83.9 F
San Fernando
Friday, Mar 29, 2024

Phase III of NoHo Commons One Step Closer to Completion

Bomel Construction Company just completed a 766-space, cast-in-place parking structure for Phase III of NoHo Commons, a crucial step indeed for the much anticipated mixed use development at Lankershim Blvd. and Weddington St. Bomel finished the design-build parking structure a month ahead of schedule. It was also responsible for forming, placing, and finishing all of the concrete floors and columns in the development’s nine-story concrete framed office building. The 181,000-square-foot office building, which has its first four floors leased to the Art Institute of California, is seeking gold-level certification from the U.S. Green Building Council. It’s slated to open in October. Phase III of NoHo Commons will also include retail space, a restaurant and movie theater. Another bit of construction news, Intertex General Contractors completed tenant improvements for Advanced Bionics’ new digs in the Santa Clarita Valley. The medical device maker announced in July it leased a five-story 144,000 square foot building at 28515 Westinghouse Place in Santa Clarita. The company plans to consolidate its corporate and manufacturing headquarters in the new building. Intertex completed tenant improvements in the first, fourth and fifth floors of an existing Leadership in Energy and Environmental Design (LEED) certified five-story shell building. Advanced Bionics required all of the work to be complete in 12 weeks. Intertex employees worked seven days per week, 12 hours per day to complete the project, investing a total of 16,000 man hours. The first week was used for contract negotiations, nine weeks were spent on the 50,000-square-foot build-out, and the final two weeks were spent moving in 160 units or partition furniture. Companies on the moveCredit and debit card payment processing firm, iPayment, is relocating from Calabasas to Westlake Village. The company recently inked a lease agreement for 31,665 square feet of space at 30271 Russell Ranch Road in the Westlake North Business Park. iPayment is headquartered in Nashville and has been operating locally out of an office space at 26707 West Agoura Road in Calabasas. Terms of the transaction were not disclosed. Jones Lang LaSalle and IDS Real Estate Group represented the owner, TIAA-CREF, in the deal. iPayment worked with Josef Farrar, David Kluth and Marc Schwartz of UGL Equis in securing the space. The company chose the Westlake location because of its visibility, parking, ease of access and amenities, and the building’s ownership and management, according to a press release from UGL Equis. Quest Diagnostics leased 24,000 square feet of industrial space at 15750 Strathern Street in Van Nuys. Total consideration for the five-year lease is $789,936. John DeGrinis, Patrick DuRoss and Jeff Abraham of Colliers International represented the lessor, ARKA Properties Group and Black Equities Group. Jeff Myers of CBRE represented Quest Diagnostics in the deal. Quest plans to use the space for its logistical service center operations. And J. Richard Leyner of NAI Capital’s Encino office represented AvalonBay Communities, Inc. in the lease of a 2,650 sq. ft. retail space at 16350 Ventura Blvd., Suite F, in Encino to KBG Dining Group, LLC (Rosti Tuscan Kitchen). Rosti Tuscan Kitchen’s lease at 16403 Ventura is expiring and the restaurant will re-locate to the new mixed-use space sometime over the next 3-6 months. The value of the 10-year lease was not disclosed. Lease-to-purchase A family trust recently purchased a 32,233-square-foot industrial building that its family business, Pindler & Pindler Inc., had been occupying on a lease with an option to purchase agreement. The family trust purchased the property, located at 5156 Commerce Ave. in Moorpark, for just north of $4 million. The building was constructed in 1990 and at one point was a design center for Rolls Royce. Pindler & Pindler Inc., a designer and marketer of fabrics for the home furnishings industry, leased it for a five-year term with an option to purchase within the first two-and-a-half years. A couple of the building’s features include: dock-high and ground-level loading with 20-foot clearance and 3 per 1,000 parking. The latter ratio compares to 2 per 1,000 parking for most industrial space. Mike Tingus and Scott Linklater of Lee & Associates represented the seller, York Moorpark Industrial LLC. The buyer was represented by George Eales of DAUM Commercial Real Estate Services. Lease-to-own arrangements have become popular as landlords recognize the need to be creative to gain their competitive edge, said Tingus. These types of agreements can help owners stabilize pricing while offering attractive incentives to buyers. Correction In the Aug. 31 real estate column, I incorrectly reported that David Feldman of Marcus & Millichap Real Estate Investment Services represented the buyer in the $28 million, all cash sale of 414 N. Rodeo Drive. In fact, Feldman represented the seller. Staff Reporter Eric Billingsley can be reached at (818) 316-3124 or at [email protected].

Featured Articles

Related Articles