In The News
December 2007
CHARLES DUNN NEGOTIATES $1.4 MILLION SALE LOCATED IN BURBANK
Building Will Store Animation Legend’s Works
BURBANK, Calif.—December 3, 2007— Jason Cole and Stacy Vierheilig-Fraser, senior managing director of brokerage services for Charles Dunn Company, a partner of GVA Worldwide, negotiated the sale of a 6,000-square-foot building for $1.4 million on behalf of the buyer Westates Enterprises, Inc. The building is located at 2932-2934 N. Naomi St. in Burbank, Calif. The seller, Verona Group, LLC, was represented by Adam Comora of Delphi Business Partners.
The building will be used to archive the works of American animation legend Robert Emerson "Bob" Clampett, who passed away in 1984. Clampett, who also was a producer, director and puppeteer, was best known for his work on the Looney Tunes series of cartoons from Warner Bros. and the television shows: Time for Beany and Beany and Cecil.
CHARLES DUNN BROKERS SONIC DRIVE-IN DEAL IN ATLANTA
ATLANTA, Ga.—December 12, 2007—Paul A. Kenworthy, CCIM, managing director of the Investment Services Group of Charles Dunn Company, a partner of GVA Worldwide, negotiated the purchase and sale of a Sonic Drive-In at 2380 Sheriff Road in Atlanta, Ga. for $1.59 million, with a cap rate of 7.8 percent. The seller was SS Fast Food and the buyer was Khougaz Trust, which is based in Los Angeles, Calif. There are currently 10 Sonic Drive-In stands in the Atlanta area and 3,200 nationwide.
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CHARLES DUNN NEGOTIATES $54 MILLION SALE AND PURCHASE ON BEHALF OF WHOLE FOODS MARKET IN PASADENA
The 76,046-Square-Foot Building is Home to the Largest Whole Foods Market on West Coast
PASADENA, Calif. –December 17, 2007– The Charles Dunn Company, a partner of GVA Worldwide, negotiated the sale and purchase of a 76,046-square-foot retail property valued in excess of $54 million located at 465 S. Arroyo Parkway in Pasadena, Calif. The entire property is leased by Whole Foods Market, which has since opened the two-story market in November. The Pasadena store is considered the West Coast flagship of the mega organic food market chain and is the largest Whole Foods Market west of the Rockies.
David J. Ickovics, senior managing director of Charles Dunn’s investment services group, represented the buyer, who is a private investor. Darrell R. Levonian, executive managing officer of Charles Dunn’s West LA office, and Tanel Harunzade, director of the investment services group of Charles Dunn’s West LA office, represented the seller, Bellevue Ventures, LLC.
“The buyer purchased this property as part of a 1031-exchange and intends to keep the property as a long-term investment,” said Ickovics, adding that the buyer was attracted to this deal due to the prime location of the site, exceptional area demographics and the future outlook of Whole Foods as a tenant.
Based in Austin, Texas, Whole Foods has more than 265 locations in North America and the United Kingdom and employees more than 54,000 people.
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CHARLES DUNN COMPANY NEGOTIATES 10-YEAR LEASE IN RENAISSANCE TOWER APARTMENTS
LOS ANGELES— December 18, 2007— Lee Shapiro of the Los Angeles office of Charles Dunn, a partner of GVA Worldwide, negotiated a 10-year lease for The Fashion Institute of Design & Merchandising (FIDM ) in a transaction value of $2.3 million. The institute, which is expanding its Los Angeles facility, will occupy approximately 5,700 square feet on the ground floor of the Renaissance Tower Apartments, located at 501 Olympic Blvd. in Los Angeles. Shapiro also represented the landlord, Western Multifamily LLC.
In addition to FIDM, Maui Wowi Coffee and Smoothie Company as well as a retail tenant serving sandwiches, salads and sundries will be opening at the property.
“The institute is expanding its main teaching facility, which is located in an adjacent property to the Renaissance Tower Apartments," said Shapiro. “It’s not only an ideal geographic location for FIDM as well as the other retail tenants who are opening at the property, but also provides FIDM with needed space for the expansion of its classroom facilities.”
Besides its Los Angeles locations, FIDM has campuses in Orange County, San Francisco and San Diego.
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CHARLES DUNN NEGOTIATES $3.2 MILLION SALE OF WENDY’S RESTAURANT
EL PASO, TEX—December 19, 2007—Susan Harris, director of the retail services group at Charles Dunn Company, a partner of GVA Worldwide, negotiated the sale of a Wendy’s restaurant in El Paso, Texas for a consideration in excess of $3.2 million. Located at 1890 N. Zaragoza Road, the 3,110 square-foot building is one of the national chain’s higher grossing restaurants.
“This asset is particularly attractive to the investor due to its close proximity to Home Depot, a Wal-mart Super Center and other noteworthy national retailers." said Harris. The sale was to a private investor from an institutional seller.
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CHARLES DUNN NEGOTIATES 613,174 SQUARE-FOOT INDUSTRIAL LEASE FOR UNITED NATURAL FOODS, INC.
The $28.5 Million Deal Gives the Connecticut-Based Company its Largest Distribution Center in the U.S.
MORENO VALLEY, Calif.—December 20, 2007—Greg Gill and John Bowman of Charles Dunn Company, a partner of GVA Worldwide, negotiated a 10-year lease for a 613,174-square-foot industrial center on behalf of United Natural Foods, Inc. (UNFI). The value of the lease transaction exceeds $28.5 million.
UNFI will lease the entire March Commerce Center, which was built in 2006 but never occupied. The center is located at 22150 Goldencrest Dr. in Moreno Valley, Calif.
“This will be a great complex for UNFI,” said Bowman. “UNFI has plans to install about $10 million of improvements including freezers and refrigeration units for its food distribution business.”
UNFI, which is based in Dayville, Conn., is a leading independent national distributor of natural foods and related products including nutritional supplements, personal care items and organic produce, in the United States. UNFI carries and distributes more than 40,000 products to more than 17,000 customers nationwide. The Company was ranked by Forbes in 2005 as one of the "Best Managed Companies in America," ranked by Fortune in 2006 and 2007 as one of its "Most Admired Companies," and ranked by Business Ethics as one of its "100 Best Corporate Citizens for 2006."
The landlord, Cactus Commerce, LLC, was represented by Gus Andros and John Murphy of Collins Commercial and Bruce Springer of Grubb & Ellis.
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November 2007
CHARLES DUNN NEGOTIATES RETAIL DEAL FOR $13 MILLION
WEST HOLLYWOOD, Calif.—November 1, 2007— Jonathan Ahron and David Aschkenasy of Charles Dunn Company, a partner of GVA Worldwide, negotiated the sale of a three-building retail portfolio totaling 9,270 square feet, located at 624-630 N. La Cienega Blvd. in West Hollywood, Calif. for a consideration of $13.9 million.
Ahron and Aschkenasy represented the private investor who purchased the property, as well as the seller, Nolaci Investments. The three-building property is occupied by Train West Hollywood, Los Angeles’ largest private gym with more than 100 personal trainers offering one-on-one private training.
“The buildings are located in a hot retail area between Melrose Avenue and Melrose Place on La Cienega Boulevard,” said Ahron.
The private investor purchased the buildings for the land value.
