In The News
March 2008
CHARLES DUNN NEGOTIATES LEASE FOR WAGS & WIGGLES DOG DAYCARE’S SECOND LOCATION
More than 21,000-square-feet of industrial space will be transformed into a canine facility
TUSTIN, Calif. –March 5, 2008— In a move to expand its hugely successful canine day care center, Wags & Wiggles Dog Daycare signed a 10-year lease with Thunderbird Properties LP, to occupy a 21,640-square-foot industrial building located at 14402 Chamber Road in Tustin, Calif. for a price-tag of $2.34 million.
John Bowman, senior managing director in the Long Beach office of Charles Dunn Company, represented Thunderbird Properties in the lease transaction.
Wags & Wiggles is a family owned and operated business, which plans to open its new facility in March. Some of the features the day-care center will include are inside and outside play areas totaling approximately 1,300 square feet, an 8,000-square-foot training area and the popular ‘Fluff ‘n’ Fresh’ service, which leaves clients with tired, happy and clean dogs.
According to Bowman, Wags & Wiggles facilitated renovations to the property to accommodate its special needs and received three-month rental abatement from the landlord to off-set the cost.
Wags & Wiggles’ original daycare and training center, which opened in 1997, is located in Rancho Santa Margarita, Calif.
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CHARLES DUNN BROKERS CLOSE TWO LOS ANGELES DEALS TOTALING $12.8 MILLION
LOS ANGELES –March 10, 2008—Jonathan Ahron, managing director, and David Aschkenasy, senior director, both of the retail services group in the West Los Angeles office of Charles Dunn Company negotiated two transactions in Los Angeles totaling $12.8 million. The properties are located in prime retail areas in the Larchmont and Melrose shopping districts.
The first transaction is a 4,336-square-foot, single-story office building located at 227 N. Larchmont Blvd. Ahron and Aschkenasy represented the private investor and private seller in the $6.5 million transaction.
In a separate deal, Ahron and Aschkenasy represented both sides in a retail transaction located at 7111-7123 Melrose Avenue. The 7,629-square-foot building sold for $6.3 million and is occupied by tenants like Pinkberry and M Café de Chaya. The buyer and seller were not disclosed.
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CHARLES DUNN NEGOTIATES SALE AND PURCHASE OF LEASED INVESTMENT IN ANAHEIM
35,100-square-foot retail center changes hands and receives a face-lift
ANAHEIM, Calif. –March 13, 2008— Charles Dunn Company, a partner of GVA Worldwide, negotiated the sale and purchase of the retail center located at 1020-1098 N. Euclid Avenue in Anaheim, Calif. for a consideration of $3.6 million.
Tanel Harunzade, director of the investment services group in the West Los Angeles office of Charles Dunn, represented the buyer, M&A Gabaee, a California L.P. Cari Widman, associate in the same office of Charles Dunn, represented the seller, HEM Properties, LLC.
The retail center consists of two leased buildings; the larger building totals approximately 32,800 square feet and is occupied by Dearden’s a California based furniture store; the second building is 2,300 square feet and houses a non-commercial insurance agency.
According to Widman, the building that is occupied by Dearden’s was previously home to a Ralph’s supermarket, which has subleased its space to Dearden’s. After the sale was final, Ralph’s paid for significant interior and exterior renovations to the building for the new tenant, making the transaction a true value-added deal for the buyer.
Dearden’s has 10 California locations and sells electronics, furniture, appliances, jewelry and travel packages.
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CHARLES DUNN NEGOTIATES SALE AND PURCHASE OF LARGE ARCADIA INDUSTRIAL PROPERTY
ARCADIA, Calif. –March 14, 2008— Charles Dunn Company, a partner of GVA Worldwide, negotiated the sale and purchase of 20,144-square-foot industrial property for a consideration of $3 million. The property is located at 5525 Peck Road in Arcadia, Calif.
John Bowman, senior managing director of the Long Beach office of Charles Dunn, represented the seller, Arcadia Realty Investors, and the buyer, Pham Sac Truong.
“Truong will be using the building for his import and export business,” said Bowman. “He was attracted to the large side-yard and loading capabilities of the property.”
