The Los Angeles Times from Los Angeles, California on June 6, 2000 · Page 170
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The Los Angeles Times from Los Angeles, California · Page 170

Los Angeles, California
Issue Date:
Tuesday, June 6, 2000
Page 170
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i C14oc TUESDAY, JUNE 6, 2000 LOS ANGELES TIMES Commercial Real Estate Hispanic Broadcasting Finds New Home The radio station owner signs a 1 5-year lease for about 50,000 square feet at the newly built Glendale Plaza tower. By BRAD BERTON SPECIAL TO THE TIMES Dallas-based Hispanic Broadcasting Corp., which owns two of the Los Angeles market's top three radio stations, will substantially expand and relocate its primary local operations center from a landmark office tower in the heart of Hollywood to the top two floors of the Southland's newest commercial high-rise, the 24-story Glendale Plaza in downtown Glendale. Hispanic Broadcasting, the nation's biggest owner of Spanish-language radio stations, owns Spanish-language KSCA-FM (101.1) and "love song" specialist KLVE-FM (107.5), which ranked first and third, respectively, in the latest quarterly survey from the Arbitron ratings service. The company, traded on the New York Stock Exchange, recently purchased KACE-FM (103.9) and KRTO-FM (98.3), and also owns KTNQ-AM (1020). Hispanic Broadcasting now occupies about 20,000 square feet at the Hollywood & Vine Plaza office tower in the heart of Tinseltown. But its recent growth created a need for more space to house some 175 employees involved in broadcasting, marketing and administration. The company signed a 15-year lease to occupy about 50,000 square feet encompassing Glendale Plaza's top two floors. The 532,000-square-foot tower a speculative real estate development that had faced some skepticism about its ability to attract tenants is now 99 leased a little more than a year after opening its doors. Rosey T. Miller of Julien J. Studley Inc. represented Hispanic Broadcasting in the search for a larger facility and in negotiations with Glendale Plaza's developers. CB Richard Ellis' Doug Marlow and Nicole Wilson represented the development team, including Morgan Stanley Real Estate Fund II and Glendale-based Pac-Ten Partners. No financial details of the Hispanic Broadcasting lease were disclosed. However, one of the building's largest recent transactions, also for two upper floors, averaged $31.50 per square foot annually over a 10-year lease term. At a slightly higher rental rate, the Hispanic Broadcasting lease value would be in the range of $25 million. Historic Pasadena Bank Building Changes Hands Pacific Palisades-based Blue Real Estate Management has acquired the historic Pacific Southwest Trust & Savings Bank building at 234 E. Colorado Blvd. in Pasadena for $11.5 million. The eight-story, 116,000-square-foot building on the edge of Old Pasadena was the largest commercial building in the city at the time of its completion in the 1920s, according to Ross Wallach of Diversified Commercial Investments, who represented the buyer along with Douglas Can-cienne of Diversified. Wallach said that the building, which has been renovated during the last decade, was designed in the renaissance revival style by the architectural firm of Curlett & Beelman, with granite, brick and terra cotta exterior and an interior featuring marble, wood and Florentine-style painted surfaces. Blue Real Estate Management acquired the building on behalf of investor clients. The seller, YTC (USA) Inc., was represented by William Puget of Cushman Realty Corp. -BOB HOWARD New Look for Fashion Center Mall in Glendale Glendale Fashion Center has almost fully reopened after undergoing a $70-million renovation into an open-air shopping center, according to Jeff Axtell, project director