Los Angeles Commercial Real Estate News

Huge, a digital agency and member of the Interpublic Group of Cos., leased 18,888 square feet at 6100 Wilshire in Los Angeles, CA. The 16-story, 202,704-square-foot office property is known as The New Wilshire building and is part of the Miracle Mile submarket. Built in 1986, the Energy Star-rated tower is 94 percent leased with a tenant list that includes CBS Corp., Bug Music and WorldLink Ventures Inc. The Beverly Hills-headquartered Kennedy...

Decron Properties purchased The Madison at Town Center in Santa Clarita, CA, for $56.65 million or $214,583 per unit. Prado Town Center West LLC, an investment entity of joint venture partners Lennar Homes Inc. and Regent Properties Inc., sold the 264-unit apartment complex. Developed as a 341-unit multifamily development nearly seven years ago, the project was then converted into condominiums a year later when it was purchased by the joint venture...

CoStar Group released the latest findings of the CoStar Commercial Repeat-Sale Indices (CCRSI) last week, providing the market's first look at commercial real estate pricing trends based on property sales that closed through December 2011, and offering the broadest measure of commercial real estate repeat sales activity. The National Composite Index of commercial real estate prices ended the fourth quarter of 2011 relatively flat with December...

This week's People of Note includes the following markets: Atlanta, Charlotte, National, New York City, Orlando, Phoenix, Portland, San Francisco, Tampa/St. Petersburg, Tucson and Washington, DC. WASHINGTON, DC Avison Young Expands Corporate Services Team in DC By Chris Crouse Industry veterans Bruce McNair (pictured far left) and Bill Morris (left) lead an eight-person team that has joined Avison Young to further

GREEN LEAD is a column on environmental and sustainable design and construction, best practices for green building maintenance and operations, economic impact on developers and owners, new LEED and Energy Star building certifications, and trends in the Green Building movement. Send in your Green News Leads to news@costar.com LEED Doesn't Cost More - Army Replies to

The Northwest Energy Efficiency Alliance's (NEEA) BetterBricks initiative, in collaboration with Cushman & Wakefield, has released comprehensive profiles of several major US cities in relation to their performances in the 2011 Green Building Opportunity Index (GBOI). The index is a first of its kind assessment tool providing weighted comparisons of top office markets across the country based on real estate fundamentals and green assessment considerations...

Tishman Speyer Properties in New York is buying out its affiliated Australian REIT that has ownership in 16 office buildings across the United States in markets including New York, Philadelphia, Washington DC, Chicago, Milwaukee, San Francisco, Los Angeles and Seattle. Sydney, Australia based Tishman Speyer Office Fund owns 99.9% of four office buildings totaling 893,000 square feet and 45.9% ownership in another 12 totaling 7.46 million square...

Two new CMBS offerings hit the street in the past week: Morgan Stanley rolled out a prospectus for the Morgan Stanley Capital I Trust 2012-C4, a $1.2 billion portfolio of commercial mortgages, and Freddie Mac announced the $1 billion offering of K Certificates backed by 7-year multifamily mortgages. The Morgan Stanley CMBS has yet to be rated. The portfolio includes 49 loans backing 111 properties. Of the properties 50 are retail related, 21 industrial...

Longtime Grubb & Ellis Co. director C. Michael Kojaian has resigned from the troubled Santa Ana, CA-based real estate services company. Kojaian, a Michigan-based real estate investor who has served as director since September 1996, advised the company Feb. 10 that he was resigning from the board of directors "to avoid any actual or apparent conflicts of interest in connection with his fiduciary duties with respect to his affiliated companies in...

Tivoli Capital, Inc. acquired the Santa Fe Springs Promenade located at 1142-11570 Telegraph Rd. in Santa Fe Springs, CA from a FJ Hanshaw Enterprises, Inc. for $23 million, or about $201 per square foot. The retail shopping center totals 114,629 square feet and was more than 90% occupied at the close of escrow. There are six pad-site buildings that include a bank branch and fast food establishments. George Prince of Prince Commercial Real Estate...

