This Week's LA Deal Sheet
New York City-based East End Capital has purchased the roughly 15-acre site at Sixth and Alameda streets in Downtown for an undisclosed sum. East End is planning to put soundstages and support space for production on the property.
The site can accommodate at least 15 soundstages, according to the firm.
East End announced the purchase this week but didn't disclose a seller or sale price. Property records don't yet reflect the transaction. The site had previously been owned by an LLC connected to Irvine-based developer SunCal, which bought the site in 2015 for $130M, property records show.
In 2016, SunCal proposed a dramatic, towering project designed by Pritzker Prize-winning Swiss architecture firm Herzog & de Meuron, complete with two 58-story towers and more than 1,700 residential units. The project would have been about the size of a city block at the western edge of the Arts District. According to the release from East End, “changing market conditions led the prior property owner to sell the property instead of pursuing the development plans.”
SALES
Longpoint Realty Partners bought a roughly 13-acre Van Nuys industrial park and two land parcels from a private owner for $85M. The park has five buildings with about 96K SF, and the land covers about 4 acres.
Cushman & Wakefield National Industrial Advisory Group’s Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matthew Leupold represented the seller. Cushman & Wakefield’s Erik Larson, Robin Dodson and Paul Sims provided local market insight.
***
DSquared Capital LLC, a joint venture between Sharp Capital and One Cole Group, purchased a 4-acre property with an 80K SF building at 110 Erie St. in Pomona for $16M. The property is in use by a manufacturing company, but the site will ultimately be repositioned or redeveloped.
***
Greenbridge Investment Partners snapped up three apartment buildings in the San Fernando Valley, buying 15042 Dickens St. in Sherman Oaks, 13001 Vanowen St. in North Hollywood and 21133 Saticoy St. in Canoga Park. Greenbridge said it purchases underachieving projects with the highest potential of becoming "best-in-class" assets. Purchase prices weren't disclosed.
LEASES
Gold’s Gym SoCal inked a 30K SF lease in Long Beach at The Pike, the nearly 400K SF retail and entertainment district near the Aquarium of the Pacific. The gym will take up the first and second floors of 71 Aquarium Way. The gym will open in mid-2023. JLL’s Ken Shishido represented Gold’s Gym in the lease.
CONSTRUCTION AND DEVELOPMENT
Trammell Crow and its partner CBRE Investment Management, on behalf of a separate account client, are planning to build a 116K SF life sciences development in San Diego’s Sorrento Mesa. The project is the first ground-up life sciences project in San Diego for both parties. The pair will raze the existing building and intend to break ground in Q4 2022. The project is expected to be complete in early 2024.
FINANCING
A fund sponsored by CBRE Investment Management closed on a $75M mortgage loan refinancing The 900 Apartments in Koreatown. The 193-unit complex has seen robust leasing since opening in 2021 and is expected to stabilize in the next few months, according to CBRE. Berkadia arranged the loan. The borrower wasn't disclosed, but the property was developed by Jamison Properties. The floating-rate loan has a term of three years.
