Colliers' Latest Coup; The Deal Sheet
One of SoCal's top retail investment brokers, along withhis team, has joined Colliers International of Greater LA: Kyle Matthews (center), a former director of Marcus & Millichap's national retail group.
Regional managing director Marty Pupil tells us that Kyle, an SVP, focuses on institutional retail product and comes from a "storied football family"--brothers Clay and Casey play for the Packers and Eagles, respectively, and his grandfather and uncle also played in the NFL. Kyle played football at USC. But Colliers didn't hire him just to score Super Bowl tickets. Kyle and his team, which includes Joseph Santos, Chad Kurz, Aron Cline, and Jordan Uttal, have completed over 120 deals topping $350M. Marty also says Colliers had an incredible year in the Inland Empire, where the firm just did a big land sale. Weekends are pretty much filled up with his two daughters' activities: dance competitions and horseback-riding. This morning, however, Marty moderated our LA State of the Market in Beverly Hills.
SALES
Raintree Partners completed its $77M acquisition of The Plaza at Sherman Oaks, a 392-unit luxury apartment community in Sherman Oaks (4500 Woodman Ave). The former Oakwood property consists of eight three-story buildings and offers a slew of resort-type amenities, plus a clubhouse featuring a tanning room, theater and 1,500 SF of commercial office space, which is all leased. Cushman & Wakefield's Marc Renard repped both sides and CBRE's Troy Tegeler secured the financing from Freddie Mac.
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MG Properties Group bought Terramonte, a 138-unit apartment property in Pomona, and Waterstone, a 156-unit community in Tracy, for just over $44M. Hendricks-Berkadia's Margie Malloy repped the seller of Terramonte, a San Diego family. Marcus & Millichap's Sal Saglimbeni repped a Fairfield Residential affiliate in the sale of Waterstone.
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MCREF Verdugo LLC, a JV sponsored by Mill Creek Residential Trust, bought a 68k SF land parcel in Glendale (610 N Central Ave) to develop a 245-unit apartment community. The Trammell Crow Residential spinoff plans to begin construction on the six-story, high-end building in April. According to Lee & Associates-LA North/Ventura principal Craig Stevens, who repped both sides in the off-market transaction with Tyler Stevens, the block-long parcel will allow many of the units to have unobstructed views of the mountains and is close to the Disney campus, Americana at Brand, and Glendale Galleria.
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Dunbar Real Estate Investment Management acquired its ninth deal since forming in June 2011, buying two REO industrial buildings in Riverside. The buildings, purchased for $50/SF in an off-market transaction, include the 35k SF 7240 Sycamore Canyon Blvd and the 19k SF 7280 Sycamore Canyon. Cushman & Wakefield's Ryan Velasquez and Milo Lipson worked on Dunbar's behalf; they'll also market the smaller building for sale and the larger one for lease or sale. CBRE's Pat Scruggs and Anthony DeLorenzo repped the seller.
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South Hayworth Investments bought a 17-unit apartment property in LA (1522 S Hayworth Ave) from a private seller for just under $5M. Charles Dunn Co's Albert Shilton and Blake Rogers, who repped both sides, say the 4.2% cap rate is the lowest for the 90035 ZIP Code since 2006.
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Ron B. Tucker bought a 7,440 SF retail property in Torrance (20016 Hawthorne Blvd) from a subsidiary of Arenda Capital Management for $5M. NAI Capital's Peter Lund and Scott Crane repped the seller, while TOLD Partners' Barry Schoenbrun represented the buyer. The property was built in 1985 and has been 100% leased for the past 15 years.
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Hendricks-Berkadia's Adrienne Barr sold Wedgewood Gardens, two contiguous apartment buildings totaling 32 units in Van Nuys, for $2.9M or $206/SF. Jason Flashman represented the buyer.
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Javier Marquez bought a nearly 15k SF industrial building (754 E 29th St in LA) from Susan Hong for $1.2M. Heger Industrial's Robert An represented the seller, while Dorin Realty's Ron Cohen repped the buyer.
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LEASES
Sims Recycling Solutions, an electronics reuseand recycling company,renewed a 103k SF industrial lease at 20212 S Rancho Way in Rancho Dominguez for its regional office. Jones Lang LaSalle's Mike Condon, Zac Sakowski, and Barry Hill repped Sims, while The Carson Cos represented itself.
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West Coast Distribution leased a 171k SF industrial building (2602-08 E 37th St in Vernon) from Strada Developments. Lee & Associates-Newport Beach's Jeff Hirsch and Frank Adler represented the tenant.
