Senior Vice President Mario Gandara with NAI Capital’s Torrance office completed the sale of a 6-unit multifamily apartment complex in Inglewood, Calif. Gandara represented the buyer in the transaction. The seller and buyer are private individuals.
The property is located in the highly desirable part of North Inglewood at 218 E Hyde Park Boulevard. The apartment building included four 1 bedroom units, one 2 bedroom and one 3 bedroom 2 bath unit. The property was 100% occupied at the time of the sale. The sale price totaled $1.23M or $205 per square foot.
Gandara said, “Since the Rams announced they were coming to the city of Inglewood, investors have been scouring the market for opportunities. This property is in a non-rent controlled market providing a tremendous value-add opportunity for my private client. We are seeing the rental market in Inglewood only getting stronger.”
Nearly 200,000 square feet of industrial space has just become available for lease in Valencia, a welcome reprieve in the tight market.
NAI Capital Inc.’s Executive Managing Director Chris Jackson and Executive Vice President Todd Lorber in the Encino office are handling the leasing of 28545 Livingston Ave. W., a 173,000-square-foot industrial building off Witherspoon Parkway and in the Vista Business Park.
“This will be a great addition to the market, as it is currently the only state-of-the art building over 100,000 square feet that can be occupied by December 2016,” Jackson said. “Vacancy will go up a bit by the end of March when space in other buildings comes on the market for lease, he added.”
Read the full article at SFBJ.com.
NAI Capital Taps Joseph Faulkner to Grow Its Commerce Office and Tenant Representation Services in Downtown Los Angeles
NAI Capital adds to its Los Angeles market presence with the addition of Joseph Faulkner as Executive Managing Director. In his new role, Faulkner will oversee its Commerce office and lead efforts to build NAI Capital’s presence in Downtown Los Angeles. Faulkner brings with him 30 years of expertise in providing tenant representation and corporate advisory services.
Having spent his entire career in commercial real estate, Faulkner has extensive experience advising American corporations on domestic and international facility and location strategy. He worked with Reliance Steel & Aluminum on its corporate headquarters move from a small historical base to the top two floors of a prominent office building in the Western United States. He advised Computer Sciences on their consolidation of several offices into two larger locations in London.
Faulkner, previously served as Senior Vice President with CRESA where he exclusively represented tenants on their space needs. Faulkner founded his own firm with international partners in the 1980s and 1990s. In 1996, he was hired by Trammell Crow Company and grew their portfolio to 1.6M square feet of listings in Downtown Los Angeles. He was recruited in 1998 by Grubb & Ellis to oversee its brokerage operations, for two offices in Los Angeles, providing complete commercial and industrial real estate services. From 2002 to 2008, Faulkner served as Executive Vice President at Charles Dunn Company, helping to lead one of the most profitable years in their company’s history.
NAI Capital CEO Tim Foutz said, “I am thrilled to have someone of Joe’s caliber participating in the growth of our company. His extensive real estate expertise, management skills and valued reputation are key components in expanding our commercial base. ”
Faulkner is an active board member of the A.I.R and Los Angeles Headquarters Association where he works to bring together top business leaders to help shape Los Angeles and continually drive its future.
He has served as past President for both of those organizations as well as chapter president of the SIOR. Faulkner is a dedicated leader in the commercial real estate business community.
Faulkner said, “I am excited to be a part of the NAI Capital team. I joined NAI Capital because of their strength in Southern California. After speaking with NAI offices in Philadelphia, New York, and Washington I was impressed by the network, platform and reach. I have many friends scattered throughout NAI Capital’s offices and I look forward to working with them.”
With greatest pride we congratulate our President/CFO, Rachel Howitt, on being selected as one of Bisnow’s Power Women in Los Angeles! Rachel has inspired women in commercial real estate for more than 25 years. Way to go, Rachel!
Read more about Rachel at Bisnow.
Irvine, CA – Tuesday, October 11, 2016: NAI Capital has completed a $3.7 million investment sale of a new Chipotle Mexican Grill located on the North East corner of Harbor Blvd and McFadden Ave at 629 S Harbor Blvd, Santa Ana, Calif. The Chipotle is situated in a dense retail corridor across the street from a McDonald’s and a Walmart supercenter anchored shopping center. The property sits on a 22,615 square foot pad. The building is approximately 2,336 square feet and is 100% leased to Chipotle Mexican Grill, Inc. (NYSE: CMG) on a twenty 20 year ground lease.
NAI Capital Senior Vice Presidents Barry Blake and Steve Liu represented the buyer 99 Motel, LLC, as well as the seller, Santa Ana HM Property, LLC in the transaction.
