The 10 Most Expensive Commercial Real Estate Transactions in LA County – Third Quarter 2015
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, industrial, multifamily, and hospitality categories. Transactions include property sold only between July 1 and September 30, 2015.
1. BEVERLY HILLS: 100 N. Crescent Dr.
100 N. Crescent Dr., Beverly Hills, CA 90210
$130 MILLION
CoStar
Buyer: Cain Hoy Enterprises
Total space: 118,444 sq. ft.
Price per square foot: $1,098
Year completed: 1989
Date sold: 07/01/15
Category: Office, Class A
Developed by the late Kirk Kerkorian, this property is now owned by Cain Hoy Enterprises, who bought the building for $130 million. The purchase was the most expensive commercial real estate transaction in LA County in Q3 2015.
2. LONG BEACH: One World Trade Center
1 World Trade Ctr., Long Beach, CA 90831
$105.9 MILLION
CoStar
Buyer: Walton Street Capital & Greenlaw Partners
Total space: 574,981 sq. ft.
Price per square feet: $184.09
Year completed: 1989
Date sold: 08/05/15
Category: Office, Class A
A prominent feature in the Long Beach skyline, One World Trade Center is a 27-story skyscraper with over 550,000 sq. ft. of interior space.
3. SANTA FE SPRINGS: Industrial Building
11688 Greenstone Ave., Santa Fe Springs, CA 90670
$72.5 MILLION
CoStar
Buyer: TIAA-CREF Global Investments
Total space: 327,934 sq. ft.
Price per square foot: $221.08
Year completed: 2013
Date sold: 09/08/15
Category: Industrial
This is a recently constructed building and is currently being leased by FedEx.
4. SANTA FE SPRINGS: Industrial Building
9400 Santa Fe Springs Rd., Santa Fe Springs, CA 90670
$62.3 MILLION
CoStar
Buyer: Deutsche Asset & Wealth Management
Total space: 607,833 sq. ft.
Price per square foot: $102.41
Year completed: 1979
Date sold: 07/15/15
Category: Industrial
Totaling over 600,000 sq. ft. of industrial space, this massive warehouse has 94 loading docks.
5. MALIBU: Villa Malibu
6487 Cavalleri Rd., Malibu, CA 90265
$62 MILLION
CoStar
Buyer: Pacific Eagle (US) Real Estate Fund
Total space: 132,250 sq. ft. (68 units)
Price per square foot: $467.85 ($911,765 per unit)
Year completed: 1993
Date sold: 09/11/15
Category: Multifamily
Villa Malibu was purchased by Pacific Real Estate Fund, a joint venture between two Hong Kong based real estate investment companies.
6. MANHATTAN BEACH: Residence Inn Manhattan Beach
1700 N. Sepulveda Blvd., Manhattan Beach, CA 90266
$54.4 MILLION
CoStar
Buyer: Washington Real Estate Holdings
Total space: 95,000 sq. ft.
Price per square foot: $572 (Price per room: $308,807)
Year completed: 1985
Date sold: 07/24/15
Category: Hospitality
Located in Manhattan Beach, this hotel is just minutes away from the Manhattan Village shopping center and Silicon Beach.
7. PACIFIC PALISADES: Sunset & PCH
17373-17383 W. Sunset Blvd., Pacific Palisades, CA 90272
$53 MILLION
CoStar
Buyer: Brickman Associates
Total space: 103,786 sq. ft.
Price per square foot: $510.67
Year completed: 1989
Date sold: 08/14/15
Category: Office, Class A
Situated on the corner of Sunset and Pacific Coast Highway, this class A office building features ocean views and high ceilings.
8. EL SEGUNDO: Office Building
101 N. Sepulveda Blvd., El Segundo, CA 90245
$51.6 MILLION
CoStar
Buyer: Claymark Capital
Total space: 198,532 sq. ft.
Price per square foot: $259.91
Year completed: 1984
Date sold: 09/11/15
Category: Office
The new owners, Claymark Capital, intend to reposition the property as a creative office building – given the increasing demand for creative space in El Segundo.
9. COVINA: Vista Pointe Apartments
1400 N. Grand Ave, Covina, CA 91724
$45.2 MILLION
CoStar
Buyer: Sares-Regis Group
Total space: 174,048 sq. ft. (216 units)
Price per square foot: $259.41 (Price per unit: $209,028)
Year completed: 1985
Date sold: 08/10/15
Category: Multifamily
Vista Pointe, an apartment complex in Covina, features 216 one and two bedroom units spread out over 10 acres. Amenities include a swimming pool, spa and tennis courts.
10. HOLLYWOOD: Office Building
1800 N. Highland Ave., Los Angeles, CA 90028
$44.4 MILLION
CoStar
Buyer: The Souferian Group
Total space: 86,800 sq. ft.
Price per square foot: $511.52
Year completed: 1965, renovated 2007
Date sold: 09/02/15
Category: Office, Class A
The Souferian Group purchased this Hollywood creative office building last month for $44 million.
Note: List is current as of publication date and may be subject to change, based on updated information, etc. While every effort is made to verify the list content & order, no guarantee can be made in regards to accuracy.