CONEJO VALLEY
No new office product was under construction in the Conejo Valley during the quarter, while 38,453 square feet was absorbed into the market. The area experienced a vacancy rate of 21.6%, down from 22.1% the previous quarter but up from 20.4% the previous year.
Main Events
Equity Union acquired a 14,650-square-foot mixed-use office and medical space building, located at 4353 Park Terrace Dr. in Westlake Village.
Santal, a multifamily and commercial retail mixed-use development in Thousand Oaks, signed four new tenants for 11,000 square feet of ground-floor retail space, bringing the total ground floor leased occupancy to 100%. Westcord Commercial Real Estate Services led the leasing.
Jones Lang LaSalle Inc. Capital Markets sourced and arranged $43.2 million in financing for Varenita of Westlake, an 86-unit assisted living and memory-care facility located in Westlake Village. JLL represented the borrower, Westlake Senior Living.
SANTA CLARITA VALLEY
Office vacancy during the third quarter was 23.6%, up from 22% the previous quarter and 19.7% the previous year. Asking rents decreased 1 cent quarter over quarter, but rose 1 cent year over year to $2.73 a square foot.
Main Events
Rexford Industrial Realty Inc. purchased two fully leased single-tenant industrial assets in Valencia for a combined $38 million. Colliers represented the seller, Rexford Industrial, as well as the buyer in the sale.
Centennial, a retail real estate owner and developer, acquired Westfield Valencia Town Center, an indoor-outdoor retail destination in Valencia, for $199 million. The mall has more than 140 retailers, restaurants and entertainment venues and spans 1 million square feet.
Spectrum Commercial Real Estate Inc. represented the buyer in the $3.1 million sale of a retail and automotive facility located at 25150-25158 Rye Canyon Rd.
ANTELOPE VALLEY
The office vacancy rate increased to 6.2% in the Antelope Valley during the third quarter, up from 3.8% the previous year. There was no new office product under construction. Meanwhile, a total of 29,004 square feet of industrial space was sold or leased in the High Desert during the quarter.
Main Events
Hanley Investment Group arranged the sale of a 6,999-square-foot retail pad building occupied by AutoZone and Precision Eyebrow Threading salon at a Target-anchored shopping center in Lancaster. The net-leased investment sold for $2.65 million.
Spectrum Commercial Real Estate Inc. managed the sale of a medical and retail mixed-use plaza located at 520-540 West Palmdale Plaza in Palmdale. The 27,787-square-foot plaza sold for $7 million.
BWE, a national commercial and multifamily mortgage banking company, announced the closing of a $10 million construction loan for the ground-up development of a self-storage facility in Lancaster.
SAN FERNANDO VALLEY
Office tenants gave back roughly 220,000 square feet during the third quarter. The vacancy rate rose to 20.8%, up from 19.8% the previous quarter and 17.6% the previous year. Asking rents fell 1 cent quarter over quarter and 3 cents year over year to $2.65 a square foot.
Main Events
A recently renovated medical building in Tarzana signed two new leases, bringing its total occupancy rate to 68%. Greenbridge Investment Partners, the owners and developers of the building, wanted it to feel more like a spa. It is a two story, 45,000-square-foot building, which is located at 19500 Ventura Blvd. It has the working name of Tarzana Health Center and will offer services ranging from dentistry and pharmaceuticals to primary care and urgent care. It will also have a surgery center.
Goldrich Kest announced the construction of The Crescent, a 129-unit apartment complex coming to Studio City. The five-story multifamily complex will feature a variety of one-, two-, and three-bedroom floor plans, as well as 17 units designated for affordable living. It will also have a 145-car underground parking garage and a pool overlooking the Los Angeles River and the future River Valley Bike Path, as well as an outdoor kitchen, club room, fitness center, theater, open-air roof decks, multiple co-working spaces, a pet spa and a dog park. The complex is being designed by Culver City-based architecture firm Lahmon Architects.
A 57,000-square-foot Class C industrial property in North Hollywood was sold for $12 million. The building, located at 7410-7428 Bellaire Ave., was built in 1966. CBRE Group Inc. represented the seller in the transaction.
A retail property located at 6050 Vineland Ave. in North Hollywood sold for $4.15 million. The buyer was not disclosed.
Picture Head LLC, a media company, extended its 9,000-square-foot lease at The Academy, a North Hollywood office building. Newmark Group Inc. represented Picture Head in the resigning.
BURBANK AND GLENDALE
More space is available in Burbank’s office market as tenants gave back nearly 23,00 square feet. In Glendale, tenants gave back 30,459 square feet. The vacancy rate in Burbank rose to 16.3%, up from 11.7% the previous year. In Glendale, it rose to 28.6%, up from 25.4% the previous year. There was 186,308 square feet of office product under construction in Glendale – but nothing in Burbank – during the quarter. The asking rent in Burbank was $4.37 a square foot, up 6 cents in a year, while the asking rent in Glendale was $3.35 a square foot, up 4 cents in a year.
Main Events
Worth Real Estate Group and Stockbridge completed a deal to acquire studio space in Burbank where they will begin a $500 million redevelopment. The two purchased the Warner Bros. Studio Ranch at 3701 W. Oak St. for $175 million. A subsidiary of Apollo Global Management provided a $480 million loan for the purchase. The property is a 30-acre lot that will become 16 soundstages, a commissary, mill space and a 320,000-square-foot office complex. Warner Bros. will lease back the space in 2025. It is part of a larger deal announced in 2019.
Pacific Western Bank extended their 8,000-square-foot lease at Brand Boulevard Center, an office building in Glendale. The property is located at 400 N Brand Blvd.
A multifamily property located at 1117-1119 Linden Ave. in Glendale sold for $6.1 million. The building, called Quinn Manor, is 15,000 square feet in size and has 17 units. Marcus & Millichap represented the seller.
Also see Redlining Los Angeles.