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Tag: investment sales

  • Inked: Long Island commercial real estate sales and leases | Long Island Business News

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    130 Eileen Way, Syosset

    Total Restoration Industries purchased the 30,500-square-foot building on 1.5 acres at 130 Eileen Way in Syosset for $9.093 million. The company, in business for more than 30 years, specializes in restoring property damaged by fire and smoke, water and flooding and mold remediation. It will be relocating from its current location down the street at 160 Eileen Way. The Syosset property at 130 Eileen Way had been the home of Big Blue Products, a global provider of IT products, computers, laptops, tablets and related parts and accessories. Max Omstrom of JLL represented the buyer, while Jason Miller and Jeffrey Schwartzberg of Premier represented the seller, Alnwick Castle LLC, in the sales transaction.

     

    4250 Veterans Memorial Highway, Holbrook

    MDJ Realty Services, an entity owned and controlled by Michael Broxmeyer and his brother Daniel Broxmeyer, purchased the four-story 145,000-square-foot building on 6 acres at 4250 Veterans Memorial Highway in Holbrook for $13 million. The office building, located at the corner of Veterans Memorial Highway and Johnson Avenue and known as MacArthur Plaza, is 78 percent occupied. The sale price equates to $89 a square foot an in-place cap rate of about 12 percent. Though the Broxmeyers are also executives with Melville-based Fairfield Properties, the Holbrook deal has nothing to do with Fairfield, and the property will be managed by MDJ. Financing for the acquisition was provided by Joseph Fingerman at Peapack Private Bank & Trust. The buyer was self-represented, while Dan Abbondandolo, Joegy Raju and Victor Little of Cushman & Wakefield’s Long Island and Capital Markets team were assisted by C&W’s David Pennetta and Steve Cadorette in representing the seller, CAF Vets LLC, in the Holbrook sales transaction.

     

    60-70 Cleveland Ave., Bay Shore

    ZNM LLC purchased a 41,419-square-foot industrial building on 2.9 acres at 60-70 Cleveland Ave. in Bay Shore for $6.35 million. The building has a 13,000-square-foot mezzanine and 22-foot-high ceilings. Luca Perinuzzi and Ralph Perna of Schacker Realty represented the buyer, while Reid Berch and Joseph Lagano of Avison Young represented the seller, SLMP Facility LLC, in the sales transaction.

     

    21-23 S. Park Ave., Rockville Centre

    Eager Realty LLC, an affiliate of a family-owned real estate investment group, purchased a 2,640-square-foot restaurant building at 21-23 S. Park Ave. in Rockville Centre for $1.675 million. The building is triple-net-leased to The Ivy Kitchen & Bar, which also has a location in Huntington. The sale price equates to $634 per square foot and a 7 percent cap rate. The buyer was self-represented, while Tom Bigansky of North Village Realty represented the seller, CSK Realty Inc., in the sales transaction.

     

    1821 Broadhollow Road, East Farmingdale

    Value Outlet leased a 20,000-square-foot building on 1.13 acres at 1821 Broadhollow Road in East Farmingdale, where it plans to open its first store. The property was the former long-time home of Ashley Furniture.

    The newly minted Value Outlet is an off-price retailer of apparel, footwear, home goods and accessories. The East Farmingdale building is currently undergoing renovations, and the new store is expected to open in the next few months. Luciano Oliverio of Summit Commercial Real Estate represented Value Outlet, while the landlord JSP Realty Group was self-represented in the lease transaction.

     

    48 West Main St., Patchogue

    Tapster, a self-pour tasting room franchise, leased a 4,200-square-foot space at 48 West Main St. in Patchogue. The space was formerly occupied by Pinball Long Island. This will be the first Long Island location for Tapster, a growing franchise that has other locations open in Seattle and Bellevue, Wash., Cleveland, Ohio, Chicago, Philadelphia and Lexington, Ky. Tapster offers a self-serve tasting room model, allowing guests to explore a wide selection of craft beers, wines, cocktails, ciders, kombucha, and non-alcoholic beverages purchased by the ounce. The Patchogue Tapster, owned and operated by franchisee Allison Dee, is expected to open this spring. John Pacifico of NAI Long Island represented the tenant in the Patchogue lease transaction.