In one of Southern California’s largest deals of the year, Greystar Real Estate Partners LLC acquired four multifamily buildings from BlackRock, Inc. for $169 million. The deal includes 5880 Lochmoor Drive, a 158-unit apartment in Riverside, CA; 11201 Otsego Street, a 100-unit complex in North Hollywood; 7039 Charmant Drive, a 312-unit multifamily in San Diego; and 1100 Calle Del Cerro, a 250-unit complex in San Clemente, CA. Collectively...

In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail. Brooklyn Tower Expected to Break Ground Late This Year The...

Private developer Cove Spring Partners LP is moving forward with The Strand Offices at Playa del Rey, the beach community’s first new commercial office property in 20 years. The two gated three-story buildings totaling about 10,000 square feet, slated for completion in spring 2013, will be located at 311 and 315 Culver Blvd., three blocks from the beach and near the Ballona Creek Wetlands Preserve. The first floor of each building will include...

Prologis acquired 107 W Carob St in Compton for $8.29 million, or $82.14 per square foot. The seller was Carob Birdie Properties LLC. The 100,925-square-foot industrial building was built in 1973 and situated on 8.26 acres. The property was vacant at the time of sale. The seller retained approximately 2.0 acres of land in a form of sale-leaseback for a period of 23 months after the sale. Jeff Morgan of UGL Services represented the seller. The...

The Robin Group promoted Yoav Sarraf to vice president in its Century City, CA office in early January. Sarraf joined The Robin Group in 2008 and specializes in retail and office leasing and investment sales primarily in the Beverly Hills, Downtown, Hollywood and Mid-Cities areas. He was previously Director of Acquisitions with Brighton Holdings. The newly appointed VP has handled more than $120 million in transactions in his time at The Robin...

2330 N Cahuenga LLC sold the 30-unit apartment complex at 2330 N Cahuenga Blvd. in Los Angeles, CA to Inco Monterra LLC for $7.4 million, or about $246,667 per unit. Monterra at Hollywood Hills was 90 percent occupied at the time of sale. The apartments consist of 12 one-bedroom and 18 two-bedroom units. Adrienne Barr, Nancy Badzey & Laurie Lustig-Bower of CBRE represented the seller. Sami Dinar of Keller Williams represented the buyer. Please...

Regent Realty purchased a 50,800-square-foot industrial building at 5400 Alcoa Ave., in Vernon CA, from Kudenoff of Kroener Family LP for $3.1 million, or about $61 per square foot. Built in 1951, the building sits on 2.32 acres located on Alcoa Avenue between Slauson and Fruitland avenues. The property was purchased with the intent of upgrading it and utilizing the space for overflow of product and for office space. Jack Cline of Lee & Associates...

This week's People of Note includes the following markets: Baltimore, Chicago, New York City, Philadelphia and Washington, DC. NEW YORK CITY Carlton Hires Managing Directors Gollin & Moss By Timothy Weber Mark Gollin and William Moss joined Carlton Group as managing directors. Gollin will run the European advisory group, while Moss will run the residential strategic advisory group. Gollin has spent the last 16 years in senior pos

Nassir and Sol Hanassab acquired the 5,210-square-foot retail building at 940 Long Beach Blvd. in Long Beach, CA, from Heritage Equities LLC for nearly $3.47 million or $665 per square foot. The property was built in 2005 and recently renovated. Last month, Chase bank moved into the building on a 15-year lease. Rick Rivera of Centers Business Management represented the seller. Flora Ghodsian of Nelson Shelton & Associates represented the buyer...

Ventas Inc. in Chicago priced a public offering of $600 million aggregate principal amount of 4.25% senior notes due 2022. The company expects to use the net proceeds to repay debt. Medical Properties Trust Inc. in Birmingham, AL, is raising $400 million; half of it coming from a public stock offering and the other half from an offering of senior notes. The company intends to use the net proceeds to fund a portion of the acquisition of assets...