This Week's LA Deal Sheet
Large and small projects are going up in El Segundo, making it a hotbed for development (so hot that we're having a Future of El Segundo event on Thursday). Bisnow caught up with developer Brett Drogmund to talk about his new project, the Idea Factory.
The Idea Factory, a creative campus in El Segundo's Smokey Hollow (123 Lomita St), is Brett's (pictured above with his son) $2.5M project.
The offices will feature floating glass conference rooms, private bathrooms with showers, high ceilings and natural light.
There will be a custom 1k SF party deck with a putting green and fire pit. A total of 22 parking spaces will be included.
Edel Vera at E.B.E. Associates is designing and JCG Construction is building the project. Two of Brett's companies, ComedyTrafficSchool.com and Skyscraper Productions, will be housed there.
RE/MAX's Matt Crabbs and Bill Ruane will rep the third unit.
Completion is expected next spring.
Find out about more of the latest developments in El Segundo at Bisnow's The Future of El Segundo event at 7:30am Thursday at Utah Avenue Campus in El Segundo. Sign up here!
SALES
Stepp Commercial sold a two-property, 22-unit apartment portfolio (305 Coronado Ave and 539 Coronado Ave) in the Belmont Heights submarket of Long Beach for $4.4M.
The building at 305 Coronado Ave has 16 units and sold to Stockton’s Grupe Properties for $2.9M, or $181,250/unit, and at a cap rate of 3.7%. The property has eight one-bedroom units, and eight studio units.
The building at 539 Coronado Ave has six units and was sold to Seaward Road Enterprises in Long Beach for $1.5M, or $250k/unit, at a cap rate of 4.08%. It has two-bedroom units, eight private garages and an on-site laundry.
Stepp Commercial’s Robert Stepp and Michael Toveg repped the Long Beach-based seller, Colonna Trust, as well as the two buyers.
Hanley Investment Group Real Estate Advisors sold the Bouquet Center (26502-26586 Bouquet Canyon Rd), a 95% occupied, 148,903 SF grocery-anchored shopping center in Santa Clarita.
The property was built in 1985 on 12.26 acres, and renovated in 2007 at a cost of $7M. The retail center is anchored by Vons, CVS and Ross Dress for Less, which represents 66% of the current tenancy. Other tenants include Chase, Citibank, Wendy’s, Baskin-Robbins, Jersey Mike’s Sub, Little Caesars Pizza and Payless ShoeSource.
Hanley Investment Group president Ed Hanley and SVP Kevin Fryman repped the seller, a private investor in LA. The buyer was a publicly traded REIT.
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CBRE Group sold a multi-tenant retail court near downtown LA (741 South Alvarado St) for $2.2M.
The 11,800 SF property is near several residential redevelopments.
CBRE SVP Michael Shustak, Chris Caras and Phillip Sample repped the seller. Lee & Associates Tony Naples repped the unidentified buyer, who intends to open an on-site store.
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Majestic Asset Management and JS/JS Properties sold the Townsgate Business Park in Thousand Oaks for $18.25M.
The 73,888 SF project, which was as recently rebranded as Tech Park @ Townsgate, is on around 5.3 acres on Townsgate Road west of Westlake Boulevard.
KW Commercial Calabasas' Ron Feder repped the buyer.
Intercontinental Real Estate Corp in Boston bought the Apollo at Rosecrans (2150, 2120, 2121 and 2175 Park Place), a recently renovated four-building creative office campus totaling 546,833 SF of office space in El Segundo.
CBRE and Newmark Grubb Knight Frank's Kevin Shannon repped the sellers, Invesco Real Estate and Second Street Ventures.
The purchase price was not disclosed.
FINANCING
NorthMarq Capital VP Mark Dodson arranged acquisition financing in the amount of $1.2M for a 12-unit multifamily property (4531 Normal Ave) in East Hollywood.
The deal was structured with a 30-year term with an initial fixed period of seven years and featured a 45-day close due to a 1031 exchange.
NorthMarq arranged financing for the borrower through its relationship with a national bank.
EXECUTIVE NEWS
William Ellis joined Akerman LLP as a partner. Previously, William served as general counsel of Reading International.
He has more than 30 years of transactional real estate experience.
Real estate attorney John Rosenfeld joined Elkins Kalt Weintraub Reuben Gartside (Elkins Kalt) as a partner in the real estate and finance practice group.
John has been practicing as an attorney for nearly 30 years, the last 18 years in private practice.
Previously, he was with Hackman Equities, now Hackman Capital Partners. As EVP and general counsel, John was responsible for legal matters related to the firm’s acquisition, financing, and/or development of industrial properties throughout the nation.
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Crescent Heights named Nikolay Tevekeliyski as the new general manager of Ten Thousand.
A former Ritz-Carlton and St. Regis executive, Nikolay will help introduce over 75k SF of amenities unique to Ten Thousand, including a private park with landscaped gardens, luxury vehicles with personal chauffeurs and private butlers.