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CHARLES DUNN NEGOTIATES THE SALE OF THREE BUILDING INDUSTRIAL PORTFOLIO IN RANCHO CUCAMONGA
RANCHO CUCAMONGA, Calif.—November 7, 2007—ERS Partners purchased a three building industrial portfolio at the Mountain Vineyards Business Park in Rancho Cucamonga, Calif. from Chase El Monte, LLC in a deal totaling more than $4.5 million. Robert Harrison, Robert Stover and David Parker of Charles Dunn, a partner of GVA Worldwide, teamed with the Lee & Associates’ Ontario office to represent Chase El Monte, LLC in the sale of the three properties.
The three properties of 9,197-square-feet, 9,197-square-feet and 12,166-square-feet were purchased by ERS Partners, an investment group, as an investment and have yet to disclose its plans for the properties. TVM Commercial Realty Group represented ERS Partners in the acquisition.
“The freeway visible properties were sold with abundant parking,” said Stover. “And, all three properties have easy access to the I-10 and I-15 freeways.”
CHARLES DUNN NEGOTIATES THE PURCHASE OF BURGER KING ON PRATT AVE.
BELLEVUE, Neb.—November 16, 2007— Susan Harris, director with the retail services group at Charles Dunn Company, a partner of GVA Worldwide, negotiated the purchase of a 5,036-square-foot building located at 2108 Pratt Avenue in Bellevue, Neb. for a consideration of more than $1.74 million. The building, which houses the popular fast food chain Burger King, is located off of the Cornhusker exit of the Kennedy Freeway.
Harris represented the buyer, a private investor. The seller was institutional and represented by an in-house broker in the transaction.
“Burger King is the number two fast food hamburger chain in the United States,” said Harris. “This location is conveniently located near the Kennedy Freeway. Plans are in the works to extend the freeway south to meet Highway 34, making this location even more accessible.”
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CHARLES DUNN COMPANY NEGOTIATES 11-YEAR LEASE IN EXCESS OF $21.7 MILLION
Charles Dunn/CB Richard Ellis Team Exclusive Leasing Agents for 250,000 SF Hamilton Place
TORRANCE, Calif.—November 30, 2007— Charles Dunn Company, a partner of GVA Worldwide, negotiated an 11-year lease of the 67,525-square-foot office unit in Hamilton Place located at 20101 Hamilton Ave. in Torrance, Calif. for a consideration of more than $21.7 million.
John Anthony and Robert Wood of Charles Dunn’s Los Angeles office with Bill Bloodgood of CB Richard Ellis represented the landlord, Chase Hamilton, LLC. Greg Gill, Greg Bendis, Eugene Page and Kim Emery of Charles Dunn’s Long Beach office represented the tenant, CCH, Inc.
Chase Partners, Ltd., an active buyer and developer located in Southern California, purchased Hamilton Place earlier this year as an investment and retained Charles Dunn’s top leasing team of Anthony and Wood, who partnered with Bloodgood, are the exclusive leasing agents for Hamilton Place – a 250,000-square-foot building. The brokerage team recently leased 40,000 square feet of space to Applied Signal Technologies.
Designed in the shape of a diamond, Hamilton Place includes an interior courtyard and extensive free on-grade parking. Hamilton Place is centrally located at the intersection of the San Diego Harbor and Artesia freeways and is visible from the Harbor freeway. It also has convenient access to the LAX airport, the ports of Los Angeles and Long Beach as well as to Orange County and the submarkets of Los Angeles.
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October 2007
CHARLES DUNN NEGOTIATES A RETAIL DEAL IN INDIANA FOR $1 MILLION
NORTH MANCHESTER, Ind.—October 5, 2007 -- Susan Harris, director of the retail service group of Charles Dunn Company, a partner of GVA worldwide, represented a private investor in the purchase of a 2,847-square-foot retail building located at 1325 Highway 114 West, in North Manchester, Ind. for a consideration in excess of $1 million. The seller was an institutional investor who was represented in-house.
“The transaction was part of a 1031 exchange. The building’s tenant, K-Mac is one of the largest Yum! brand franchisees in the nation,” said Harris.
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RETAIL BUILDING IN CLOVIS CHANGES HANDS FOR $1.5 MILLION
CLOVIS, Calif. – October 15, 2007—Susan Harris, director, Retail Services Group of the Charles Dunn Company, a partner of GVA worldwide, represented a private investor in the purchase of a 2,854-square-foot retail building located at 406 W. Shaw Ave., in Clovis, Calif. for a consideration valued in excess of $1.5 million. The institutional seller was represented by in-house council.
The fully leased single tenant retail building is a co-branded location for Long John Silver’s and A&W and is located in a high traffic area with other national retailers. Situated on a signalized corner, the highly visible building is easily accessible to the 168 West freeway at the Shaw Ave. exit as well as to California State University – Fresno.
“Clovis is a city in a strong growth pattern with a lot of its revenue coming from agriculture. The city is known for its excellent school district, and coupled with expanding business opportunities and new housing, is becoming a destination for young families,” said Harris.
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KNOLLS MEDICAL BUILDING IS FULLY LEASED BY CHARLES DUNN BROKERS
LONG BEACH, Calif.—October 17, 2007— Jeff Coburn and Daniel Montoya, directors of brokerage services for Charles Dunn Company, a partner of GVA Worldwide, represented Knolls Medical Group in leasing a 4,831-square-foot medical office suite in the Knolls Medical Building located at 3932 Long Beach Blvd. in Long Beach, Calif. to Healthcare Partners Medical Group. The value of the 10 year lease is in excess of $1.5 million.
The Knolls Medical Building is a newly constructed, single-story medical/office building that is located near Long Beach Memorial Hospital. In addition to Healthcare Partners Medical Group, the building’s other tenant is Knolls Dental which, occupies a 2,569-square-foot medical suite in the two-tenant building.
Healthcare Partners Medical Group expanded its presence in Long Beach with the opening of its general practice office in the Knolls Medical Building. The group, which has multiple locations throughout Long Beach, was represented by the Staubach Company.
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CHARLES DUNN COMPANY NEGOTIATES A RETAIL BUILDING SALE ON MELROSE AVE. FOR $3.8 MILLION
LOS ANGELES, Calif. –October 18, 2007—Jonathan Ahron, managing director and David Eitches, director of the Retail Investment Group of the Charles Dunn Company, a partner of GVA Worldwide, represented a private investor in the sale of a 7,400-square-foot retail building located at 7575 Melrose Ave. in Los Angeles, Calif. for a consideration in excess of $3.8 million. The buyer, 7575 Melrose Investment LLC was represented by in-house council.
“Built in 1931, the two-story building with unique architectural features is located on a signalized corner in the high-traffic retail district of Melrose Ave.,” said Ahron. “Prior to being sold, the building had been occupied by “Aardvarks,” a well-known retail clothing store for thirty years.”
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CHARLES DUNN COMPANY COMPLETES $4.8 MILLION SALE ON BEHALF OF MP BIOMEDICALS, LLC
IRVINE, Calif. —October 19, 2007–- Chris Armato and Dillon Dummit, associate directors and Greg Bendis, managing director of the Advisory Services Group of Charles Dunn Company, a partner of GVA Worldwide, represented MP Biomedicals, LLC in the sale of a 35,596-square-foot flex/lab building on 74,052 square feet of land for $5.1 million. The building, located at 15 Morgan in Irvine, Calif., is situated along the Alton Parkway corridor within the growing high-tech/bio-pharmaceutical environment of the Irvine Spectrum.
