Retail shopping.Combined Properties Inc. continued buying up choice L.A. shopping centers with the purchase last week of Studio City Place. The privately held Washington, D.C.-based real estate investment firm paid $36.8 million for the 108,000-square-foot shopping center at 11211 and 11230 Ventura Blvd. Combined Properties is paying an above-average price for the property compared to other recent L.A.-area shopping center sales, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Dan V. Riley, a first vice president with CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. Group Inc., which represented the seller. "It's a tremendous price," Riley said. "The buyer recognizes this is a rare opportunity to acquire a property on Ventura Boulevard Ventura Boulevard is one of the primary east-west thouroughfares in the San Fernando Valley; as it was originally a part of the El Camino Real (the trail between Spanish missions), Ventura Boulevard is the oldest route in the San Fernando Valley. It was also U.S. with good tenants and a tremendous upside not too far down the road." The seller is 11239 Ventura Blvd LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a partnership of three private investors who have owned the property for three years. The investors wouldn't allow Riley to disclose their identities. Studio City Place is fully leased and anchored by a Marshalls and an Office Depot Office Depot (NYSE: ODP) is one of the world's leading suppliers of office products and services. The Company's selection of brand name office supplies includes business machines, computers, computer software and office furniture, while its business services encompass copying, . The property was completed in 1990, but the Office Depot building was added six years ago. The shopping center also contains an attached 480-space parking garage. Combined Properties, which entered into a partnership with a Wall Street firm on the deal, intends to hold onto the shopping center for a long time, Riley said. "They plan to fix it up and hold it," he said. Combined, with an office in Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , has bought six local retail centers since May. Among those deals, the company paid $30.5 million for the 65,500-square-foot Brentwood Place shopping center on Wilshire Boulevard Wilshire Boulevard is one of the principal east-west arterial roads in Los Angeles, California, United States. It was named for H. Gaylord Wilshire (1861-1927), an Ohio native who made and lost fortunes in real estate, farming, and gold mining. and $12 million for the 70,000-square-foot Chatsworth Plaza Shopping Center on Canoga Avenue. Competition for Studio City Place was fierce, with numerous offers coming in after the property had been on the market for only 10 days. Still, Riley said demand for L.A. retail centers is beginning to wane. As interest rates have risen, buyers haven't been able to meet the expectations of sellers, he said. "Sellers need to make a certain return, but buyers have only so much they can pay. Even the smallest ticks (in interest rates) can break a deal." CBRE's Sam Alison and Chris Wilson of Wilson Commercial Real Estate assisted Riley on representing the seller. Combined Properties was represented internally. |
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