NAICS Codes
What are NAICS codes and why are they important in commercial real estate?  The North American Industry Classification System (NAICS) is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing … Continue reading →

31-Unit Apartment Building Sells in Pasadena
(05.21.13)306 S El Molino Partners LP purchased the four-story 21,986-square-foot building at 306 El Molino Ave. in Pasadena, CA, from Lion Del Mar LLC. for $4.075 million, or about $131,451 per unit. Built in 1928, the 31 units are comprised of eight one-bedroom/one bathroom, and 23 studios. Also included in the sale was a 5,319-square-foot parking lot at the rear of the building. Brent Sprenkle and Kevin Lutz of Hendricks & Partners represented the...

Solomon Promoted to VP at Marcus & Millichap
(05.23.13)Marcus & Millichap Real Estate Investment Services has promoted Tony Solomon to vice president in the firm's West Los Angeles office on Olympic Blvd. Solomon previously served as regional manager, a position he has held since 2011. He originally joined Marcus & Millichap in 1998 as an investment property specialist, and became a sales manager focusing on the LA market in 2000. He also has experience in multifamily sales, and held a position as...

TIAA-CREF Acquires Burbank Apts.
(05.20.13)TIAA-CREF recently closed on its purchase of Empire Landing, a 276-unit apartment complex at 1901 N Buena Vista St. in Burbank, CA from a joint venture between Casden Properties and Pacific Coast Capital Parnters. The three-building complex was 95% occupied at the time of sale. and sold for an undisclosed price. Ron Harris and Joseph Smolen of Marcus & Millichap's Institutional Property Advisors (IPA), which focuses on institutional and major...

Covina Office Property Sells for $3.3M
(05.20.13)Teamsters Joint Council 42 sold the office building at 818 S. Oak Park Rd. in Covina, CA to Reasons To Believe for $3.25 million, or about $125 per square foot. The buyer will occupy the first floor of the 26,054-square-foot property while the second floor will be a four-month sale leaseback for the Teamsters. After the lease expires the buyer will move into the rest of the building. Adam Wicker and Dave Smith at Lee & Associates represented...

Temple City Retail Property Sold for $3.8M
(05.19.13)Ranccol Ventures, Inc. sold 5620-5628 N. Rosemead Blvd. in Temple City, CA for $3.8 million, or about $270 per square foot. The buyer paid all cash and closed escrow after 30 days. 5620 N. Rosemead was built in 1949 and stands at 11,550 square feet. 5628 N. Rosemead, built later in 1954, totals 2,511 square feet. Just one of the 13 units at the multi-tenant strip center is reported to have been vacant at time of sale. Carole Tam of Coldwell...

Northfield Business Park Property Sells for $4.2M
(05.20.13)Aubery Family LP sold the industrial building located at 1901 Eastman Ave. in Oxnard, CA to Abulafia Trust for $4.2 million, or approximately $85 per square foot. The property totals 49,564 square feet and sits on just under three acres, part of the Northfield Business Park. It was originally built in 2003 and is fully occupied by a single tenant. There were no brokers reported as having been involved in the sale. For more information...

Kennedy-Wilson Properties Hires Three Industry Veterans
(05.20.13)Ryan Eddy, Christine Deschaine, and Fred Cordova (pictured, right) have joined the brokerage team at the Beverly Hills headquarters of Kennedy-Wilson Properties, Ltd. Since the first quarter 2013, the firm has hired seven veteran brokers. Cordova and Eddy both came from Colliers International and Deschaine came from Lee & Associates. Cordova served as executive vice president at Colliers and national executive director and chairman of its...

CoStar's People of Note (May 12 - 18)
(05.17.13)This week's People of Note includes the following markets: Detroit, Charlotte, Phoenix, New York, Charleston, South Florida, and San Diego. DETROIT Farbman Group Promotes Gutman, Kalil By Tim Heise Farbman Group, a Southfield, MI-based, full-service real estate solutions company, has promoted CFO Andrew Gutman to president of the company. Gutman joined Farbman Group more than 18 years ago. He has worked in several areas of

Canyon Capital Partners with Citi on New Multifamily Impact Fund
(05.17.13)Reflecting a shared commitment to making socially impactful investments, Canyon Capital Realty Advisors and Citi have partnered to launch a new real estate fund focused on multifamily workforce housing in underserved communities across the United States. The Canyon Multifamily Impact Fund has raised $50 million toward its goal $200 million and is positioned to acquire and manage up to $800 million in apartment communities, representing thousands...

