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[IMGCAP(1)]LOS ANGELES-Accounting firm Nigro Karlin Segal & Feldstein (NKSF) has signed a $22 million office lease in Westwood and KTR Capital of New York City has acquired an industrial building in Carson for approximately $19 million in two deals recently closed by CB Richard Ellis. CBRE represented NKSF in the 10-year, 50,000-square-foot lease at 10960 Wilshire Blvd. and was the listing broker in the sale of the 272,910-square-foot industrial building at 2201 E. Dominguez St. in Carson.

[IMGCAP(2)]The NKSF lease represents a relocation from Century City to Westwood for the accounting firm and included aggressive landlord concessions that will save the tenant millions of dollars in real estate costs, according to CBRE executive vice president Blake Mirkin, who represented NKSF in the transaction with building owner Equity Office Properties. The concessions made the transaction “one of the most creatively structured deals of today,” according to Mirkin, who says that the money saved through the concessions was enough for NKSF to relocate from its current building located at 10100 Santa Monica Blvd. in Century City, where it housed its business for more than 10 years.

The concessions included a substantially above-market tenant improvement allowance, a significant parking allowance, after-hours HVAC use, as well as a market rate comparable to rates of six years ago, Mirkin says. “A year ago, Westwood boasted some of the highest rental rates in West Los Angeles, but now we’re seeing landlords offering attractive lease concessions and rates to attract and retain tenants,” Mirkin adds.

The 10960 Wilshire Blvd. building is a 595,600-square-foot, 24-story class A office building in the Westwood submarket of West Los Angeles. Equity Office Properties was represented in the NKSF lease internally by EOP’s Andrew Goodman and by a Madison Partners team including principals Chris Houge and Hunt Barnett along with directors Beau Rawi and Karly Nolen.

In the Carson investment sale, KTR Capital Partners bought the 272,910-square-foot industrial building, which is 100% leased to Kenwood USA, from TA Associates Realty. Terms of the sale were not disclosed, but industry sources estimate it in the mid-$19 million range.

KTR vice president Brian Gagne describes 2201 E. Dominguez St. as “a highly functional, stable property in the high-barrier-to-entry South Bay submarket.” Gagne notes that this is KTR’s third acquisition in Southern California in the last year and that the New York City-based firm continues to seek “new industrial acquisition opportunities in L.A. County, Orange County, and the Inland Empire.”

The CBRE team that marketed the 2201 E. Dominguez building was composed of brokers from the company’s South Bay office in Torrance and its Newport Beach office. It included vice chairman Kevin Shannon, first vice president Scott Schumacher, EVPs John Schumacher, Jeff Morgan and Gary Stache, SVP Pat Scruggs, VP Dave Stromath and associate John Read.

The CBRE team noted that some of the selling points of the property included its location in the South Bay, one of the strongest industrial markets in the nation, and its proximity to Southern California’s ports. In addition, the CBRE brokers noted that the property was available at a substantial discount to replacement cost in the supply constrained, mature in-fill South Bay industrial market, which has significant economic and physical barriers to entry.

The Dominguez Street building has served as the corporate headquarters for Kenwood USA since it was originally developed as a build-to-suit for Kenwood in 1986. Kenwood completed a sale-lease back in 2002, and since then has renewed its lease twice in the building. Its current lease runs through May 2013 with a five-year option to renew at fair market value.

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