REAL ESTATE QUARTERLY

CONEJO VALLEY

Office tenants abandoned 101,901 square feet during the quarter, driving up the vacancy rate to 23 percent, according to Colliers International data. Asking rents held steady at $2.71 a square foot. In the industrial market, vacancy fell to 0.5 percent. 

MAIN EVENTS

• The 290,220-square-foot single-tenant distribution facility at 400 National Way in Simi Valley sold for $128 million to a private family office. The site is leased to Amazon.com Inc.

• Decron Properties sold a two-property multifamily portfolio in Simi Valley for $190 million to a private investment firm. The Villas at Wood Ranch has 372 units and Overlook at Wood Ranch has 132 units. 

• Rexford Industrial Realty in Los Angeles has purchased the 242,101-square-foot Topaz Business Park at 2280 Ward Ave. in Simi Valley for $46.4 million. Rexford plans to hold the 100 percent leased property.

SANTA CLARITA VALLEY

Office rates moved up 2 cents to $2.67 a square foot in the fourth quarter, even as vacancy jumped to 19.3 percent. That compares to 17.1 percent a year ago. In the industrial sector, vacancy was  0.8 percent while rates jumped 14 cents to $1.04.

MAIN EVENTS

• Covington Group Inc. acquired the 70-acre Saugus Station Industrial Center at 25655 Springbrook Ave. for an undisclosed price. It has about 1 million square feet in 24 buildings.

• Six Flags Entertainment Corp. plans to build a roller coaster called Wonder Woman Flight of Courage at its Magic Mountain theme park. The coaster will be in the park’s DC Universe area, which will be expanded to include a new restaurant, bar and retail locations.

• Blackstone Group Inc. purchased the 84-unit Crescent Valley Mobile Home Park in Newhall for $15.8 million.

ANTELOPE  VALLEY

A total of 69,329 square feet of industrial space was sold or leased in the High Desert during the quarter. The submarket’s vacancy rate fell to 2.6 percent compared to 3.1 percent in the third  quarter. Industrial rents grew 2 cents to 85 cents a square foot. 

MAIN EVENTS

• RAAM Construction has broken ground on Palmdale Terrace, an affordable multifamily at S.W. 25th Street East and East Avenue in Palmdale. The project will include 151 apartments. Pacific Western Bank provided a $40.5 million construction loan.

• The former location of a Stor It Self Storage franchise at 38910 30th St. East in Palmdale sold for an undisclosed price. The facility had 67,020 net rentable square feet in 632 units.

• Tejon Ranch Co. sold 17.1 acres of land on the east side of the Tejon Ranch Commerce Center to developer Scannell Properties to build a 270,000-square-foot manufacturing facility. The price of the sale was not disclosed.

SAN FERNANDO  VALLEY

Office tenants gobbled up 278,057 square feet during the fourth quarter, according to Colliers International data. As a result, vacancy fell to 16.9 percent, an improvement from the third quarter’s 17.5 percent but still higher than a year ago at 15 percent. Asking rents increased a penny to $2.67. In the industrial market, 641,918 square feet were sold or leased during the quarter. Average rents jumped 4 cents to $1.31.

MAIN EVENTS

• ViacomCBS sold its CBS Studio Center at 4024 Radford Ave. in Studio City for $1.8 billion. Hackman Capital Partners in Los Angeles and Square Mile Capital Management in New York bought the 40-acre campus for television production.

• A small freestanding industrial building at 758 Arroyo St. in San Fernando sold for $1.7 million. The 5,500-square-foot warehouse is on an M2-zoned lot.

• Development firm Dunleer sold an industrial park at 7361 Ethel Ave. in North Hollywood for $10.4 million. The 30,000-square-foot property has 38 units ranging from 600 to 1,000 square feet.

• Lincoln Avenue Capital paid nearly $102 million, or more than $288,000 a unit, for Waterstone, a 354-unit apartment building at 9901 Lurline Ave. in Chatsworth.

• Midwood Investment & Development’s Shops at Sportsmen’s Lodge, a redeveloped retail property at 12833 in Studio City, signed four fashion tenants to reach full capacity. Financial terms of the leases were not disclosed. New tenants include Fred Segal, Reformation, Stevie Sister and Great.

• A 1.5-acre shopping center at 21161 Victory Blvd. in Canoga Park sold for $9 million to a private investor with an eye toward redevelopment. The property currently a features two-story strip mall with restaurant, retail and offices.

• NBCUniversal announced it will build eight soundstages on 12 acres in an expansion of its Universal Studios production facilities in Universal City.

• The city of Los Angeles announced plans to acquire the 31-unit apartment building at 14949 Roscoe Blvd. in Panorama City as part of its Project Homekey to provide housing for the homeless. The price is $10 million, according to the city.

BURBANK AND GLENDALE

More space is available in Burbank’s office market as tenants gave back 126,807 square feet during the quarter, pushing vacancy to 8.2 percent. Office rents ticked up 3 cents to $4.03 a square foot, the highest rate in the Valley region. Meanwhile in Glendale, vacancy rose to 22.8 percent with tenants vacating 34,834 square feet. Glendale office rents fell 4 cents to $3.19.

MAIN EVENTS

• Granite Properties sold the 10-story office building at 2600 Olive Ave. in Burbank for $90.5 million. The buyer was Pacshore Partners, which plans an upgrade. 

• Montana Avenue Capital Partners paid $24 million for the 60,177-square-foot Burbank media production campus at 2435-2449 N. Naomi St.

•  Empire Landing, a 276-unit multifamily at 1901 N. Buena Vista St. in Burbank, sold for $161 million to Clarion Partners and Cityview. 

• Toronto-based REIT Brookfield bought the DreamWorks Animation headquarters campus in Glendale for $327 million. The seven-building, 450,000-square-foot property at 1000 Flower St. was sold by Hana Asset Management and Ocean West Capital Partners.

• LaTerra Development and QuadReal Property Group closed a nearly $199 million construction loan to develop a 573-unit multifamily at 777 N. Front St. project in Burbank. The project also includes a seven-story, 307-key hotel. BMO Harris Bank provided the loan. 

• Onni Group bought Burbank Town Center at 201 E. Magnolia Blvd. for $136 million.