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CHARLES DUNN SELLS LAND PARCEL ON LA BREA AVE.FOR $237.50 PER SQUARE FOOT
LOS ANGELES –March 17, 2008— William Lees of Charles Dunn, a partner of GVA Worldwide, negotiated the sale of a $1.99 million, 8,400-square-foot land parcel located at 309 S. La Brea Avenue in Los Angeles.
Lees, senior sales consultant in the downtown Los Angeles office of Charles Dunn, brokered the deal on behalf of the seller, Billy Jean Divall Trust.
According to Lees, Mid City Asset Management, a developer, plans to hold the property for future development.
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CHARLES DUNN NEGOTIATES SUBLEASE BETWEEN INTERNATIONAL EDUCATION CORPORATION AND LACCD
Los Angeles Community College District acquires nearly 30,000 square feet
LOS ANGELES – March 21, 2008 – The Los Angeles Community College District (LACCD) signed a 5-year sublease for 29,805-square-feet of office and classroom space located at 3020 Wilshire Blvd., for a consideration of more than $3 million.
John Anthony, senior managing director, and Robert Wood, managing director, of the downtown Los Angeles office of Charles Dunn Co., negotiated the deal on behalf of the landlord, International Education Corporation and LACCD.
The LACCD is the largest community college district in the United States and one of the largest in the world. It consists of nine colleges, including West Los Angeles College, Pierce College, Los Angeles Valley College and Los Angeles City College. The district covers more than 882 square miles and educates more than 187,000 students a year.
Los Angeles City College will be occupying the former United Education Institute (a subsidiary of IEC) campus facility at 3020 Wilshire Boulevard while renovations are made to its existing campus.
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CHARLES DUNN NEGOIATES $2.3 MILLION PURCHASE FOR PACIFIC CLINICS
LOS ANGELES –March 31, 2008—Pacific Clinics, the largest not-for-profit mental health provider in California, has purchased a building for $2.35 million and will use the facility to provide transitional services to its clients.
Bob Harrison and Jose Sierra of the Charles Dunn Co., a partner of GVA Worldwide, in conjunction with Ted Grace of Ted Grace Realty, represented Pacific Clinics in the purchase of a 10,323-square-foot building located at 1151 West Sixth Street in Los Angeles.
“This transaction by Pacific Clinics is in conjunction with its recent acquisition of Portals House Inc.,” Said Harrison. “This will be Portals’ primary location for downtown Los Angeles.”
Established in 1926, Pacific Clinics is a private non-profit behavioral healthcare agency serving people of all ages with severe mental illnesses in Los Angeles, Orange, Riverside, San Bernardino, and Ventura Counties.
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February 2008
CHARLES DUNN NEGOTIATES THE PURCHASE OF A FOUR-BUILDING APARTMENT COMPLEX
Buyer Plans Major Renovation to the Property
LOS ANGELES –February 1, 2008— David Eitches and Alexi Lakatos of Charles Dunn Company, a partner of GVA Worldwide, negotiated the purchase of a four-building apartment complex located at 1018-1030 Westmoreland Ave. in Los Angeles for a consideration of $2.75 million. Eitches, director of multi-family investment group, and Lakatos, associate in the multi-family investment group, both in the West Los Angeles office of Charles Dunn represented the buyer, 23-25 Hughes LLC, in this transaction.
According to Eitches, the buyer is planning a major renovation of the property including the pool and the apartment units. The buyer will be investing approximately $8,000 per unit. The 23 unit complex is made up of four, two-story buildings and measures 28,793 square feet, including a large courtyard and pool. The complex is 100 percent leased.
“Compared to the surrounding buildings, this property already offers great amenities. And with the rehab planned, it will become even more desirable,” said Eitches.
Peter Strauss in the Los Angeles office of Marcus & Millichap represented the seller.
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CHARLES DUNN NEGOTIATES PURCHASE OF VAN NUYS OFFICE BUILDING
The Building is Currently Undergoing Major Renovations
VAN NUYS, Calif. –February 6, 2008— Charles Dunn Company, a partner of GVA Worldwide, negotiated the purchase of a 3,952-square-foot office building on behalf of the buyer, a private investor, for $1.2 million. The vacant class ‘C’ office building is located at 15231 Burbank Blvd., in Van Nuys, Calif. and is currently undergoing major renovations.
