This Week's LA Deal Sheet
Rise Hollywood, a nearly completed multifamily property in Hollywood, has secured a $138M loan from Square Mile Capital. Rise Hollywood is owned by Rescore Property Corp.
The loan will replace the existing construction debt on the property, which sits just south of Cahuenga Boulevard and DeLongpre Avenue.
The complex’s location just south of Sunset Boulevard puts it close to new hotel projects and across the street from Kilroy Realty’s On Vine office and residential complex, where Netflix is leasing over 300K SF. The seven-story, 369-unit Rise is almost complete, and owners expect to receive a temporary certificate of occupancy soon.
PEOPLE
DJM hired Charlie O'Connell as chief financial officer and promoted Chad Cress from creative director to chief creative officer.
Before coming to DJM, O'Connell provided interim chief financial officer services to privately held companies through Kinsale Capital Partners. He also directed financial operations at investment firms overseeing apartment and commercial real estate space across 18 states. Cress served as creative director at DJM since 2018. As CCO, Cress will continue to work with the creative operations and lead retail strategy for DJM’s experiential and mixed-use projects. Both O'Connell and Cress will assume the responsibilities of former DJM Chief Retail Officer Stenn Parton, who recently left the company.
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Suffolk hired Iraj Ghaemi as vice president of transportation in the West Region. Ghaemi spent 15 years at the San Diego Regional Airport Authority before coming to Suffolk. He will be responsible for driving business development, leading growth strategies, project oversight and client relationship management.
SALES
Newport Beach-based real estate investment firm RanchHarbor and Manhattan West Real Estate, an LA-based real estate investment and management firm, announced their joint venture partnership in the acquisition of a 0.79-acre industrial property in Signal Hill. The property consists of two single-tenant industrial buildings totaling 18.6K SF. Each building has one dock-high door and one grade-level door, a quality that is in high demand for tenants in this size range, according to RanchHarbor.
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An eight-property multifamily portfolio on LA’s Westside sold for $72.7M. The portfolio, which totals 212 units, includes apartment properties in West Hollywood, Hollywood, Mid-Wilshire, Fairfax, Palms and Sawtelle. Institutional Property Advisors’ Kevin Green, Joseph Grabiec and Greg Harris represented the seller, a private partnership. The buyer was a locally based multifamily investment firm.
LEASES
Newmark arranged a nearly 374K SF lease for Ricoh USA Inc. at a distribution facility in Rialto, in the Inland Empire. Newmark Senior Managing Directors Matthew Moore, Wills Allen and Wesley Hunnicutt have worked with Ricoh for the past four years and advised the company in its relocation to Rialto. Newmark’s Global Corporate Services Global Strategy team represents Ricoh nationwide. The landlord, Prologis, was represented by Colliers.
CONSTRUCTION AND DEVELOPMENT
Transwestern Development Co. has broken ground on two spec industrial projects in Fontana. The developments total nearly 484K SF close to Interstates 10 and 15, providing prime access to the entire SoCal region.
One project, Almeria Logistics Center, measures just under 236K SF and is expected to be complete in Q3 2021. QuadReal Property Group is the equity partner on the Almeria project. The other, the I-10 Commerce Center, is a two-building project expected to be complete in Q4. The equity partner on the I-10 Commerce project is Transwestern Investment Group.
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Meta Housing Corp., in a joint venture partnership with LA Family Housing, announced the groundbreaking of Silva Crossing, a 56-unit permanent supportive housing community in Sylmar. The $30.5M development aims to address the need for permanent supportive housing in the community.
Silva Crossing will provide 53 studios, each roughly 400 SF, and three one-bedrooms, each approximately 550 SF. Of these units, 23 will serve chronically homeless people and 32 will serve homeless people. The project at 12667 San Fernando Road is expected to be complete in July 2022.
