The Real Deal Los Angeles

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

HTA buys three medical properties, Holland Partner Group spends $24.5M on San Pedro devo site
By Cathaleen Chen | June 05, 2017 03:30PM

Villa Edgemont at 1570 N. Edgemont Street and 2021 W. Pico Boulevard (Credit: Loopnet)

In the world of mid-market L.A. investment sales last week, the Healthcare Trust of America acquired three medical properties totaling about $40 million, while two multifamily properties traded hands — including a 2.45-acre development site.

1. As part of a $150 million portfolio acquisition last month, the Healthcare Trust of America bought two medical buildings on Roscoe Boulevard and one medical office in Glendale. The seller was Denver-based Nexcore Group. The portfolio, which cost HTA $253 per square foot, included 11 assets across Southern California and Arizona. The three properties in Los Angeles County totaled $40 million, according to Real Capital Analytics. An HTA executive confirmed the sales but declined to comment on the prices of the individual properties. The Glendale medical office at 1500 S. Central Avenue was built in 1980 and spans about 37,000 square feet. The Northridge Hospital Medical Center at 18350 Roscoe Boulevard encompasses about 68,000 square feet and its counterpart at 18546 Roscoe Boulevard is slightly smaller at 42,000 square feet.

2. Meanwhile Universe Holdings, headed by investor Henry Manoucheri, nabbed a 45-unit apartment complex in Los Feliz for $12.6 million, or $280,000 per unit, the firm announced last month. The seller was an LLC tied to Boston-based Alcion Ventures. Dubbed Villa Edgemont, the property at 1570 N. Edgemont Street was built in 1959. Universe Holdings now owns nine multifamily properties in the Los Feliz/Hollywood submarkets.

3. In San Pedro, Vancouver’s Holland Partner Group bought a 2.45-acre development site in San Pedro for $24.5 million from Omninet Capital. Madison Partners’ Lynwood Fields represented both sides of the transaction, the brokerage announced Monday. The site at 550 S. Palos Verdes and 140-160 6th streets is entitled for a 404-unit mixed-use complex with more than 5,000 square feet of retail.

4. Safco Capital, an investment firm headed by John Safi, just bought a 26,000-square-foot retail structure in Pico-Union for $18 million, according to multiple sources. The seller was Bequer Investments, an Anaheim-based firm. The property at 2021 W. Pico Boulevard currently houses a Ross Dress for Less store, which has a 10-year lease with seven years remaining, according to marketing materials.