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Thursday, Mar 28, 2024

Set Decorator Gets Cozy With Movie Industry

A firm that rents props to the film and television industry is coming to the Valley. Objects Fine Set Decorations has signed a 10-year-lease to move its headquarters from Baldwin Hills to a 40,000 square-foot industrial building at 10635 Stagg St. in Sun Valley. The company chose the area to be closer to the film and television studios in Burbank. “A lot of the businesses like ours have just accumulated there,” said Fred Arens, vice president and general manager at Objects. “We have a very closed community of decorators who all shop at the same places. Some were upset about having to come out to L.A. to see us.” He said the company is focused on high-end furniture rentals and has placed items in dozens of television shows, including “Friends,” “Dexter” and “Grey’s Anatomy.” The move also is an expansion from 28,000-square-feet at its current facility at 3650 Holdrege Ave. The company’s new location is undergoing $300,000 to $400,000 worth of renovations, which includes cosmetic work such as remodeling offices, painting and modifying the loading dock area, said Dave Maron, senior vice president at the Pasadena office of NAI Capital Inc. who represented the landlord, Howard Industrial of Burbank. The previous tenant, W & F Manufacturing Inc., had been at the site more than 15 years. David Young and Chad Gahr, both senior vice presidents at NAI Capital’s Encino office, represented Objects. Gahr said it was a market-rate deal, which is about 63 cents per-square-foot, according to CoStar Group Inc. “The industrial rent is significantly less expensive than in L.A., but they can achieve the same visibility and coverage because they’re so close,” he said. Young said part of the improvements, which are scheduled to be completed before the company’s Oct. 1 move-in, will include creating a showroom atmosphere with a storefront-style entrance. Panorama Record The largest multifamily sale in the eastern San Fernando Valley submarket since December 2011 took place last month in, yes, Panorama City. The 80-unit Villa Vincennes Apartments sold for $16.2 million to L.A. property management firm Century Quality Management Inc., which owns dozens of residential, senior living, retail and office properties in the region. Investment Real Estate Associates of Encino represented both the buyer and the seller, Southbrook Equities of Beverly Hills. William Everitt, vice president at IREA, said the location was a challenge. “Anyone who knew anything about the Valley and heard it was Panorama City would barely look at it,” he said. “Panorama City just does not make sense unless you got someone to see this building.” Still, the 83,942 square-foot building sold for $202,500 a unit, the highest comparable price in the submarket this year. The apartments were built in 2009 on the northwest corner of Van Nuys Boulevard and Vincennes Street, just south of Plummer Street. The three-story complex features a mix of one-, two- and three-bedroom units. The property includes a fitness center, swimming pool and gated parking. Rental rates are on the high side for the neighborhood, ranging from $1,250 to $2,100, according to the building’s website. Everitt said much of the building is occupied by professionals, such as doctors and lawyers – which is consistent with the abundance of health care facilities in the area, including Mission Community Hospital, Panorama City Hospital and a Kaiser Permanente facility. Adam Christofferson, first vice president and regional manager at the Encino office of Marcus & Millichap, said he was surprised by the sale. “Being close to those hospitals must be a part of it. To get a bigger building like this moved at such a high price-per-unit definitely speaks to the strength of the market,” said Christofferson, who was not part of the deal. Clark Everitt represented both the buyer and the seller, in addition to Julian Curry representing Century and David Leibowitz representing Southbrook. On the Move Oren Rappaport has joined Van Nuys commercial real estate brokerage Delphi Business Properties Inc. as vice president, focused on industrial and office properties. Rappaport left a position as director of the RJ Feder & Associates team at the Encino office of KW Commercial Inc. Rappaport has closed more than 100 deals since 2010 and holds a bachelor’s degree from the University of California at Berkeley and an MBA from USC’s Marshall School of Business. Staff Reporter Elliot Golan can be reached at [email protected] or (818)316-3123.

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