lease for more than 135,000 square feet at the Wilshire Courtyard in Miracle Mile.
A private family office sold a Beverly Hills BMW property at 5070 and 5071 Wilshire Blvd. to another private family office for $70 million.
Santa Clarita Valley
Santa Clarita Valley’s office vacancy rate fell to 13.3%, down from 13.7% the previous quarter and 14.4% in the same period in 2018. Class A asking rates fell to $2.82 a square foot, down 2 cents quarter over quarter and 6 cents year over year. Net absorption was 33,037 square feet. There was no office space under construction.
Blackstone Group purchased three
multifamily properties totaling 494 units for
$177.5 million. The properties include Canyon Ridge Apartments at 23645 Meadow Ridge Drive and Canyon Crest Apartments at 23639 Newhall Ave., both in Santa Clarita.
Interstate Management Group purchased a retail building at 24700 Trevino Drive in Valencia from American Golf Corp. for $12.5 million.
San Fernando Valley
The San Fernando Valley’s office vacancy rate fell to 11.5%, down from 11.7% the previous quarter and 12.5% in the same period the previous year. Class A asking rates were $2.99 a square foot, down 1 cent from the previous quarter but up 4 cents over the previous year. Net absorption was 105,492 square feet and 240,000 square feet was under construction.
Jafra Cosmetics International Inc. sold its 126,238-square-foot office and warehouse headquarters building at 2451 Townsgate Road in Westlake Village to PS Southern California One Inc. for $28.2 million.
Optimus Properties purchased the nearly 85,000 square foot Tarzana Tower at 18321 Ventura Blvd. in Tarzana from 4M Investment Corp. and Elat Properties Inc. for $22 million.
The South Bay’s industrial market vacancy rate held steady at 1.7%. Roughly 1.8 million square feet was under construction, while 4.1 million square feet either sold or leased during the quarter. Asking rents increased to $1.01 a square foot, up 1 cent over the previous quarter and 3 cents over the previous year.
Hackman Capital Partners and Square Mile Capital Management purchased MBS Group, which includes 22-acre MBS Media Campus, in Manhattan Beach, from Carlyle Group for $650 million.
Brentwood-based GPI Cos. purchased a manufacturing building at 2031 E. Mariposa Ave. in El Segundo leased by Mattel Inc. and owned by Angelo Gordon & Co. for $84 million.
Rexford Industrial Realty Inc. acquired an industrial complex in Torrance for $66.2 million.
San Gabriel Valley
San Gabriel Valley’s second-quarter industrial vacancy rate held steady at 1.7%. Asking rents were $0.78 cents a square foot, up 1 cent over the previous quarter and 5 cents over the previous year. Roughly 2.5 million square feet was under construction, and about 2.5 million square feet sold or leased during the time period.
A private buyer purchased Monrovia Landing retail center from Pasadena-based Telos Capital Funds and Warner Pacific Properties for $30.5 million.
A foreign investor purchased a leasehold interest in Glendora Commons retail center from Seagrove Property Group for $13.7 million.
Brookhollow Group purchased a 166,000- square-foot warehouse at 611 Reyes Drive in the City of Industry from Lights of America Inc. for $23.4 million.
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