Congratulations to Executive Managing Director Yair Haimoff and his team, Andrew Ghassemi and Sarkis Ghazaryan! They were honored Tuesday at the Los Angeles Business Journal 2017 Commercial Real Estate Awards in Downtown Los Angeles.
Senior Vice President Izzy Sanchez with NAI Capital’s Multifamily Services Group completed the sale of a 28-unit multifamily investment portfolio sale consisting of three properties in Santa Ana, Calif. Sanchez represented the buyer Shakti P and Sangeeta Bhatia Trust. The seller was a private individual. The sale price totaled $6.81 million or approximately $243,000 per unit.
The three properties are located at 413-421 S Susan Street, 431-435 S Susan Street, and 3309 Camille W Camille Street in the city of Santa Ana. The portfolio is mainly made up of 3 and 4 bedroom units, mostly single story buildings, and included 52 single car garages. The combined rentable area of the portfolio is 31,800 square feet on 2.3 acres of land.
“After an exhaustive search for a 1031 exchange property, we identified this portfolio for purchase. The properties had non-conforming uses, including various city violations. We worked closely with the lender and the city of Santa Ana to correct the issues to close escrow. The buyer is extremely pleased with the outcome, projecting a 50% positive cash flow increase in the first year of ownership,” said Sanchez.
NAI Capital Completes the Sale of a New, State-of-the-Art $4.1 million Manufacturing/Distribution Facility in Jurupa Valley, CA
Senior Vice President Nicholas Chang, CCIM, Senior Vice President Richard Lee and Senior Associate, Justin Kuehn with NAI Capital’s Ontario office completed the sale of a 32,898 square foot manufacturing/distribution facility in Jurupa Valley, Calif. The transaction totaled $4,128,699 or approximately $126 per square foot. Nicholas, Richard and Justin represented the buyer, Star Holdings LLC. The seller was Chase Troy LLC.
The property is located at 4758 Troy Court, Building D. It is a free standing state-of-the-art, concrete-tilt-up warehouse/distribution facility with 28’ ceiling height, an ESFR sprinkler system, 4 dock high loading positions and a large concrete truck court. The building was completed in January of 2017 and is a part of the Galena Business Park. It sits on 68,389 square feet of land about, 2 miles south of the 60 freeway.
Chang said, “Through an aggressive and proactive site selection process, we were able to identify multiple options for our buyer. This new property offered a tremendous long term hold potential for our buyer and we were able to enter into escrow on the property while it was still under construction. At this time, the project is now completely sold out.”
“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 and fit well into what our buyer was looking for,” Lee Added.
“Our buyer imports metal to make tubing and then distributes it out. So this property, which is zoned for manufacturing, for his business it was a perfect fit,” said Kuehn.
Senior Vice President Steve Heri, CCIM and Vice President Steve Gim with NAI Capital, along with James Lampman, completed the sale of Triangle Terrace a 75-unit senior living apartment building located at 555 S. Shaffer in Orange, Calif. They both represented the buyer Reiner Communities and seller Orange Senior Housing, Inc. in the transaction. The sale price totaled $13.5 million or $180,000 per unit.
Built in 1985, Triangle Terrace is a 2 story, 75-unit multifamily housing complex. The building is located on 3.4 acres of beautiful grounds with lots of trees and green grass that present a peaceful and quiet setting. Hart Park located next to the property provides hiking trails, picnic tables, and beautiful scenery. The common areas include a lobby, community room with a big screen TV and resident computers, as well as laundry facilities. Triangle Terrace is a fully gated community with controlled entry access in the evening and the large parking lot provides ample parking for the residents.
“Triangle Terrace had not been updated in over 30 years. It is currently undergoing a complete renovation and had a 3 year waiting list from prospective tenants at the time of the sale,” Heri said.
Armen currently is in three buildings totaling about 40,000 square feet in Sun Valley and wanted a newer, more efficient distribution facility and newer headquarters site to accommodate growth, said NAI Executive Vice Presidents David Young and Chad Gahr. The team brokered the deal on behalf of the building’s owner, 12800 Wentworth.
Article written by Carol Lawrence. Read more at SFVBJ.
Industrial brokerage team Executive Vice Presidents David Young, SIOR and Chad Gahr, SIOR both with NAI Capital’s Encino office represented Gruma Corporation dba Mission Foods, in the lease of a 50,689 square foot distribution building located at 14400 Arminta Street, Van Nuys, Calif.
14400 Arminta Street, built in 2007, is a concrete-tilt-up distribution facility, with 37’ ceiling height, an ESFR sprinkler system, and 8 truck high dock positions with a large truck court. The building is equipped with 9,769 square feet of office space and provides for 150 parking spaces. It is ideally located near the intersection of Van Nuys Boulevard and Roscoe, with immediate access to the 405, 5, 118 and 210 freeway.
