MARINA DEL REY, CA. - Colliers International, the second largest global real estate services organization, has completed the investment sale of a 6,316-square-foot apartment building located at 15 Outrigger Street (top left photo), Marina Del Rey, Calif. The transaction sold for $4 million. Kitty Wallace (middle right photo), executive vice president, based in Colliers International’s West Los Angeles office, represented both the Buyer, a Los Angeles-based real estate investment firm, and the Seller, private investors based in Hawaii.
The Outrigger Apartments is located on the prestigious Marina Peninsula, just steps from the sand and the canals. The four-story asset was built in 1972 and was renovated in 1982. The property’s spacious floor plans and parking ratio of 2.55 spaces per unit creates the opportunity for a condominium conversion further down the road.
“Almost immediately, we saw tremendous interest in the Outrigger Apartments. As expected the property scored well with investors due to its coastal location, impeccable condition, and 100% occupancy rate,” said Wallace. “There was an aggressive bidding war over the asset and it finally sold at list price with $100,000 hard money up front to a 1031 exchange Buyer.” “The fact that the property sold for $444,444 per unit and a 3.84 CAP Rate is an excellent indicator that class-A markets of the city continue to draw top market values regardless of the recession. There is always demand for high-end properties in good neighborhoods,” added Wallace.
Additionally, the property has an excellent unit mix with one one-bed, one-bath unit, two one-bed, one-bath, plus a loft and patio units, four two-bed, two-bath units, and two two-bed, plus a loft and patio units.
The units are all spacious, have walk-in closets, balconies, and fireplaces in every bedroom and living room. Most units have double-paned windows and three have washer/dryer hook-ups. Common area amenities include 23 parking spaces, an elevator, a laundry room, and controlled access entry.
Colliers International Negotiates Three Industrial Deals Totaling $13.75 Million in Greater Los Angeles
LOS ANGELES, CA – Colliers International, the second largest global real estate services organization, has negotiated two industrial leases and an industrial sale totaling $13.75 million in the Mid-Counties Market in Greater Los Angeles.
Chris Sheehan (middle right photo), SIOR, senior vice president, and Adam Deierling (lower left photo), vice president, based in Colliers International’s Torrance office represented tenants and user in all three transactions.
The first transaction, an industrial property located at 13226 Alondra Blvd., Cerritos, Calif., is valued at $10.56 million. Built in 1981, this 128,000-square-feet industrial property will be used as a distribution and light manufacturing center by the new buyer who will also build 4,000-square-feet of new office space. The seller, Scope Properties, LLC, was represented by Ted Carpenter of Carpenter & Associates. Deierling and Sheehan represented the buyer, Achem Industry America, Inc.
The second transaction was a five-year lease for a total of $2.214 million in consideration for a 102,576-square-feet industrial property located at 13930 – 13950 Mica St., Santa Fe Springs, Calif. Prologis California LLC was the landlord in this deal.
Sheehan and Deierling along with Phil Norton, senior vice president, based in Colliers’ Commerce office represented the tenant, Capitol Distribution, a Santa Fe Springs-based bulk food distribution company. This property was built in 1980 and will be used as warehousing and distribution center for bulk food by the new tenant.
Lastly, Deierling and Sheehan along with Josh Hayes, vice president based in Colliers’ Ontario office, negotiated a 50-month lease for a property located at 14659 Alondra Blvd., La Mirada, Calif. for the tenant, Royal Sugar, LLC, a New Jersey-based food distribution company. The transaction is valued at $942,824. Prologis California LLC was once again the landlord in the deal. This property was built in 1970 and will be used as a processing and distribution center of sugar by the new tenant.
“These deals demonstrate the active owner/user demand prevalent in the market today,” said Deierling.
“We are seeing more confidence from tenants and owners/users in the marketplace willing to commit to longer term leases and purchase,” added Sheehan.
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