Todd M. Wuschnig, director of the office properties group in the Studio City office of Charles Dunn, represented the buyer. Peter Hercz of Remax represented the seller, JRJ Holding Company.
According to Wuschnig, at the time of purchase, the property was a single-tenant building. The buyer is completing major renovations to the interior and exterior of the building including making room for a second tenant.
“The buyer owns an insurance business and will be occupying the majority of the space once the renovations have been completed,” he said. “The remainder of office space, which will be approximately 2,000 square feet, will be leased out.”
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ACLU OF SOUTHERN CALIFORNIA SELLS DOWNTOWN HEADQUARTERS; FOR MOVE TO NEW LARGER DOWNTOWN BUILDING
Charles Dunn Company Negotiates Sale and Lease for Legal Association
LOS ANGELES –February 12, 2008— Charles Dunn Company negotiated the sale and purchase of a 17,131-square-foot office building owned and occupied by the ACLU of Southern California and then negotiated a lease for the organization’s excess space gained in the acquisition of a larger office building in downtown Los Angeles.
John Anthony and Robert Wood of Charles Dunn, a partner of GVA Worldwide, negotiated the initial transaction for both parties. The office building located at 1616 Beverly Boulevard had a price-tag in excess of $3.5 million and was purchased for more than $207 per square foot by 1616 Beverly Blvd LLC.
The ACLU’s new Southern California headquarters is a 39,543-square-foot office building located at 1313 West 8th Street in Los Angeles. The ACLU will occupy the top two floors while the ground floor was leased to US Healthworks and Freeway Gourmet Café and Catering. The lease agreement with US HealthWorks Medical Group is for 10 years and the value exceeds $2.7 million for 11,834 square feet of space.
The ACLU, a non-profit legal-rights organization, has offices across the country. Its stated mission is to defend and preserve the individual rights and liberties guaranteed to every person in this country by the Constitution and laws of the United States.
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CHARLES DUNN NEGOTIATES 10-YEAR LEASE FOR MYRIAD LITIGATION SOLUTIONS
LOS ANGELES –February 15, 2008— Charles Dunn Company, a partner of GVA Worldwide, negotiated a 10-year office lease at 9911 W. Pico Blvd. in Los Angeles on behalf of the tenant, Myriad Litigation Solutions LLC, for more than $1.5 million.
Amir Madadi, director of brokerage service in the Los Angeles office of Charles Dunn, represented Myriad Litigation Solutions in the 3,263-square-foot lease transaction. The landlord, Cabi Developers, was represented by Sep Melamed of Prime Properties.
With offices in Century City, Hollywood, Irvine, San Diego and West Los Angeles,
Myriad Litigation Solutions offers a wide range of litigation services for small businesses across Southern California.
CHARLES DUNN CO. NEGOTIATES LEASE-RENEWAL FOR TAIPEI ECONOMIC AND CULTURAL OFFICES IN LOS ANGELES
LOS ANGELES –February 21, 2008— Charles Dunn Company, a partner of GVA Worldwide, negotiated a $2.5 million, six-year lease-renewal on behalf of the tenant, Taipei Economic and Cultural Offices in Los Angeles (TECO – Los Angeles), to occupy 3731 Wilshire Boulevard.
Eugene Page, senior managing director of brokerage services in the Los Angeles office of Charles Dunn, negotiated TECO- Los Angeles’ 17,415-square-foot lease. Bruce Geller of Charles Dunn’s property management division, CD Real Estate Services, Inc., represented the landlord, Colonnade Wilshire Corp.
TECO’s purpose is to promote and strengthen the economic, cultural, educational and other related ties between the United States and the Republic of China on Taiwan. The Los Angeles office handles a variety of matters covering Southern California, Arizona and New Mexico. TECO- Los Angeles services the largest Chinese-American community in the country.
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CHARLES DUNN EXCLUSIVE LEASING AGENT FOR PACIFIC FINANCIAL CENTER IN DOWNTOWN
Brokers lease two office units bringing class ‘A’ building to 99 percent occupancy
LOS ANGELES—February 28, 2008— John C. Anthony and Dan Cherrie of Charles Dunn, a partner of GVA Worldwide, negotiated two leases on behalf of the landlord, Pacific Financial Center LLC, with the combined transactions totaling $3.5 million. The Arthritis Foundation and Tetra Tech will occupy offices in the Pacific Financial Center located at 800 W. 6th Street in downtown Los Angeles.