     

    365 Oser Ave., Hauppauge

    Boduo International Trade LLC, an affiliate of a supplier of bubble tea ingredients and products, leased a 20,000-square-foot industrial building on 1.14 acres at 365 Oser Ave. in Hauppauge. The company is relocating from its current facility in Farmingdale. Founded in 2014, Boduo International is a subsidiary of Boduo Holding Group, one of the largest milk tea suppliers in China since 2000, according to its website. The company’s product offerings include tea, non-dairy creamer, popping boba, toppings, powder, jam and syrup. Desmond Mullins of Premier Commercial Real Estate represented the tenant, as well as the landlord, Heartland Associates, in the lease transaction.

     

    301 Walt Whitman Road, Huntington Station

    Seven Hearts Realty LLC, an affiliate of a family-owned commercial real estate investment group, purchased the 19,530-square-foot building on 1.2 acres at 301 Walt Whitman Road in Huntington Station for $14.2 million. The acquisition was completed to satisfy the buyer’s 1031 exchange requirement. The Huntington Station property is fully occupied by Barnes & Noble, which leases 14,330 square feet and a T-Mobile store that leases 5,200 square feet. There is parking for 16 vehicles in front and another 50 parking spaces behind the building. The sale price equates to $727 a square foot and a 6.45 percent cap rate. Daniel Abbondandolo, Joegy Raju, Victor Little and Chris Sheldon of Cushman & Wakefield procured the buyer and represented the seller, 301 Route 110 LLC, in the sales transaction.

     

    445 Winding Road, Old Bethpage

    Daniels Real Estate Acquisition Inc., an affiliate of Daniels , purchased the 23,159-square-foot industrial building on 1.5 acres at 445 Winding Road in Old Bethpage for $6.69 million. Paul Leone of CBRE represented the buyer, while Gary Chimeri and Michael Berndt of Paramount Properties Group represented the seller, Quarter to Five Inc., in the sales transaction.

     

    41 Howard Place, Ronkonkoma

    ISP Millwork Inc. leased 9,000 square feet of industrial space at 41 Howard Place in Ronkonkoma. Michael Zere of Zere Real Estate Services represented the tenant, as well as the landlord, 41 Howard Place LLC, in the lease transaction.


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    David Winzelberg

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  • Federal Realty Sells Third Street Promenade Shops for $103M

    Federal Realty Sells Third Street Promenade Shops for $103M

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    Federal Realty Investment Trust has cashed out of Santa Monica’s Third Street Promenade. 

    The Bethesda, Maryland-based real estate investment trust has sold eight buildings on Third Street Promenade, just a quarter-mile from the beach, for $103 million, the firm announced on Thursday. 

    The sale for the eight buildings, which total 185,000 square feet, came out to $556 per square foot. The buyer of the portfolio was not disclosed and the deal has not yet hit property records.

    With the deal, Federal Realty is left with nothing on the promenade, ending a more than two-decade streak of ownership. The REIT bought its first building on the strip in 1996, according to financial filings. 

    In December, Federal Realty offloaded a 12,300-square-foot store, leased to Dodgers Clubhouse, a merchandise store dedicated to the Los Angeles baseball team, for $17.2 million, records show. Pasadena-based Global Mutual Properties bought the building. 

    The Third Street Promenade cost Federal Realty about $29 million between 1996 and 2000, according to an annual filing. The development was part of a push by the city to lure Santa Moncia residents to its Downtown. 

    “The promenade turned Santa Monica into a community with both a beach and a quality urban environment,” Denny Zane, an activist involved in the creation of the development, told the Los Angeles Times in 2014. 

    But after the pandemic hit in-store retail sales, many retailers, including Banana Republic and Old Navy, decided to cut their Third Street Promenade spaces. 

    About a quarter of the Third Street Promenade is available for lease, according to SFGate, with 72 of the 97 of the ground-floor storestrongs occupied.

    Most of the vacancy lies within the 1200 block of the promenade, where a number of Federal Realty’s properties sat. 

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    Isabella Farr

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  • Jade Enterprises Lists Mostly Empty LA Building for Sale

    Jade Enterprises Lists Mostly Empty LA Building for Sale

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    Jade Enterprises has listed a mostly vacant office tower in Downtown Los Angeles for sale. 

    The L.A.-based investment firm has put 660 South Figueroa Street, a 24-story, 284,500-square-foot tower, on the market, according to a LoopNet listing. A team led by Newmark’s Kevin Shannon is marketing the property for sale. 

