In The News
November 2009
LOS ANGELES BUSINESS JOURNAL'S WEEKLY FORUM QUESTION - DAVID EITCHES
MICHEL HIBBERT CLOSES $4.52 MILLION LUXURY APARTMENT SALE IN L.A.'S CHINATOWN
Michel Hibbert represents both parties; bank finances purchase and construction completion
LOS ANGELES—November 2, 2009—Michel Hibbert of Charles Dunn Company has closed the sale of a 29-unit, bank-owned (REO) luxury apartment property in the heart of Chinatown. Located contiguously at 700-704 N. Hill and 709-711 N. Yale Streets, the four-story building and duplex combination comprise 26,222 square feet.
Hibbert represented both the seller, Cerritos-based Gateway Business Bank, and the buyer, Los Angeles-based Super A Logistics Services LLC.
“This opportunity enabled the buyer to purchase an 80-percent-completed apartment building at a below-replacement cost from the bank,” said Hibbert, a senior managing director within Charles Dunn Co.’s West Los Angeles office. “The bank financed both the purchase and a construction loan to finish the building.”
The apartment building also lies in close proximity to Los Angeles’ downtown and Chinatown submarkets, offering commendable views from its one- and two-bedroom apartment unit options. The property is currently vacant and slated for completion in spring 2010.
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October 2009
LOS ANGELES BUSINESS JOURNAL'S WEEKLY FORUM QUESTION - HAMID SOROUDI
LOS ANGELES BUSINESS JOURNAL'S WEEKLY FORUM QUESTION - KIMBERLY ROBERTS-STEPP
WHITE PAPER BY DARRELL LEVONIAN "REAL ESTATE OVERVIEW AND OPPORTUNITIES - LOOKING INTO 2010"
BRANDON CARRILLO NEGOTIATES 62-MONTH INDUSTRIAL LEASE IN PARAMOUNT
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September 2009
SUSAN HARRIS IN THE SAN DIEGO DAILY TRANSCRIPT
DAVID EITCHES IN CALIFORNIA REAL ESTATE JOURNAL
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August 2009
COMMERCIAL PROPERTY EXECUTIVE'S HOT BROKER
CHARLES DUNN CO. CLOSES $3.1 M MULTIFAMILY TRANSACTION
The two-story apartment is located in Beverly Hills
BEVERLY HILLS, Calif.—August 24, 2009—Hamid Soroudi of Charles Dunn Company negotiated the $3.1 million purchase of a 10,098-square-foot apartment complex located at 320 N. Crescent Drive in Beverly Hills.
Hamid Soroudi represented the buyer, 320 North Crescent Drive LLC. Soroudi and Cari Widman jointly represented MRD Properties, the seller. The property is well-located in Beverly Hills’ Golden Triangle shopping district, and is within walking distance from the shops and restaurants on world-famous Rodeo Drive. The buyer intends to renovate the units as they become available and keep the property long-term.
“The property sold at an exceptional price of 4 percent cap and 15 times gross,” said Soroudi. “This is a testimony to the fact that prime-located properties do not decline in value, even in recession.”
Soroudi specializes in the sale and exchange of investment real estate with a focus on multi-residential properties and development sites located in the prime Westside market. He has been practicing brokerage since 1979. Widman recently joined the Soroudi Group. She met the seller of this transaction during her first month of cold calling.
PATRICK CONN FEATURED IN THE CALIFORNIA REAL ESTATE JOURNAL
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July 2009
JASON GRIBIN'S REGIONAL MARKET FORECASTS ON WEST LOS ANGELES
JOHN BOWMAN'S REGIONAL MARKET FORECASTS ON SOUTH BAY - LONG BEACH
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June 2009
STACY VIERHEILIG-FRASER'S REGIONAL MARKET FORECASTS ON THE SAN FERNANDO VALLEY
CHRIS RUNYEN'S REGIONAL MARKET FORECASTS ON DOWNTOWN LOS ANGELES
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May 2009
DAVID ASCHKENASY'S RETAIL MARKET INSIGHT IN CREJ
CHARLES DUNN CO. NEGOTIATES COMBINED MULTIFAMILY SALE FOR $7.42M
CDC West L.A. duo handles both sides of two transactions; one is paid for in all cash
SANTA MONICA/HOLLYWOOD, Calif.—May 14, 2009—Hamid Soroudi and Kimberly Roberts-Stepp at Charles Dunn Company have negotiated three multifamily property sales totaling in excess of $7.42 million. The three sales involved properties at 1626 N. Fuller Ave. in Hollywood and two in Santa Monica -- 844 14th St. and 1901 Sixth St.
