The Real Deal Los Angeles

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

A $107M sale in Torrance led the pack
By Natalie Hoberman |
Research by Haru Coryne
November 19, 2018 02:00PM

The Glendale Gateway and Gateway Towers

The five largest office trades of October spanned a wide swath of the Los Angeles metro area and totaled $167.4 million, up from about $122 million in September.

The top deal — an office campus in Torrance — accounted for more than half of the combined tally. The data was compiled from L.A. County property records on PropertyShark.

1. Gateway Towers | $106.5 million

A joint venture between the Ruth Group and Roxborough Group paid $106.5 million for the Gateway Towers in Torrance. The seller was EQ Office. Located at 970 and 990 West 190th Street, the 443,500-square-foot campus includes a pair of nine-story towers. It is 91 percent leased, with Herbalife, a nutrition and weight-management company, as an anchor tenant. Newmark Knight Frank brokered the deal.

2. Glendale Gateway | $28 million

Harbor Associates and Belay Investment Group acquired the Glendale Gateway, found at 700 North Central Avenue, for $28 million. CBRE Global Investors sold the building, which includes 136,000 square feet within eight stories. Tenants at the building include Gambit Gaming, Intercare Holdings and Fuse Media. The partnership also acquired an office building in Denver as part of the deal, worth a combined $58.9 million.

3. 233 South Euclid Avenue | $12.5 million

An LLC named Euclid Cordova Associates paid $12.5 million to acquire a 1.3-acre property at 233 South Euclid Avenue in Pasadena. Business registration records link Emil Fish to the buying entity. Marketing materials portray the property as a development site, with the bulk of tenants’ leases expiring in 2019. Dale Leroy and Yan Shen Morrison, of Erica Ephedra LLC are the registered sellers, property records show.

4. Encino Office Center | $10.4 million

The Encino Office Center, located at 16900 Burbank Boulevard, traded for $10.4 million last month to an LLC controlled by Jonathan Shomof. The entity, known as Desert Rose Investment Group LLC, is also controlled by prolific developer Izek Shomof, business registration records show. Commercial real estate firm Moss Group sold the complex, which spans 43,000 square feet.

5. 6636 West Sunset Boulevard | $10 million

A small office building on Sunset Boulevard sold to Assistance League of L.A., a non-profit organization that helps children, last month for $10 million. Electronic Theatre Controls, a stage lighting equipment company, sold the one-story building, located at 6636 West Sunset Boulevard in Hollywood. The property spans nearly 13,000 square feet.