“MP Biomedicals sold the building in order to expand its manufacturing and development into a newly built 140,000-square-foot facility in Solon, Ohio. The executive staff, including the iconic CEO, Milan Panic (former CEO of ICN Pharmaceuticals), will remain in Costa Mesa, California,” said Armato.
MEFAS, Inc. purchased the building because of its extensive tenant improvements that will be converted to suit the needs of its sensitive high-tech testing equipment. The larger space will also help MEFAS, Inc. keep up with the growing demand from its customers.
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CHARLES DUNN NEGOTIATES $6 MILLION OFFICE SALE ON VENTURA BLVD
STUDIO CITY, Calif. –October 22, 2007- Stacy Vierheilig-Fraser, senior managing director of brokerage services for Charles Dunn Company, a partner of GVA Worldwide, negotiated the sale of the 21,600 square-foot office building, located at 11331-11337 Ventura Blvd. in Studio City, Calif., for a consideration in excess of $6 million.
Vierheilig-Fraser represented the seller, DT Studio City, LP. The DT Group is a fully-integrated real estate company that identifies undervalued, underperforming multi-family real estate, adding value through development, tenant profile and capital improvements. The buyer, TCU, LLC, was represented by Re/Max Commercial.
TCU purchased the property as an investment and plans to occupy a portion of the building that is not leased. The eight-unit building is leased month-to-month and is currently more than 62 percent leased.
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CHARLES DUNN NEGOTIATES $10 MILLION RETAIL TRANSACTION
WEST HOLLYWOOD, Calif. – October 24, 2007 – David Eitches, director of the Investment Services Group for Charles Dunn Company, a partner of GVA worldwide, negotiated the sale and purchase of an 8,882-square-foot retail building located at 8540 Melrose Ave., in West Hollywood, Calif. for a consideration of approximately $10 million. The transaction also included the adjacent parking lot located at 547 W. Knoll Street. The buyers, Louis and Ben Weinstein purchased the property from a private investor for over $1000 a square foot.
“The property, formerly occupied by The Heritage Book Store, an internationally renowned antiquarian book shop, was delivered vacant,” said Eitches.
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STUDIO 8 SOUND SIGNS SEVEN YEAR LEASE IN UNIVERSAL CITY
UNIVERSAL CITY, Calif.—October 26, 2007— Stacy Vierheilig-Fraser and Todd M. Wuschnig of Charles Dunn Company, a partner of GVA Worldwide, negotiated a seven- year lease on behalf of Cahuenga Plaza, LP for a consideration in excess of $1.6 million. The tenant, Studio 8 Sound, will open its second location at 4130 Cahuenga Blvd. in Universal City, Calif.
Studio 8 Sound, a full service audio post-production facility specializing in sound supervision, sound editorial and sound mixing, will be leasing the 7,937-square-foot office building located near Universal Studios. This location will be Studio 8 Sound’s second production facility, the first being an east coast office located in Manhattan, NY. Scott Romick of Lee & Associates represented Studio 8 Sound in the transaction.
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CHARLES DUNN BROKERS PRIME RETAIL BUILDING ON LARCHMONT BLVD
LOS ANGELES, Calif. – October 29, 2007— Jonathan Ahron, managing director and David Aschkenasy, director of the Retail Services Group of the Charles Dunn Company, a partner of GVA Worldwide, represented the buyer and seller of a 2,482-square-foot retail building located at 121-123 Larchmont Blvd., in Los Angeles, Calif. The buyer, 123 Larchmont Village Partners LLC purchased the multi-tenant, single story building from the Mooney Trust for a consideration of $4.2 million.
“The multi-tenant building had been owned by the same family for the past 65 years,” said Ahron. “Anchored by “Z” pizza, the fully occupied building is located in the premier shopping area of Larchmont Village.”
Larchmont Village is an upscale submarket of Los Angeles that is bordered by several of the city’s oldest and most prestigious residential neighborhoods, including Hancock Park.
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September 2007
CHARLES DUNN COMPANY NEGOTIATES THE PURCHASE OF LE CHATEAU RIDGELEY
LOS ANGELES—September 19, 2007—Charles Dunn Company, a partner of GVA Worldwide has negotiated the purchase of Le Chateau Ridgeley, a six-unit multifamily building located at 624 S. Ridgeley Drive in Los Angeles, for a consideration of $1.6 million. David Eitches, associate in the Multifamily Investment Group of Charles Dunn Company represented the buyer, Matt Guirguis. The seller, Hal Stein, was represented by TDI Property.
Built in 1939, the Grove-adjacent property comprises four one-bedroom units and two two-bedroom units.
According to Eitches, the building sold at more than 18 times gross and a cap rate below three percent.
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CHARLES DUNN NEGOTIATES THE SALE OF A THREE BUILDING INVESTMENT PORTFOLIO
LOS ANGELES, Calif. – September 24, 2007 – David Eitches, associate in the Multifamily Investment Group of Charles Dunn Company, a partner of GVA Worldwide, represented Hamilton Chase Inc. in the sale of a three-building multifamily investment portfolio located at 711, 717 and 723 Harvard Blvd. in Los Angeles, Calif. for a consideration of $3.5 million. The buyer, 723 Harvard, LLC was represented by KC Chong of Central Properties.
“Although the buildings sold at a sub four percent CAP, the investors capitalized on a rare opportunity to acquire three adjacent buildings in the premier section of Koreatown, one of the most active submarkets in Los Angeles,” said Eitches.
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CHARLES DUNN NEGOTIATES LEASE BRINGING HOOK’D ON FISH TO ENCINO TOWN CENTER
ENCINO, Calif. – September 25, 2007 – Charles Dunn Company, a full-service commercial real estate firm, negotiated a seven year lease in consideration of more than $929,000 for two suites totaling 2,673-square-feet in the Encino Town Center. The shopping center is located at 17200 Ventura Blvd., in Encino, Calif.
Carle Pierose, director in the Studio City Office of Charles Dunn, represented the lessee, Hook’d on Fish. Tiffany Bosch of NAI Capital Commercial represented Encino Town Center’s landlord, Plaza Investments.
Hook’d on Fish is an open concept fresh fish grill that will provide customers with a healthy alternative for casual lunch and dinner.
“The space is ideal for Hook’d on Fish because of the area’s demographics and its location at the entrance of the shopping center.,” Pierose said. We are proud to represent them in the planned opening of new locations throughout Southern California."
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August 2007
GVA CHARLES DUNN NEGOTIATES THE PURCHASE OF AN OFFICE INVESTMENT FOR OVER $43 MILLION
TORRANCE, Calif. – August 6, 2007 – Another Class ‘A’ office property has changed hands in the red-hot 190th St. submarket of Torrance, Calif. The 250,000-square-foot office building located at 20101 Hamilton Avenue in Torrance, Calif. was purchased for a consideration in excess of $43 million. David Parker and John Anthony, senior managing directors and Rob Wood, managing director of GVA Charles Dunn Company’s Los Angeles office represented Chase Partners, Ltd. in the transaction. The seller, Alliance Commercial Partners, was represented by Kevin Shannon and Michael Moore of CB Richard Ellis.
