Michel Hibbert, a senior managing director of Charles Dunn Co.'s West Los Angeles office, negotiated a $3.75 million sale and purchase of a 16-unit condominium complex currently operating as an apartment building located at 9201 Tobias Ave. in Panorama City. Hibbert represented both the buyer, Tobias Group LLC and the seller, Lone Oak Panorama LLC. According to Hibbert, the buyer purchased the property with the intention of selling them as individual condos at a later date. "Market activity is beginning to pick up as buyers begin to realize that it's at or close to the bottom, in terms of pricing," he says. The property is operating at 95% occupancy.
Cohen, Miskei & Mowrey LLP has signed a 10-year lease to occupy 18,081 square feet of office space in Woodland Hills. The firm will relocate to its new offices at 5700 Canoga Ave. in July. This represents an expansion for CMM, which has been leasing 12,191 square feet at 15303 Ventura Blvd. in Sherman Oaks for the past seven years. Studley represented CMM. The landlord, Hines, was represented in the transaction both in-house and by CB Richard Ellis Inc.
An unidentified bank/financial institution has sold Royal Apartments, a 15-unit property in Van Nuys, CA, to a private investor for $1.17 million. Marcus & Millichap Real Estate Investment Services represented both the buyer and seller.
[IMGCAP(2)]Inland Empire
Faris Lee Investments has completed the $5.2 million sale of a fully occupied multi-tenant retail property in Murrieta, CA. Located at 27890 Clinton Keith Rd., the 11,716-square-foot property is situated within the Orchard-Stone Creek, a Super Target-anchored regional shopping center adjacent to and fronting the 215 Freeway, directly off the Clinton Keith Road exit. The tenants within the property include Starbucks, Subway, UPS Store, Verizon, Juice it Up, Xtreme Frozen Yogurt and Orchard Nail Spa. Faris Lee Investments represented the seller, Carlmart LP from San Diego, and the buyer, Los Angeles-based Westerntuf LLC. The property sold at approximately $444 per square foot.
Orange County
DAUM Commercial Real Estate Services represented LSPS Properties LLC in the sale of a 26,334-square-foot industrial building located in Yorba Linda, CA. The total consideration of the sale was $3 million. The property is located at 23700 & 23720 Via Del Rio. Associated Commercial Brokers represented the buyer, Wildfun Investments LLC, in the transaction. DAUM also represented both the buyer and the seller in the sale of a 28,603-square-foot industrial building located in Corona, CA. The total consideration of the sale was $2.43 million. The buyer was Russell Wudi Family Trust, and 2390 Railroad St. LLC was the seller in the transaction. The property is located at 2390 Railroad St.
Grubb & Ellis Co. represented Burnham USA in a seven-year, 13,295-square-foot lease to Dollar Tree Inc. at the Costco Plaza in Fountain Valley. Dollar Tree will take occupancy at the property, located at 17876 Newhope St., on May 1. The discount variety retailer will join other tenants such as Costco, Big Lots, Souplantation and Starbucks. Studley Inc. represented Dollar Tree in the transaction.
San Diego
Arden Realty, GE Capital Real Estate's property services company, has signed a new lease with Maxwell Technologies, a developer and manufacturer of energy storage and power delivery solutions, for 11,864 square feet of office space in San Diego. The property is located at 5271 Viewridge Court and is class B office space built in 1991. Maxwell Technologies will use the space as a distribution facility. Additional details of the transaction were not disclosed.
Lake Tahoe
As part of an ongoing upgrade of the Cal Neva Resort, Spa and Casino in Lake Tahoe, property owner Canyon Capital Realty Advisors has temporarily closed the 5,365-square-foot casino, and has begun the process of selecting a new Nevada-based gaming operator that will re-open the casino by year's end. Canyon has already been in discussion with several gaming-license holders who have expressed interest in becoming Cal Neva's new casino operator.
Las Vegas
NAI Las Vegas represented Bailes Family Trust in the purchase of a 33,724-square-foot industrial property from AML Development II. The property, located at 1710 Whitney Mesa in Henderson, NV, sold for $5.9 million.
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