Liu said, “The buyers were coming out of an exchange after I successfully sold their hotel in Orange County. Our client was ready to retire and their goal was to move into a less management intensive product type. We were able to trade them up to an absolute triple net investment which had no management responsibilities at all. Our client now enjoys an investment with 18 year remaining on the term and the security of a corporate guaranty from a $4 billion dollar company.”
“Investor demand is very strong for credit worthy, single-tenant triple net deals. This building fit well into that investment category,” Blake added.
Long Beach, CA, Tuesday, October 04, 2016– Senior Vice President Tim Steuernol and Associate Michael Jacobs with NAI Capital’s Torrance office completed the sale of a two multifamily apartment properties totaling 11 units in Long Beach, Calif. Steuernol and Jacobs represented the buyer and seller in the transactions.
1915 Lime Avenue, Long Beach totaled 6 units; four 2-bedroom units and two 1-bedroom units. Sale price totaled $1,030,000 or $171,667 per unit. The buyer was Elizabeth Earl Enterprises LLC and seller was Dennis Bruyers.
405 E 20th Street, Long Beach included a single family home and four bungalow style apartments. Sale price totaled $810,000 or $162,000 per unit. The buyer was Tony Bral and seller was Carlos & Alex Pfister, Victor & Daniel Barreto.
Steuernol said, “Investment in the apartment market remains hot in Los Angeles County. Investors can find value in the Long Beach market. Both of these properties provided a tremendous value-add opportunity for my private investor clients.”
“With strong competition for income producing rental units, it is a good time to sell. The 405 E 20th Street property sold over its original asking price.” Jacobs added.
West Hollywood, CA, Tuesday, October 04, 2016– NAI Capital has completed a 4,357 square foot lease for office space with Pacific Lyons Care, Inc in West Hollywood, Calif. Senior Vice President Glenn Melnick with NAI Capital’s Pasadena office represented the landlord, Portland Investment Company, on the transaction.
Pacific Lyons Care will occupy a spectacular suite on the entire third floor with a north facing balcony, concrete floors and high end finishes throughout. The office building is located at 8704 Santa Monica Boulevard. It is centrally situated in the heart of West Hollywood minutes from the Pacific Design Center and Melrose Avenue’s shopping, dining and entertainment. The property features an expansive glass line with views of the Hollywood Hills. Pacific Lyons Care will utilize the space as wellness center.
Melnick said, “We are excited that Pacific Lyons Care has decided to open their first wellness center in our building. They are a perfect fit as they will co-tenant the building with Fresh Corn Grill and Dethrone Basecamp. Fresh Corn Grill is a restaurant that offers a health-conscious menu. Dethrone Basecamp is a fitness gym to dedicated improving the physical, mental and emotional wellbeing of its patrons.”
NAI Capital Completes Sale of West Hollywood Adjacent Retail Storefront Property for $852 per Square Foot
Los Angeles, CA, Tuesday, September 27, 2016– Executive Vice President Ian Strano with NAI Capital’s Westside office represented the seller San Francisco based Hamilton Partners and buyer Los Angeles investor Arash Danialifar on the sale of a retail storefront building in West Hollywood, Calif. The sale price was $7,500,000 or $852 per square foot.
The property located at 8126 Beverly Blvd. in Los Angeles was previously occupied by Environment Furniture. The 8,800 square foot freestanding retail building is in a prime West Hollywood adjacent location, with its own parking lot, on the southwest corner of N. Kilkea Drive and Beverly Boulevard, one block west of Crescent Heights Boulevard. The property is centered on Beverly Boulevard between the Beverly Center and the Grove in a swanky design district.
Strano said, “The key aspect to this deal was the large adjacent parking lot with 24 parking spaces. Most buildings like this along Beverly Blvd have no parking at all. The buyer is considering various options including redeveloping the property.”
Pasadena, CA, Tuesday, September 20, 2016 – Executive Managing Director Carl E. Anderson, Senior Vice President Sheri McCanless and Vice President Jodi Shoemake with NAI Capital’s Pasadena office were instrumental in negotiating the sale of a multi-tenant office campus in South Pasadena. The transaction totaled $11,632,000 or $269.85 per square foot. Carl E. Anderson, Jodi Shoemake and Sheri McCanless represented both buyer, Kota Commercial Assets affiliated LDW Pico Properties and seller, EFG-Arroyo Gateway LLC.
