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Pacific Design Center Announces New Tenant in Westside Affiliated Holdings as Visit West Hollywood Signs New Agreement

29 Sep 2014, 3:29 pm

By Alex Girda, Associate Editor

One of the most coveted office assets in the West Hollywood submarket recently gained a brand new tenant and re-signed an existing one. The owner, developer and manager of Pacific Design Center (PDC), Charles S. Cohen, has announced that two leasing contracts have been signed at one of the property’s three buildings. The tenant that has re-committed to its presence at the Pacific Design Center’s Green Building is Visit West Hollywood, the official visitor-marketing center for the City of West Los Angeles. The new resident at the building is Westside Affiliated Holdings, Inc., a local-based homebuilder that has announced that it is moving operations from its old Beverly Hills location.

The Pacific Design Center office complex is a local landmark and offers a total of 1.2 million square feet of space. The Green Building is located at 700 North San Vicente Boulevard and is one of three contemporary design facilities featuring bold and colorful designs by architect Cesar Pelli. The campus is located on a 14-acre site and originally opened with the unveiling of the Blue Building in 1975. The 450,000 Green Building followed in 1988 and the Red Building that became a two-tower, 400,000-square-foot office structure connected by seven levels of parking that can accommodate around 1,500 vehicles.  

The Green Building currently hosts a number of tenants from the media, marketing and related creative sectors such as the West Coast HQ of Interpublic Group, an advertising and marketing services company. Westside Affiliated Holdings was welcomed to the PDC by Senior Vice President of Cohen Brothers Realty, Jeff Lasky, who also acts as the director of leasing at the asset. The executive also noted Visit West Hollywood’s re-signing “enhances both the image of the city’s visitor and information bureau and the Pacific Design Center.”

The Pacific Design Center offers tenants a number of amenities including a Michael Graves-designed fitness facility, two restaurants created by world-famous restaurateur Wolfgang Puck, and the possibility of holding film, art and design events. Screenings, parties, receptions and other special events are regularly held on-site in the facilities available at the PDC. The 200-seat conference-center with an auditorium, the 380-seat Silver Screen Theater, a public plaza with a 300-seat amphitheater and an outpost of the Museum of Contemporary Art are part of the offering at the asset owned by Charles S. Cohen since 1999.

Image courtesy of pacificdesigncenter.com

Rexford Industrial Acquires Fully Leased Industrial Property in San Fernando Valley for $30.5 Million

22 Sep 2014, 2:42 pm

By Alex Girda, Associate Editor

Southern California’s industrial market has clearly been improving lately and Rexford Industrial Realty Inc. is also jumping on the bandwagon. The real estate investment trust recently announced the cash-funded acquisition of 9120 Mason Avenue in Chatsworth, CA for a reported fee of $30.5 million. The company specializes in owning and operating industrial properties located in SoCal infill markets.

Located on an 11.82-acre site in Los Angeles County, in the greater San Fernando Valley sub-market, the industrial asset offers coveted features in a property of this type. 9120 Mason Avenue offers 24-26 foot minimum clearance, 61 dock-high positions, a state-of-the-art ESFR fire sprinkler system and a large secured yard.

The 319,348-square-foot facility also offers a great location, including proximity to the 405, I-5, SR-118, and SR-101 freeways, as well as easy access to Burbank Airport and the site is rail-served. The area possesses an excellent industrial profile, with data from CBRE indicating an average vacancy rate of around 1.3 percent at the end of June 2014. The greater San Fernando Valley submarket currently boasts around 172 million square feet of industrial space.  

According to Howard Schwimmer and Michael Frankel, co-chief executive officers of Rexford Industrial, the acquisition of 9120 Mason Avenue “further expands the company’s presence in one of our core infill Southern California submarkets and brings Rexford’s total acquisition volume thus far in 2014 to more than $260 million.”The property boasts great tenancy as it is currently fully leased to two occupants through 2020. The last major renovation carried out at the property took place in 1999. Rexford now owns interests in 89 properties totaling around 9.8 million rentable square feet and manages an additional 20 properties that total 1.2 million rentable square feet.

