Tuesday, September 22, 2015

Stepp Commercial Completes $2.95 Million Apartment Property Sale in Prime Santa Monica, CA Location

Kimberly Roberts Stepp
Santa Monica, CA – Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed the $2.95 million sale of fully occupied, six-unit apartment property located at 2820 3rd Street in Santa Monica.

The property is situated just one block from the trendy Main Street restaurants and shops, and is near Third Street Promenade and the world famous Santa Monica Pier.

Kimberly Roberts Stepp, principal with Stepp Commercial, represented the seller, Los Angeles-based 2820 3rd Street, LLC. The buyer is a Los Angeles-based private investor. 

The closing cap rate was 3.2 percent. 

Additionally, the per-unit price was a strong $492,000 and the price-per-square-foot was extremely high at $636.

Built in 1962, the two-story property consists entirely of two-bedroom/two-bathroom units with the second-story units offering ocean views. The property recently underwent a total renovation to include new hardwood floors, granite countertops, and other designer-quality fixtures and finishes.

“This asset is truly an investor’s dream as it offered a prime location in Los Angeles’ hottest rental market near Silicon Beach, the ocean, and an abundance of lifestyle amenities within walking distance,” said Robert Stepp.

 “It also offered the buyer an opportunity to add significant value as some rents were well below market rates. We received multiple offers and chose the buyer with the best terms.”

 Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million.

Robert Stepp
 Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto


Avison Young completes $6.5-million sale of medical office building in Los Angeles

Lloyd Bakan
Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $6.5-million sale of an 8,568-square-foot (sf) medical office building located in the Culver City submarket of Los Angeles.

Avison Young Principal Lloyd Bakan and Senior Vice-President Gary Berwick, based in the company’s West Los Angeles office, represented the seller, a Los Angeles-based private investor. The private buyer is based out of Los Angeles and purchased the property as an investment to diversify his holdings.

Built in 1979, the property is located at 10801 Venice Boulevard, one block west of Overland Avenue and directly across from the Culver Center Mall. The building is situated on just under one-half acre of land.

“We aggressively marketed this property as an opportunity to add value through redevelopment of the extremely well-located site,” comments Bakan. “We had multiple offers on the asset and selected a qualified buyer who plans on leasing the property for the next few years with the potential of future redevelopment.”

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Avison Young completes $12.6-million sale of Palisades Apartments near University of Southern California in Los Angeles, CA

Robert IP
Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $12.6-million sale of Palisades Apartments, a four-story, 28-unit, multi-family property within walking distance to University of Southern California (USC) in Los Angeles.

Avison Young Associate Robert Ip, based in the company’s Los Angeles North office, represented the buyer, Orchard Adams, LLC. The seller, Palisades USC LLC, was represented by CBRE. The transaction closed at a 5.1% cap rate.

Built in 2002 and located at 1210 and 1226 W. Adams Boulevard, the two-building, non-rent- controlled property includes a mix of unit sizes, with the majority offering two- and three-bedroom units. 

The property, situated within the USC Public Safety patrol area, includes ample controlled-access parking, onsite laundry facilities and furnished rooftop decks.

“This property offered the buyer excellent investment fundamentals, including non-rent control,  newer construction and proximity to USC, which provides a constant flow of potential tenants,” comments Ip. “The new ownership plans to make updates to the units in order to maximize rents and add overall value to the asset.”

Ip adds: “When the 15-acre, mixed-use USC Village development opens in 2017, I believe the new amenities and housing the project will bring will only add to the value of surrounding areas. Subsequently, Palisades Apartments shows all positive signs of appreciation over the next few years.”

In addition to being near the USC campus, Palisades Apartments is situated near the major cross street of S. Vermont Avenue and is minutes from the 10 freeway.

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto


Have You Herd? Anantara’s Elephant Parade Bangkok is Coming to Town!

Sirinya Bishop, Miss Thailand World 2015

BANGKOK, THAILAND  -- Anantara Hotels, Resorts & Spas is partnering with Elephant Parade® and top local and international celebrities and artists to bring the world’s largest open air art exhibition, Elephant Parade, to Bangkok.

The exhibition will see a herd of almost one hundred 1.5 metre brightly coloured elephants – which have been specially decorated and hand painted and will be exhibited as a herd in key locations throughout Bangkok, starting on 1st December 2015 and ending on January 29th 2016.

The first major Elephant Parade was held in Rotterdam in the Netherlands in 2007 and has since been exhibited in cities across the world including London, Singapore, Amsterdam, Milan and Hong Kong. Elephant Parade Bangkok will be a first for Thailand and the only one for the city.