at Phoenix-based Vestar Development Co., which acquired the 35-year-old regional mall in 1997. The shopping center had suffered massive structural damage in the 1994 Northridge earthquake. Strouds and Barnes & Noble opened last month, with Nordstrom's off-price retail division, Nordstrom Rack, scheduled to open June 16. Almost all of the center's restaurants are now open, according to Axtell. The center at Glendale and California avenues has been opening in phases this year. Among the stores that have already opened are Ralphs supermarket, Longs Drugs, Michaels, Staples, Payless Shoes, Famous Footwear and Ross Dress for Less, Vestar also rebuilt the damaged parking structure adjacent to the project, with the help of a $6.8-mil-lion grant awarded to the city of Glendale by the Federal Emergency Management Agency. The parking facility is being leased to Vestar by the city. DEALS Xerox Special Information Systems, a unit of Xerox Corp., signed a 15-year lease for a 137,500-square-foot build-to-suit headquarters in Huntington Crossing, a commercial and entertainment area in Monrovia. Financial terms of the deal were not released, but it would total about $30 million at prevailing market rates. Christopher K. Cooper of Jones Lang LaSalle represented the Xerox unit. Samuelson & Fetter of Monrovia, developer and owner of the new headquarters, represented itself. Construction is scheduled to begin this month on the two-story building, on a fiacre parcel at 1218 S. Fifth Ave., near the 210 Freeway. Murphy Architecture Inc. of Sierra Madre is designing the building as well as a planned 20,000-square-foot addition for future expansion. Gensler Architects Inc. of Newport Beach will advise Xerox and design the project interiors. XSIS will move about 135 employees from Pasadena to its new headquarters when the building is complete in June 2001. The Los Angeles Unified School District signed a 15-year, $14-million lease for 148,800 square feet of office and warehouse space at 1330 W. Pico Blvd. in Los Angeles. A. Dwight Hotchkiss of Cushman & Wakefield represented both the school district and the landlord, 1330 Pico Associates. Hotchkiss said the school district will use the approximately 88,000 square feet of warehouse space at the site for general storage, with the 60,000 square feet of office space to be occupied by the district's security operations. Beacon Bay Holding of Newport Beach bought the 200-unit Cypress Cove Apartments at 260 N. Midway Drive in Escondido for $12.2 million from Midway 2000 of Encinitas. Udi Y. Katz of Multi-Housing Realty represented the buyer and the seller. HRW Group bought two free-standing industrial buildings totaling 172,472 square feet at 8708 and 8728 Dice Road in Santa Fe Springs for $.11 million from Dice Road. The buyer was represented by Eric Herold of NAI Capital Commercial and Tom Baaden of Bus Shelger. The seller was represented by Gary Carter and Laird Perkins of CB Richard Ellis. The law firm of Allen, Matkins, Leek, Gamble & Mallory signed a 10-year, approximately $10-million lease for 26,000 square feet on the 18th floor of 1901 Avenue of the Stars in Century City. The landlord, Div-coWest Group, was represented by a CB Richard Ellis team that included Dana Perel, Jeff Pion, Lynn McCarthy and Deron White. Allen Matkins was represented in-house by Tony Natsis and John Tipton. Boone International, a maker of erasable boards, signed a 10-year, $10-million lease for 190,679 square feet of industrial space at Wild Rose Business Park in Corona. Larry Null of Lee & Associates represented the landlord, Ridge Properties. Boone International was represented by Ray Brandt of Brandt Co. Income Property Advisors Inc. bought a 130,667-square-foot building at 21540-21622 Plummer St. in the Chatsworth Tech Center in Chatsworth for about $8.8 million from Lord Baltimore Properties. The buyer was represented by Ron M. Pelleg of Pacific Equities Group. The seller was represented by Ken Ashen and Bennett Robinson of CB Richard Ellis. Reseda 100, a joint venture of Hanover Financial Co. of Los Angeles and Kennedy-Wilson International of Beverly Hills, sold a 100-unit apartment project at 6425 Reseda Blvd. in Reseda to the Lighthouse Group for about $6 million. Reseda 100 represented itself. Lighthouse Group was represented by Melinda Russell of Hendricks & Partners. Leon Neman acquired a 105,000-square-foot industrial building at 3200 E. Slauson Ave. in Vernon for $3 million from the Burton A. Burton Family Trust. David Hess of Cushman & Waktfield represented the seller. The buyer was represented by Robin Bieker of the Donaty Group. HOT Services Inc. signed a five-year, $2.2-million lease for a 97,500-square-foot industrial building at 760-780 Baldwin Park Blvd. in Industry. The landlord, Shidler Group, was represented by Marc DiGennaro and Anthony Brent of Lee & Associates. The tenant was represented by Erik Larson of Cushman & Wakefield. Burke Real Estate Group of Santa Ana sold three buildings totaling nearly 21,000 square feet at its Grade Vista Business Park in Thousand Oaks for $2 million, according to Tony Principe of Westcord Commercial Real Estate Services. Principe and Jim Darin, also of Westcord, represented both Burke and the buyers, Modeno Investments, which acquired two buildings totaling 14,000 square feet, and Marshall Design, an interior design and flooring company that acquired a 7,042-square-foot building. Valencia Entertainment International, a provider of film and sound stages, has expanded its operations to 175,000 square feet by leasing an additional 52,000 square feet at 28309 Avenue Crocker in Valencia Business Centre, a 125,000-square-foot campus within Valencia Industrial Center. Financial terms of the deal were not disclosed, but it would total an estimated $1.75 million at prevailing market rates. Jim Ebanks of Realty Advisory Group Inc. represented both the tenant and the landlord, Avalon Investment Co. Raytheon Co. signed a five-year, $1.7-million lease for a 56,860-square-foot warehouse and distribution facility fronting the 91 Freeway at 1253 E. Artesia Blvd. in Carson. Lee Segal of Klabln Co. represented the landlord, Glasgow Knoll. The tenant was represented by Tom Cherry of Cushman Realty Corp. OH International, a designer and manufacturer of vision implants, signed a five-year, $1.3-million lease for 35,000 square feet of industrial space at 4290 E. Brickell St. in Ontario. Gary Kreft and Mark Kegans of Grubb & Ellis represented the tenant. The landlord, Capital Source Partners, was represented by Scott Ostlund of Lee & Associates. Pacific Coast Entertainment Inc., a wholesale music distributor, purchased the 22,000-square-foot Dorill B. Wright Cultural Center in Port Hueneme for $1.1 million from the city of Port Hueneme. Jeff Becker of Becker Group represented the buyer. Michael David and David Gladstone of Michael David & Co. Real Estate Services represented Port Hueneme. We are going our way. Greater flexibility, shorter innovation cycles and improved products - this is what Vantico stands for. Created out of the former Performance Polymers Division of Ciba Speciality Chemicals, the spin-off will benefit customers by giving Vantico more scope to concen trate on core fields of expertise. Well-known brands such as Araldite Probimer and Kermid provide customer oriented solution packages for the automotive, aerospace and computer industries, as well as host of other industries. Vantico - The com prehensive experience of a market leader allied with the dynamism and spirit of a start-up company. For further information: vantico INDUSTRIAL PROPERTY FOR SALELEASE 