JRK Property Holdings Acquires Chase Knolls in Sherman Oaks as Part of $315-Million Investment
Los Angeles-based JRK Property Holdings acquired Chase Knolls in Sherman Oaks and a high-rise apartment tower in Washington, D.C., in separate transactions for an aggregate of $315 million.
“Our team excels at identifying fundamentally sound, undervalued opportunities that offer the best attractive risk-adjusted returns, which is how we came to acquire an older suburban garden-style community and luxury urban high-rise in the same fund,” said Danny Lippman, president of JRK, in a statement.
Chase Knolls is a 401-unit garden-style apartment community in Sherman Oaks that was built in 1949 with 260 units. It was expanded in 2021 with 141 additional units along with a clubhouse, resort-style pool and spa. In Washington, D.C., the company acquired luxury high-rise WestEnd 25, a 283-unit property that was the company’s entry into the Washington, D.C. market.
Sourced from JRK Property Holdings.
California Retail Portfolio Sold for $306 Million
InvenTrust Properties Corp. sold a portfolio comprised of five Southern California shopping centers for approximately $306 million. The properties included River Oaks in Santa Clarita, Bear Creek Village Center in Wildomar, Pavilion at LaQuinta in La Quinta, Campus Marketplace in San Marcos and Old Grove Marketplace in Oceanside.
“This transaction is a testament to our team's unwavering focus on portfolio optimization and strategic capital allocation,” said DJ Busch, chief executive and president of InvenTrust Properties, in a statement. The 600,000 square foot portfolio was acquired by investment firm Nuveen, which engage Vestar to provide property management and leasing services. The grocery-anchored portfolio has occupancy rates exceeding 98%. These five properties bring Vestar’s Southern California footprint to more than 8.5 million square feet.
Sourced from InvenTrust Properties Corp.
Terreno Realty Corp. Acquires Santa Ana Property for $49.5 Million
Terreno Realty Corp. acquired 3500 W. MacArthur Blvd. in Santa Ana for $49.5 million. The 134,000-square-foot warehouse was fully leased to Home Depot and sits on 12.1 acres of industrial-zoned land. This acquisition follows an earlier acquisition in June of a 34,000-square-foot industrial flex building located at 11100 Hindry Ave. in Los Angeles for $10 million.
Sourced from Terreno Realty Corp.
Reseda Apartments Acquired for $51 Million by Beverly Hills Investment Firm
The Candlewood North apartment complex in Northridge was acquired by Beverly Hills-based Post Investment Group for $51.1 million, or $270,000 per unit. The 189-unit community at 9830 Reseda Blvd. had been acquired by the seller, Waterton, for $43.6 million in 2016.
The three-story, three-building apartment complex was originally built in 1964. It is located near the Northridge Fashion Center. Amenities include renovated interiors, redesigned lobby and corridors, controlled building access, covered parking and a sundeck.
Sourced from Post Investment Group.
Costco Acquires Orange County Sites with Plans for New Store and Fuel
Costco Wholesale Corp. made two separate acquisitions recently in Orange County with plans to add a new store and a fueling center. It acquired the former Bed Bath & Beyond building located at 25732 El Paseo in Mission Viejo for $14.4 million and plans to tear down the building to construct a new fueling center with 40 pumping stations.
In Lake Forest, it acquired the shuttered Regal Cinema at Foothill Ranch Towne Centre for $12.5 million and filed plans with the city to replace it with a 160,811-square-foot store on the 16-acre site. That property would include a tire center. The theater closed in September 2024.
Sourced from Costco Wholesale Corp.
-David Nusbaum
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