    No listing price was disclosed, though the deal would be a “significant” discount to what it could cost to replace the entire building — estimated to be more than $900 a square foot, or roughly $256 million. 

    Jade bought the property for $80 million in 2014, or roughly $281 a square foot, records show. The firm used a $55.4 million loan from U.S. Bank for the acquisition and refinanced with a $51.5 million loan from Acore Capital. 

    The balance of the loan has shrunk to $39 million. Jade is offering the buyer a deal to assume the loan, which matures in February 2027, with the acquisition.

    Jade has spent $12 million over the last 10 years to renovate the building’s common areas and on tenant improvements, according to the listing. 

    The property is currently 37 percent leased — and about 12 percent of that is set to expire before 2027. No leases are scheduled to expire this year. 

    Offices in Downtown Los Angeles have been trading well below what Jade paid for the building in 2018, impacted by high interest rates and the City of L.A.’s transfer taxes, known as Measure ULA. 

    Earlier this month, The Swig Company sold an office complex at 617 West 7th Street for $20.5 million, or $94 a square foot, marking one of the lowest deals on a square-foot basis for an office property in the Downtown market. 

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    Isabella Farr

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  • Brookfield Deal to Sell 777 Tower in Downtown LA Collapses

    Brookfield Deal to Sell 777 Tower in Downtown LA Collapses

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    Brookfield Properties’ deal to sell 777 South Figueroa Street, a 1 million-square-foot office tower in Downtown Los Angeles, has fallen apart, according to sources familiar with the matter. 

    Consus Asset Management, an investment firm based in South Korea, pulled out of a deal to buy 777 Tower for $145 million. Commercial Observer first reported that the transaction fell apart. It’s unclear why Consus pulled out and the firm could not be reached for comment. Brookfield did not respond to a request for comment.

    Brookfield defaulted on $319 million in loans tied to the 52-story tower last year, after rising interest rates squeezed profits from the building. The firm put the property up for sale in the fall. 

    Sources previously told TRD that Brookfield scored at least 15 offers on the tower, which is almost half empty, after putting the property up for sale last fall. 

    The Consus deal, which was set to close at about $145 a square foot, would have marked another benchmark for office sales in Downtown L.A., an office market that has been plagued by defaults, landlords cutting and running, high vacancy and low trades on a price-per-square-foot basis. 

    In December, Carolwood, run by Adam Rubin and Andrew Shanfeld, bought the 1.1 million-square-foot AON Center at 707 Wilshire Boulevard for $147.8 million, or about $134 per square foot, in a deed-in-lieu of foreclosure.

    Earlier this month, developer Izek Shomof bought 617 West 7th Street, an office building in the same area of Downtown L.A., from the Swig Company for $20.5 million, or $94 a square foot. Swig had bought that property for $38.8 million in 2011. 

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    Isabella Farr

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  • Bank of SoCal Lists Santa Monica Apartments for Sale

    Bank of SoCal Lists Santa Monica Apartments for Sale

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    Bank of Southern California has listed three apartment complexes in Santa Monica for sale — properties formerly owned by developer Neil Shekhter, The Real Deal has learned. 

    NMS Properties’ Neil Shekhter

    The bank foreclosed on the three buildings at 1038 10th Street, 1007 Lincoln Boulevard and 1516 Stanford Street in February, L.A. County records show, after Shekhter defaulted on almost $16 million in loans tied to the properties. 

    At a public auction, Bank of Southern California foreclosed with a credit bid of $9.5 million, coming out to about $394,000 per unit.

    Now the bank is asking $10.8 million for the three buildings, which together total 24 units, according to listings on LoopNet for the property. At that price point of $450,000 per unit, Bank of Southern California could recoup some of its loss that came from Shekhter’s unpaid debt. A team led by JLL’s Luc Whitlock is marketing the portfolio for sale. 

    Shekhter paid about $10.6 million for the three buildings between 2015 and 2016, property records show.

    The buildings can be bought individually or as one portfolio, according to the LoopNet listing. Almost half of the units will be vacant at the time of sale. 

    The properties could be bought by owner-occupiers — someone who could occupy one of the units and rent out the rest, according to JLL’s marketing materials. 