Roberts-Stepp said the 844 14th St. sale was an all-cash transaction that closed in seven days from the accepted offer. She led negotiations on behalf of the buyer, E6 LLC. The five-unit property totals 3,256 square feet and was sold for $1.41 million.
Soroudi and Roberts-Stepp negotiated both sides of the sales at 1626 N. Fuller Ave., and also for 1901 Sixth St.
The 12,540-square-foot property at Fuller Ave. was sold “as is” for a value of $3.05 million through a 1031 tax-deferred exchange. Roberts-Stepp represented the buyer, Jay Harek, and teamed with Soroudi to represent the seller, 1626 N. Fuller LLC.
The sale at 1901 Sixth St., a 14,399-square-foot, 16-unit property, took a mere 10 days from accepted offer to closing. Soroudi represented the seller, Xenon Investment Corp., while Roberts-Stepp represented the buyer, 1626 N. Fuller LLC. The property was sold for $2.97 million to an investor coming out of a 1031 exchange.
Roberts-Stepp and Soroudi specialize in the sale and exchange of investment real estate, with a focus on multi-residential properties and development sites in the Westside and Santa Monica markets.
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CHARLES DUNN CO. CLOSES $2.25M JACK IN THE BOX SALE
Hamid Soroudi leads negotiations
LAKE FOREST, Calif.—May 7, 2009—Hamid Soroudi of Charles Dunn Company negotiated the $2.25 million purchase of a Jack in the Box location at 20101 Lake Forest Drive. The property totals 2,816 square feet.
Hamid Soroudi represented the buyer, Saleh Family Trust, who had sold a multi-residential property and purchased the Jack in the Box as a replacement property. The Saleh Family Trust had three goals in mind: first, to dispose of its previous management-intensive property and purchase a property that did not require management; second, to improve their cash flow; and third, to perform a 1031 exchange which would exempt them from paying capital gain at the time of sale. All three goals were achieved.
Soroudi specializes in the sale and exchange of investment real estate with a focus on multi-residential properties and development sites located in the prime Westside market. He has been practicing brokerage since 1979.
Irvine-based Faris Lee Investments represented the seller, Kea Lani Investments.
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February 2009
CHARLES DUNN NEGOTIATES $1M INDUSTRIAL LEASE IN LONG BEACH
Tenant broker Brandon Carrillo shows perseverance and resolve in closing complex deal
LONG BEACH, Calif.—February 23, 2009— In a complex negotiation, Brandon Carrillo of Charles Dunn Company closed a $1 million industrial lease at 6765 N. Paramount Blvd. The property totals an area of 76,666 square feet.
After acquiring 25 new “green” trucks to satisfy the City of Long Beach’s new Clean Trucks Program efforts, New Trans Logistics was on the verge of relocating its operations to Long Beach when the city placed a moratorium on approving any new trucking companies. Carrillo’s client had not only purchased trucks, negotiated a lease and made concessions to abide by the new program in order to service the port, but the move would have provided 25 new jobs within the city.
Carrillo then launched efforts to contact local media, city officials and council members to express the dynamics of the situation and negotiate approvals with the city on behalf of his client. Through his tenacity, the City of Long Beach saw the value of New Trans Logistics and approved its use, allowing them to be an exception to the moratorium.
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OFFICE SPACE LEASED FOR $2.37 MILLION IN ONTARIO
Greg Bendis and Dillon Dummit, both of GVA Charles Dunn, negotiated a 120-month office lease in Ontario for $2.37 million, according to a news release. The deal covers the bottom floor of the office at 4550 Ontario Mills Parkway. Bendis and Dummit represented the tenant, Scientific Image Center Management Inc., a Michigan-based company affiliated with cosmetic surgery business Lifestyle Lift. Jeff Burdick of Lee & Associates represented the landlord, The Bates Co. The property now is fully leased.
