This Week's LA Deal Sheet
The former Downtown Los Angeles Standard Hotel opened to guests last week as the Delphi Hotel. The Delphi features a remodeled ground floor, a new indoor-outdoor lobby bar and, soon, additional food and beverage concepts. Hotel operator Crestline Hotels & Resorts, along with consulting firm Ellis Adams Group, is at the helm. Room rates start at $200 per night.
PEOPLE
Skanska promoted Bill Hadley and John Matich to vice presidents of operations for Skanska USA Civil. Hadley is the project electrical and systems lead for some of Skanska’s most well-known work in the region, including LA Metro’s Regional Connector Transit Project and the Westside Purple Line Extension. Matich brings 44 years of construction industry experience to Skanska and leads projects across Southern California.
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Beta Agency has promoted Matt Lux and Rob Ury to partner. Lux and Ury have been integral to Beta's success, according to a release. Lux joined Beta at its inception in 2018; Ury joined in 2020.
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The William Warren Group promoted Rona Siegel to national director of third-party management, a newly created role. Reporting to WWG Chief Operating Officer Gary Sugarman, the position reflects Siegel's tenure with the company and outstanding performance. Siegel has been with the company since 2016, when she joined as a district manager.
SALES
George Urban Advisors, with partners Five Horizons Partners and DRA Advisors, acquired a portfolio of seven industrial properties in Orange and Los Angeles counties that together span 45 buildings and 851K SF. George Urban Advisors will oversee property management of the portfolio. An announcement from GU did not disclose a seller or sale price but Commercial Observer later reported that the seller was Blackstone and the price was $263M.
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Advanced Real Estate bought a 12-story office-to-residential conversion, the Edison. The property sits one block from Ocean Boulevard and the terminus of the Metro Rail A Blue Line. A sale price was not disclosed, but a release said the acquisition required around $30M of equity from Advanced.
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Real estate investment firm Christina, through its sponsored private equity real estate vehicle Christina Real Estate Investors 5 Wealth Builder, bought a fully occupied, multifamily property at 12324 Montana Ave. in Brentwood for $6.1M.
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Woods Family LP sold a five-unit multifamily property at 800-808 Amigos Way in Newport Beach to Fahed Group for $3.6M. Mark Bridge with Cushman & Wakefield’s Multifamily Advisory Group in Orange County represented both sides in the transaction.
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NewMark Merrill Cos. bought the 84K SF Corbin & Parthenia retail center in Northridge for an undisclosed price. This is the eighth shopping center NewMark Merrill owns or manages in the San Fernando Valley and adjoining Conejo Valley in Los Angeles. NewMark Merrill was represented in-house by Jim Patton and Greg Giacopuzzi as well as Greg Offsay and Carol Marmor of Illi Commercial.
FINANCING
Champion Real Estate Co. refinanced University Village Fullerton, a 427-bed student housing property at 2000 Oxford Ave. in Fullerton, California, for $40.5M. The company secured long-term, fixed-rate financing through RGA Reinsurance Co. This is Champion’s third refinance in 2023.
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Marcus & Millichap Capital Corp. arranged $18M for the refinancing of APEX Apartment Complex, a 73-unit multifamily property located at 530 West Wilson St. in Santa Ana. The loan was secured by Ronald Balys, senior vice president of capital markets based out of MMCC’s Orange County office.
THIS AND THAT
Equity Residential will deliver the first phase of apartments after a $45M renovation at Marina del Rey’s Pearl Apartments. The first wave consists of 87 apartments at the 597-unit community.
