This Week's LA Deal Sheet
After receiving multiple offers and only being on the market for two weeks, the Catalina Building downtown (443 San Pedro St) in the Toy District sold for $20M. We spoke with Investment Real Estate Associates SVP William Everitt to get the exclusive story on the deal.
Statewide Corp paid $20M for the building, or $217 per SF, which William calls a tremendous bargain. William is pictured here with his wife, Belinda, and his children, Liam, Frances, Madeline and Fierst.
The property is eligible for adaptive reuse, he says. The new owners plan to take the existing combination of work lofts and live/work lofts and turn them into 80 live/work lofts by adding bathrooms and kitchens to the property.
The goal is to restore the former headquarters of Catalina Swimwear, which was built in 1923, to its original glamour.
The property, across the street from the Little Tokyo Lofts, was originally designed by William Douglas Lee, noted for designing the Chateau Marmont.
Encapsulated terra cotta stonework under the building's stucco will be restored to its “original downtown luster," William says.
William, along with his brother, Clark (shown here with his wife, Christie, and his children, Peter, Grace, Hannah and Brooke), repped the buyer and seller of the Catalina Building.
SALES
Stepp Commercial sold a 16-unit apartment building (226 Gaviota Ave) in Long Beach in an off-market transaction for $2.37M.
The property, built in 1920, includes 12 studio units, two one-bedroom apartments and two two-bedroom units. It's in Long Beach's Alamitos Beach neighborhood.
Robert Stepp and Michael Toveg of Stepp Commercial repped the seller, Jarm One LLC, as well as the Los Alamitos-based private buyer. The transaction closed at a 4.68% cap rate.
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West Hill Inc and Latin Real Estate Inc purchased an 80k SF El Super Supermarket-anchored shopping center (4215 East Charleston Blvd) in Las Vegas for $11.55M. Tenants include Big 5 Sporting Goods, Taco Bell and Wachovia Bank.
The seller is an LA investor operating as Lamb Charleston LLC. Sklar Kirsh real estate partner Albert Valencia repped the buyer along with Christina Degerman and Tina LeggBellossi.
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Oak Villa Properties acquired a 16-unit multifamily property (9502 Oak St) for $3M in Bellflower. The property was built in 1956 and consists of one-bedroom units with below-market rents.
RE/MAX Commercial & Investment Realty’s Nick Petrosian and Juan Cardenas repped the buyer and seller, which was a private trust.
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Holliday Fenoglio Fowler closed the sale of a single-tenant, 32,873 SF building (5660 West Sepulveda Blvd) fully leased to Sprouts Farmers Market in Culver City for $23.5M.
The price set a record for the sale of a single-tenant Sprouts Farmers Market, according to HFF.
The property, on 2.6 acres across the street from Westfield Culver City, is triple-net leased to Sprouts through 2025.
HFF’s Gleb Lvovich, Nick Foster, CJ Osbrink and Bryan Ley repped the seller, Niki Properties. There was an undisclosed buyer.
RE/MAX Commercial & Investment Realty’s Juan Cardenas recently closed escrow on a 48-unit building (7466 Rosemead Blvd) in Pico Rivera for $4.1M.
Cardenas repped both buyer and seller (both private parties).
REFINANCING
NorthMarq Capital's LA office EVP/managing director Michael T. Elmore arranged the $6.6M refinance of the Inland Empire Distribution Center, a 177,744 SF industrial property in Rancho Cucamonga.
The financing was arranged through the borrower's relationship with Nationwide Life, which allowed the borrower to use cash on a post-acquisition basis. The deal was structured with a 20-year fully amortizing term.
NEW OFFICES
Shawmut Design and Construction has moved into a new office (above) to accommodate its growing West Coast team.
At 10,350 SF, the new office is nearly double the size of the company's Miracle Mile location. The new space has been completely remodeled with the design by Gensler. It includes an eclectic mural of the LA skyline by a Southern California street artist.
There are workstations that can be used as stand-up desks.
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Newmark Grubb Knight Frank moved into its new space designed by OKB Architecture on the 25th floor of The Bloc.
Employees contributed to the design by submitting ideas through an online survey. The new office includes open spaces on the exterior and private offices in the interior. There are conference areas, a café and original artwork, designed by NGKF regional marketing manager Frank Cubillos.
LEASING
Electronic Transaction Clearing renewed its lease and completed an expansion downtown at 660 S Figueroa St. The company signed a seven-year term to lease 15,940 SF, a full floor in the building, for $2.7M.
Colliers International associate VP Tim Dwight and SVP Nathan Pellow repped the tenant. Cushman & Wakefield's Rich Grande repped the owner of 660 S Figueroa St.
EXECUTIVE NEWS
David Pinsel joined Charles Dunn Co as president of brokerage services. Previously, he was a managing director at Colliers International and served as a player/coach for the Long Beach office of Sperry Van Ness and became a partner in Sperry Van Ness Costa Rica.
Walter F. Conn (on the left with David to the right) became Charles Dunn Co’s managing principal of brokerage services after previously serving as president of brokerage services.