Work Begins at Fountainview at Gonda Senior Living Community in Playa Vista

15 Sep 2014, 1:54 pm

By Alex Girda, Associate Editor

The latest Playa Vista retirement community is officially under construction as developer C.W. Driver has begun operations at the site of its Fountainview at Gonda Westside campus. The developer’s latest project will take shape on a 2.5 acre lot. The developer is looking to complete the 460,000-square-foot project by 2016. The project will be closely affiliated with the Los Angeles Jewish Home Organization.

The Gensler-designed senior community will offer 175 upscale apartment units meant for independent living, while 24 units will be designated for assisted living and memory care use. The developer is set to invest roughly $100 million in the development of Fountainview at Gonda Westside. Units at the senior living complex will have 18 different floor plan options that will range in size between 840 and 2,380 square feet. The independent living apartments will come in one- and two-bedroom layouts, while all residences will feature a washer/dryer, full kitchen, and terrace. Some units will also offer a den or media room.

According to official specs for the project, once completed, the community will offer a full range of amenities to its elderly residents. Residents at the Fountainview will enjoy a fully equipped fitness center with a certified trainer, rooftop featuring a swimming pool, spa, garden with walking paths, café with outdoor seating, sun lounge and views of the nearby Santa Monica Mountains. The location will also include a private dining room, a state of the art theater for film, theatrical and musical performances, a library, a business center, an art and activity studio, as well as a landscaped courtyard at the ground level with café, bar and outdoor dining area. Residents will also have valet parking and transportation service, concierge service, 24-hour security, and cultural and educational programs and events.

 Image courtesy of Stewart.com

Airport Distribution Center in Ontario, CA Acquired by Guthrie Development as Company Expands in Inland Empire

15 Sep 2014, 1:51 pm

By Alex Girda, Associate Editor

Airport Distribution Center in the City of Ontario, CA was recently snapped up in a deal that industry insiders estimate at around $20 million. The buyer was Guthrie Development Company which along with a private equity partner acquired the industrial asset from Panattoni Development Company. The seller worked with a team from real estate brokerage firm CBRE during the transaction.

Located at 1500, 1550, and 1590 Milliken Avenue in Ontario, San Bernardino County, the Airport Distribution Center is comprised of three buildings and 30 units totaling 221,171 square feet of space. The Class A-level property was developed back in 2000 and features small dock high, multi-tenant spaces, concrete tilt-up construction, dock-high loading, as well as fire sprinkler and life safety systems. The asset also comes with 26,600 square feet of office build out. Airport Distribution Center is located in the vicinity of the 15 Freeway and just two miles away from the Ontario International Airport, meaning it is in a great position to service SoCal and the West Coast. The acquisition of the industrial asset is part of the buyer’s current business strategy of adding Southern California properties in the $20-$50 million range, part of a partnership with a private equity fund.

The 30 units range in size between 6,256 and 8,962 square feet and are currently leased out to 28 tenants. Airport Distribution Center currently operates with a seven percent vacancy rate, which is slightly above the current average rate recorded in the Inland Empire. According to Marcus & Millichap Real Estate Investment Services, the Inland Empire has recorded impressive growth in the industrial sector, having recorded a large number of completions and consistently increased absorption over the past five years.

According to a recently issued press statement regarding the deal, the president of Guthrie Development Company, Rob Guthrie, expressed the reasoning behind the purchase. “This property provides an excellent opportunity for our firm and joint venture partner to build its Inland Empire industrial portfolio.” He also pointed to the long-standing interest in coastal markets shown by GDC and the company’s willingness to branch out into the Inland Empire using its strategy of selling off separate units as condominiums to small users.

Chart courtesy of Marcus & Millichap Real Estate Investment Services at marcusmillichap.com

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.

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