This Week's LA Deal Sheet
Gemdale USA Corp. sold the Hollywood Media Campus near Sunset Boulevard and Western Avenue for $93M.
The 3.5-acre site at 1350 North Western Ave. holds a fully leased, approximately 76K SF office building and an adjacent development parcel. The property’s sole tenant is Netflix, which subleased the space from Zest Finance. The property is in an opportunity zone.
The buyer was The Georgetown Co., a New York-based, privately held real estate investment company. Newmark co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan and Senior Managing Director Laura Stumm represented Gemdale in the transaction.
PEOPLE
Cox, Castle & Nicholson partner Alicia Vaz has been appointed as the firm’s first Chief Diversity, Equity & Inclusion Officer, effective immediately. Vaz will serve as a DEI ambassador, internally and externally, and will work closely with CCN management to advance, create and implement strategic short- and long-term DEI plans. Vaz also will remain the chair of the firm’s DEI Committee.
SALES
Oxford Properties Group purchased a 13-building life sciences portfolio in San Diego for $464M.The properties are in San Diego’s Sorrento Valley and Sorrento Mesa areas, and measure 650K SF in total. This is the first purchase in San Diego for the Canadian investor. The seller was BioMed Realty, which is owned by Blackstone, according to The San Diego Union-Tribune. The acquired portfolio is 98% leased and is mostly made up of one- to two-story buildings with a 60/40 life sciences-to-office ratio.
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Greenbridge Investment Partners purchased a 22K SF, Class-A medical office building in downtown Santa Barbara, marking the firm's entry into the region. The two-story property at 111 East Victoria St. has a rooftop deck and an underground garage. The purchase price was not disclosed.
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The Mogharebi Group, representing a private investor based in Salt Lake City, brokered the sale of a 108-unit Palm Springs affordable apartment community for $19.7M. The two-story garden-style community sits on more than 5 acres and contains a mix of one-, two- and three-bedroom units. The buyer was not disclosed.
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Meridian sold its renovated 26K SF medical office building in Torrance to a private investor for $14.2M. Meridian acquired the building in December 2018 for $7.5M. The building at 3531 Fashion Way is across the street from the Del Amo Fashion Center and close to two major hospitals.
CONSTRUCTION AND DEVELOPMENT
Dekel Strategic Investors and partner Viewpoint Development purchased a roughly 1-acre parcel near downtown San Diego to build a proposed $90M multifamily development. The property formerly known as Millers Market is in an opportunity zone in the suburb of Golden Hill. The development will include a five-story podium building with 191 apartments above nearly 4K SF of street-level retail space. Construction is expected to begin in Q4 2022 and will take approximately 30 months to complete.
FINANCING
Newport Beach-based industrial developer Sares Regis got a $124M loan for a just-completed 243K SF building in Huntington Beach from Truist Bank, The Real Deal reported. The site was built as an Amazon distribution center and Amazon signed a lease for the space in 2020, before construction on the project had begun.