According to Anthony, senior managing director at Charles Dunn, with the addition of the new leases the 214,000-square-foot Pacific Financial Center is approximately 99 percent leased.
The Arthritis Foundation, a non-profit organization that supports arthritis research, signed a 10-year lease to occupy a 5,786-square-foot office unit for a price of $1.7 million. Tetra Tech, a premier worldwide consulting and engineering firm, signed a three-year lease to occupy a 2,000-square-foot unit for $1.8 million.
Anthony Gatti of Cushman & Wakefield represented The Arthritis Foundation and Scott Katcher of Studley represented Tetra Tech.
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CHARLES DUNN MULTIFAMILY EXPERT BROKERS THREE PROPERTIES IN 60 DAYS
More than 23,500 square feet of apartment space changes hands in Los Angeles
LOS ANGELES –February 29, 2008— David Eitches, director of the multi-family investment group at Charles Dunn Company, a partner of GVA Worldwide, brokered three multi-family deals in Los Angeles, totaling $4.7 million. The three transactions, which took place between December and January, involve properties located at 400 S. Alexandria Avenue, 120-124 S. Sycamore Avenue and 453 N. Kingsley Drive.
Eitches, who represented the seller, said the 9,736-square-foot, 11-unit apartment building on Alexandria Ave. was purchased by 400 S. Alexandria LLC for about $1.9 million, with each unit fetching $176,000. The seller’s name was not available. The buyer, who was represented by KC Chong of Central Properties, plans to make renovations to the interior of the three-story apartment.
In the $1.85 million transaction of a four-unit apartment on Sycamore Ave, Eitches represented the buyer, Paul Natzke, and the seller, M.E. Guirguis.
In Eitches’ third transaction, a $1.1 million sale of a fully-leased, 8,233-square-foot multi-family property on North Kingsley Drive, he represented the seller 5218 Olympic Blvd. LLC. According to Eitches, the seller is re-evaluating its smaller assets, selling part of its extensive portfolio and combining funds to purchase a larger asset in downtown Los Angeles’ Koreatown. The buyer, Boo Chun Kim, was represented by Josh Kim of Western Realty.
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January 2008
CHARLES DUNN BROKERS MULTI-FAMILY BUILDING IN WEST HOLLYWOOD
WEST HOLLYWOOD, Calif.—January 21, 2008— David Eitches of Charles Dunn Company, a partner of GVA Worldwide, negotiated the purchase and sale of a 6,678-square-foot apartment building located at 521 North Orlando Ave., in West Hollywood, Calif. for a consideration in excess of $1.58 million. The two-story apartment building has nine units and is 100 percent occupied.
“The building is located in a prime part of West Hollywood, just blocks away from the world renowned, Melrose Place,” said Eitches, director of investment services group in the West Los Angeles office of Charles Dunn. “The buyer capitalized on the low price and key location of the building.”
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CHARLES DUNN NEGOTIATES PURCHASE OF RETAIL BUILDING FOR MORE THAN $2 MILLION
Current Tenant Renews Lease For 20-Year Term
SPRINGDALE, Ohio –January 17, 2008— Susan Harris, director of the retail services group at Charles Dunn Company, a partner of GVA Worldwide, negotiated the purchase of a 5,820-square-foot retail building for a consideration in excess of $2 million. The building, which is currently occupied by Chili’s restaurant, is located at 855 E. Kemper Road, in Springdale, Ohio.
A private investor purchased the leased investment from an unnamed institutional seller. The property was sold with a newly signed 20-year lease with annual increases, which will keep Chili’s in the Kemper Road location.
“This property is in a prime retail location,” said Harris. “The restaurant is an out-parcel to Best-Buy, K&G Fashion and Dick’s Sporting Goods. It is also located across the street from a Wal-Mart Super Center.”
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CHARLES DUNN COMPANY NEGOTIATES 10-YEAR LEASE FOR UCLA EXTENSION
LOS ANGELES— January 22, 2008—UCLA has signed a 10-year lease for 16,380 square feet in the Figueroa Courtyard located at 261 South Figueroa Street in Downtown Los Angeles for more than $5 million. The university will use the space for its extension program, which will include day and night classes.