Chase Partners, Ltd., an active buyer and developer located in Southern California, purchased Hamilton Place as an investment and has retained GVA Charles Dunn Company’s top leasing team of John Anthony and Rob Wood partnered with Bill Bloodgood of CB Richard Ellis. Together they will act as the exclusive leasing agents for the 250,000-square-foot building. Applied Signal Technologies has already signed to relocate to this prime facility for a long-term commitment. The Charles Dunn Company has received the assignment for property management.
“Hamilton Place is a premier property positioned to accommodate tenants from 20,000 to 200,000 square feet,” said Anthony. “Toyota Motors last occupied the majority of the building. Their exit has created a rare opening for new businesses to enter a large-block facility in this submarket.”
Designed in the shape of a diamond, Hamilton Place includes an interior courtyard and water feature that serve as the centerpiece of this unique building. Additional features of the three-story office space include a raised floor computer room and high-quality existing improvements with the extensive use of glass and above average parking ratios. Extensive free on-grade parking adds to the convenience of this property.
Hamilton Place is centrally located at the intersection of the San Diego Harbor and Artesia freeways and is visible from the Harbor freeway. It also has convenient access to LAX airport, the ports of Los Angeles and Long Beach as well as to Orange County and the submarkets of Los Angeles making it uniquely situated for South Bay.
“The new ownership has commenced in the upgrading of the common areas and is adding on-site retail amenities,” added Bloodgood. “These features will only add to the desirability of the property.”
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GVA CHARLES DUNN NEGOTIATES THE SALE AND PURCHASE OF JAPANESE VILLAGE PLAZA FOR $40.7 MILLION
LOS ANGELES, Calif. –August 15, 2007– American Commercial Equities, LLC has purchased an 88,500-square-foot shopping center, Japanese Village Plaza, located at 335 East Second Street in Los Angeles, Calif. for a consideration in excess of $40.7 million. David J. Ickovics, managing director of GVA Charles Dunn’s Investment Services Group represented the buyer, American Commercial Equities, LLC and Charles DeSantis, senior managing director of GVA Charles Dunn’s Commercial Properties Group represented the seller, JVP Investments, Inc.
“The two-story complex, with a pedestrian walkway through its center, is located in the Los Angeles submarket of Little Tokyo and is a landmark shopping center for the local Japanese community,” said Ickovics. “The buyer purchased Japanese Village Plaza as an investment and plans to invest in capital improvements.” The center, with offices on the second floor, is situated on over 98,000-square-feet of land.
Malibu, Calif.-based American Commercial Equities, LLC owns and manages a large retail portfolio with properties located throughout California and Hawaii.
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GVA CHARLES DUNN NEGOTIATES THE SALE OF A TWO-BUILDING RETAIL PORTFOLIO IN EXCESS OF $60 MILLION
BEVERLY HILLS, Calif./SANTA MONICA, Calif. –August 16, 2007– David J. Ickovics, managing director of GVA Charles Dunn’s Investment Services Group represented the buyer and seller of a two-building retail portfolio for a consideration in excess of $60 million. The buildings are located in the Beverly Hills Golden Triangle in Beverly Hills, Calif. and on trendy Montana Ave. in Santa Monica, Calif. The seller was a private investor who had owned both buildings for the past 35 years. The buyer was American Commercial Equities, LLC, a Malibu, Calif.-based firm that owns and manages a large retail portfolio with properties located in California and Hawaii.
“Both trophy properties were purchased as fully-leased investments and were part of a 1031 exchange,” said Ickovics.
The three-story retail/office building located in the Beverly Hills Golden Triangle is fully occupied with several ground floor premier retail tenants and office space users on the upper floors.
The single-story building located on Montana Ave. is fully-occupied with four retail tenants. This property has a large rear parking lot and a highly visible corner location.
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GVA CHARLES DUNN NEGOTIATES THE SALE AND PURCHASE OF AN INVESTMENT PROPERTY FOR $10 MILLION
LOS ANGELES, Calif. –August 17, 2007 – David Ickovics and Albert Shilton of GVA Charles Dunn’s Investment Services Group, represented the buyer and seller of a 39-unit apartment building located at 550 Veteran Avenue in the Westwood district of Los Angeles, Calif. Harwit-Klaris Joint Venture sold the three-story apartment building to Robert Business Park – Santa Fe Springs, LLC for a consideration of $10 million.
The building has a mix of 24-two bedroom/two bath, 3-one bedroom/one bath and 12-single units. Situated on a large corner lot, the building is located within walking distance of the UCLA campus, Westwood Village, retail, restaurants and service businesses. The buyers plan to invest in interior and exterior building upgrades and landscaping.
“The buyer was attracted to this property for several reasons. It is located on a signalized corner on prime Veteran Ave. between Sunset Blvd. and Wilshire Blvd. There is also a strong demand for housing in this area because of its close proximity to UCLA,” said Ickovics. “Because the building is mostly occupied by students moving in and out, the apartment rents are able to stay at market.”
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GVA CHARLES DUNN COMPANY COMPLETES OFFICE LEASE FOR OVER $1.57 MILLION
SAN DIMAS, Calif. —August 22, 2007–-Shaun McCullough, director in GVA Charles Dunn Company’s Long Beach office, represented Arcadian Management Services in an office lease of approximately 10,500 square feet. The building is located at 955 Overland Court in San Dimas, Calif. The lease transaction is valued over $1.57 million. The lessor, ARI Overland, LLC, was represented by Chris Larimore, principal in Lee & Associates’ City of Industry office.
“The building serves Arcadian with ideal freeway proximity, a professional business-park environment and endless amenities,” said McCullough. “The 10,500-square-foot space is an expansion to its current leased space in the building.”
Arcadian Management Services leased the initial space in 2006. Due to rapid growth, it needed to expand its service center. Before Arcadian moved into the building, it served a single tenant with a mixture of office and warehouse. Since ARI Overland, LLC purchased the building in 2005, it now serves as a multi-tenant office building.
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GVA CHARLES DUNN COMPANY NEGOTIATES INVESTMENT PURCHASE FOR $1.45 MILLION
LOS ANGELES, Calif.—August 24, 2007—David Eitches, associate in the Multifamily Investment Group of GVA Charles Dunn Company, has represented a private investor in the purchase of a 5,590-square-foot apartment building for $1.45 million. The building is located at 120 S. Sycamore Ave. in Los Angeles, Calif., and was purchased as an investment. The seller, a private investor, was represented by TDI Properties.
The building includes four two-bedroom/one-bath units. Each of the 1,400-square-foot units includes a balcony, secured parking, hardwood floors and original tile in the bathrooms. Some of the units have a private backyard.
“This building is only one of three to trade on this block in the last 15 years,” said Eitches.
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GVA CHARLES DUNN COMPANY NEGOTIATES $1.2 MILLION MULTIFAMILY TRANSACTION
LOS ANGELES, Calif.—August 27, 2007—David Eitches, associate in the Multifamily Investment Group of GVA Charles Dunn Company, represented the buyer and seller of a 5,817-square-foot apartment building located at 4567 Pickford St. in Los Angeles, Calif. for a consideration of $1.2 million. Both the buyer and seller were private investors.
