The 10 Most Expensive Commercial Real Estate Transactions in LA County
GOOGLE BUYS 12 ACRES IN PLAYA VISTA FOR $114 MILLION
The following is a list of the ten most expensive commercial real estate purchases in LA County. The list was compiled from information provided by CoStar, and includes buildings in office and retail categories. Transactions include property sold only between October 1 and December 31, 2014.
1. DOWNEY: Stonewood Center,
121-500 Stonewood St., Downey, CA 90241
$388.8 million
Google StreetView
Buyer: The Macerich Company
Total space: 608,677 sq. ft.
Price per square foot: $1,304
Year completed: 1958, renovated 1990
Date sold: 11/17/14
Category: Retail (Super Regional Mall)
This Downey mall was a part of a portfolio sale that included four other super regional malls in LA County. The Stonewood Center includes flagship stores such as Macy’s, JCPenney, Kohl’s and Sears. As it was built in the 50s, the mall got a major renovation in 1990. So perhaps it is time for another one, to keep up with contemporary centers in the region.
2. LAKEWOOD: Lakewood Center
1-500 Lakewood Center Mall, Lakewood, CA 90712
$328.5 million
Google Earth
Buyer: The Macerich Company
Total space: 514,293 sq. ft.
Price per square foot: $1,304
Year completed: 1951, renovated 2001
Date sold: 11/17/14
Category: Retail (Super Regional Mall)
The Lakewood Center was the second most expensive commercial property purchased in the last quarter of last year. It is also part of a five property portfolio purchased by Macerich that includes The Stonewood Center (#1), which also made this list. Macerich increased their ownership stake to 100% by buying the remaining stake from the Ontario Teachers’ Pension Plan Board.
3. DOWNTOWN: Aon Center,
707 Wilshire Blvd, Los Angeles, CA 90017
$268.5 million
Buyer: Shorenstein Properties
Total space: 1,110,000 sq. ft.
Price per square foot: $241.91
Year completed: 1973
Date sold: 10/10/14
Category: Office (Class A)
A highly visible in the Downtown LA skyline, the Aon Center is a 62 story, 860 foot skyscraper finished in 1973. At the time of its construction, it was the tallest building outside of New York and Chicago. It remained the tallest tower in Los Angeles until 1989, when the U.S. Bank Tower was finished.
4. DOWNTOWN: KPMG Center,
550 S. Hope St., Los Angeles, CA 90071
$240 million
Google StreetView
Buyer: Morgan Stanley
Total space: 590,207 sq. ft.
Price per square foot: $406.64
Year completed: 1990
Date sold: 12/24/14
Category: Office (Class A)
The KPMG Center is a 28-story and features just under 600,000 square feet of space. The tower is adjacent to the LA Central Library, which was built in 1926. In 2012, the structure was awarded LEED Platinum certification, the highest rating given by the U.S. Green Building Council.
5. BELLFLOWER: Lakewood Plaza,
17206-17228 Lakewood Blvd., Bellflower, CA 90706
$195 million
Google StreetView
Buyer: Kimco Realty Corporation
Total space: 113,511 sq. ft.
Price per square foot: $1713.49
Year completed: 1960, renovated 1989
Date sold: 10/15/14
Category: Retail (Community Center)
As the shopping center’s name may have led you to believe, Lakewood Plaza is not located in the city of Lakewood, but is actually located in adjacent Bellflower. The center is anchored by Stater Bros and Staples. The property was purchased by Kimco Realty Corporation from BIG Shopping Centers, a Beverly Hills based company who specializes in acquiring retail spots.
6. ESTCHESTER: Los Angeles Airport Marriott,
5855 W. Century Blvd., Los Angeles, CA 90045
$160 million
Google StreetView
Buyer: Sichuan Xinglida Group
Total space: 632,476 sq. ft. (1,004 rooms)
Price per room: $159,363
Year completed: 1973, renovated 1999
Date sold: 12/18/14
Category: Hospitality
Chinese real estate investment company Sichuan Xinglida Group purchased the LAX area hotel last month for $160 million. The largest hotel deal of the year in Los Angeles County symbolizes that Chinese investors are serious about Southern California real estate. One of the largest hotels in the county in terms of number of rooms, the new owners plan to spend about $35 million in renovations.
7. CULVER CITY: Sony Pictures Plaza,
10000 W. Washington Blvd., Culver City, CA 90232
$159 million
Google StreetView
Buyer: LBA Realty
Total space: 338,695 sq. ft.
Price per square foot: $469.45
Year completed: 1986
Date sold: 11/18/14
Category: Office (Class A)
Although across the street from the Sony Pictures Entertainment lot, the building is not actually owned by Sony. However, the entire 10-floor building is fully leased by Sony Pictures Entertainment. The contract runs until 2027, though Sony has an option to terminate the lease ten years early. Commercial real estate insiders say that Sony will exercise the option and leave in 2017.
8. NORTHRIDGE: The Village at Northridge,
9222 Corbin Ave., Northridge, CA 91324
$152 million
Google StreetView
Buyer: Senior Resource Group
Total space: 354,762 sq. ft.
Price per square foot: $428.46
Year completed: 2010
Date sold: 10/20/14
Category: Healthcare
The Villages at Northridge, a healthcare & senior living facility, was purchased last October. The sale includes the buildings and over three acres of raw land to the east of the facility. Senior Resource Group, the buyer of the property, is a San Diego based real estate investment company that specializes in healthcare facilities.
9. PLAYA VISTA: Parcel 10,
Millennium Dr., Playa Vista, CA 90094
$113.8 million
Google Earth
Buyer: Google, Inc.
Total space: 466,092 sq. ft.
Price per square foot: $244.14
Date sold: 12/02/14
Category: Land
Google’s purchase of between 10.7 acres (LA Times says 12 acres) of land in Playa Vista is big news to Silicon Beach. It bought land next to the hangar where Howard Hughes kept his Spruce Goose airplane. Google’s move is sure to bring many highly-skilled jobs, as well as new development and other tech companies into the rapidly growing technology sector on the Westside.
10. LOS ANGELES: The Millennium Del Rey,
5550 Grosvenor Blvd., Los Angeles, CA 90066
$99.5 million
Google StreetView
Buyer: American Realty Advisors
Total space: 191,588 sq. ft. (196 units)
Price per unit: $507,653
Year completed: 2014
Date sold: 10/07/14
Category: Multifamily
The recently completed apartment complex a few blocks Google’s purchase (#9), The Millennium Del Rey will probably be home to some of Silicon Beach’s tech workers. Previously the site of the City of Angels church, the site was approved for 196 unit multifamily complex in January 2011. The buyer acquired the property from the developer, Houston-based Dinerstein Companies for just under $100 million.