This Week's LA Deal Sheet: Lennar, Shopoff Buy Amway Site For $60M
JLL Capital Markets secured $49M in financing for the sale-leaseback of Amway South Campus, a nearly 14-acre property in Buena Park.
JLL announced the financing and worked on behalf of the borrowers, a joint venture between Shopoff Realty Investments and another investor it didn't disclose, to arrange a two-year, fixed-rate stretched senior loan.
The Los Angeles Times reported that Shopoff’s partner was Lennar and that the JV is working to redevelop the site for townhomes. The JV paid $60M for the property, according to the Times.
The site is occupied by Amway Corp. and consists of two connected buildings totaling 370K SF. As part of the transaction, Amway will execute a 24-month sale-leaseback agreement, providing near-term cash flow while the new owners pursue entitlements for residential redevelopment.
JLL Capital Markets' debt advisory team representing the borrower was led by Jamie Kline and Kyle White.
PEOPLE
CBRE has hired Tony Morales as a vice chair in the firm’s advisory and transaction team in Los Angeles. Morales specializes in office tenant representation, including advising on occupancy concerns and developing transaction and occupancy strategies.
Morales brings over 20 years of experience as a commercial real estate adviser to companies in the entertainment, technology, toy manufacturing, legal and financial services sectors. Prior to CBRE, Morales spent more than 15 years at JLL, where he served as senior managing director.
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EAH Housing has hired Kasey Archey to fill the role of senior vice president of real estate management. Archey will oversee EAH Housing’s property management department, ensuring the viability of the organization’s affordable housing assets in California and Hawaii.
Before working for EAH, Archey was a senior vice president of property management for MidPen Housing, where she was responsible for operations and supervision of more than 9,000 units across more than 150 affordable housing communities.
SALES
CBRE facilitated the sale of a multifamily property at 5109 Tyler Ave. in Temple City to Green Aokang LLC for $3.3M. CBRE’s Eric Chen represented the seller, August Associates LLC. The property, which hasn't sold in more than 37 years, features 12 units with an average unit size of 700 SF. The property has an on-site laundry facility and covered parking. The sale closed in 20 days.
LEASES
The Klabin Co./Corfac International finalized a 126-month lease at 17006 S. Figueroa St. in Carson on behalf of The Cypress Land Co. and Trio Manufacturing. The latter is the new tenant of the 123K SF industrial facility on South Figueroa.
Trio Manufacturing is relocating from El Segundo, and the new lease in Carson represents a tripling of its square footage. The lease is valued at almost $20M.
The Klabin Co.’s Courtney Bell represented Cypress Land. Trio Manufacturing was represented by Matt Stringfellow, Max Farkas and Zach Middleton of Klabin.
FINANCING
JLL arranged $27.5M in construction financing for Mesa Linda Logistics Center, a roughly 409K SF industrial warehouse and distribution facility planned for 17.5 acres in Hesperia.
JLL worked on behalf of the sponsor, Newcastle Partners, to secure the floating-rate, nonrecourse construction loan through an undisclosed bank.
Scheduled to deliver in Q1 2026, the Class-A facility will feature 36-foot clear heights, 54 dock-high doors and a combined 12K SF of office and mezzanine space.
The JLL Capital Markets team was led by Greg Brown, Director Samuel Godfrey and Allie Black.
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IPA Capital Markets secured $26.5M in bridge financing for a 77K SF Class-A industrial building at 8631 Hayden Place in Culver City.
The Manhattan-based IPA Capital Markets team of Max Hulsh, Max Herzog, Marko Kazanjian and Andrew Cohen secured the financing with First Citizens Bank on behalf of a Los Angeles-based real estate investment firm. The financing was arranged at 65% loan-to-value.