The event was originally created after founder Marc Spits and his son Mike visited the Friends of the Asian Elephant hospital in Lampang, Thailand, which treats sick and injured elephants.

There they saw Mosha, a baby elephant who lost her leg after stepping on a landmine when only seven months old and was the first elephant to receive a prosthetic limb. 

She is fitted with a new leg every year, and each time must learn to walk all over again. Mosha features in each Elephant Parade exhibition and will have a specially Thai themed painted prosthetic leg for the Bangkok Parade.

Artists from all walks of life have been busy designing their elephants, each an original piece of art to help paint a brighter future for the country’s national animal.

Famous supporters of Elephant Parade Bangkok include: Hangover 2 star Nirut Sirichanya;  Furious 7 star Tony Jaa;  Designer Paul Smith;  World Number One DJ, Hardwell;  Miss Thailand World, Sirinya Bishop; Artists Elizabeth Romhild, Elsie Evans and Nancy Chandler, Sculptor Gavin Fifield and a wide range of Thai celebrities and artists.

“In my life I have spent a lot of quality time with elephants. I grew up in a mahout family and started my movie career with an elephant as a co-star,” said Furious 7 star and Elephant Parade Ambassador Tony Jaa. “I want to thank all the people and organisations who take the time and resources to ensure the safety of these intelligent creatures in Thailand and around the world.”

Tony Jaa

In February 2016 a selection of elephants from the parade will be auctioned off at a charity gala dinner at Anantara Siam Bangkok, with the proceeds going to the Golden Triangle Asian Elephant Foundation who in turn will select and fund a range of sustainable programmes that benefit the elephants of Thailand, including Wildlife Alliance, Freeland, WildAid, Think Elephants and Thai Elephant Therapy Project. 

The Golden Triangle Asian Elephant Foundation (GTAEF) was set up in 2006 to improve the plight of Thailand’s elephants, and has since been diversified to include welfare projects that incorporate broader philanthropic and cultural objectives with unprecedented success.

William E. Heinecke, Chairman and CEO of Minor International, the parent company of Anantara, Hotels Resorts & Spas, commented, “As a company, we are always looking for like-minded partners who share our true passion in saving the Asian elephant and Elephant Parade has long been known for its elephant conservation efforts in Thailand, which is why we feel this partnership is the ideal fit.

“The more awareness that is raised on the plight of domestic and wild elephants in Thailand the better the chances we have for their survival. I can’t think of a better way to raise awareness than bringing the largest open air art exhibition in support of Asian Elephants to Bangkok in 2015.”

“Elephant Parade is very proud and excited to team up with such a great company as Anantara and The Golden Triangle Asian Elephant Foundation. We share the same commitment and values in helping save the Asian elephant, ultimately from extinction. We’ve travelled all over the world with Elephant Parade and now it feels like we are coming home, with our upcoming event in Bangkok. I am sure this exposition will be our most exciting and colourful one to date,” Mike Spits, Elephant Parade® Founder.

 For more information on Elephant Parade please visit http://www.elephantparadebangkok.com

For hundreds of years throughout Thailand, people would leave a jar of water outside their house to provide  refreshment and extend a welcome to the passing traveller. 

Anantara is taken from an ancient Sanskrit word that means 'without end', symbolising this sharing of water and the heartfelt hospitality that lies at the core of every Anantara experience.

Mike Spits and Friend
From lush jungles to pristine beaches and legendary deserts to cosmopolitan cities, Anantara currently boasts over 30 stunning properties located in Thailand, the Maldives, Bali, Vietnam, China, Cambodia, Mozambique, Qatar and the United Arab Emirates; with future properties to open China, Sri Lanka, Mauritius, Laos and Oman.

For more information on Anantara Hotels, Resorts & Spas, please visit www.anantara.com.

Follow us on Facebook:  www.facebook.com/anantara
 and Twitter: Anantara_Hotels

 Global Hotel Alliance (GHA) is the world´s largest alliance of independent hotel brands. GHA currently includes 24 brands such as Anantara, Art Series, Atura, AVANI, Doyle Collection, First, Kempinski, Individual Collection, Leela, Lungarno Collection, Marco Polo, Mokara, Omni, Pan Pacific, PARKROYAL, Per AQUUM, QT, Rixos, Rydges, Shaza, Tangram, Thon, Tivoli and Ultratravel Collection, encompassing over 400 upscale and luxury hotels with over 100,000 rooms in 63 different countries. www.gha.com

 For a complete copy of the company’s news release, please contact:

Hwee Peng Yeo
Vice President, Asia Markets
Glodow Nead Communications
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