299 North Euclid in Pasadena.
Sharp Capital purchased a nearly 78K SF office at 299 N. Euclid Ave. in Pasadena for $10M, or $129 per SF. The building was 95% occupied at the time of sale and a majority of the tenant suites were constructed within the last five years. A majority of capital expenditures were also completed in that period, according to a release from Sharp Capital.
The seller was Blackstone’s EQ Office. This purchase was Sharp Capital’s second from EQ Office/Blackstone, with the first at 425 W. Broadway in Glendale. The buyer and seller were represented by JLL’s Andrew Harper and Jeffrey M. Bramson.
SALES
JPMorgan Investment Management sold a Little Tokyo apartment complex at a 25% discount to what it paid in 2020, The Real Deal reported. FPA Multifamily bought it from JPMorgan for $86.1M, according to TRD.
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CBRE’s Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Carter Haslam arranged the $13M sale of an office building at 17101 Armstrong in Irvine, representing the seller, RGP. The buyer intends to occupy the building. The two-story, 57K SF low-rise office sits in the Irvine Business Complex and has 167 parking stalls. It was built in 1982 and has access to Interstate 405 and State Route 55.
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CBRE facilitated the $14.7M sale of Heritage Towne Center at 1392-1394 E. Palmar St. in Chula Vista. The property is fully leased to 21 tenants and measures approximately 31K SF. This is the fifth asset sold by this CBRE team on behalf of Paragon Real Estate Investments, according to CBRE.
CBRE’s Reg Kobzi, Joel Wilson, Michael Peterson, Lane Robertson, Philip Voorhees and Joe Yetter represented the sellers. The buyer was Palomar Heritage LLC.
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Steel Peak acquired an industrial outdoor storage property at 2213 Meyers Ave. in Escondido for $3.75M. The IOS property features an 8K SF industrial building and large secured fenced yard on 1.7 acres. Colliers San Diego’s Mike Erwin, Tucker Hohenstein and Hank Jenkins represented the seller, Act Property Acquisition Partners II, and Steel Peak.
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Restaurateur and hotelier Adolfo Suaya sold a roughly 4K SF restaurant property on Third Street for $3.7M. The property adjacent to the Beverly Connection once housed a Sushi Roku restaurant.
Suaya was represented by Jared Swedelson of NAI Capital Commercial. The buyer was a private investor represented by David Passman of the Passman Group.
LEASES
The education company Ednovate leased a 42K SF office property at 533 Glendale Blvd. near Echo Park to use as a charter school. Kidder Mathews’ John Anthony, Christopher Steck and Christopher Giordano represented the owner, Salvo Holdings.
FINANCING
Onni Group locked down $240M in financing to build a 54-story, nearly 700-unit project in Downtown’s South Park neighborhood, at 230 W. Olympic Blvd. and 1000 S. Hill St., according to The Real Deal. The lender group was led by Wells Fargo.
THIS AND THAT
Dauntless Capital Partners completed a $12.8M renovation on Courtyard by Marriott Los Angeles Pasadena/Old Town. The renovation included updating the bar, gym and more than 300 guest rooms.
