This Week's LA Deal Sheet
CBRE facilitated the sale of 960 Overland Court, a 79K SF research and development/flex building in San Dimas. The seller was undisclosed, as was the sale price, though the property last sold in 2020 for $42.85M, according to property records. The buyer was San Dimas CA LLC. The two-story property sits on 4.25 acres and is fully occupied by Collins Aerospace, a North Carolina-based aerospace and defense product supplier and subsidiary of Raytheon Technologies.
CBRE Investment Properties’ Mark Shaffer, Anthony DeLorenzo, Gerard Poutier, Bryan Johnson and Nick Williams, along with CBRE Institutional Capital Partners’ Todd Tydlaska, Mike Longo, Melissa May Moock and Sean Sullivan, represented the seller.
PEOPLE
Transwestern hired Mark Butcher as managing senior vice president of asset services for the Southern California region. Butcher is responsible for the firm’s property management activities in the Los Angeles, San Diego, Orange County, Inland Empire and Las Vegas areas and will oversee a team of more than 100 property management professionals and a portfolio of 18.5M SF. Before moving to Transwestern, Butcher was a senior vice president at Kidder Mathews and also held senior roles at Alexandria Real Estate Equities and CBRE.
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Kidder Mathews hired Elizabeth Clark as senior vice president. Clark brings over 16 years of commercial real estate experience representing buyers and sellers of retail, office, industrial and multifamily investment properties. She will be based in the Century City office. Prior to joining Kidder Mathews, Clark was with Douglas Elliman in Beverly Hills. She received the Leader of Influence award from the Los Angeles Business Journal in 2022.
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Berkadia brought on Senior Managing Directors Kevin Mignogna and Charlie Haggard as co-leads of the San Diego and Orange County mortgage banking offices. Both Mignogna and Haggard joined Berkadia from Newmark, where they were instrumental in providing clients with over $15B in multifamily debt and equity financing. They also served terms on Freddie Mac’s advisory council.
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Shea Properties hired Will Tipton as senior vice president of retail and mixed-use development. In his new role, Tipton will continue to grow Shea Properties’ retail footprint in California, focusing on acquisitions, planning, entitlement, leasing, budgeting and construction. Prior to Shea, Tipton was managing director and partner at Merlone Geier.
SALES
PREF Coronado Plaza LLC sold the Coronado Plaza retail center for $40M. The approximately 42K SF property at 1300-1330 Orange Ave. in Coronado is across the street from the Hotel Del Coronado. The three-story property encompasses an entire block. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE's San Diego office represented the sellers.
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Stepp Commercial Group completed the $5M sale of a two-building, 16-unit apartment complex at 916-924 St. Louis Ave. in Long Beach. The purchase price translates to about $417K per unit. Robert Stepp, Michael Toveg, Larry Bustamonte and Travis Traweek of Stepp Commercial Group represented the seller, a Long Beach-based private investor. The buyer was a Long Beach-based investor who owns more than 200 units in the city.
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Legacy Partners spent $18.3M on Del Amo Village, a multifamily development site in Torrance. The site is entitled for 200 market-rate units. Newmark co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Ken White, Senior Managing Directors Chris Benton and Michael Moore, and Managing Director Anthony Muhlstein represented the sellers: PCCP, LaCaze, Muller Co. and BentallGreenOak.
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Lee & Associates - LA North/Ventura principals Scott Caswell and Erica Balin completed the $17M sale of a 29-unit industrial building at 8101-8117 Orion Ave. in Van Nuys. The buyer was Orion Business Park LLC, and the seller was Rexford Industrial Realty. Both parties entered into the transaction in early March to close the sale of the 48K SF building ahead of the Measure ULA. Caswell and Balin represented the buyer. NAI Capital Commercial CEO Chris Jackson, Executive Vice President Todd Lorber and Chairman Tim Foutz represented the seller.
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Alterra IOS has purchased a 7-acre industrial outdoor storage property in Perris for $8.5M. The 16K SF property is located at 350 Mapes Road and has immediate highway access to I-215 and Route 74, as well as easy access to the Port of Long Beach and population centers nearby.
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NAI Capital Commercial San Gabriel Valley Executive Managing Director Ryan Campbell completed the $2.8M purchase of a 35K SF property in Pomona on behalf of his client, an LLC called Encore 126. The property is at 1143 West Second St. in an industrial pocket of the East San Gabriel Valley. The land is zoned for light industrial uses, making it a potential site for a contractor’s yard, a release from NAI Capital said.
LEASES
Commerce Energy Storage signed a long-term ground lease for a 50K SF building on 4.78 acres at 6920 East Slauson Ave. in Commerce. The firm also bought an adjacent site of 2.23 acres at 6904 East Slauson Ave. The company plans to develop warehouses on both sites for vaults of batteries that store power for customers. JLL’s Jon Reno, Mark Vanis, Trevor Gale and Sage Segal represented all parties in both transactions.
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Syracuse University signed a 21K SF full-floor lease at 5250 Lankershim Blvd. in North Hollywood. Marty Barkan represented Syracuse in the lease negotiations. Patrick Church and Anneke Greco of JLL represented the landlord, DivcoWest. Syracuse will move into its space on the fourth floor of the 179K SF, nine-story office building in the fall of this year.
