The Community Redevelopment Agency purchased a retail shopping center and parking lot on Sherman Way that may be just the first transaction in a larger land assemblage. “We’re hoping to acquire property for a possible redevelopment project,” said Jay Virata, CRA/LA regional administrator. “There’s no specific design of a project at this time. It’s going to be opportunity driven depending on how much land we can assemble.” The agency would like to acquire the entire block but Virata didn’t sound enthusiastic about the possibility of getting that far citing funding issues and willingness of property owners to sell as the key stumbling blocks. A number of housing projects are proposed for other sectors of the Reseda/Canoga Park redevelopment area, said Virata who has been assigned to this region for seven months now, and they’re focusing also on the commercial corridors. “We’re not necessarily doing teardowns, but I think through a combination of fa & #231;ade and new product there going to be some new life in Reseda,” he said. The Reseda Theatre is one of those projects but it’s encountered a glitch according to Virata. “We have to install more of a structural frame and reinforcement so that’s delaying the project a bit.” Brokers J. Richard Leyner, Cal Menzer and Jesse Paster of NAI Capital’s Encino office represented the seller, Sixth and Union, LLC in the investment sale valued at $5.52 million. The transaction included a 15,000-square-foot retail shopping center at 18128 Sherman Way and another 46,000 square feet of land that has been used as a parking lot. The existing businesses in the shopping center will continue to operate, Virata confirmed, with the CRA acting as landlord. Sold Out Tim Regan, project manager for Voit Development, announced that the Wheatland Commerce Center in Sun Valley has sold out. The 72,000-square-foot multi-tenant property includes 24 industrial condominium units of 3,000 square feet each on a three-and-a-half acre site near the Burbank/Bob Hope Airport. DAUM Commercial Real Estate Services brokers Kevin Tamura and Ron Berndt were the marketing representatives for the project. Grand Opening Lee & Associates hosted a grand opening for its relocated Antelope Valley office in the Challenger Business Park in Palmdale on Oct. 29. Not only is Lee one of the inaugural tenant in the project; they are also its exclusive leasing agent. Three brokers Errol Vanhorne, Susan Champion and Stephen Friedland will be working full-time out of the office. Champion leads the Challenger office park leasing team. The other inaugural tenant is Camille’s Sidewalk Caf & #233;. The Challenger location will serve breakfast, lunch and dinner and will be the first of the franchises in California to offer beer and wine as well. Insurer Adds Space Markel West Inc. is expanding its presence in Warner Center with the lease of an additional 12,400 square feet on the 10th floor of 21600 Oxnard St. The 10-year lease is valued in excess of $5 million, Markel had originally leased 21,600 square feet on the fourth floor of the tower in April 2007. Scott Katcher, corporate managing director of Studley’s downtown Los Angeles office represented the lessor. while landlord Douglas Emmett handled its side of the deal in-house. North Valley Sales A medical/office building located at 11260 Wilbur Ave. in Northridge was sold by Northridge Professional Park Limited to Granada Hills-based investor AMC, Inc. which represented itself in the transaction. In a related transaction, one of the NPPL sellers bought an industrial building at 9300 Oso Ave. in Chatsworth. The combined value of both transactions was in excess of $6 million. Northridge Professional Park Limited was represented in its sale by Gary DiMartino, Michael Loewenstein and Bill Kogel of TOLD Partners, Inc., who also represented JLN Partners, LLC in the purchase of the Chatsworth building. Mike Hooker of Delphi Business Properties represented the industrial building’s seller Kaufman Family Trust. Leasing Strong for Westlake Occupancy in the first phase of the newly constructed Westlake Park Place office center has reached 45 percent in the first nine months of 2008. Amstar Group and Steadfast Companies, who joint-ventured to develop the complex, announced a host of new tenants, primarily banking, insurance and financial services companies have signed leases. Joining First California Bank and Comerica Bank, the first tenants to move in, are Metropolitan Life (8,749 sf); GlobalWide Media (6,091 sf); Ernst & Young (7,590 sf); Raymond James Financial (3,696 sf); Platinum Office Suites (17,917 sf); Cydcor (19,074 sf); Charles Schwab (2,584 sf); and Stifel Nicolaus (4,741 sf). Another 13,000 square feet of leases are outstanding as of press time. Senior Housing AMCAL Multi-Housing Inc. of Agoura Hills opened Cielo Azul, an 81-unit senior housing development in Palmdale. The affordable housing development has 24 units dedicated to those making 60 percent or less of the Area Median Income. The project was financed with nearly $10 million in low-income housing tax credits. Investments of more than $20.7 million were also made by SunAmerica Affordable Housing Partners, WaMu, Federal Home Loan Bank of San Francisco, Downey Savings, California Community Reinvestment Corp. and the City of Palmdale. This is the second AMCAL development in Palmdale and the company recently received tax credit funding for a third project that will feature 78 senior affordable units within the Civic Center Master Plan area. Joint Venturing First Security Lending and the Keller Williams Realty Offices in Burbank, Glendale and La Canada have formed a joint venture called First Choice Financial. Keller and First Choice will be collecting non-perishable food items which will be donated to the Burbank Temporary Aid Center before the Thanksgiving holiday. Staff Reporter Linda Coburn can be reached at (818) 316-3123 or at [email protected] .
