This Week's LA Deal Sheet
Entertainment company Entertainment One, also known as eOne, has just signed an agreement with Jamison to lease 26k SF at the historic Harbor Building (4204 Wilshire Blvd). Bisnow caught up with Industry Partners’ Carle Pierose, who repped Jamison, to find out more about the deal.
Carle (above with his wife, Brenna, in Mexico) says they have seen a "tremendous amount of activity" at the building, which was built for Getty’s Tidewater Oil Co in 1958.
"I expect Entertainment One to be the first of many creative companies to call it home," Carle says.
Under the terms of the five-year lease, Jamison agreed to build out the current space, which is vacant, to fit eOne's specific office requirements.
The building, which features white marble and sharp lines, "epitomizes curb appeal," Carle tells us.
"It was built as a headquarters building and it shows,” he says.
The six-story, 246k SF building takes up a full city block and features 13-foot ceilings and views of the Hollywood Hills and downtown LA.
eOne plans to relocate its reality TV and music operations to the building, which is in Park Mile in the Mid-Wilshire District. The company will maintain its HQ in Beverly Hills.
SALES
Stepp Commercial sold a three-property, 108-unit apartment portfolio in Long Beach for a total of $17.3M.
One of the properties is in North Long Beach (1200-1260 E 52nd St), includes 44 units within six buildings and was sold for $7.17M, or $163,068/unit, at a cap rate of 6.24%. The buyer was a Westchester-based private investor.
The second property (1870-1890 Harbor Ave and 1336 W 19th St) is in the Westside/Harbor submarket and includes 36 units within four buildings. It was sold for around $5.74M ($159,583/unit) at a cap rate of 5.64%. The buyer was SBG REC LLC in Torrance. SBG REC also purchased 28 one-bedroom and two-bedroom units in two buildings (1153-1161 Magnolia Ave) for $4.37M ($156,199/unit) at a cap rate of 5.61%.
Stepp Commercial’s Robert Stepp and Real Estate Solutions’ Bob McCabe repped the seller, Long Beach-based Northport Realty, as well as two separate buyers.
A mixed-use property (5014 Melrose Ave) with 37 apartments and retail recently sold for $4.5M.
The Partners Trust's commercial associate partners Lee Mintz and Dario Svidler repped the buyer.
Conroy Commercial's Brad Conroy and Kaufman Commercial's David Kaufman co-listed the property.
Marcus & Millichap sold 1467 Rexford Dr, a 15-unit apartment property, for around $8M (a little more than $536k/unit).
The three-story apartment building is on a 13,013 SF parcel of land. It consists of three one-bedroom units around 949 SF, seven two-bedroom units around 1,240 SF, and five three-bedroom units that range from 1,738 SF to 2,292 SF.
Marcus & Millichap associate Steven Goldstein, senior associate Michael DiSimone and VP of investments Paul Darrow repped the seller and buyer, both private investors.
The L&R Group of Companies bought an approximately 1.5-acre site at the corner of Figueroa Street and Venice Boulevard, now occupied by car dealer Downtown Toyota, for $30M.
Colliers International negotiated the deal.
L&R Group of Companies owns Joe’s Auto Parks as well as the national parking company Wally Parks.
SVP Adam Tischer repped L&R, while EVP Tom Lagos repped the seller, a private family trust.
FINANCING
George Smith Partners secured $30M in bridge financing for 3.48 acres of fully entitled multifamily development land and a 68,834 SF office building in Hollywood.
As part of the project, two seven-story multifamily buildings are planned. There would be a total of 253 residential units, along with 4,060 SF of ground-floor retail.
The site is near an under-construction Super Target.
George Smith Partners principal Malcolm Davies arranged the financing with Kyle Henrickson and Teddy Stutz on behalf of a local developer and its foreign-based equity partner.
EXECUTIVE NEWS
David Milestone joined NGKF Capital Markets as executive managing director. David will be responsible for originating and executing debt transactions throughout the Western United States, working with NGKF Capital Markets West Coast president Kevin Shannon. Previously, David spent 12 years as a senior member of Eastdil Secured's debt placement practice. He is credited with growing the debt business to $60B in annual volume.
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Brian Bowis, a veteran broker, joined NGKF Capital Markets and ARA, A Newmark Co. (ARA Newmark) in the LA office as managing director for the Southern California multihousing team. Brian will concentrate on debt originations, joint venture/equity placement and investor relations. He previously worked for NMS Properties and was a senior producer with Freddie Mac Multifamily’s western regional office.
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Bernards promoted Jocelyn Topolski to executive director of project development. She will coordinate the project development team, strategic partnering initiatives and new business development for LA County, among other responsibilities.
Michael Funderberg was promoted to executive director of Bernards Healthcare Group. He will work closely with the project development team while continuing to serve as project executive on major healthcare projects, including a new patient tower for Henry Mayo Newhall Hospital.
