Commercial Real Estate Transactions for the Week of May 20, 2024
Spanning five counties, the Los Angeles region has myriad opportunities for CRE deals big and small. L.A. Times B2B Publishing is tracking these transactions and will now offer a weekly roundup of deals that exceed $15 million in valuation, marking some of the largest property and land exchanges in the area.
Below is a roundup of notable Southern California commercial real estate transactions for the week of 5-20-2024.
Playa Vista
LaSalle Investment Management reportedly completed the sale of the office building at 5340 Alla Road in Playa Vista for $50.2 million or $ 380 per square foot. The 132,000-square-foot building known as The Annex was listed by Newmark along with the 48,000-square-foot office building at 12901 W. Jefferson Blvd., which was acquired separately last month by A2 Capital. The buyer of 5340 Alla Road was not disclosed.
Sherman Oaks
The Housing Authority of the City of Los Angeles acquired a newly constructed 36-unit apartment building at 4818 N. Sepulveda Blvd. in Sherman Oaks on May 16 for $25.9 million. It was acquired through Round 3 of the California Department of Housing Community Development Homekey Program. The program is designed to offer housing to the homeless and those at risk of becoming homeless. The property is located across the street from the Sherman Oaks Galleria. The unit mix includes three studio units, 18 one-bedroom units and 15 two-bedroom units located within a single structure.
Rancho Cucamonga
A newly constructed industrial warehouse on the northeast corner of Arrow Route and Rochester Ave at the Arrow Business Center in Rancho Cucamonga was sold on May 21 to JC United for $18.7 million or $380 per square foot. The building was developed by a joint venture of Atlanta-based Core5 Industrial Partners and MBK Industrial Properties. The 49,291-square-foot warehouse features 32-foot ceiling heights, five dock-high doors, one drive-in door and a 145-foot truck court depth.
“The purchase price set a recent high-water mark in value for a sale of a building in this size range in this submarket,” said David Neault, managing director for KW Commercial’s Rancho Cucamonga office, who represented the sellers.