In The News
August 2010
CHARLES DUNN COMPANY CLOSES 10,000-SQUARE-FOOT INDUSTRIAL SALE
George Russell of Charles Dunn Company’s West Los Angeles office negotiated the sale transaction of a 10,000-square-foot industrial property at 4521-25 W. Jefferson Blvd. in Los Angeles.
Russell, representing the buyer Anthony Kafesjian, was unable to divulge the cost of the sale, but the industrial property was listed for $1.728 million. The seller, VHMD, LLC, was represented by Mark Zamel of Zamel and Associates.
The building will be the new home to Lloyd’s Custom Furniture, which Mr. Kafesjian owns and operates. Lloyd’s, which is currently located on Melrose Avenue near the Pacific Design Center, will be relocating to the Jefferson building by early September.
Lloyd’s manufactures each piece of furniture by hand with custom designs that incorporate hardwoods, fabrics and leathers from all over the world. This move will allow them to double the size of their space and improve the efficiency of the work flow in the manufacturing process by arranging the various pieces of wood working equipment and fabrication functions better within the new building. Upon the move, the Melrose property will be renovated to accommodate retail uses before being offered for lease at current market rents.
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CHARLES DUNN COMPANY CLOSES $6.3 MILLION MUTLI-FAMILY PROPERTY IN WESTWOOD
Hamid Soroudi and Ramin Gheitanchi of Charles Dunn Company’s West Los Angeles office recently closed a 24-unit luxury apartment for $6.35 million.
Soroudi, who represented the buyer, Xenon Investment Corp., said the purchase was in cash. Located at 1371 S. Beverly Glen Blvd. in Westwood, the luxury apartment complex was sold after a short marketing period.
The seller, 1371 Beverly Glen Partnership, was represented by Soroudi and Gheitanchi.
The Soroudi Group specializes in the sale and exchange of multi-residential properties. Hamid Soroudi has been practicing brokerage for over 30 years. Top of Page
CHARLES DUNN COMPANY CLOSES $1.1 MILLION MULTIFAMILY SALE
Bryan Glenn of Charles Dunn Company’s West Los Angeles office closed a $1.175 million sale at 823 N. Hudson Ave. The multifamily property was built in 1963 and consists of eight units.
Glenn represented the seller, a private investor, and his marketing efforts generated eight qualified offers prior to entering escrow with the buyer. The buyer, also a private investor, was represented by Jack Brown of Coldwell Banker.
“This sale demonstrates the continued demand from multi-family investors looking for well-located properties,” said Glenn. “Despite the soft economy, investors recognize the limited inventory of apartment buildings in Hollywood and expect strong demand and rent growth in the future.”
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July 2010
CHARLES DUNN NEGOTIATES $3.59M PURCHASE OF COLORADO RETAIL PROPERTY
CHARLES DUNN CLOSES $2.6M MULTIFAMILY DEAL IN WEST HOLLYWOOD
WEST HOLLYWOOD, Calif.—July 27, 2010—Michel Hibbert of Charles Dunn Company has negotiated the sale of a $2.6 million multifamily property in West Hollywood, Calif.
Located at 866 Hilldale Ave., the 8-unit luxury apartment complex was a completely renovated turnkey property in an excellent location in West Hollywood within walking distance of restaurants and stores on Santa Monica Blvd. The buyer paid all cash and the deal closed in three weeks.
According to Hibbert, the flow of deals is picking up as more and more investors are paying all cash to get a better return rather than leaving their money in the bank.
Hibbert represented the buyer, Marilana Properties, LLC, and Keller Williams Realty represented the seller, Aridan Properties, LLC.
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LAND SALE CLOSED IN SANTA MONICA FOR $1.425 MILLION
SANTA MONICA, Calif.—July 8, 2010—Michel Hibbert and Kimberly Roberts Stepp of Charles Dunn Company have negotiated the sale of a 14,994-square-foot land parcel in Santa Monica, Calif.
Located at 521-525 Marine St., the land was sold for $1.425 million to DHA Development, LLC. The buyer intends to construct condominiums on the property.
Hibbert represented seller, First Citizens Bank, and Roberts Stepp represented the buyer, DHA Development, LLC.
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CHARLES DUNN NEGOTIATES $3.59 MILLION PURCHASE OF COLORADO RETAIL PROPERTY
OFFICE DEPOT ANCHORS THE PROPERTY AS MAIN RETAIL TENANT
ARVADA, Colo.—July 1, 2010—Charles Dunn Company negotiated the purchase of a 20,590-square-foot retail building at 12505 W. 52nd Ave. for approximately $3.59 million.
The one-story free-standing building located in Arvada, Colo., which sits on more than 1.5 acres and was owned by Drake Real Estate, is currently occupied by Office Depot, which had signed a 15-year lease in 2008.
Paul A. Kenworthy of Charles Dunn’s West Los Angeles office represented the buyer, IMT Khougaz LP and acted as a consultant for Drake Real Estate, the seller.
Kenworthy said IMT Khougaz was able to sell an investment property in West Los Angeles and double their cash flow with this purchase.
“They were looking for a strong tenant for a triple net (NNN), management- and maintenance-free investment and Office Depot was the perfect match,” he said.
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June 2010
CHRISTOPHER COOPER TAKES HELM AS NEW DUNN CEO
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May 2010
CHARLES DUNN COVERS $2.15 MILLION MULTI-FAMILY TRANSACTION IN BEVERLY HILLS, CA
Charles Dunn Co. has closed Parness Family Trust’s $2.15 million sale of a 9-unit multifamily property located at 8730 Charleville Blvd. in Beverly Hills. Charles Dunn’s Hamid Soroudi and Cari Widman represented the buyer — The Charleville LLC — and seller, respectively, in the all-cash transaction.
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April 2010
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March 2010
MICHEL HIBBERT NEGOTIATES A $3.75 MILLION SALE AND PURCHASE OF A 16-UNIT MULTI-FAMILY PROPERTY
PANORAMA CITY, Calif.—March 29, 2010— Michel Hibbert, a senior managing director of Charles Dunn Company's West Los Angeles office, negotiated a $3.75 million sale and purchase of a 16-unit condominium complex currently operating as an apartment building located at 9201 Tobias Ave. in Panorama City.
Hibbert represented both the buyer, Tobias Group LLC and the seller, Lone Oak Panorama, LLC.
According to Hibbert, the buyer purchased the property with the intention of selling them as individual condos at a later date. “Market activity is beginning to pick up as buyers begin to realize that it’s at or close to the bottom, in terms of pricing,” he said. The property is operating at 95% occupancy.
Hibbert specializes in the sale of apartment properties, development land and commercial investment properties.
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RAMIN GHEITANCHI CLOSES $2.37 MILLION, 8-UNIT APARTMENT IN BEVERLY HILLS
A local investor has acquired eight units on the Beverly Hills line, paying $2.37 million or $296,875 per apartment for upscale rental mix.
The 7,811-SF apartment building at 1132 S. Bedford St. was sold at 95 percent of its list price. Lowy/Garner LLC is starting out with an 88 percent-leased building.
Ramin Gheitanchi of Los Angeles - based Charles Dunn Co. represented the seller Missouri Properties LLC. Prudential California Realty negotiated the buy side.
WALTER CONN IN THE LOS ANGELES BUSINESS JOURNAL
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January 2010
ALBERT SHILTON CLOSES $17 MILLION, 88-UNIT COMPLEX DEAL IN HUNTINGTON BEACH
West Los Angeles senior managing director Albert Shilton represented a group of TIC investors in acquiring an 88-unit apartment complex for $17 million in Huntington Beach.
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