The Talley Bldg Sells for $8.5M
(05.16.13)Felsenthal Property Management, Inc. purchased 1950 Williams Dr. in Oxnard, CA for $8.54 million, or approximately $45 per square foot. Built in 1970, the 190,436-square-foot manufacturing facility sits on 12.6 acres in Ventura County. The price is considered below market because a substantial investment is required to put it into service, and 25 percent of the property was vacant at time of sale. There is also a 70,000-square-foot basement that...

Primestor Buys Community Center
(05.15.13)Primestor Development, Inc. purchased 2750 W. 120th St. in Hawthorne for $7.25 million, or $123.37 per square foot. This was an REO sale transaction. Built in 2004, the retail building totals 58,764 square feet on 4.65 acres and is the anchor location in the Hawthorne Crossing shopping center. The property has been 100% vacant since the first quarter 2008. The property needed some rehab work besides tenant improvements that included HVAC and...

Redevelopment Site Sells for $6.2 Mil.
(05.15.13)C.E.G. Construction purchased 13110 Louden Lane in the City of Industry for $6.2 million, or $53.45 per square foot. Built in 1968, the industrial building totals 116,000 square feet on 6.83 acres. The building was 100% vacant at the time of sale. The buyer plans to redevelop the property by demolishing the existing structure and constructing a new 168,000-square-foot industrial building. Barbara Emmons, Jeff Stephens, John Privett and Camercon...

Hines Global REIT Acquires The Campus at Playa Vista
(05.14.13)Hines Global REIT Inc., a public, non-listed real estate investment trust sponsored by Hines, acquired the Campus at Playa Vista in West Los Angeles. The Campus at Playa Vista was constructed in 2009 and is LEED Core and Shell Gold certified. The four-story office buildings at 12015, 12025, 12035 and 12045 E. Waterfront Drive totals 324,944 square feet and sits on seven acres in the 1,087-acre Playa Vista master--planned community. The Campus...

Wilson Courtyard Apartments Sell for $6.5 Mil.
(05.15.13)El Molino & East Walnut LLC purchased the Wilson Courtyard Apartments at 168-188 N. Wilson Ave. in Pasadena for $6.5 million, or $282,609 per square foot with a 5% cap rate. Built in 2005, the 23-unit multifamily building totals 19,496 square feet on 0.49 acres. The two-story property was 95% occupied at the time of sale. Wilson Courtyard, Inc. was the seller. There were no brokers involved in the transaction. Please reference COMP # 2729929...

Pasadena Retail Portfolio Sells for $4.8M
(05.14.13)EWV LLC purchased two retail buildings located at 1383-1399 and 1384-1400 E. Washington Blvd. in Pasadena, CA for $4.8 million, or about $117 per square foot. Built in 1922 and 1925, the two retail buildings total 40,859 square feet on 1.2 acres in the Pasadena submarket of Los Angeles County. The properties are located directly across the street from one another. Don Speakman of So Cal Commercial Real Estate represented the sellers. Alex...

Tashdjian Holdings Pays $4.1M for LA Industrial Bldg
(05.10.13)Tashdjian Holdings LLC acquired the industrial building at 620 Gladys Ave. in Los Angeles for $4.095 million, or about $95 per square foot. Built in 1965, the 42,975-square-foot building sits on 1.6 acres and features 48 parking spaces, five dock-high doors and five grade-level doors, 1000-amp heavy power, and 22-foot clear heights. Mike Smith, Jim Halferty and Armen Kazaryan of Lee & Associates represented the seller. Artak Dovlatyan of Specialized...

CoStar's People of Note (May 5 - 11)
(05.10.13)This week's People of Note includes the following markets: Los Angeles, Minneapolis, Washington DC, New Jersey, Chicago, New York, and Indianapolis. LOS ANGELES Diaz Returns to Cushman & Wakefield By Allison Smith Lalo Diaz has returned to Cushman & Wakefield, Inc. as a market leader for the Downtown Los Angeles market. In his new role Diaz will be responsible for overseeing day-to-day activities, recruitment goals, an

Deflorian Joins Stream Realty
(05.09.13)Nicole Deflorian has joined Stream Realty Partners LP as a senior associate in its Los Angeles Offices. IN her new role, Deflorian will assist with the expansion of retail sector. Previously Deflorian was a property manager at MRO Elliott Management, Inc., where she managed multiple commercial properties and directed tenant relations. In addition, she leased and sold retail properties for the Piken Company and was ranked as one of the company...