    Shekhter and his firm, WS Communities, had refinanced the three properties in September 2022, using a business loan from Bank of Southern California, court records show. 

    Shekhter’s sons Adam, Alexander and Alan Shekhter, each signed unlimited personal guarantees with recourse, meaning if the properties could not pay back the loan, the brothers would be personally liable for paying it back, according to court documents. 

    Bank of Southern California had sued Shekhter’s sons over the defaulted loans, claiming the three “failed and refused, and continue to fail and refuse, to pay the sums due and owing to plaintiff, in breach of said guaranty,” court records show.

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    Isabella Farr

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  • Decron Sells Moorpark Apartment Complex for $133M

    Decron Sells Moorpark Apartment Complex for $133M

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    Decron Properties has sold an apartment complex in the Ventura County city of Moorpark for $133 million, as it continues offloading some of its Greater Los Angeles assets. 

    AEW Capital Management bought the 376-unit complex, named Ranch at Moorpark at 51 Majestic Court, according to an announcement from Decron on Thursday. The deal came to about $354,000 per unit. 

    It’s unclear how AEW financed the acquisition and the deed has not yet been recorded with the county. The firm did not respond to a request for comment. 

    Decron, which is based in Los Angeles, bought the property for $84 million in 2013, according to property records, or about $224,500 per unit. The firm renovated every apartment, plus common areas, and expanded parking. 

    Over the last six months, Decron has worked to sell off assets in and around Los Angeles, with plans to take those proceeds and put them to work in other markets. 

    “We’re looking at markets like San Diego, where we recently made a substantial acquisition, and places like Phoenix and Seattle where we already have created a significant portfolio,” Decron CEO David Nagel said in a statement. 

    In December and January, Decron sold two properties in the city of L.A. and two more in Thousand Oaks for a combined $212 million, Nagel told TRD earlier this year. All in all, the company’s cashouts sum to a total $345 million over the last six months. 

    In L.A., Nagel said Decron was particularly “disincentivized” to stay

    “Once Measure ULA went through, it really disincentivized us to stay,” he said. “And what’s the next thing that’s going to happen that’s going to hurt us and prevent us from reinvesting in our properties as we would like to?” 

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    Isabella Farr

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  • EQT Exeter Spends $197M to Buy Inland Empire Industrial

    EQT Exeter Spends $197M to Buy Inland Empire Industrial

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    EQT Exeter has bought a warehouse in the Inland Empire city of Fontana for $197 million. 

    Manulife Investment Management sold the 819,000-square-foot industrial property, according to an announcement from JLL, which brokered the deal, on Tuesday. The deal came out to $240 a square foot. 

    Located at 13423 Santa Ana Avenue, the distribution center includes 30-foot clear heights. 

    Manulife acquired the property in 2017 when it bought John Hancock Life Insurance Company, which built the warehouse in 2000, according to property records filed with San Bernardino County. 

    In the second quarter of 2022, Weber Distribution renewed a lease for 335,000 square feet at the property, according to a report from Lee & Associates. 

    HSN, also known as the Home Shopping Network, lists the property as an address for a distribution center, though lease information has not been publicly disclosed in records. HSN is owned by the Qurate Retail Group. 

    Though industrial leasing has slowed down from a peak in 2021 — when vacancy rates across the Inland Empire dipped below 1 percent — investors are still pouring cash into the asset class. 

    Last month, Rexford Industrial Realty bought 3 million square feet of industrial space — totaling 48 properties — in Southern California from Blackstone in a whopping $1 billion deal, adding almost 7 percent of square footage to its portfolio. 

    That deal came out to around $332 a square foot on average. 

    Also last month, Hillwood Investment Properties and CBRE Investment Management borrowed $756 million to build 6.6 million square feet of warehouses on the former NASCAR racetrack in Fontana.

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    Isabella Farr

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  • Rexford Buys 48 Warehouses From Blackstone for $1B

    Rexford Buys 48 Warehouses From Blackstone for $1B

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    Rexford Industrial Realty has bought 3 million square feet of industrial properties in Southern California from Blackstone in a whopping $1 billion deal, adding almost 7 percent of square footage to its portfolio. 

    Rexford acquired 48 properties, which are scattered across Los Angeles and Orange counties, the firm announced on Thursday. The sale came out to around $332 per square foot on average. 

