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Sunday, May 12, 2024

Real Estate Column

Senate Bill 1953 is good news for Panorama City. As a result of the new guidelines requiring hospitals to meet stricter construction standards for earthquake safety, Mission Community Hospital will undergo a $30-million facelift that will enlarge and upgrade the facility in Panorama City. The project includes relocating Mission Community Hospital’s psychiatric services facility and acute care hospital, currently in the city of San Fernando, to the main hospital complex. Mission Community Hospital will build a two-story acute care facility and a single-story psychiatric unit, each with 60 beds. The project is expected to begin next August and be completed by July 2002. Last month the hospital began construction of a $4-million, four-level parking structure to serve the new facility. The 138,000-square-foot structure will accommodate 423 vehicles. Mission Community Hospital also plans to remodel and retrofit its ancillary service facilities, where radiology, emergency, clinical laboratories and the admitting office are located. Facilities for nine other departments including in-patient, intensive care, central sterilization, respiratory therapy and central supply will also be rebuilt to conform to the seismic safety standards. Widom Wein Cohen O’Leary Terasawa Architects and Interiors is overseeing the redevelopment. Pacoima sale Energy Club Inc., a food products packaging and distribution company, has acquired a distribution center in Pacoima for $4.1 million. The 65,620-square-foot building at 12950 Pierce St. had served as the warehouse facility for McMahan’s Furniture until the company changed its distribution system, and the McMahan family decided to divest the property as a result. Energy Club has been leasing industrial space in Pacoima. Jim Ebanks of Realty Advisory Group represented the buyer. Jerry Scullin, Bob Hoyer and David Hofberg at Delphi Business Properties, represented the seller, the McMahan family. Equipment company expands Pacific Air Balance, a maker of motorized heating and ventilating equipment, leased a 51,668-square-foot industrial building in the city of San Fernando. With the move to 720 Jessie St., Pacific Air Balance will be in twice as much space as its previous facility. The company, a division of Mestek Inc., had occupied 25,000 square feet of space in Pacoima. The eight-year lease is valued at $2.5 million. Bart G. Reinhard of Delphi Business Properties represented the tenant. Jim Hobson and Ross Thomas of Delphi represented the owner, Crossroads Trust of Hollywood. Temporary digs MiniMed Inc. has leased a temporary facility to house its kidney dialysis center while it awaits the completion of its new complex at Cal State Northridge. The company has leased a 50,620-square-foot freestanding industrial building for about $1.2 million. MiniMed is building a 350,000-square-foot facility where it will consolidate a number of its operations on Nordhoff Street at CSUN’s North Campus. Tim Foutz of Capital Commercial/NAI, represented the landlord, Parker Industrial Properties. Margaret Fichter of Cushman & Wakefield Inc. represented MiniMed. Agoura restaurants KMI Real Estate Group has acquired a 1.5-acre parcel in Agoura Hills with plans to develop two restaurants on the site. KMI acquired the property, located adjacent to Kanan Village shopping center at Kanan and Agoura roads, from Kanan Properties for $1.06 million. Jack Dwyer of Capital Commercial/NAI represented Kanan Properties. Frank Johnson of the Lucrum Group represented KMI in the transaction. Aerospace in Chatsworth Aerospace Systems & Controls Inc., a designer and manufacturer of equipment and technology for the aerospace industry, has leased 10,815 square feet of space at 20765 Superior St. in Chatsworth. The five-year lease is valued at under $500,000. Ron Feder, president of R.J. Feder & Associates Inc., represented Aerospace Systems. Bennett Robinson at AIMS Media represented the lessor. Encino transaction EEG Spectrum, a neuro-feedback research and clinical services company, has leased 5,100 square feet of office space at 16500 Ventura Blvd. in Encino. Chad Gahr and Chris Crocker of Capital Commercial/NAI represented EEG. Jason Bailey of First Property Realty Corp. represented the landlord, SNK Corp. The five-year lease is valued at $562,000. More rooms PCS Development, which last year completed The Premiere, an ultra-luxury apartment complex in Sherman Oaks, has acquired an adjacent multifamily building to offer a broader selection of apartments to tenants. The neighboring building at 4474 Woodman Ave. includes three-bedroom apartments, which are not available at The Premiere. Tenants at the adjoining building will be able to use The Premiere facilities, including its tennis courts and screening room. PCS has also begun development of an 80-unit apartment complex at 5200 West Hills Drive in Woodland Hills. Islands inland Islands Fine Burgers and Drinks will open its first Conejo Valley restaurant at the Agoura Pointe shopping center early next year. Islands has leased a 5,300-square foot restaurant space at the northwest corner of Agoura and Kanan roads in Agoura Hills. Bill Hagelis of Capital Commercial/NAI, represented Islands.

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