This Week's LA Deal Sheet
Transwestern Development Co. sold an Inland Empire industrial asset, Almeria Logistics Center, for $76.8M. The new 236K SF Class-A building at 8300 Almeria Ave. in Fontana is fully leased through 2027 to LC Logistics Services. The buyer was Cabot Properties. Transwestern was both the seller and the developer of the property.
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Colliers’ West industrial capital markets team of Michael Kendall, Gian Bruno, Kenny Patricia and Kylie Jones, in partnership with Thomas Taylor, Steve Bellitti, Joey Jones and Scott Sanders, marketed the property and led the disposition and acquisition process.
SALES
DMDE Properties sold its portion of the retail center Barnsdall Square to Reliable Properties. The transaction includes the acquisition of the 2.9-acre parcel at 1625 N. Vermont Ave. and a partial interest in the 1.4-acre parcel at 1533 N. Vermont Ave.
Reliable Properties assembled the remaining portions of Barnsdall Square in off-market transactions over the past year. JLL, which announced the deal, represented the seller, DMDE Properties. The price wasn't disclosed, but Commercial Observer reported the property traded for $20M.
Barnsdall Square features 92K SF, including the Jons Marketplace grocery store, a Rite Aid Pharmacy and 22 other tenants. The property also provides a “blank canvas for a value-add retail strategy or future redevelopment,” JLL said in a release.
The JLL retail capital markets team was led by Jeff Adkison and Bryan Ley, along with Rob McRitchie and Brendan McArthur.
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CBRE negotiated the sale of 8250-8260 Camino Santa Fe in San Diego for $17.2M, or $282 per SF. The buyer of the multitenant property was CSF LLC.
CBRE's Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk represented Hill Properties and Westport Capital Partners, the seller, in the transaction.
The two-building property measures approximately 61K SF and sits on nearly 3.7 acres in western Miramar. Eight tenants lease space in the buildings, which were 96% occupied at the time of sale.
The property has undergone capital improvements, including new exterior paint, suite and directional signage, monument signage, parking lot resurfacing and new landscaping. Chris Nelson with Matthews Real Estate and Brian Reyes of Tangram Commercial represented CSF LLC.
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Matthews Real Estate Investment Services closed on the sale of the Amethyst Street portfolio in Redondo Beach. Matthews’ Nabil Awada represented the buyer in the $14M transaction. The multifamily portfolio is made up of 32 units across eight assets at 1301, 1303, 1305, 1307, 1312, 1315, 1319 and 1321 Amethyst St.
Each asset is a low-rise, garden-style fourplex with a large three- or four-bed owner’s unit in the front and three one- and two-bedroom units in the rear.
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Newmark announced the $12.3M sale of a 2.7-acre parcel at 901 E. Katella Ave. in Orange. The buyer, Intracorp, plans to build 49 two- and three-story, single-family, small-lot homes on the site.
Newmark’s Chris Benton, Anthony Muhlstein, Kevin Shannon and Gabe Munson represented the seller, The Festival Cos., in the off-market transaction.
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CBRE closed the sale of two multifamily communities totaling 18 units in Azusa and Arcadia.
The 10-unit complex at 1205 N. San Gabriel Ave. in Azusa sold for $2.7M. The eight-unit property at 1015 Sunset Blvd. in Arcadia sold for $3.4M.
CBRE’s Eric Chen and Justino Fa'aola represented the buyer and seller in the 1205 N. San Gabriel Ave. transaction. The larger community includes two-bedroom floor plans and an on-site laundry facility. The eight-unit property in Arcadia has a mix of two- and three-bedroom units. Chen represented the seller in the all-cash transaction.
FINANCING
Atria Newport Beach, a 168-unit senior living community in Newport Beach, secured a $52M refinancing. JLL represented the borrower, a partnership between a national REIT and Atria Senior Living. MidCap Financial provided the floating-rate first mortgage loan. Atria Newport Beach, at 393 Hospital Road, is close to Hoag Hospital and Newport Boulevard.
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Gantry has secured a $12.8M bridge loan for the Carson Plaza retail center. The 81K SF center features 30 tenant spaces that house restaurants, health and beauty services companies, and banking and professional services firms.
Gantry’s Murphy Osborne and Joe Foley secured the loan on behalf of the borrower, a private real estate investor. The bridge loan, featuring interest-only terms and prepayment flexibility, was secured through one of Gantry’s vetted debt fund lenders specializing in value-add project lending.