LA Deal Sheet: Pacific Premier Bank Inks 115K SF Renewal In Irvine
California-based commercial bank Pacific Premier Bank signed a lease for roughly 115K SF at 17901 Von Karman Ave., also known as Irvine Concourse. The bank was already leasing similar square footage at the two-building property, but consolidated into one building, according to Kidder Mathews, which facilitated the transaction.
Kidder Mathews’ Dave Carder and Eric Tse represented Pacific Premier Bank. Colliers’ Ryan Ward, Bob Caudill and Andrew White represented the landlord, John Hancock Life Insurance Co., a subsidiary of Manulife Financial Corp.
SALES
Cabot Properties purchased an approximately 670K SF portfolio of four industrial properties in the Inland Empire for $202.1M.
The properties are 1670 Champagne Ave. and 1651 South Carlos Ave. in Ontario, 10917 Cherry Ave. in Fontana and 750 South Valley View Ave. in San Bernardino, according to Colliers. Each of the four properties is 100% occupied.
The Colliers West industrial capital markets team led by Vice Chairman Michael Kendall marketed the property and led the disposition and acquisition process on behalf of the undisclosed seller and Cabot Properties.
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CBRE facilitated the sale of Pomona East Commerce Center, a six-building industrial center in Pomona for an undisclosed price. Arete Venture Partners purchased the property.
CBRE’s Mark Shaffer, Anthony DeLorenzo, Gerard Poutier, Barbara Perrier and Eric Cox represented the seller, SoCal Industrial LLC, which is a joint venture of Birtcher Anderson Davis & Associates and Belay Investment Group.
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Dunbar Residential Investments, in partnership with Long Wharf Capital, purchased the 40-unit Pure Beach Living at 662 Tamarack Ave. in Carlsbad for $20.9M from HFPL Dolphin Beach LLC. CBRE's John Newton arranged the sale, representing both the buyer and the seller. The property features all three-bedroom floorplans and is less than a half mile from the beach.
LEASES
Law firm Hill, Farrer & Burrill has leased a full floor of 25K at City National Plaza at 515 South Flower St. in Downtown. The lease represents a relocation from another office tower, One California Plaza, in downtown Los Angeles. Move-in is expected in June 2025.
JLL’s Tom McDonald and Mike McKeever along with Tony Morales represented Hill Farrer. The landlord, CommonWealth Partners, was represented in-house by John Bendetti.
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SharpLine negotiated a 10-year, roughly 16K SF lease with AutoZone at Monrovia Plaza at 300 West Huntington Drive in Monrovia. SharpLine's Barbara Armendariz and Samantha Armendariz represented the landlord, a private trust. AutoZone was represented by Michael Lundin of Canaan Pacific Inc.
With this lease Monrovia Plaza is now fully occupied by 17 tenants, anchored by Baja Ranch Supermarket. AutoZone’s new space is currently undergoing renovation with move-in anticipated in early 2025.
CONSTRUCTION AND DEVELOPMENT
Metro, the East Los Angeles Community Corp. and Bridge Housing Corp. has completed construction of Los Lirios, a 64-unit, mixed-use housing development for low- and moderate-income households.
Los Lirios was developed in partnership with ELACC and Bridge Housing on Metro-owned property adjacent to the Metro E Line Soto station at First and Soto streets in the community of Boyle Heights.
FINANCING
Gantry secured a $55.9M loan for the acquisition of the Huntington Oaks retail center at 500-600 West Huntington Drive in Monrovia. The property spans 251K SF with major tenants including a mix of national retailers, restaurants and services. Gantry’s George Mitsanas, Braden Turnbull and Austin Ridge represented the borrower, a private real estate investor.
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JLL Capital Markets announced today it has arranged approximately $12.3M in portfolio financing for Equity Oak Ventures. The EOV portfolio is a four-building flex industrial, research and development and office portfolio in San Diego County that was purchased all cash in May 2023. JLL represented Equity Oak Ventures in securing a fixed-rate, three-year loan.
The fully leased portfolio includes a 42K SF, three-building flex industrial and office campus in Rancho Bernardo and an almost 45K SF R&D facility in the Carlsbad Research Center.