The ten-unit building has a mix of six one-bedroom/one-bath, one two-bedroom/one-bath, one three-bedroom/one-bath and two studio units. It was purchased as an investment.
“This building was sold for a higher price per square foot than any other multi-family property in the area,” said Eitches.
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July 2007
CHARLES DUNN COMPANY COMPLETES THREE-RETAIL TRANSACTIONS FOR A CONSIDERATION OF $5.95 MILLION
LOS ANGELES, Calif. –July 10, 2007– Jonathan Ahron, managing director and David Aschkenasy, director, Retail Services Group of the Charles Dunn Company, have negotiated three-retail property transactions in Los Angeles, Calif. for a total consideration of $5.95 million.
● Sherwood Corner, LLC represented by Ahron and Aschkenasy of Charles Dunn Company, purchased two-retail buildings totaling 3,887 square-feet located at 8502 Sherwood Dr. and 741 N. La Cienega Blvd., in Los Angeles, Calif. The adjacent buildings were purchased as an investment for a consideration of $3.35 million. The seller, Tobey Melrose, was represented by Neal Golub of CB Richard Ellis.
● A 2,400-square-foot retail building located at 7965 – 7971 Melrose, in Los Angeles, Calif. was purchased by Tobey Melrose, LLC for a consideration $2.6 million. The seller was Franco Properties Inc. Ahron and Aschkenasy of Charles Dunn Company represented the buyer and seller.
“Tobey Melrose, LLC sold the retail property at 8502 Sherwood Dr. to purchase the property at 7965 – 7971 Melrose Lane as a part of a 1031 exchange,” said Ahron.
June 2007
CHARLES DUNN NEGOTIATES SALE OF TWO MULTIFAMILY HOUSING COMPLEX FOR OVER $2 MILLION
LOS ANGELES, Calif. —June 1, 2007— David Eitches, associate, Multifamily Investment Group of Charles Dunn Company, negotiated the sale of 2 multifamily complexes totaling 7,610 square-feet located at 909 South Gramercy and 3730 West 9th Street in Los Angeles, Calif. for a consideration in excess of $2 million.
Eitches represented the seller, Chase Hamilton, Inc. The buyer, Mr. Kang, was represented by KC Chong of Central Properties. This is Eitches second Koreatown transaction within the last month, bringing in over $3 million worth of sales in the multifamily investment market.
“Both units are located in Koreatown,” said Eitches. “Right now this is a hot market for foreign investors because the condo market is really taking off.”
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CHARLES DUNN NEGOTIATES THREE RETAIL SALES FOR $10.8 MILLION
Two-Building Retail Portfolio in West Hollywood and Retail Building in Los Angeles
LOS ANGELES, Calif.—June 1, 2007—Jonathan Ahron, managing director, and David Aschkenasy, director, of Charles Dunn Company’s Retail Services Group, have negotiated a two-building retail portfolio sale in West Hollywood, Calif. and a single retail building sale in the Los Angeles area of Los Feliz Village for a total consideration of approximately $10.8 million.
● The Cord Family sold a two-building retail portfolio, totaling 6,300 square feet located at 8474 and 8478 Melrose Avenue in West Hollywood, Calif., to a private investor for a combined consideration of $8.8 million. Jonathan Ahron and David Aschkenasy of Charles Dunn Company represented the buyer and seller.
“The adjacent, freestanding buildings were purchased as leased investments and are occupied by two of Los Angeles’ premier restaurants, Ago and Lucques,” said Ahron. “Ago and Lucques are owned and operated by the Tribeca Group, whose partners include Robert DeNiro and Bob and Harvey Weinstein.
● Hillhurst Partners I, LLC, represented by Jonathan Ahron and David Aschkenasy of Charles Dunn Company, purchased a 3,600-square-foot retail building located at 1954-1958 Hillhurst Avenue in Los Feliz for approximately $2 million. The seller, Karl de Silveira, was represented by Paul Johnston of Century 21.
“The three-tenant, single-story retail building was purchased as a fully leased investment,” said Ahron. “Los Feliz is an up and coming area with a growing national tenant presence.”
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ELAN HOTEL MODERN IS PURCHASED THROUGH CHARLES DUNN COMPANY FOR $10.1 MILLION
LOS ANGELES, Calif. –June 7, 2007– Jonathan Ahron, managing director and David Aschkenasy, director, Retail Services Group of Charles Dunn Company, negotiated the sale and purchase of the 50-room Elan Hotel Modern located at 8435 Beverly Boulevard in Los Angeles, Calif. for a consideration of $10.1 million. The buyer was International Hotel Associates 7 and the seller was Beverly Croft Towers, LLC.
“The Elan Hotel Modern is well located, offering its international guests convenient access to two of Los Angeles’ premier retail and entertainment centers, The Beverly Center and The Beverly Connection,” said Ahron. “The new owners plan to make improvements to the hotel that will include common areas and room upgrades.”
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CHARLES DUNN JOINS GVA WORLDWIDE
So. Cal. brokerage powerhouse will represent GVA in greater Los Angeles market
LOS ANGELES/ CHICAGO, Ill. – June 8, 2007 – Charles Dunn Company, Inc., the commercial brokerage arm of the Charles Dunn group of companies, has joined GVA Worldwide, a global real estate services organization with partner firms in 20 countries.
“Charles Dunn is an established industry leader with more than 85 years of brokerage experience in California, one of the country’s most competitive markets,” said Michael Corbett, president of GVA Worldwide, whose global headquarters is in Chicago. “Our clients and partners worldwide will benefit from its established presence, regional market expertise, performance and dedication to client service.”
With more than 70 brokers in four offices throughout Southern California, Charles Dunn, which will now begin the transition to GVA Charles Dunn, will represent GVA Worldwide throughout the greater Los Angeles area.
“The Southern California market is one of the most powerful economies in the United States, and it is a launching point into Asia,” said Walter Conn, chairman and CEO of the Charles Dunn group of companies. “The GVA alliance/partnership model allows us to remain independent while increasing our global access to provide our brokers and clients with significant competitive advantages. Their strong global presence and state-of-the-art support services also include research and technology. All of these elements will further both companies on a worldwide basis.”
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CHARLES DUNN COMPANY COMPLETES THE SALE OF TWO RETAIL PROPERTIES FOR $5.4 MILLION
LOS ANGELES, Calif. –June 18, 2007– Jonathan Ahron, managing director and David Aschkenasy, director, Retail Services Group of the Charles Dunn Company, negotiated the sale of two retail properties in Los Angeles, Calif. for a consideration in excess of $5.4 million.
● A 5,000-square-foot retail building located at 1040 N. Western Ave., in Los Angeles, Calif. was sold by 1040 Western LLC to Felipe Corrado, Jr. for a consideration in excess of $1.6 million. Ahron and Aschkenasy of Charles Dunn Company represented the seller and Wayne Chia of Bankers Realty represented the buyer.
“The buyer owns several other retail properties on the same block and purchased the property at 1040 N. Western as a leased investment,” said Ahron.
● Larchmont Village Partners One, LLC purchased a 2,704-square-foot retail building on 6,229 square-feet of land located at 107 N. Larchmont Bl., in Los Angeles, Calif. from Cutler Dippell. Ahron and Aschkenasy of Charles Dunn Company represented the buyer and seller in the transaction valued at $3.8 million.