    Rexford used proceeds from corporate debt sales and cash on hand for the acquisition, rather than any sort of mortgage collateralized by the properties. 

    The portfolio is 98 percent leased, though Rexford did not disclose the addresses. 

    Blackstone sold the properties through a number of different ventures, including Blackstone Property Partners, Blackstone Real Estate Partners and Blackstone Real Estate Income Trust. 

    In a statement, David Levine, who jointly runs acquisitions in the Americas for Blackstone’s real estate group, called the deal an “excellent outcome” for investors. 

    Rexford has reaped the benefits of Southern California’s tight industrial market over the last few years, starting in 2021, when vacancy across many Southern California industrial markets dropped below 1 percent, as consumers pivoted to making more online purchases and companies needed extra space to store goods during the pandemic. 

    The REIT has spent the last several years in “buy” mode. The firm spent $1.5 billion to acquire property in 2023, down from $2.4 billion in 2022.

    At the end of 2023, Rexford reported $797 million in total revenues, up 26 percent from the year prior, and $249 million in net income — up 41 percent from the end of 2022, according to financial reports. 

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    Isabella Farr

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  • Helio Group Buys Culver City Apartments for $68M

    Helio Group Buys Culver City Apartments for $68M

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    Helio Group, an investment firm run by Simon Lazar and Sam Mostadim, have bought an apartment complex in Culver City for $67.7 million, according to property records.

    Greystar sold the 135-unit property, named the Cobalt Apartments, located at 10601 Washington Boulevard, records show. Marcus & Millichap’s Institutional Property Advisors brokered and announced the deal earlier this month, but declined to disclose a price. 

    The deal came out to about $502,000 per unit. No loan was recorded in connection with Helio’s purchase, according to records. 

    The sale was subject to the City of Los Angeles’ Measure ULA tax, which came out to $3.7 million on the deal, according to the deed. 

    Greystar bought the complex for $23.4 million in 2014, or about $173,000 per unit, using a loan from JPMorgan Chase Bank. 

    The building is right across the street from where Helio plans to build a 184-unit complex — the firm bought a former Globecast building for the development last year. 

    Rents at Cobalt range from $3,095 for a one-bedroom, 555-square-foot unit to $4,595 for a two-bedroom, 1,105-square-foot unit, according to online listings for the property. 

    The median rent for a one-bedroom apartment in Culver City is $2,395 a month, according to Zumper, down 11 percent from February last year. 

    The sale is in line with recent multifamily sales in the city of Los Angeles. Last month, FPA Multifamily bought three buildings from Neil Shekhter’s WS Communities for about $429,000 per unit.

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    Isabella Farr

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  • Hollywood Elite Spend $15.5M to Buy Fox Village Theatre

    Hollywood Elite Spend $15.5M to Buy Fox Village Theatre

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    The show must go on.

    A group of 35 famous filmmakers spent $15.5 million to purchase the Fox Village Theatre in Westwood, The Real Deal has learned. 

    Producer Jason Reitman rallied the filmmakers — including Steven Spielberg, Christopher Nolan and Bradley Cooper — to buy the 25,000-square-foot venue in Westwood Village in an effort to preserve the theater.

    The consortium spent about $640 a square foot on the theater — and bought the property through a limited liability company called Village Directors Circle, according to records. 

    On average, the deal comes out to about $443,000 per filmmaker, though it’s unlikely each person put in the same amount of cash. 

    The sale was made across 10 different deeds, buying it from individuals who had held stakes in the property, located at 945 Broxton Avenue, for years. Newmark brokered the deal but declined to disclose a price. 

    The theater was built in 1931 and has 1,400 seats. The new owners will add a restaurant and bar to the property and showcase film props, wardrobe collections and film prints. 

    Reitman, whose late father Ivan Reitman directed the original Ghostbusters films, told the Los Angeles Times that he rallied the filmmakers as soon as he learned the property was going up for sale. 

    “I heard that the theater was up for sale last summer, and I remembered what happened to the National Theatre just a few blocks away,” he said, referring to that property’s demolition. “I also heard that one of the bidders was interested in turning it into a live musical theater venue and another bidder was interested in turning the interior into retail.

    “I immediately put in a bid, and I started reaching out to directors I knew,” he said. 

    In 2022, Grubb Properties bought the Laemmle theater in North Hollywood and planned to build 128 units on the site. 

