The Deal Sheet
SALES
In separate transactions, Studley’s National Retail Services Group sold a pair of single-tenant NNN assets for a combined $32M. USA San Diego LLC, a 1031 exchange investor, purchased a 47k SF building at 25 E Mason (above) in Santa Barbara's "Funk Zone," a block from Stearns Wharf. Music equipment maker Sonos will occupy the entire building in July under a 10-year lease. Kyle Miller, Bill Bauman and Marc Navarro repped the seller; the Radius Group's Austin Herlihey repped the buyer. Kyle and Bill also repped seller Catellus GL I LLC in the sale of 330 S Arroyo Blvd in Pasadena to existing tenant Houston's restaurant, which exercised a purchase option.
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Jay Jooil Kim bought a 35k SF building in the City of Vernon, 4555 S Everett Ave, from Huei & Ping Partnership for $4M. Heger Industrial's Robert An and Daum's Hak Chung repped the seller. Magic Properties' Nathan Yoon repped the buyer.
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Land Advisors Organization's Tim Barden, Richard Byrd, and Chris Gomez-Ortigoza brokered the sale of a partially completed development site in Long beach.
LEASING
Sprout L.A. LLC and Verve LLC leased a 13k SF building, 500 S Mateo St in LA, for a total consideration of $8.4M. Heger Industrial's Tom Williams repped landlord 500 South Mateo Street LLC, while Creative Space's Tyler Stonebreaker repped the tenant.
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AJP Distributors, an aftermarket auto parts and accessories distributor, renewed and extended a lease at 329 Baldwin Park Blvd in City of Industry. The company occupies nearly 28k SF as its corporate HQ. The Saywitz Co repped the tenant, while Colliers' Will Kim repped the landlord.
DEVELOPMENT
Trammell Crow, JV partner Principal Real Estate Investors, and lender Wells Fargo broke ground on the Clean Tech Manufacturing Center, a 370k SF, Class A industrial campus. The former brownfield will offer Downtown's LA's largest contiguous industrial space, including the world HQ of fashion manufacturer Ambiance USA. The developers are pursuing LEED Silver for the three fully secured and gated buildings, which will boast 32-foot clear heights, 126- to 147-foot concrete truck courts, and a sustainable Rainwater Harvesting water detention system. Completion: late 2014.
FINANCING
Pacific Southwest Realty Services' Scott Clark and Ted Willis arranged a $32M loan secured by Park Parthenia Apartments, a 447-unit complex in Northridge. The 48 buildings were built between 1962 and 1970. The 10-year, low-4% interest rate loan refinanced a maturing CMBS loan and was arranged through one of the firm's correspondent life company lenders.
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Quantum Capital Partners' Jonathan Hakakha secured nearly $5.5M on behalf of a South Park Group affiliate to refinance a 19k SF creative office building in West Hollywood. The borrower bought the four-story building (8322 Beverly Blvd) in 2007. Jonathan initially secured a renovation/bridge loan followed by a permanent loan after stabilization. It's also the owner's third recent financing with the lender, which re-entered the marketplace last year after spending several years cleaning up its balance sheet.
EXECUTIVE MOVES
Brian Somoza joined JLL’s Capital Markets as a managing director specializing in the sale and acquisition of self storage assets. Most recently an acquisitions manager at Public Storage, he's been involved with $1.5B of self storage acquisitions and development.
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Studley promoted Joshua Meltzer to managing director in West LA. He joined the firm in 2008.
