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CLG Starts Work at its R3 Lofts Mixed-Use Project on Redwood

8 Sep 2014, 2:04 pm

By Alex Girda, Associate Editor

California Landmark Group recently announced that is has started construction on its Marina Arts District mixed-use project. The company is currently developing its R3 Lofts project, a $30 million venture that has a development deadline set for the spring of 2016. CLG is working on the site at 4091 Redwood Avenue, where its concept combines a residential component with dedicated creative office space for its residents.

When completed, R3 Lofts will offer a total of 67 apartment units and a creative office component of 7.525 square feet. This developer boasts solid experience working in the Marina Arts District. CLG has already developed around 350 units and 500,000 square feet of space during the past decade, means that the live/work property will be developed with a substantial know-how, in order to better suit the needs of the submarket. The residential component of the R3 will include one- and two-bedroom apartments, which will be available for monthly rents between $2,300 and $3,900.

Working from a design by PK Architecture, CLG will develop a contemporary building that will draw from the look of nearby light industrial buildings. The property will feature a dramatic glass curtainwall lobby/entry complemented by a rooftop pool that will round out an amenity package that will also include a media room, gym, fire pit area, bike and guest parking, as well as additional storage space.

Landscaping and hardscaping at the property will be designed by Rios Clemente Hale Studios. The name of the project, R3, was inspired by the fact that this is the developer’s third venture on Redwood Avenue. The moniker fits CLG’s naming code, with Glencoe Avenue being the venue of its G1 and G2 projects.

Murdock Plaza Becomes Part of Tishman Speyer’s Office Portfolio

22 Aug 2014, 7:33 pm

By Alex Girda, Associate Editor

A West Los Angeles office asset recently traded hands as developer, operator and manager Tishman Speyer moves to acquire the property known as Murdock Plaza. The new owner will most likely execute a renovation process in order to update the asset located at 10900 Wilshire Boulevard. The financial terms of the transaction were not disclosed, but real estate data provider PropertyShark.com has the property valued at approximately $85 million. However, industry estimates place the transaction value at around $120 million. Back in 2007, the property traded for a similar amount having been acquired for $125 million.

Murdock Plaza is a 17-story office property that offers its new owner a total of 237,000 square feet of space. Located at the corner of Wilshire and Westwood, the prime asset is set to be repositioned to become one of the premier properties of its kind in the Westwood submarket. The location also offers great views of the ocean and nearby mountains and access to freeways. The building features high ceilings, natural light and a large amount of garage parking.

According to a recently issued press statement, Tishman Speyer co-CEOs Jerry Speyer and Rob Speyer underlined the company’s actions in the area “where market demand for high quality office space has been very strong.” The company also anticipates “that such demand will continue and we will seek additional investment opportunities in the area.” Tishman Speyer’s Regional Director for Southern California, Mark Laderman, noted that it is the company’s view that “within West Los Angeles,  Westwood stands out as the next area to experience very positive momentum in the demand for high quality office space.” Laderman also mentioned the company’s plans to replicate its previous success in submarkets such as Playa Vista and Beverly Hills.

Image courtesy of murdockplaza.com

Chinese Developer Wanda Group Continues Large-Scale Development Involvement with Winning Bid at 9900 Wilshire Site

15 Aug 2014, 3:56 pm

By Alex Girda, Associate Editor

Chinese developer Dalian Wanda Group recently announced that it will take charge of the coveted plot of land located at 9900 Wilshire Boulevard. The Beijing-based company beat out ten different competing entities from North America and Asia The company also announced plans for an investment amounting to approximately $1.2 billion for the site, with the company set to build a mixed-use development project.

Located in a luxury residential area of Los Angeles, the site is set just ten minutes away from Rodeo Drive, and minutes away from the University of California, Los Angeles, as well as Hollywood. The project will be located in the immediate vicinity of a sprawling private golf course, the 36-hole Los Angeles Country Club, one of the highest rated such venues in the city. The development site is also located in a great school district, with the famous El Rodeo School and the Beverly Hills High School also located nearby. The Peninsula hotel and the Waldorf Astoria are also located nearby as hospitality options.

