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Thursday, Mar 28, 2024

Historic Elks Lodge Building Listed for $2.85 million

The Elks Lodge, one of the Elks organization’s oldest facilities in the San Fernando Valley, is up for sale with a $2.85 million price-tag. Ash Joshi, principal of Capital Realty Solutions, Inc. of Encino is the marketing agent for the historical two-story building. The building, which was completed in 1937, is located at 804 Pico St. near Brand Boulevard. The 19,180-square-foot building features a large dining room that can accommodate up to 230 guests, a “Colonial Room” with a lounge, a Friday Night Dinner site and three bars, including a members bar. “The ideal future use for this distinctive facility is as a private club and hospitality industry opportunity for receptions, weddings, celebrations and other events,” Joshi said. He added that there is also potential to lease some areas as office space. Robert Paul, former club member and head consultant for the building, said that the facility is too big for the club’s membership, which has sunk from 2,000 members to about 250 today. “Our hope is to sell the property to a banquet hall catering operator that will serve the public,” he said. Paul added that the Elks would like to lease back one of the bars and a meeting room, which would provide the new owner with a built-in tenant rental. “If this could happen, we envision creating a perpetual trust to sustain the club at no expense to members, which would allow us to funnel more money into our charities.” Lee & Associates A 15-unit multifamily property was sold for $2.45 million. That is one of the highest prices paid on a per-square-foot and on a gross-rent-multiplier basis in the North Hollywood submarket since 2007, said Jeff McGuire, senior vice president of special assets and a principal of Lee & Associates-LA North/Ventura, Inc. McGuire represented the buyer and the seller. Located at 5253-59 Cartwright Ave., the property was sold in five months to a local apartment building investor. “This sale reflects not only the continuing interest in multifamily properties but also the growing expectation that rental rates will rise over the next two to three years,” McGuire said. It is located in the NoHo Arts District near entertainment studios and the Metro Red Line with access to Hollywood and Downtown Los Angeles. In another Lee & Associates transaction, Porky Products, Inc., one of the largest independent meat and seafood distributors in the country, signed a seven-year lease for about 6,000 square feet of office space. The space is located at 5230 Las Virgenes Road in Calabasas. Total consideration for the lease is more than $1 million. Robert D. Erickson, a principal with Lee & Associates-LA North/Ventura, Inc., represented the tenant in the transaction. Porky Products will relocate its Los Angeles trading and export headquarters from Sherman Oaks. “Porky Products wanted to explore alternatives for its trading and export headquarters, and we conducted an extensive search before choosing this property,” Erickson said. “There are many options available in the current market, and this one combined a high-quality building with a great location very close to the freeway. The existing build-out was also very compatible with what Porky’s needed.” New Jersey-based Porky Products employs 300 workers in multiple satellite offices across the country and distributes more than 5,000 items each day to customers. Colliers International Colliers International recently completed two industrial deals in Sylmar, which were handled by Brent Weirick, Collier’s senior vice president in the Encino office. The first sale was a 10,800-square-foot property located at 12300 Gladstone Ave. The value was $1.25 million, or $115.74 per square foot. Weirick represented the seller. The second sale included a 34,650-square-foot facility located at 12950 Bradley Ave., which was purchased by the seller of the Gladstone Avenue property. The value was about $2.9 million, or $82.63 per square foot. Weirick represented the buyer. “The property at 12300 Gladstone Avenue was sold quickly within only three months of listing the property,” said Weirick. Switching Roles Doug Jones will be joining Private National Mortgage Acceptance Company, LLC, also known as PennyMac, as its chief correspondent lending officer. In the Calabasas office, Jones will handle the correspondent lending activities of the PennyMac Mortgage Investment Trust, which includes production, operations, counterparty management and development of a warehouse lending business. He also will serve on PennyMac’s executive management team. “Doug is a highly regarded mortgage executive, whom I have known and worked with for many years,” said Stan Kurland, chairman and CEO of PennyMac. Staff Reporter Mary Catherine Holcomb can be reached at (818) 316-3124 or at [email protected].

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