Arroyo Gateway Business Park is located at 143-161 Pasadena Avenue, South Pasadena, CA. The property was completely renovated in 2014, restoring the original bow truss ceilings and converting the office buildings to a modern creative design. Arroyo Gateway Business Park is approximately 43,317 square feet in size situated on 2.2 acres of land along Pasadena Avenue in a highly accessible north/south thoroughfare adjacent to the historic I-110 Freeway. The Arroyo Gateway Business Park connects South Pasadena to the city of Pasadena to the north and Downtown Los Angeles to the south. The property was 93.7% occupied at the time of the sale.
Anderson said, “The property offered the new owner a unique opportunity to acquire a newly renovated, creatively designed, multi-tenant investment with stable cash flow.”
“Carl, Sheri and I worked on this project for 3 years. We advised the ownership on the renovation plan, leased up 94% of the space and then put the property on the market for sale this past February. This was a real team effort to add value for our client.” added Shoemake.
Senior Vice President Fariba Kavian with NAI Capital represented the seller Harrison Coachella 26 LLC on the sale of Coachella Plaza, an 85,035 square foot community retail center. The sale price was $10,600,000 or $124.65 per square foot.
The property located at 50249 Harrison Street, Coachella, CA was 78% leased at the time of the sale. Coachella Plaza was originally built in 1991 and was fully renovated in 2008 and again in 2014. It is anchored by 99¢ Only, Planet Fitness, and WSS Shoes. The center is also shadow anchored by Cardenas Market, Carl’s Jr., Little Caesars, Payless Shoes and Fred Loya Insurance. The property is situated on 6.46 acres of land. The site is located on the main retail thoroughfare in Coachella at the corner of Westerfield Way and Harrison Street. Coachella is located 134 miles east of Los Angeles at the crossroads of the I-10 Freeway, State Highway 111 and State Highway 86 (NAFTA Highway).
Kavian said, “This investment provided the buyer the opportunity to acquire a dominant well-leased center at substantially below replacement value. With below market leases this investment translates into substantial residual value, diminished risk, and upside for the new owner through additional lease up while allowing the seller to move on to other projects.”
Rancho Mirage, CA, Tuesday, August 30, 2016– Senior Vice President Jeffrey Simonds with NAI Capital represented the buyer FM 111, LLC on the purchase of a 15,000 square foot retail showroom in Rancho Mirage, Calif. The seller was Thomas Realty Company. The sale price was $5,300,000 million or $353.00 per square foot. The per square foot price was inflated because of the large land parcel which is ideal for the buyer’s business.
The property located at 71441 Highway 111 was used by the seller/user for its business, Electric Car Distributors, at the time of the sale. The overall property sits on 165,528 square feet of land. The property is on a prime thoroughfare; Highway 111 at Indian Trail Road. Over 31,213 vehicles pass by the property daily.
Simonds said, “This investment provided my client the rare opportunity to purchase prime retail on Highway 111, ideal for his business which will use the 2 acres of excess land.”
Ontario, CA, Tuesday, August 30, 2016– Senior Vice President Nicholas Chang, CCIM, Senior Vice President Richard Lee and Associate, Justin Kuehn with NAI Capital’s Ontario office completed the sale of a 77,749 square foot manufacturing facility in Ontario, Calif. The transaction totaled $5,000,000 or $64.31 per square foot. Nicholas, Richard and Justin represented both buyer, T&C Exchange Accommodators, Inc and seller VHW Properties No. 2 LLC.
The property is located at 1720 E. Locust Street. It is an industrial metal building with 22 foot clear height ceilings. Built in 1965, it sits on 158,735 square feet of land. The manufacturing facility is situated in one of the hottest industrial markets in the country within Ontario’s’ Airport submarket. It is approximately 2 miles south of the Ontario International Airport between the 60 and 10 freeways.
At the time of the sale the building was 100% occupied by MD Barnmaster. MD Barnmaster is the leader in custom designed barns, horse housing, professional equestrian facilities, horse stalls and modular buildings. The vacancy in the Inland Empire for manufacturing facilities of similar size is extremely low due to heightened demand, which has contributed to escalating rents and outstanding sales prices with exceptionally low cap rates.
Chang said, “This property was priced significantly below replacement cost and features a tenant with a track record of over 30 years in this facility. This property has 100% historical occupancy, never vacant. The property offers a tremendous long term hold potential for the buyer.”
“The Inland Empire is one of the most dynamic industrial markets in the nation due to low available inventory, increasing demand, low vacancy rates, and high level of space absorption. This property is in a prime in-fill location,” Lee added.
Bisnow honored our President/CFO, Rachel Howitt, as one of the fifty most influential women in business!
Read more about Rachel at Bisnow.