This Week's LA Deal Sheet
The Rose Bowl, one of the most famous venues in Southern California, has been undergoing a massive renovation for about a decade. Bernards, which is handling the renovation, aims to bring the century-old facility into the 21st century. Bisnow caught up with Bernards executive director of project development Jocelyn Topolski for more details about the project.
The City of Pasadena invested more than $182.7M in the renovation of the 90,000-seat Rose Bowl. The entire renovation project was performed by a JV between Bernards and Barton Malow.
The renovation of the Rose Bowl’s media center and locker room began in 2005.
Jocelyn says "enduring client relationships with well-respected owners, such as the one Bernards has successfully enjoyed over the last 10-plus years with the Rose Bowl Operating Committee, is one of our most valued assets.”
The historic character of American Stadium was maintained while, at the same time, modernizing the facility, according to RBOC architect and project director Margo Mavridis.
Making the project more challenging, the construction work was being done while the Rose Bowl was still hosting games and events.
The Terry Donahue Pavilion, which houses 54 luxury suites, 48 loge boxes, 1,200 club seats, press boxes and a broadcast center, was renovated as part of the project. The press box was replaced with a self-contained media area that can fit 318 members of the media.
The Court of Champions also went through a transformation. Stadium ads were replaced with new signature signage, 10 new LED advertising panels and new LED video board and scoreboards.
The property’s 1940s scoreboard was reconstructed. Some access tunnels were widened and intermediate aisles and handrails added in the end zones.
The Rose Bowl, which is a national landmark, dates back to 1922.
SALES
A private seller sold its Santa Monica unentitled redevelopment property (1626 Lincoln Blvd) for $15.75M to the developer of the former Fred Segal building (500 Broadway).
At a premium of $580/SF, it was the highest price to date for land on Lincoln Boulevard, according to Coldwell Banker Commercial WESTMAC's Timothy C. Macker.
The developer plans to convert the newly purchased 28,070 SF lot into off-site affordable housing.
Timothy repped the buyer. Scott Carr of KW Commercial repped the seller.
CBRE Group arranged the sale of a newly constructed, three-story office building in the North Ranch Corporate Center (4580 E Thousand Oaks Blvd) for $9M to Scheu Development. The 37,103 SF property is in Westlake Village.
Scheu already owns four properties at North Ranch Corporate Center.
CBRE SVP Michael Slater, SVP Tom Dwyer, SVP Mark Perry and VP Carlene O’Neil repped the undisclosed seller.
DAUM Commercial Real Estate Services' Mike Foxworthy repped Scheu, a real estate development company in Simi Valley.
NEW CONSTRUCTION
Lendlease received a temporary certificate of occupancy for the new Kinesiology and Fitness Complex at El Camino College just in time for this year's graduation ceremony.
Lendlease managed the construction of the new complex, which included replacing the deteriorating Murdock Stadium, built in 1949. This project included the construction of a new, modern stadium to support the college’s athletic programs and kinesiology classes.
The complex now includes a 7,869-seat stadium, synthetic turf fields for football and soccer, and an NCAA-certified nine-lane running track.
ACQUISITIONS
Concord Real Estate Services acquired Prosser Stevens Real Estate Investments, a 12-person multifamily investment sales team based in Santa Monica.
Prosser Stevens was founded in 2011 by investment sales specialists Kenny Stevens and Heidi Prosser Stevens. The independent firm operated under the Keller Williams Commercial Realty umbrella.
Kenny Stevens will join Concord as managing director (pictured are managing directors Yoav Sarraf of Concord and Kenny Stevens; COO Heidi Prosser Stevens; and Concord Real Estate Services CEO Reuben Robin).
As a result of the acquisition, Concord has taken an additional 4k SF at its existing headquarters (449 S Beverly Drive) in Beverly Hills.
EXECUTIVE NEWS
Polaris Pacific is expanding its team and has promoted Wendy Novia to VP of sales.
Previously, Wendy was a real estate agent with Zephyr Real Estate. She has a degree in business administration from Florida International University.
Polaris Pacific also named Rachel Weaver as business development manager, and Johanna Williams will be joining the company as marketing manager.
***
AWARDS
The International Council of Shopping Centers awarded Vintage Real Estate's Heritage Mall with three awards for exemplary community support: a Silver US MAXI Award in the Traditional Marketing category, the 2016 ICSC Foundation Western Region and the Overall US Community Support awards.
The awards were presented during the 2016 US MAXI Awards ceremony at ICSC RECon last month in Las Vegas.