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VETERANS BOYD, LEE HEAD NEW DUNN TRI-CITIES OFFICE
GLENDALE, CA-The Los Angeles-based Charles Dunn Co. has opened a new office here to serve the Tri-Cities and San Gabriel Valley office markets, with Tri-Cities veterans Bill Boyd and Linda Lee at the helm as senior managing directors. Boyd tells GlobeSt.com that the his and Lee's move to the new office marks a welcome return to being physically based in the Tri-Cities market, which he has specialized in since 1981 and where Lee has specialized in office sales and leasing for more than 10 years.
The Boyd-Lee team, which has executed a combined career total of $2 billion of sales and leases primarily in the Tri-Cities market, has already lined up 500,000 square feet of landlord assignments. Boyd and Lee formerly specialized in the Tri-Cities market from the Downtown L.A. office of Grubb & Ellis, where the brokerage firm based its Tri-Cities operations after closing its Glendale branch. Boyd also specialized in the Tri-Cities market for 17 years with CB Commercial, the predecessor to CB Richard Ellis.
In addition to landlord representation, the new Charles Dunn office is providing tenant representation and investment sales services. Besides Boyd and Lee, the new Tri-Cities/San Gabriel Valley team includes associate Peter Pearce.
The opening of the new office comes at a time when the Tri-Cities market of Glendale, Burbank and Pasadena is adjusting to the same new market realities that are affecting office markets across Southern California and the US. Lee tells GlobeSt.com that the markets have turned so quickly that in one case, the effective rent for a three-floor lease now being negotiated in a Burbank office building is 15% lower than the rent for a two-floor lease in the same building just nine months ago. Part of the reason for that lower rent is that the deal in question includes six months of free rent—compared with no free rent just a year ago. This is happening despite the low 3.5% vacancy rate in Burbank, Lee points out.
The primary focus of landlords today is tenant retention, Boyd and Lee say, with landlords pushing for renewals as soon as possible in order to maintain their tenant bases. But as Lee notes, tenants today are often reluctant to renew too soon because of uncertainty about both the economy and their own businesses.
As a result, brokers today need to be able to provide tenants with more creative solutions for their space needs, such as negotiating more flexibility in leases to provide options for expanding or downsizing within a building, Lee says. She says that landlords are adjusting their expectations because they realize that the economy is affecting the tenants’ businesses as well as that of the landlords.
Boyd adds that on the landlord side, building owners are looking for help in gauging where the market is going in order to keep and capture as many tenants as possible. He notes that he and Lee have leased nine of the 12 major office buildings in Glendale at one point or another, so they have a good idea of how the market ebbs and flows there and in other parts of the Tri-Cities market.
One factor working in favor of landlords of established buildings is that tenants generally are reluctant to move in today’s uncertain economic conditions, according to Boyd. Some 800,000 square feet of new space is coming onto the market in Burbank, and Boyd says that in better economic times tenants would be more likely to consider a move to some of the new space. But in today’s world, he says, moving is an expense that most tenants want to avoid, especially when rents in the new buildings are likely to be higher than those of existing buildings.
Boyd has participated in leasing and sales transactions totaling in excess of more than $1.7 billion, and has been on leasing teams of over 5.25 million square feet of office space throughout the Los Angeles area. The Dunn Co. announcement regarding the new office notes that no other office building broker has participated in as many lease transactions or been responsible for the leasing of as much office building square footage in the Tri-Cities office submarket. Lee, with a cumulative transactional value totaling more than $400 million, participated in many of the market’s most significant transactions during her Grubb & Ellis career.
With the opening of the new Dunn office, at the Glendale Galleria office tower at 100 W. Broadway, the Los Angeles-based company now operates an office in every major submarket throughout the Greater Los Angeles area. The new office “complements our plan to have a strong presence in the key markets throughout the Los Angeles and Orange County areas,” says Dennis Slattery, senior managing director of Charles Dunn Co.
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