6840' nr Glendale. $675K sale 8Cap. wor wout bakery. Multi use, Pkg. 323-874-3370 15,000' LAX SALELEASE BOW TRUSS, CONC.29 PKG. Bkr.3t0-390-7722x102 99,694 sf Chats sublse. Xlnt. Whsedist. fac. 6344 sf ofes; sec. sys; Loading for all trucks.Tim(bkrl8!8905-2400 COMMERCIAL PROPERTY FOR SALELEASE L MONTE 9 Cap. NNN Tenant 3.7 ac 22,866sf bldgs. Reded! $3.4 Mil 626-580-4195 ING Owner-User Best Buy! 3sty. Up to 3m Sft. avail to use. Rents avg $1.40. Full serv $625K 3kr 714378 0909 No. Hllywd. Laurel Cyn Saticoy; ret. crnr. $2,440,000 2S,680sf bldg; 48,000 sf lot. Vac. close; Gd. for user. Sue;Randybkr)31 0440-9099 Sylrnnr Newly Remodel'd. 850-12,000sf. retofc. Anchors Vons & Sav-On. Starting at 80C-I1.25 NNN. Ownr 818 362-9411 or 31 0383-3266 WLA 5Ksf fully equip'd Commissary for Bakery Deli, state apprv'd, loading access, close to 405fwy. $250Krcnt (3101962-5660 HotelsMotels 75U BW historic beach city; So. Cal; Ltd.Svc. BW 950 score; 14 CAP 4.1xRm.Grs;$4.95M (bkr)818332-20S6 GrubbcEllis Office Building Sale Costa Mesa; 60,435sf; 100 Occ; nr. 73, 405 fwys & fronts - 55 fwv; nr. John Wavne arpt. Recently renovated; $7,575,000 Steve;Geonwbkrs 94946600 VAN NUYS, CALIFORNIA FOR SALE 100 LEASED OFC BLDG FOR SALE $2,000,000 CONTACT: WAYNE SALDANA or MIKE FOWLER (818) 905-5800 COLLIERS SEELEY Retail Stores for Sale MONROVIA, OLD TOWN, 10,979sf RetOff Owner User $1,35U,UUU (026)795 8444 mmm Commercial & Industrial Network Shopping Centers for Sale ANAHEIM Bank Anchored 9stores.Aprx 29K SF. Long term tenants. 10CAP. Xlnt opptypotential. Motivated seller. Bkr.800801-1960 SAN GABRIEL & Valley Blvd. Cash on cash 11. 100 Isd. Auto Zone, Popeye's & Subway others. $3,999,999 ProAct Realty 310-792-3700 NSTi SALE 4 PRIME RETAIL LA COUNTY Offering Deadline: June 14, 2000 Excettent demographics. 600,000 people win S miles. Household income $oo,uuu. Parcel 1 Southeast Corner Pavillions Rite Aid Marshalis Sears Union Bank Blockbuster Payless Shoe Price $15,475,000 Parcel 2 Southwest Corner Kragen Post Tools Little Caesar's Radio Shack Fast Frame Century 21 Price $5,025,000 Parcel 3 Northwest Corner Ross Carl's Jr. PETCO H & R Block Kimco Price $10,140,000 Parcel 4 Northeast Corner Ortho Mattress Pizza Hut Church's Fried Chicken El Polio Loco Price $5,325,000 Contact: REZA ETEDALI Senior Vice President (949)2504100 ACCELERATED MARKETING DIVISION Todd L. Good, Director Broker Participation Invited 1 RESIDENTIAL INCOME PROPERTY 3 fuurpiexes. Munidair nr. Plaza. (Si.SK, 7 Grm, all 2-s wgarage.Agt.909292-2309 lOUInglcwood, is, 2s, & 3s Just reduced! Motivated. Agt A.Perris 818907 0600214 14U Montebello (adil 7X- 9.6 CAP, 11 cf, value added, Jack 310532-21 1 1 K3004 32U Pun. City. All ludapts. $3S,000unit upside! Agt APerris 818907-0600214 96U in unique hi growth location $3.SM Call Chris Stone Realty 80V937-1?6? LOTSACREAGE Commercial Hancock Pk. Wilshire Bl. Corner lot 18,100 St flat; zone CR; clean reports. Only $40sf; $745,000 B.Tull(bkr) 310440-8500 LH!T!rrv.fl Residential LANCASTER: 044.44 dc 200th E. Ave BSC. $3M 160 ac 260th St E. 1.25 mileAveG.$1M 160ac N.E. corner Ave LS 250th St E.$1M. 120ac nwc Ave L and 230th St East. $1M ACTON: 2.57ac Sierra Hwy 500' S.of Crown Valley Rd. For lease only Owner 760-325-7578 MALIHU Approx 75 aC Big ocean views. Mostly sloped. Latigo Cyn Rd frontage. Water & elec. Outside Malibu City. By Owner $3M. Vivian 949-S87 -7272 or 949-230-2747 Family Trust Orders IIE LI BID DEADLINE July 27,2000 1.69 Acres w19tti Century Single Family Residence. 11706 Rives Ave., Downey, CA. Please do not disturb tenants. Renovate for Family Estate or potential redevelopment for up to 10 domes, (858) 452-9100 Accelerated Marketing Division. Todd L. Good, Director. w am nut) More getaways than Bonnie and Clyde, j

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