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The Real Deal Los Angeles

Here are LA County’s top 5 office investment sales in July

Robert Herscu of HQ Creative sold two properties on the list
By Natalie Hoberman |
Research by Laura Hanrahan
August 17, 2018 03:00PM

3760 Motor Avenue, Robert Herscu and System Property CEO David Damus

The most expensive office deals in Los Angeles County last month amounted to only $37 million, a considerable slowdown from last month’s $403 million.

Leading the charts was a small one-story building on Mansfield Avenue in Hollywood, which sold for $12 million to an entity connected to a fashion retail brand known as Chrome Hearts. Elsewhere on the list, developer Robert Herscu sold two properties to System Property Development Co., a real estate firm based in Pasadena.

The data was compiled from property records on PropertyShark.

1. 941 N. Mansfield Avenue | $12 million

An LLC tied to the chief financial officer of Chrome Hearts, a fashion retailer, has purchased an office building on Mansfield Avenue for $12 million. Mario Lejtman purchased the 10,900-square-foot property on July 2 under an LLC named “939 N. Mansfield,” records show. The seller was Occidental Entertainment Holdings, which offers office space, production studios and equipment for the entertainment industry. Albert Sweet, an executive at Occidental Entertainment and commercial real estate developer, is also listed on deed records.

2. 3760 Motor Avenue | $11 million

System Property acquired a 9,800-square-foot office building in Palms for $11 million last month. The seller was Robert Herscu, founder of development firm HQ Group. Herscu developed the creative office building at 3760 Motor Avenue in Palms as part of his HQ Creative Office brand, which centers on adaptively reused office projects. He purchased the property through an LLC in 2015 for $3 million.

3. 9300 Jefferson Boulevard | $6.5 million

System Property also acquired another property from Herscu last month for $6.5 million. The 7,500-square-foot office building was also an HQ Creative project, found at 9300 Jefferson Boulevard in Culver City. The newly remodeled office property features two outdoor gardens, a private parking lot and a small basketball court.

4. 1000 E. Palmer Avenue | $5 million

An LLC named PMT Investment Group paid $5 million for a 6,550-square-foot office property at 1000 E. Palmer Avenue near Glendale. The business entity is controlled by an individual named Parviz Taban, and is registered to an address in Beverly Hills. An LLC connected to SunTrust Robinson Humphrey, a bank with headquarters in Atlanta, is listed as the seller. The property is currently home to a medical office called Davita Glendale Dialysis.

5. 6520 Eastern Avenue | $2.7 million

Danco Housing, a boutique residential and commercial real estate firm, acquired an office property at 6520 Eastern Avenue in Bell Gardens for $2.7 million last month. California TD Specialists, a law firm in Anaheim, is listed as the seller. The 7,000-square-foot building is leased by Primerica, a financial services firm.