    The full list of new owners are among the most recognizable names in show business. In addition to Spielberg, Nolan, Cooper, Reitman, investors include: J.J. Abrams, Guillermo del Toro, Christopher McQuarrie, Judd Apatow, Damien Chazelle, Chris Columbus, Alfonso Cuarón, Hannah Fidell, Alejandro González Iñárritu, James Gunn, Sian Heder, Rian Johnson, Gil Kenan, Karyn Kusama, Justin Lin, Phil Lord, David Lowery, Chris Miller, Todd Phillips, Gina Prince-Bythewood, Jay Roach, Seth Rogen, Emma Seligman, Emma Thomas, Denis Villeneuve, Lulu Wang and Chloé Zhao.

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    Isabella Farr

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  • William Walters Sells Anaheim Multifamily Complex for $79M

    William Walters Sells Anaheim Multifamily Complex for $79M

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    William Walters Company, a partnership of investors, has sold Chateau de Ville, a 254-unit multifamily property in Anaheim for $79 million to Chateau De Ville Investment LP, a local investment firm.

    The complex, located at 2020 West Alameda Avenue, was on the market for the first time in half a century, and traded for about $311,000 per unit, according to a statement from brokerage Marcus & Millichap, which represented the seller.

    The buyer paid $37 million for the property, per the deed obtained by TRD, and assumed debt as part of the transaction, according to a representative of the brokerage. 

    The manager of Chateau De Ville Investment LP is listed as Gerald Marcil, the head of Palos Verdes Investments, according to state records.

    “Orange County has been the tightest major rental market in California for the past three years, and this trend is projected to continue with a fourth straight year of rent growth,” Tyler Leeson, a broker at Marcus & Millichap’s Orange County office, said in a statement.

    Chateau de Ville, which was built in 1970, is a 21-building project that includes a swimming pool, clubhouse and fitness center. 

    Orange County’s multifamily vacancy rates — for Class A and Class B properties — currently sit below 4 percent, according to Marcus & Millichap’s Matt Kipp, who added he’s expecting to see “increasing competition for apartment assets” from investors across the county this year. 

    The multifamily market in Orange County has shown resilience in recent months with a handful of deals.

    In January, Equity Residential sold Regency Palms, a 310-unit multifamily property in Huntington Beach, for $127 million. The previous month, Advanced Real Estate acquired a 714-unit apartment complex in Costa Mesa, for $234 million.

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    Daria Solovieva

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  • TPG Sells Playa del Rey Multifamily Project to Kajima USA After Foreclosure

    TPG Sells Playa del Rey Multifamily Project to Kajima USA After Foreclosure

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    TPG Real Estate Capital has unloaded a 2.3-acre multifamily development site in Playa del Rey, just a few months after foreclosing on the property.

    Kajima USA, the U.S. arm of Tokyo-based construction firm, bought the site and 176-unit complex at 6733 South Sepulveda Boulevard for $56 million, according to property records filed with L.A. County in December.

    The sale price comes to about $320,000 per unit, although it’s unclear how much work remains to get the project ready for occupancy.

    TPG foreclosed on the property in October through a $29.9 million partial credit bid, meaning TPG could acquire the assets by relieving part of the debt, without paying actual cash. 

    The sale to Kajima still came at a loss for TPG. 

    The Texas-based investment firm had handed out a $97 million loan to Sandstone Properties in 2022, records show. 

    Sandstone then defaulted last year, owing nearly $80 million under the loan and failed to make monthly debt payments in December 2021 and January and February of 2022, according to notices of default filed with the county. 

    Sandstone had planned to build 176 units on the site, called Silicon Beach Live. Reports said the project’s shell was completed last April, though default notices state that the developer failed to meet certain completion deadlines for the project. 

    It’s unclear whether Kajima will complete the process of finishing the site. The firm, which did not respond to a request for comment, has been planning residential projects across the U.S. for the last eight years, including condo developments in Florida and industrial sites in Texas.

    As part of the sale to Kajima, TPG was on the hook for $3.3 million in transfer taxes, given the property is located in the city of L.A. and subject to a 5.5 percent tax. 

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    Isabella Farr

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  • Plastic Surgeon Buys Beverly Hills Offices for $21M

    Plastic Surgeon Buys Beverly Hills Offices for $21M

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    A social media-famous plastic surgeon has bought an office building in Beverly Hills for about $921 a square foot, one of the priciest office deals in the last year on a per square foot basis. 