“The single tenant building was purchased as a fully leased investment. The price paid reflected the highest price-per-foot in the market,” said Ahron. This retail property sale was the first on its block in Larchmont Village in the past three years.”
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CHARLES DUNN NEGOTIATES SALE OF A THREE – BUILDING INVESTMENT PROPERTY FOR $1.1 MILLION
LOS ANGELES, Calif.—June 19, 2007—David Eitches, associate, Multifamily Investment Group of Charles Dunn Company, negotiated the sale and purchase of a three-building residential complex situated on approximately 23,000 square feet of land located at 1506 Second Ave. in Los Angeles, Calif. for a consideration in excess of $1.1 million. The seller was the Union Rescue Mission (www.urm.org) and the buyer was Second Avenue, LLC.
The complex includes a six-unit apartment building with a mix of three-1 bedroom/ 1 bath and three-2 bedroom/1 bath units, as well as two single family residences.
“The buyer purchased the property as an investment and plans to completely renovate each unit. The building was delivered 100 percent vacant at the time of purchase,” said Eitches. “The property is located in the Koreatown submarket of Los Angeles, south of Pico Boulevard.”
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April 2007
CHARLES DUNN COMPANY NEGOTIATES RARE INDUSTRIAL BUILDING SALE IN EXCESS OF $5 MILLION
MONTEREY PARK, Calif./LOS ANGELES—April 2, 2007—Charles Dunn Company, a full-service commercial real estate firm, has negotiated the sale of a 22,275-square-foot industrial building for a consideration in excess of $5 million. The R&D building with labs and clean rooms is located at 2630 Corporate Place in Monterey Park, Calif.
Reginald Woolfolk, director in Charles Dunn’s downtown Los Angeles office, along with Trenton Bonner and Art Holland of Grubb & Ellis, represented the seller, Corporate Realty Income Fund I. The buyer, Great American Capital, was represented by Al Spranger of Grubb & Ellis.
“The modern, one-story building is located in the Los Angeles Corporate Center of Monterey Park,” said Woolfolk. “It is also in proximity to the 10, 60 and 710 freeways, and is 10 miles away from downtown Los Angeles.”
The property is occupied by Kotura, a company that specializes in silicon photonics solutions for the communications industry.
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CHARLES DUNN COMPANY AWARDED CONTRACT FOR PACIFICA TRENTON CORPORATE CENTER
DIAMOND BAR, Calif./LOS ANGELES—April 16, 2007—Charles Dunn Company, a full-service commercial real estate firm, has been awarded the property management contract for the Pacifica Trenton Corporate Center, a three-story office building located at 1440 Bridge Gate Drive in Diamond Bar, Calif. Spanning 134,858 square feet, the class A building is situated within a scenic 255-acre, master-planned business park known as the Gateway Corporate Center.
Eileen Conn, regional vice president in the firm’s Los Angeles office, will oversee management of the Pacifica Trenton Corporate Center, which includes tenants such as Country Wide Home Loans, DACOR, a family-operated kitchen appliance store, Administaff, Hilltop Lending and Ticor Tile. She also currently oversees two additional assets for the owner, CRP-2 Holdings CC., which are located at 6501 Flotilla St. in Commerce, Calif., as well as 6550 Katella Ave. and 11130 Holder St. in Cypress, Calif.
Positioned on a hilltop, tenants of the 97-percent occupied property are privy to views of the surrounding rolling hills and the 60 freeway. Built in 2002, the center is also accompanied by a stand-alone, four-level parking structure with 5,716 square feet of medical space. According to Conn, the third floor elevator lobby will undergo upgrades later this year.
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March 2007
CHARLES DUNN RELOCATES SAN FRANCISCO OFFICE
The San Francisco office of Charles Dunn Real Estate Services Inc. has relocated to 555 Montgomery Street, Suite 816 in San Francisco. Located on the famed banking street, this Class A, 17-story office building is across the street from the famous Transamerica Pyramid building. The new office is located on the eighth floor and is approximately three blocks from the previous office. This location allows the managers and brokers to provide the hands on service to their clients located in and around the financial district.
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CHARLES DUNN COMPANY COMPLETES INDUSTRIAL SALE FOR $2.8 MILLION
LONG BEACH, Calif. —March 1, 2007–-Charles Dunn Company, a full-service commercial real estate firm, has negotiated the sale of an industrial building for $2.8 million. Situated on 76,666 square feet of land, the 10,000-square-foot building is located at 6901 N. Paramount Blvd. in Long Beach, Calif.
Mark Dorbayan, associate in Charles Dunn’s Long Beach office, represented the buyer, JN & JN Properties Inc, a real estate holding company and the sellers, Armando and Victoria Villavicencio.
“The buyer purchased the leased building, that is located adjacent to an existing facility, for future expansion,” said Dorbayan. “The building is currently occupied by Ferguson Enterprises, a distributor of plumbing supplies and will be occupied by the buyer for product storage upon lease expiration.”
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CHARLES DUNN COMPANY ADDS REGIONAL VICE PRESIDENT TO NORTH HOLLYWOOD OFFICE
NORTH HOLLYWOOD, Calif.—March 14, 2007—Charles Dunn Company, a full-service commercial real estate firm, has hired Kristin Tonkin as regional vice president in the North Hollywood office. Joining the firm with nine years of experience, she has managed approximately 1,531,900 square feet of retail space in addition to office and industrial properties.
In her new position, Tonkin will oversee a team of property and portfolio management staff members, plus handle the daily operations as well as business development efforts of Charles Dunn’s management services.
Prior to joining the firm, Tonkin served as a property manager for Vons Companies Inc., where she managed a considerable retail portfolio including 20 shopping centers and 84 store locations. Other previous experience includes serving as assistant property manager for Legacy Partners, LLC, a real estate company that operates throughout the western United States.
“Kristin Tonkin’s management expertise and experience will definitely serve as an asset to our services,” said Patrick Conn, president in Charles Dunn’s downtown Los Angeles office. “She is a welcome addition to our team.”
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CHARLES DUNN COMPANY NEGOTIATES MAJOR INDUSTRIAL BUILDING SALE IN EXCESS OF $9 MILLION
Firm Completes Three Deals Along Figueroa Street Totaling 218,000 Square Feet
GARDENA, Calif./LOS ANGELES—March 19, 2007—Kai Chon, senior managing director in the Los Angeles office of Charles Dunn Company, a full-service commercial real estate firm, partnered with NAI Capital Commercial for the negotiation of a 117,000-square-foot industrial building sale in excess of $9 million. Solely occupied by Transtar Metals, a company that handles the distribution and wholesale of metal products, the two building complex is located at 14400 S. Figueroa St. in Gardena, Calif.
Both Charles Dunn and NAI Capital represented the buyer, YWK Corp., who purchased the property as an investment. The seller, Prudential Insurance Company, was represented by Cushman & Wakefield.
In addition to this transaction, Chon has negotiated the following recent deals in this well-known industrial area:
- A 52,426-square-foot, seven-year industrial lease, with the option to buy, located at 14000 S. Figueroa St.
- A 49,000-square-foot industrial lease located at 13921 Figueroa St., which is directly across from Transtar Metals.
