This Week's LA Deal Sheet: United Way Takes Full Floor At 515 S. Figueroa
United Way of Greater Los Angeles has signed a 15-year lease for 22K SF at 515 S. Figueroa St. and will relocate to its new ninth-floor space in April 2025. The building is owned by John Hancock Real Estate.
The tenant was represented by Newmark's Ron Burkhardt and Steve Salas. Avison Young principal John Eichler and Senior Vice President Tyler Stark represented the property owner. Avison Young is also the managing agent for the property.
PEOPLE
Transwestern Real Estate Services hired Ravi Bajaj as its manager of sustainability and environmental, social and corporate governance. In collaboration with asset services, Bajaj will build and implement environmental programs that enhance the value of client and investor assets. Before joining Transwestern, he was the founding principal of Citadel EHS's ESG & Sustainability Practice Area. He is based in San Diego.
SALES
A joint venture of Lincoln Property Co. and Strategic Value Partners bought the Bluffs campus at 12121 and 12181 Bluff Creek Drive for $187.5M, Commercial Observer reported. The previous owner, Edward Minskoff and EJM Equities, paid $413M, or $826 per SF for the property in 2016. Last year, ownership defaulted on a more than $250M loan with Morgan Stanley on the property.
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A 282K SF industrial building at 918 S. Stimson Ave. in City of Industry has sold for $59.9M. Luxury wholesale furniture manufacturer Ardmore Home Design acquired the asset. It is the tenant in the building. The structure was built in 1981 and features 24-foot to 30-foot clear heights, 34 dock-high doors, 28 trailer stalls and 150 auto stalls.
The JLL investment sales and advisory team was led by Senior Managing Director Patrick Nally and Director Makenna Peter as well as Senior Managing Director Mark Detmer and Senior Director Evan Moran. Ardmore Home Design was represented by HRS Commercial’s Rick Sherburne and Kyle Sherburne.
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San Diego-based Ambient Communities has purchased 530 B St., a 24-story, 250K SF office tower for $27.5M, or $110 per SF. CBRE's Matt Carlson, Hunter Rowe, Camille Doan, Matt Pourcho and Anthony DeLorenzo represented the undisclosed seller in the transaction. Mickey Morera of Kidder Mathews represented Ambient Communities in the transaction.
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SRS Real Estate Partners completed the $4M ground lease sale of a Chase Bank retail property at 27980 Clinton Keith Road in Murrieta within the Vineyard Shopping Center. Construction on the retail property was completed in 2024 and has a 20-year, corporate-guaranteed lease in place.
The transaction closed at $1,152 per SF. It also sold at a record low cap rate of 3.75% — the lowest for a Chase Bank property over the past 18 months, SRS said, citing data from CoStar.
SRS Capital Markets Vice President Winston Guest and Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a California-based private developer. The buyer was a California-based private investor.
CONSTRUCTION AND DEVELOPMENT
Jamison and its joint venture partner Arc Capital Partners have begun converting 3325 Wilshire Blvd., a 13-story, 233K SF office building, into 236 apartments and 15K SF of street-level retail. Residential move-ins are expected in 18 to 24 months.
