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.
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