According to Chon, the property was once part of the seller’s industrial investment portfolio, which the company decided to consolidate. A functional facility for the buyer’s current business needs, the building is situated in an ideal location near the 110 freeway corridor and only minutes away from Los Angeles International Airport (LAX).
Currently, Chon is in the process of negotiating with prospects on a 40,000-square-foot industrial property within the vicinity.
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CHARLES DUNN COMPANY AWARDED PROPERTY MANAGEMENT CONTRACT FOR ARIZONA INDUSTRIAL COMPLEX
PHOENIX—March 26, 2007— Charles Dunn Company, a full-service commercial real estate and management firm, has been awarded the contract for 2720-2750 South Hardy Drive in Tempe, Ariz. With over 15 years of experience in this industrial submarket, Susan Dunst, regional vice-president in Charles Dunn’s Phoenix office, will manage the 49,180-square-foot complex, which consists of four buildings.
Currently in prime condition, the property will be reviewed by Charles Dunn within the next six months to determine if any improvements need to be performed.
Built in 1985, the industrial park is 100-percent leased with 12 tenants. According to Dunst, the complex is located in an ideal location on Hardy Drive, which is a major thoroughfare that runs through the city of Tempe.
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February 2007
CHARLES DUNN COMPANY LAUNCHES INDUSTRIAL GROUP
Former President of J.W. Lewis Co. to Lead Industrial Division
LONG BEACH, Calif.—February 15, 2007—John M. Bowman has joined the Charles Dunn Company, a full-service commercial real estate and management firm, as senior manager of the industrial group. He will be based in the firm’s Long Beach/South Bay office.
“John is a personable and knowledgeable professional with an extensive background in industrial real estate sales and leasing throughout southern California,” said Dennis Slattery, executive managing officer of Charles Dunn. “He has demonstrated the highest standard of performance in his career and will provide strong leadership to our expanding industrial group companywide.”
For the past 16 years, Bowman has been a partner and president of the J.W. Lewis Co., a firm he joined in 1976. He has been a member of the Society of Industrial and Office Realtors (SIOR) since 1981 and is a past president of the Orange and South Counties chapters, as well as a board member of the SIOR national board of directors. He is also a member of the American Industrial Real Estate Association (AIR).
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CHARLES DUNN COMPANY COMPLETES RETAIL SALE FOR $4.25 MILLION
LAGUNA HILLS, Calif./LONG BEACH, Calif. —February 27, 2007–-Charles Dunn Company, a full-service commercial real estate firm, has negotiated the sale of a retail building for $4.25 million. Currently vacant, the 19,000-square-foot building sits on 56,628 square feet of land located at 23002 Moulton Parkway in Laguna Hills, Calif.
Greg Bendis, managing director, Dillon Dummit and Chris Armato of Charles Dunn Company’s Advisory Services Group, represented the buyer, Kalili Azarian, LLC. The seller, 23002 Moulton Parkway, LLC, had in-house representation.
“Our buyer sees this building as a great value-add opportunity and plans to make significant upgrades to the building’s façade, interior spaces and parking area,” said Armato. “Located on one of the area’s main thoroughfares, the building offers excellent street frontage and visibility to a variety of retail clients.”
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CHARLES DUNN COMPANY COMPLETES OFFICE LEASE IN EXCESS OF $2 MILLION
Firm Negotiates Considerable Lease in a Well-Known Landmark
BEVERLY HILLS, Calif./LONG BEACH, Calif. — February 28, 2007–-Charles Dunn Company, a full-service commercial real estate firm, has negotiated a 10-year office lease in excess of $2 million on behalf of Pacific Seaboard Management, a business that provides non-invasive medical services. The company will occupy 6,000 square feet in this 10-story office structure, known as the John Wayne Building, located at 8484 Wilshire Blvd. in Beverly Hills, Calif.
Greg Bendis, managing director, Chris Armato and Dillon Dummit of Charles Dunn’s Advisory Services Group represented the lessee, Pacific Seaboard Management. The lessor, Sel Wil Development, was represented by Lee Shapiro, managing director in Charles Dunn’s West Los Angeles office.
“Our client is very happy to occupy this landmark building and looks forward to many years of success at this location,” said Armato.
A class-A, corner-located building, 8484 Wilshire was built in 1972 and includes the Consulate General of Ecuador and GM Capital among its tenants.
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January 2007
CHARLES DUNN COMPANY COMPLETES SUBSTANTIAL OFFICE LEASE
PASADENA, Calif./LOS ANGELES—January 3, 2007—Charles Dunn Company, a full-service commercial real estate firm, has negotiated an office lease renewal for consideration of $2.87 million. Under the terms of the new agreement, the accounting firm of Lucas, Horsfall, Murphy & Pindroh, as lessee, extended its lease for six additional years. The space, located at 100 E. Corson St. #200 in Pasadena, Calif., is composed of approximately 14,669 square feet within a four story, 87,523-square-foot office building.
Rick Harrison, senior managing director in Charles Dunn’s downtown Los Angeles office, represented the lessee, Lucas, Horsfall, Murphy & Pindroh. The lessor, Operating Engineers Funds Inc., was represented by Carl Anderson of Grubb & Ellis.
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CHARLES DUNN COMPANY NEGOTIATES OFFICE LEASE FOR INTERNATIONAL COMPANY
CULVER CITY, Calif./LOS ANGELES—January 8, 2007—Charles Dunn Company, a full-service commercial real estate firm, has negotiated a five-year lease for the executive and franchise development offices of Red Mango, Inc., the South Korea-based company that first introduced the all-natural variety of authentic nonfat frozen yogurt now popular in Los Angeles and New York. The office suite is located at 5730 Uplander Way in the Culver City Corporate Pointe Office Complex, a two-story, 31,000-square-foot building.
Reginald Woolfolk, director in Charles Dunn’s downtown Los Angeles office, represented the lessee, Red Mango, Inc, the largest retailer of frozen yogurt in South Korea. The lessor, Cadance Properties LLC, was represented by Colliers International.
“We selected the Charles Dunn Company because of its excellent reputation of being able to understand the short-term and long-term real estate requirements of fast-growing companies,” said Dan Kim, President of Red Mango, Inc. “An office and franchisee training center in Culver City made perfect sense due to the location’s proximity to our first retail store and our impressive group of strategic advisors and investors.”
“Lease rates are more attractive in Culver City than in other neighboring communities so office properties move quickly in this market,” said Woolfolk. “Other benefits for tenants located in this area are free parking and close proximity to international airports and the 405 and 10 freeways.”
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CHARLES DUNN COMPANY COMPLETES SALE OF RETAIL BUILDING FOR $3.5 MILLION
CD Team’s Sixth West Hollywood Transaction Brings Total to Over $28 million in Sales in Past Six Months
WEST HOLLYWOOD, Calif./LOS ANGELES—January 10, 2007— Charles Dunn Company, a full-service commercial real estate firm, has negotiated the sale of a 3,076-square-foot retail building located at 8280 Melrose Ave., West Hollywood, for $3.5 million.
Jonathan Ahron, director, and David Aschkenasy of Charles Dunn’s West Los Angeles office, represented both the undisclosed buyer and the sellers, Jack and Ann Rode. This is the fifth West Hollywood transaction negotiated by the Ahron/Aschkenasy team within the last six months, bringing over $28 million worth of retail sales for them in this market.