    Daniel Barrett, who runs Barrett Plastic Surgery and has almost 1 million followers on Instagram, bought 501 South Beverly Drive for $21.3 million, according to property records. 

    Ray Rowshankhah, the founder of Del Ray Realty, arranged financing for the deal, while Brandon Michaels at Marcus & Millichap represented the buyer. 

    Alon Abady, who owns a number of office buildings and hotels across Beverly Hills and West L.A., sold the building after owning it for more than 20 years, records show. 

    Barrett plans to build out about half of the building into medical space, fit for a surgery center with operating rooms and a medical spa, he confirmed over email. The remainder of the building would be leased out to tenants. 

    To close the deal, Barrett scored a $13.75 million loan from First Citizens Bank and more than $4 million in financing through the Small Business Administration’s 504 loan program, according to Rowshankhah. 

    In total, the deal was about 85 percent loan-to-value — terms that surpassed “usual market offerings for a commercial loan of this caliber,” Rowshankhah said. 

    Beverly Hills is a bright spot for L.A.’s office market, with a handful of deals trading for more than $900 a square foot in recent months, compared to Downtown Los Angeles, where office towers have traded for less than $140 a square foot. 

    Last month, sports betting company FanDuel paid $71 million for a 50,200-square-foot office building at 9000 Wilshire Boulevard, coming to $1,410 per square foot. 

    In a report from CBRE that looked specifically at the L.A. medical office market, the average price per square foot for the first three quarters of last year was about $360, compared to more than $600 for all of 2022. The average asking rate for medical office leases was $5.56, well above the L.A. market average of $3.86, but trailing pricey West Hollywood, Santa Monica and Westwood.

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    Isabella Farr

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  • Long Island investment sales brokerage expands to West Coast | Long Island Business News

    Long Island investment sales brokerage expands to West Coast | Long Island Business News

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    Plainview-based Silber Investment Properties, a prolific commercial real estate brokerage specializing in investment sales, is expanding with a new office in Southern California. 

    The brokerage firm’s new West Coast base of operations is located at 875 Prospect St. in La Jolla. The new office, in La Jolla’s downtown business district, is staffed with a team of brokers who are relocating from Silber’s Long Island headquarters. 

    “We’re excited to expand our brokerage operations to the West Coast,” Adam Silber, founder and president of Silber Investment Properties, said in a company statement. “La Jolla is a spectacular seaside community of San Diego. I’m excited that these three young men share my vision.” 

    Silber added that team-building efforts with his brokerage staff have been an integral part of the company’s success and that’s reflected in the brokers’ enthusiasm for their relocation to California. 

    “I am excited to spread The Silber Culture to the West Coast, connecting with a new network of real estate professionals,” Michael Turkowitz, vice president of Investment Sales at SIP, now representing the La Jolla office. “It’s a great opportunity to bring our values and expertise to a wider audience and redefine excellence in the industry.” 

    No stranger to markets outside of his home turf, Turkowitz has built a track record of deals in other states, including the disposition of a $10 million retail portfolio in Columbus, Ohio.  He also brokered a record-breaking price per-square-foot on the sale of numerous triple-net-leased quick-service restaurant properties for a private investor in Erie, Penn., according to the company. 

    Blake Benitez, another Silber broker relocating to the new La Jolla office, said he is also eager to establish a presence in the San Diego area’s commercial real estate market. 

    “Being part of the team opening our second branch in La Jolla feels like stepping onto a stage of endless possibilities,” Benitez said in the statement. “It’s not just a new office. It’s our chance to grow, thrive, and create success stories together in the vibrant real estate scene.” 

    Turkowitz and Benitez will be joined in the California office by Stephen Spiegel, junior vice president of Investment Sales at Silber. In the five years since Spiegel joined the firm, the triple-net retail sales specialist has facilitated many deals, including the sale of a $9.8 million shopping center in Howell, N.J. with a fellow Silber associate, according to the statement. 

    While the Silber brokerage firm has been based on Long Island for more than 30 years, it has closed over $5 billion in commercial real estate transactions throughout the country, according to the company. With the opening of its new California office, the firm aims to further grow its client roster in the national investment sales market. 



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    David Winzelberg

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