Headed by Chinese billionaire Wang Jianlin, the Wanda Group operates in the real estate, tourism and entertainment industries. The entity is currently on a run of large-scale, very high-profile development projects in the United States of America, the CoStar Group noted. The company is pushing for projects in major cities, having only recently announced that it will invest $900 million in the construction of the Lakeshore East tower in Chicago, as well as the One Nine Elms development initiative in London.

Burbank Office Property Acquired by Granite Properties in $49 Million Deal

10 Aug 2014, 10:31 pm

By Alex Girda, Associate Editor

A Burbank office building was recently acquired by Granite Properties as the company expanded its SoCal office portfolio beyond the one million square foot mark. The buyer paid Legacy Partners Realty Fund I LLC a fee of $49 million for the asset located in the city’s Media District. Legacy Partners was represented by Kevin Shannon, Tom Bollinger and Michael Longo of CBRE, while Granite Properties was represented by its own employees, Paul Bennett and Tom Miller.

Located at 2600 W. Olive, the 10-story office building offers a total of 146,221 square feet of space. The facility was originally constructed back in 1986, with the last major renovation carried out in 2006. The Tri-Cities area is a hotbed for commercial real estate targeted at the media and entertainment industries, with creative industries accounting for 1 in every 8 jobs in L.A., according to Granite Properties’ press statement. Burbank is home to some of the largest media-related entities in the entire world such as Disney, ABC, NBC Universal, and Warner Brothers.

The acquisition is the company’s third in the Los Angeles market over the past two years. The previous two were Orange City Square in Orange back in 2012 and 500 N. Brand in Glendale in 2013. As previously mentioned, this buy brings Granite Properties’ portfolio to over one million rentable square feet.

Nearby transportation routes include the Gloden State Freeway, the Ventura Freeway, a number of Amtrak stations, and the Metrolink, as well as the Bob Hope Airport. The facility offers views of Burbank, as well as the Verdugo Mountains.

The Energy Star-rated asset had an occupancy rate of 87 percent, including tenants such as Disney Worldwide, Emmis Radio Group and Ion Media. Leasing duties at the facility will continue to be carried out by JLL’s Patrick Church & Anneke Greco, due to their ongoing work at 2600 W. Olive.

 Image courtesy of graniteprop.com

Capri Capital Partners Joins Forces with TruAmerica Multifamily for the $283 Million Acquisition of The Vermont

4 Aug 2014, 4:27 am

By Alex Girda, Associate Editor

A partnership comprised by Capri Capital Partners and TruAmerica Multifamily just completed the largest multifamily, mixed-use transaction in the state of California for the current year. The partnership closed on a deal worth $283 million, for the recently completed The Vermont high-rise apartment complex in the Los Angeles submarket of Koreatown. Property management duties will be carried out by Lincoln Property Company which was selected by the new ownership group.

The Vermont is essentially made up of one 29-story tower and a 23-story tower that offer 464 residential units. Project specs also include a retail component of 31,000 square feet of space, as well as a public courtyard along Wilshire Boulevard totaling .25 acres. This is the second large multifamily acquisition completed by Capri Capital Partners in the L.A. area in 2014, with the company having already completed the $225 million purchase of the Esprit complex in Marina del Rey in June.

The Vermont development

Resident amenities at the facility include a 16,500 square-foot sky lobby and lounge, a FIT360 gym and luxury spa, skydeck pool and garden, business center, 24-hour doormen, club party room and a large amount of open space. New tenants set to open up shop at The Vermont include names such as Jimmy John’s Gourmet Sandwiches, Fatburger, PizzaRev, Wells Fargo Bank, Sugar Nails, AT&T and a Samsung concept store, a recently issued press statement shows. The development is located in the proximity of the Vermont/Wilshire Metro Station that connects the mid-city area to the rail network of Los Angeles County. Also nearby are the iconic Ambassador Hotel and the University of Southern California.

Ken Lombard, vice chairman, investments and partner for Capri indicated that The Vermont “is an iconic asset that aligns extremely well with our investment strategy” also noting that the “truly premier new mixed-use development offers a diverse group of Los Angeles residents a unique experience in an urban location that has not traditionally attracted this level of product or offering of services.” TruAmerica Multifamily CEO and Founder, Robert E. Hart added that the acquisition is part of the corporate strategy “to buy high-quality assets in growing urban neighborhoods from developers prior to their stabilization.”

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