Warren Berzack, president of The Berzack Group, has joined Lee & Associates – LA North/Ventura Inc. as principal. Berzack will continue to operate his group under the umbrella of the Sherman Oaks-based commercial real estate brokerage firm. Berzack is one of the Valley’s top producers. He is bringing members of his team who bring a combined 50 years of experience. Mike Tingus, president of Lee & Associates-LA North/Ventura, said Berzack and his team are a perfect fit for his company. “Warren has built an impressive multi-family investments business over the past 10 years, and the Lee platform will allow him to expand on that tremendous success.” In addition to Berzack’s partner Stephen Geiger, Glen Kutsovsky and Slavic Zlatkin will also be joining The Berzack Group in its move. Berzack also was with Investment Real Estate Associates for 10 years as vice president and has received the Top Gun Award from GE/Trustreet Properties. “We look forward to continuing and building on our group’s success here,” Berzack said. Loan Delinquencies The commercial loan delinquency rate for the 2011 first quarter remained identical to the previous quarter at 0.78 percent, according to the California Mortgage Bankers Association’s latest survey. A total of 99.2 percent of the commercial real estate loans surveyed were current or only one payment behind with 35 loans being two or more payments late. The three largest of the 35 delinquent loans are secured by office buildings in Orange County. A loan is considered delinquent if it is two or more payments past due with loans in the foreclosure process included regardless of the number of late payments. Transactions Chad Gahr and David Young of NAI Capital represented Entertainment Earth in its future relocation to Simi Valley. Entertainment Earth will more than double its current space in North Hollywood with this move. The two buildings the company currently uses adds up to about 30,000 square feet. The new building is 65,000 square feet, most of it in the warehouse. Majestic Investments, a Calabasas-based real estate investment firm, paid $49.5 million for Sherman Plaza in Van Nuys. Located in Van Nuys, the two-building office complex is 267,955 square feet on seven acres. Sherman Plaza tenants include the California Franchise Tax Board and the U.S. Census Bureau. Bob Safai of Los Angeles-based Madison Partners represented the seller Embarcadero Capital Partners. St. Charles Medical and Professional Plaza, LLC is the recent buyer of two general and medical offices at 550 and 558 St. Charles Drive in Thousand Oaks. CW Capital Asset Management LLC sold the two offices for $3.9 million or approximately $143 per square foot. CW Capital was represented by Serge Vishmid, David Lachoff, David Ghermezian and Kevin Lachoff of Grubb & Ellis. Jack Dwyer of NAI Capital represented the buyer. The 76-unit Tarzana Garden has been acquired by Collins LLC of Westlake Village from Halt-Ten Collins LLC of Los Angeles for $9.8 million. The purchase was made for approximately $129,000 per unit. Tarzana Garden is located just east of Reseda Boulevard. With an average unit of 900 square feet, the 76-unit complex is made up of 29 percent one bedroom and 71 percent two bedroom units. In an additional Hendricks & Partners transaction, Santorini Villas in Sherman Oaks was sold for $4.45 million. The 24-unit apartment community at 4421-4427 Murietta Ave. in Sherman Oaks was sold for $4.45 million at approximately $185,000 per unit and an average of $226 per square foot. The transaction was negotiated by Brent Sprenkle of the West Los Angeles office of Hendricks & Partners on behalf of the seller, Santorini Villas. A family-owned entity purchased the multi-family building at 13028 Valleyheart Drive in Studio City for $4.63 million or about $257,222 per unit. The two-story apartment complex is 21,744 square feet and located in the Studio City/Universal City submarket. It was fully occupied at the time of the sale. Jeff Louks and Joshua Luchs of Marcus & Millichap represented both sides. Total Family Support Drug and Alcohol Clinic leased 6,000 square feet in Sylmar at 13730-90 Foothill Blvd at Sayers Street. Todd Nathanson, Mark Chase and Erick Marchena of illi Commercial Real Estate represented the tenant and landlord. Left Coast Art Gallery acquired 1,600 square feet at 11730 Ventura Blvd. in Studio City. Todd Nathanson, Danny Raffle and Jeffrey Shore represented the landlord and tenant. MetroPCS signed a five-year deal for a total of 975 square feet at 1211 North San Fernando Blvd in Burbank. Todd Nathanson, Greg Offsay and Sevada Hemelians of illi represented the tenant and the landlord. SoCal Smokeshop leased 1,110 square feet in Mission Hills at 15511 Devonshire St. Todd Nathanson and Greg Offsay represented the tenant and landlord. Fred Loya Insurance expands to 3127 San Fernando Road. Todd Nathanson, Greg Offsay and Sevada Hemelians represented the sublessor. Stephen Legaspi of The Legaspi Company represented the sublessee. First Health Medical Clinic signed a three-year lease for 1,965 square feet at 7100 Van Nuys Blvd in Van Nuys. Todd Nathanson and Erick Marchena represented the tenant and the landlord. Staff Reporter Mary Catherine Holcomb can be reached at (818) 316-3124 or at [email protected].
