This Week's LA Deal Sheet
NYC-based real estate investment management firm JOSS Realty Partners marked its first purchase in LA, snapping up an office property at 1315 Lincoln Blvd in Santa Monica for more than $23.6M or $1,004/SF.
The creative office building was built in 2005 and features 22-foot-high ceilings, units with individual patio areas and 136 parking spaces. The building's fully leased to five tenants: City National Bank, Chandler Chicco Agency, Centro Media, O’Gara Coach and Dethrone Basecamp. Madison Partners' Bob Safai, Matt Case and Brad Schlaak repped the seller, a partnership between Lincoln Property Co, Linwood Ventures and ASB Real Estate Investments.
SALES
American Realty Advisors acquired the the 283k SF Dublin Place Shopping Center from PFRS Dublin Corp for $51.1M. The buyer and seller repped themselves. The property (6920-7202 Amador Plaza Rd, 7590 Amador Valley Blvd and 7505-7533 Dublin Blvd) is 97% occupied; tenants include Target, Hobby Lobby, Burlington Coat Factory and Toys R Us. The center is located near the West Dublin/Pleasanton BART Station.
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Village Center, a 31k SF retail center in Torrance (4170 Pacific Coast Hwy) traded to an LA-based private investor for $11M or $353/SF. Marcus & Millichap's Simon Mattox repped the seller.
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Linda May Manor, a 32-unit apartment building in LA's Miracle Mile district (456 S Cochran Ave) changed hands for $5.7M. According to KW Commercial's Rich Johns, the property was owned by the same family for more than 40 years, and 17 family members needed to be considered in the sale. The four-story brick building, which has no parking, closed escrow on time at full price with no contingencies or credits.
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Argent LLC sold a 33k SF industrial flex building in San Dimas (328 W Arrow Hwy) to an exchange buyer in an off-market transaction. The newly constructed building has been pre-leased to a Chinese-based food manufacturer for five years. Newmark Grubb Knight Frank's Randy Lockhart and Rick Sheckter repped the seller. Michael Adams of Excelsior Partners facilitated the purchase on behalf of the buyer.
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Agora Realty & Management bought Fiesta Plaza, a 200k SF grocery-anchored retail center in North Las Vegas from a private seller for just over $12.9M. Located on 23 acres, the property was 55% occupied at the time of purchase; Conn's Electronics recently signed a 10-year, 52k SF lease. This brings the Sherman Oaks-based development firm's portfolio to 1.1M SF, including properties in Chatsworth, Panorama City and Hawaii.
LEASES
Insurance broker Gerald J. Sullivan & Associates Inc signed a 10-year renewal valued at $9.5M at Pacific Financial Center in Downtown LA, 800 W Sixth St. Charles Dunn Co's John Anthony repped the landlord, Pacific Financial Equities. Avison Young's Jonathan Larsen repped the tenant, which has occupied the building's top two floors comprising more than 28k SF since 1987.
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Crickets—they not only denote awkward silence on the Internet, they're also good food, evidenced by Coalo Valley Farms' 7k SF warehouse lease in Van Nuys (7646 Densmore Ave) for California’s first urban cricket farm. Lee & Associates-LA North/Ventura's Eric Nishimoto, who repped the tenant, says the startup plans to cultivate and process food-grade crickets into powder for sale to consumers, restaurants and food manufacturers. Coalo Valley Farms was looking for a facility that was close to the 405 Freeway and free of trace chemicals that might affect the farming process, Eric says. CBRE's Billy Walk repped building owner Scott Bader. You may have eaten crickets already—cricket powder is used as an additive in pastries, energy bars and chips. The little critters are sustainable, too. Farmers say crickets require less land and water than cattle ranching and emit fewer greenhouse gases than cows or pigs.
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Pearlman, Borska & Wax signed a new lease for more than 18k SF at Encino Plaza (15910 Ventura Blvd) for the expansion of its HQ. The law firm, which occupies the building's top floor penthouse, added a portion of the 10th floor as well. JLL's Dan Sanchez and Tony Acerra repped the tenant. Landlord Douglas Emmett was repped in-house by Kevin Housman and David Hitzel.
FINANCING
Venture West Funding's Loren Tirone arranged an $8M loan for the acquisition of the 50-unit Glendora Park Place Apartments in Glendora. The property was built in 2006 and includes three retail suites. The seven-year fixed-rate loan, arranged through Umpqua Bank, is non-recourse with five years IO. The $14.5M purchase closed escrow in 35 days; Sperry Commercial's Frank Dinari repped the buyer.
CONSTRUCTION/DEVELOPMENT
Roll Real Estate Development LLC, the commercial RE division of Roll Global, completed a 1M SF build-to-suit industrial facility for American Tire Distributors at Roll's Paramount Logistics Park in Shafter. Completed 10 months after lease signing, the building sits on more than 45 acres and boasts 234 trailer stalls and 201 loading docks, plus 32-foot clear height and an ESFR fire sprinkler system to accommodate tire storage. Nearly 10k SF of the building is reserved for office space. JLL's Mike McCrary, Peter McWilliams, Mac Hewett and Nicole Welch oversee leasing at the park (5000 Capital Rd), a 1,625-acre, rail-served industrial development near Bakersfield’s Meadows Field Airport.