“Following an exhaustive search, it took more than a year to identify a building in the right location with all of the technical specifications that Mission Foods required. This new building will be used for distribution purposes and is located one block to the west of their current 200,000 square foot processing plant,” said Young.
“This expansion represented a one-time opportunity for Mission Foods to secure additional square footage in close proximity to one of their major regional processing facilities,” said Gahr.
Headquartered in Irving, Texas, Mission Foods, a subsidiary of Gruma Corporation, is the #1 tortilla company in the U.S. and manufactures a variety of authentic Mexican products that are distributed worldwide.
Executive Vice Presidents Chad Gahr and David Young represented tortilla maker Mission Foods in leasing 51,000 square feet of distribution space in Van Nuys.
Following an exhaustive search, it took more than a year to identify a building in the right location with all of the technical specifications that Mission Foods required.
Read the full article at San Fernando Valley Business Journal.
Senior Vice Presidents Dan Bacani and Dave Maron with NAI Capital’s Pasadena office negotiated the sale of a 15,114 square foot office building in Eagle Rock, a neighborhood of Northeast Los Angeles County. The transaction totaled $4,200,000 or $277.89 per square foot. Bacani and Maron represented the seller, Khaled Tawansy, M.D., Inc. The buyer was Paka Propertiers, LLC.
The office building is located at 7462 North Figueroa Street. It was designed by architect Harlan Pedersen. The two-story building was built in 1966 and completely remodeled in 2009 to accentuate its mid-century modern post and beam design. The property sits on approximately 19,730 square feet of land in a serene campus setting. With proximity to the 134 Freeway, it is in a central location to Pasadena, Downtown Los Angeles, Glendale and Burbank. The property was 100% occupied at the time of the sale.
Bacani said, “A key to our success in selling this asset for the seller was not only thoroughly understanding the unique Southern California Edison easement and the other idiosyncrasies associated with the property, but our ability to interface with a number of principal advisors including attorneys, CPA’s and title officers for close to a year.”
“The property offered the new owner a unique opportunity to acquire a newly renovated, creatively designed, multi-tenant investment with stable cash flow,” added Maron.
Vice President Kevin Kawaoka with NAI Capital completed the sale of a 9-unit apartment complex located at 3321 Keystone Ave, Los Angeles, Calif. Kawaoka obtained the exclusive listing and represented the seller in the transaction. The seller, Almanza Trust, sold to N&G Investments for $3,946,000 or $438,000 per unit. The sale price per square foot at $503 set a new record high on a price per square foot basis for non-rent controlled apartment buildings in the Westside’s Palms community of Los Angeles.
The Keystone Manor is a two story 7,850 square foot project built in 1988, with a unit mix consisting of both one and two bedroom apartment homes. The property is situated in a prime Palms area located just South of Rose and East of Overland Avenue. At the time of the sale the building was 100% occupied. The vacancy in Palms for apartment units of similar size is extremely low due to rental market demand, which has contributed to escalating rents and outstanding sales prices.
Kawaoka said, “The seller had this property in their portfolio over 10 years. Current market conditions made it the perfect time to sell and our thoughtful and effective marketing plan for this property produced multiple offers over asking price. We were able secure a buyer $100,000 above asking price, negotiate favorable terms and maximize the value for the Almanza Trust. Palms is one of the most desirable areas due to its proximity to the metro rail, Downtown Culver City and Silicon Beach. Rental units will remain in demand there. The non-rent controlled property offers a tremendous long-term hold potential for the new owner.”
NAI Capital negotiated the purchase of a 10,156 square foot gym in Pasadena, Calif. Senior Vice President Glenn Melnick with NAI Capital’s Pasadena office represented the buyer, North Lake Partners, LLC. The seller was Joe Abe, LLC. The transaction totaled $1,300,000 or $128 per square foot.
The property is located at 1368 N. Lake Avenue with prominent street visibility. The building is 2-stories with beautiful wood bow-truss ceilings, located just North of the 210 Freeway in a prime area of Pasadena. North Lake Partners, LLC purchased the property to relocate their antiques business to this location. The building was 100% vacant at the time of the sale. The first floor is approximately 7,250 square feet. The building’s second floor space is 2,906 square feet.
Melnick said, “We originally thought the first floor square footage was the only space legally permitted in this building. However, we discovered the second floor is also legally permitted. When you factor in the additional square footage that was discovered on the second floor, this brought the total price per square foot to $128. Looking at sales comps in the area, I doubt you will find anything else comes close to this! Plus being an owner-user made this deal a no-brainer, and cheaper than paying rent.”