“The stability of the West Hollywood retail market has provided excellent returns which make it an extremely attractive area for investors,” said Ashkenasy. “In this case, the solid retail market offers high rental rates which allowed this owner a solid stable of properties located on Melrose, which is a prime location.”
Built in 1953, the single-story building is currently vacant. According to Ashkenasy, the new owner, who owns several other properties on this street, plans to perform minor upgrades and renovations to the building before moving forward with leasing.
In addition to this transactions, Ahron and Aschkenasy have also negotiated the following West Hollywood transactions:
- 8457 Melrose Place - According to CoStar Realty Information Inc., this $8-million, 4,639-square-foot retail sale was the all-time highest price per-square-foot in West Hollywood.
- 8010-8014 Melrose Ave. – The buyer plans to re-tenant this 5,600-square-foot retail building, which sold for $3.9 million.
- 7955-7959 Melrose Ave. – This 2,925-square-foot retail building, which was part of a 1031 exchange, sold for $2.8 million.
- 8900 Santa Monica Blvd. – Current tenants of this 8,583-square-foot retail building, which sold for $7.3 million, include Citibank, Mrs. Fields, The Gay and Lesbian Center and a jewelry store.
- 8929 Santa Monica Blvd. – The 3,170-square-foot property, which sold for $2.84 million, will soon be converted to a restaurant or bar due to the high level of foot traffic in the area.
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CHARLES DUNN COMPANY NEGOTIATES $2.16 MILLION LEASE RENEWAL FOR BOVIS LEND LEASE
Seven year renewal includes space for LA office expansion
LOS ANGELES—January 11, 2007—Charles Dunn Company, a full-service commercial real estate firm, has negotiated a seven-year lease renewal with a value exceeding $2.16 million on behalf of Bovis Lend Lease, one of the world’s leading project management and construction companies, which will be expanding their Los Angeles offices from 5,783 square feet to 13,015 square feet. The offices are located within the Pacific Financial Center, an 18-story, 213,079-square-foot office building located at 800 W. 6th St. in Los Angeles. At 95 percent occupancy, tenants of this class A building include Charles Dunn Company and Cathay Bank.
John Anthony, senior managing director, and Dan Cherrie, managing director, of Charles Dunn’s downtown Los Angeles office, represented both the lessee, Bovis Lend Lease and the lessor, Pacific Financial Center LLC.
According to Anthony, Bovis Land Lease has occupied this 1973-built building for the last three-and-a-half years and needed the additional space to accommodate growing business.
“Bovis Land Lease chose an opportune time to renew their lease as the office vacancy rate in downtown Los Angeles is shrinking and rents are steadily increasing,” said Anthony.
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CHARLES DUNN COMPANY COMPLETES $2 MILLION LAND SALE
SIGNAL HILL, Calif./LONG BEACH, Calif. — January 15, 2007–-Charles Dunn Company, a full-service commercial real estate firm, has negotiated the sale of a vacant parcel of land for $2 million. The 57,500-square-foot plot of land, which is zoned for residential and commercial, includes the following addresses: 845 and 745 E. Willow St., 813 and 833 W. Willow St. and 836 W. Walton St. in Signal Hill, Calif.
Daniel Montoya, associate in Charles Dunn’s Long Beach office, represented the buyer, 2H Properties, a developer who owns six other commercial, mixed-use and land properties in the area. The seller, Iglesia Ni Crista Church of Christ, was represented by Loida Atienza of LA Financial Management & Services.
According to Montoya, the seller purchased the land in 1985 with the intention of building a new church on the property; however, the facility was never built and the land remained vacant. Montoya says the new buyer is also hoping to build a development on the land, but has yet to decide on anything specific.
“This is a strong investment given that the land is off of a major thoroughfare and in close proximity to Memorial Hospital, which is currently expanding,” said Montoya. “The hospital’s new development is expected to increase rents in the area, which could provide the buyer with a larger return on his investment of just $30-per-square-foot.”
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CHARLES DUNN COMPANY COMPLETES $1.67 MILLION OFFICE SALE
CYPRESS, Calif./LONG BEACH, Calif. — January 18, 2007–-Charles Dunn Company, a full-service commercial real estate firm, has negotiated the sale of an office/industrial building for $1.67-million. Situated on 23,160 square feet of land, this class-B, 7,756-square-foot building is located at 5555 Corporate Ave. in Cypress, Calif.
Shaun McCullough, associate director in Charles Dunn’s Long Beach office, represented the buyer, Market Strength, LLC. The seller, the Gilkey Trust, was represented by David Cox from Ashwill Associates.
According to McCullough, the building presented an opportunity for the buyer to expand its portfolio in a very desirable area.
Built in 1978, this single-tenant, single-story building is occupied by Health Care Synergy Inc., a company that provides medical, dental, home health agency, and other healthcare entities with software and support from a network of highly qualified staff. The company will be relocating its corporate headquarters from neighboring Los Alamitos in order to accommodate future company growth.
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CHARLES DUNN COMPANY COMPLETES THE SALE OF A MULTI-RESIDENTIAL BUILDING IN EXCESS OF $1.42 MILLION
LOS ANGELES—January 19, 2007— Charles Dunn Company, a full-service commercial real estate firm, has completed the sale of a 6,645-square-foot multi-residential building in excess of $1.42 million. Located between Westwood and Century City, Calif., the building’s address is 1814 Parnell Ave. in Los Angeles.
Bradley Anderson, senior director in Charles Dunn’s downtown Los Angeles office, represented both the buyer and the seller; the names were not disclosed.
“This Century City-adjacent location is popular with the area students and young professionals. This was an excellent investment that offers strong potential to increase the rental income,” said Anderson. “The buyer already owns multiple area rental properties in the immediate vicinity, and the addition of 1814 Parnell to its investment portfolio supports economic and strategic objectives.”
Built in 1959, 1814 Parnell is a 10-unit apartment building that is 80 percent occupied with a mix of university students and young professionals, who work and/or attend classes nearby. According to Anderson, the buyer plans to invest in renovation of the existing units as current tenancies roll over.
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CHARLES DUNN COMPANY COMPLETES SALE OF MEDICAL BUILDING IN EXCESS OF $5.1 MILLION
SANTA MONICA, Calif./LOS ANGELES—January 23, 2007— Charles Dunn Company, a full-service commercial real estate firm, has negotiated the sale of a 6,120-square-foot medical building located at 2122 Wilshire Blvd. in Santa Monica, Calif., for more than $5.1 million. Only minutes away from St. John’s Health Center and Santa Monica Hospital, tenants of the single-story building include UCLA Healthcare Primary Care Offices.
Charles DeSantis, senior managing director in Charles Dunn’s West Los Angeles office, represented the seller, 2122 Wilshire Building. The buyer, American Commercial Equities, a private Malibu, Calif.-based real estate company that owns and operates retail and office facilities, was represented by David Ickovics, managing director in Charles Dunn’s West Los Angeles office.
According to Ickovics, 2122 Wilshire Blvd. is a prime investment for the buyer due to its great Santa Monica locale on one of the city’s main thoroughfares. The buyer plans to maintain the facility as a medical building.
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