Jeff Hanson, SVP with Grubb & Ellis' Newport Beach Institutional Investment Group, tells GlobeSt.com that the Lankershim Boulevard deal closed at a 7% cap and provides the buyer with a high-image, strategically located property that was built in 1989 and was 94% occupied at the time of the sale. Hanson was part of a Grubb & Ellis team that included Ryan Gallagher, associate VP with Grubb & Ellis' Newport Beach Institutional Investment Group and Bert Abel, VP with the company's North Los Angeles Retail Group, which represented the buyer and the seller.

In Beverly Hills, Lennar Development signed a $3.1 million deal for the lease of the 4,700-sf Hamburger Hamlet building and the purchase of 6,000 sf of adjacent land at 118-124 S. Beverly Drive in the downtown area of Beverly Hills. The buyer and the seller, Beverly Hills-based Hamburger Hamlet Corp., were represented by Brent Sprenkle and Ted Zwicker of Sperry Van Ness in Los Angeles. The restaurant was built in 1950 and formerly was occupied by Hamburger Hamlet, which had been the tenant since 1950. Hamlet management closed the restaurant in December, announcing that the company wanted to take advantage of high real estate values and to apply the proceeds of the sale to its "more immediate mission to upgrade and expand" the chain. The lease for the 4,700-square-foot restaurant has four years remaining and then two, five-year renewal options. The 6,000 sf of land that is currently used as a parking lot for the restaurant may be developed in the future by the new owner. According to Sprenkle, the land portion of the transaction sold for approximately $500 per sf, one of the highest prices per sf achieved for land in the Los Angeles region.

In a transaction at 17047 Ventura Blvd., Paul C. Krikorian of Charles Dunn's West Los Angeles office reports that Colby LLC bought a 6,099-sf retail building from a private investor for approximately $2.2 million. Krikorian represented the seller, with Colby LLC represented itself.

In Huntington Park, two private individuals acquired a 7,250-sf retail building at 6361-6375 S. Alameda St. from Robin Plaza LLC for approximately $2 million. The 100% occupied property was a redevelopment project in conjunction with the City of Huntington Park, reports Glen Beer of Charles Dunn's West Los Angeles office, who represented the buyers. The seller was represented by Matthew Sullivan and Paul Moore of Colliers Seeley International.

In Lancaster, two private investors represented by George Economos, Steve Economos and Geoff DeWolf of NAI Capital Commercial purchased a 6,700-sf retail property at 43741 Challenger Way from Capital Income Properties Inc. for nearly $1.4 million, with Capital Income representing itself.