The LA Deal Sheet
With major plans for growth in Los Angeles, Colliers International has named well-known commercial real estate executive James Malone as a senior managing director responsible for overseeing the company’s South Bay and West Los Angeles offices.
Malone most recently served as a vice president for Brookfield Properties.
Colliers Executive Managing Director Hans Mumper said he and Malone would be tasked with expanding Colliers’ presence in the Los Angeles market. The company has set out a goal to double the size of its business in the greater Los Angeles region by 2020.
“As we continue to expand our management team in the Greater Los Angeles Region, it was important we recruit someone with the professional background and gravitas of a James Malone, someone who has a sterling reputation and the ability to lead and expand our brokerage teams in both markets,” Mumper said in a news release.
“His record of success on both the institutional ownership and brokerage sides of the business gives him special insight into the commercial real estate business, which he can share with our broker teams," Mumper said.
Malone is a well-respected commercial real estate veteran in Los Angeles. Prior to joining Brookfield, he was a broker at JLL and handled marketing and leasing of mixed-use projects for Catellus Development. He also served as a commercial real estate attorney at Haight, Brown & Bonesteel.
A former UCLA Bruins linebacker and Tampa Bay Buccaneer draft pick, he received his Juris Doctor from Loyola Law School.
“I am very excited to be joining Colliers and to be assuming a leadership role in propelling the company’s growth in the Greater Los Angeles Region," Malone said. “I am looking forward to this new challenge and to being a part of leading such a great firm to even greater heights.”
SALES
Bridge Development Partners LLC has sold three industrial buildings totaling 224K SF at Bridge Point Santa Fe Springs in Los Angeles for an undisclosed price. Bridge sold a 74K SF building at 13101 Rosecrans Ave. to UniFirst Corp. JLL’s Paul Sablock and Christopher Lawrence represented UniFirst. Bridge sold a 75K SF building at 13123 Rosecrans Ave. to Novella Plastics. Redpoint Realty’s Michael S. Lee represented Novella. Bridge sold a third, 74K SF building at 13915 Maryton Ave. to Westcore Properties. Colliers’ Scott Heaton and Chris Sheehan represented Bridge in all three transactions, as well as the buyer in the sale of the third building. Financial terms of the deals were not disclosed.
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GK Holdings LLC has purchased a 15-unit apartment in Los Angeles from an undisclosed private trust for $3.5M. The apartment is at 3755 Inglewood Blvd. Marcus & Millichap’s Joshua Luchs represented the buyer and seller.
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Monem Co. sold a 24-unit apartment in Los Angeles to an undisclosed buyer for $4.2M. The property at 1014 South Norton Ave. sold for the highest price per unit in the area for that unit type at $175K/unit. Marcus & Millichap’s Jason Tuvia and Josh Yeager represented the seller.
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San Francisco-based investment group T&K Investment has purchased a 7,500 SF retail and office building in Burbank from the Rafael Family Trust for $4.7M. The two-story building at 4017 West Riverside Drive sits in Burbank’s Media District and borders Toluca Lake. Commercial Asset Group represented the seller. Tarbell Realtors’ Tiffanie Wang represented the buyer.
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In a 1031 exchange, Family Investment Group has purchased a medical office building in Mission Hills from Porter Ranch-based San Fernando Professional Building for $13.7M. The one-story, 33,438 SF building at 11155-11166 Sepulveda Blvd. in Mission Hills is 100% leased to Facey Medical Group, a division of Providence Hospitals. Commercial Asset Group’s David Aschkenasy represented the buyer. Realty Executives Valencia’s Mark Oliver represented the seller.
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423 SLA LLC has purchased an eight-unit apartment in Los Angeles from an undisclosed limited liability company for $3.3M. The property is at 423 South Sherbourne Drive. Marcus & Millichap’s Nicholas Totah and Stuart Fagan represented the buyer and seller.
LEASES
Post-production service company Formosa Group and design firm Rethink Leisure & Entertainment have signed two separate leases for office space at the Hanhai Civic Plaza in downtown Burbank. Formosa signed a seven-year lease for 8,834 SF. Terms of Rethink Leisure’s lease were not disclosed. Owned by Creative International Investment, the Hanhai Civic Plaza at 250 East Olive Ave. is a 79,763 SF Class-A office building in Burbank. Cushman & Wakefield’s Mark Robinson and Arlene Sommer represented Formosa and the landlord. Madison Partners’ Chris Keller and Chris DuMont represented Rethink Leisure.
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Seyfarth Shaw LLP has signed a long-term lease for 58K SF of office space at Brookfield Properties’ Figueroa at Wilshire in Los Angeles. Terms of the deal were not disclosed. Seyfarth Shaw is relocating from Brookfield’s Bank of America Plaza to Figueroa at Wilshire, a 52-story office building with 1M SF of office space. NGKF’s Melissa Copley, Josef Farrar and David Kluth represented Seyfarth Shaw. James Malone and John Barganski represented Brookfield.
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Engineering firm KPFF has signed a 10-year, 24K SF lease for office space at The Bloc in downtown Los Angeles. Owned by The Ratkovich Co., The Bloc at 700 South Flower St. is a 33-story, 720K SF office tower. With the lease, KPFF, which has had office space in the building since 2016, will occupy 48K SF at The Bloc. Newmark Knight Frank’s Craig Kish represented KFF.
FINANCING
On behalf of Kelemen Caamano Investments, NorthMarq Capital’s Los Angeles regional office arranged a $34M bridge loan on Corporate Pointe in Irvine. The owner plans to improve, upgrade and add amenities to the five-building portfolio, which has 160,499 SF of office space at 1, 3, 5, 7 and 9 Corporate Park. Northmarq’s Joe Giordani and John Marshall arranged the financing. The borrower chose an institutional nonbank lender with cheap, flexible foreign capital.
EXECUTIVE NEWS
HGA Architects and Engineers has named Alex Thorpe as associate vice president in the company’s Los Angeles office. Thorpe will be responsible for overseeing client relations, marketing and strategic development of the Corporate, Arts and Community Practice Groups serving the Southern California market. Prior to joining HGA, Thorpe served as operations board member and client development director with TP Bennett LLP.
CORRECTION, MARCH 28, 6:21 A.M. PT: A previous version of the deal sheet had incorrect information about the apartment building at 3755 Inglewood Blvd., which is in Los Angeles. The story has been updated.
