Here’s what LA’s $10M-$30M investment sales market looked like last week

Los Angeles /
Mar.March 06, 2017 02:30 PM

In the world of mid-market L.A. investment sales last week, two mid-century Santa Monica apartment buildings traded hands, one to a private investor and another to local firm Watt Companies. Meanwhile, San Francisco’s Merlone Geier Partners bought the land underneath its retail asset at 345 and 401 S. Lake Avenue for $15.1 million.

1. In Santa Monica, a 25-unit apartment building traded hands for $12 million, or $480,000 per unit. The buyer is a private investor based in Los Angeles, according to the deal’s brokerage, Marcus & Millichap. The seller was the Vanbuskirk Family Trust, which acquired the property for $7.1 million in 2007, property records show. Tony Azzi and Rabbie Banafsheha brokered both sides of the deal. The complex at 1015 3rd Street was built in 1954 and comprises only one-bedroom, one-bathroom units.

2. In Nearby Ocean Park, an LLC connected to the Santa Monica-based Watt Companies acquired a 31-unit apartment building for $17.4 million, or $562,097 per unit. The seller of the 1969-built complex is an affiliate of Hill Street Realty. Richard Ringer, also of Marcus & Millichap, represented Hill Street and procured the buyer. The property, at 2727 6th Street, comprises 17 one-bedroom units and 14 two-bedroom units and was last renovated in 2015, Ringer said in a statement.

3. In Pasadena, Merlone Geier Partners bought the land underneath its 131,000-square-foot retail asset at 345 and 401 S. Lake Avenue for $15.1 million, The Real Deal reported Monday. The seller was retail giant Macy’s, which operates a store in another part of the same retail complex. Merlone already owned the leasehold, which it acquired for $31.1 million from Vornado Realty Trust three years ago. Over 60 years remain on the lease term, according to Hanley Investment Group, which represented Macy’s. Merlone Geier was represented in-house.


Related Articles

arrow_forward_ios
Randy Kendrick, chief executive officer, Xebec Realty, and 12975 Bradley Avenue in Sylmar, CA (Xebec Realty, LoopNet)
Xebec looks to flip Sylmar industrial to self
Xebec looks to flip Sylmar industrial to self
The CitizenM hotel in Los Angeles (Booking)
California starts to refill hotel development pipeline
California starts to refill hotel development pipeline
Distress specialist buys Santa Barbara hotel
Distress specialist buys Santa Barbara hotel
Distress specialist buys Santa Barbara hotel
Richard Lovett, co-chairman / agent, motion picture library literary, CAA (CAA)
CAA picks JMB Realty’s new Century City tower for HQ
CAA picks JMB Realty’s new Century City tower for HQ
Kevin Staley, managing partner, Staley Point Capital; Andrew Terris, managing director, real estate, Bain Capital; and view of 12065 Pike Street (Google Maps, Bain Capital, Staley Point)
Staley Point, Bain spring for beer bash
Staley Point, Bain spring for beer bash
Rexford Industrial Realty co-CEOs Michael Frankel and Howard Schwimmer and property at 4240 West 190th Street (Wexford Industrial Realty, Newmark)
Rexford’s latest in South Bay brings 307K sf
Rexford’s latest in South Bay brings 307K sf
Microsoft CEO Satya Nadella, Activision Blizzard CEO Bobby Kotick and 2701 Olympic Boulevard (Wikipedia, Loopnet)
Here’s how Microsoft will expand its SoCal office footprint with Activision
Here’s how Microsoft will expand its SoCal office footprint with Activision
11672 San Vicente Boulevard in Brentwood (Google Maps)
Brentwood retail complex fetches $2,000 psf
Brentwood retail complex fetches $2,000 psf
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...