Chris Runyen, a senior managing director in the downtown Los Angeles office of Charles Dunn Company, a partner of GVA Worldwide, represented the landlord, California National Bank. With UCLA’s addition, the occupancy rate at the Figueroa Courtyard will be more than 95 percent. Classes are expected to begin in the summer of 2008. UCLA was represented by Craig Jablin and David Gordon of Studley.
Figueroa Courtyard is a unique park-like office project consisting of five low-rise office buildings totaling 270,000 square feet on 4.5 acres of lushly landscaped grounds. The project boasts an on-site California National Bank branch, full-service deli and grill, wi-fi internet access, and three interactive water features.
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CHARLES DUNN NEGOTIATES PURCHASE OF MULTI-FAMILY PORTFOLIO IN MARINA DEL REY
MARINA DEL REY, Calif. –January 24, 2008—Michel Hibbert, CCIM, of Charles Dunn Company, a partner of GVA Worldwide, negotiated the purchase of a multi-family portfolio located at 116-118 & 120-126 Driftwood Street in Marina Del Rey, Calif. for a consideration of $2.55 million.
Hibbert represented the buyer, Hollywood Carlton Properties, LLC. The seller, Hugh M. Rosenthal, Trustee was represented by Howard Rubenstein with Realty Company of America.
The transaction included nine units totaling 6,613 square feet. The portfolio sold for more than $283,000 per unit with a cap rate of 4.06 percent.
“Marina Del Rey has a strong rental market and very low vacancy,” said Hibbert.
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CHARLES DUNN COMPANY NEGOTIATES $2.3 MILLION PURCHASE OF OFFICE BUILDING
International Prep School Expands Its California Operation
IRVINE, Calif. —January 28, 2008–- The Elite Educational Institute (EEI), an international prep school for grades three though 12, has purchased a new 4,960-square-foot free-standing office building located at 1180 Roosevelt Ave. in Irvine, Calif. for a cost of $2.3 million.
Josh Reilly of the Long Beach office of Charles Dunn Company, a partner of GVA Worldwide, represented EEI. Mike Vukovich represented the seller, Bacchus Commercial, LLC.
According to Reilly, the office building will be used as a classroom facility and should be operational by April 2008. EEI has 11 school branches in Southern California and three in Northern California. Based in Los Angeles, EEI was founded in 1978 and has 28 branches worldwide.
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CHARLES DUNN BROKERS FRIENDLY’S RESTAURANT FOR $1.4 MILLION
STOUGHTON, Mass. –January 29, 2008— Paul A. Kenworthy, CCIM, managing director of investment services group for Charles Dunn Company, a partner of GVA Worldwide, negotiated the sale and purchase of a 2,511-square-foot Friendly’s Restaurant for a consideration of $1.4 million. The restaurant is located at 630 Washington Street in Stoughton, Mass.
According to Kenworthy, a private investor purchased the property from an institutional seller for nearly $560 per square foot with a cap rate of 6.7 percent.
The restaurant is conveniently located at the entrance of the Target Shopping Center, which is occupied by major retail chains including Target and Kohl’s.
Friendly’s is a restaurant company that specializes in ice cream desserts and has more than 500 restaurants throughout the United States.
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CHARLES DUNN NEGOTIATES SALE OF 27-UNIT APARTMENT BUILDING FOR $8.2 MILLION
LOS ANGELES –January 31, 2008— Charles Dunn Company, a partner of GVA Worldwide, negotiated the sale of a 27-unit apartment building in Los Angeles on behalf of the seller, N2 Ventures LLC and Silver Oak Holdings LLC, for a consideration of $8.2 million. The 30,590-square-foot apartment building is located at 3325 S. Canfield Avenue in Los Angeles.
Michel Hibbert, senior managing director of the investment services group in the Los Angeles office of Charles Dunn, represented N2 Ventures and Silver Oak Holdings. Michael Balson of Miller & DeSatnik represented the buyer, Redwood Partners LLC.
“The building was 100 percent occupied at the closing of escrow,” Hibbert said. “It is a stable class ‘A’ apartment building in a prime location.”
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