This Week's LA Deal Sheet
LA-based CO Architects signed on to roughly 27.5K SF of space at Onni Group’s Class-A office project Wilshire Courtyard on Miracle Mile. The lease term is 10 years, with move-in expected in September, Commercial Observer reported.
Cushman & Wakefield’s Josh Bernstein, Peter Collins and Scott Menkus represented Onni. CO Architects was represented by Mike Catalano of Savills.
The two-building, 1M SF Wilshire Courtyard has 400K SF of space available for lease. Its amenities feature tiered outdoor balconies and renovated common areas and plazas. Current office tenants include Fox Animation Studios, and Equinox Fitness has a retail space.
SALES
A 61-unit apartment building in Mid-Wilshire called The Estelle has sold for $55M. Originally planned as a condo project, the development switched to apartments during the coronavirus pandemic. Rents at the property's two- and three-bedroom apartment units start at $4,600 a month, according to the Los Angeles Business Journal. The seller was Canfield Development Inc. The buyer was an affiliate of Portland-based The Green Cities Co.
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The AIDS Healthcare Foundation paid $30M for a 190-unit multifamily building in Westlake. The seller was Massie Capital Management. The property is located at 2208 West Eighth St. and was 63% leased at the time of sale, the Los Angeles Business Journal reported.
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Champion Real Estate Co. has purchased a former fraternity house at 668 West 28th Street near the University of Southern California for $8M. The property is in an area known for its concentration of sorority and fraternity houses. The seller was Wall Street Properties. Champion plans to renovate and rebrand the residence, its fifth student housing property near the USC campus.
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Farco Properties purchased a 0.29-acre multifamily development site near USC for $5M, CBRE announced. CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the private seller. The site at 647 W. 28th Street is not entitled and was used as a parking lot, but it sits within a designated opportunity zone.
LEASES
Leading third-party logistics provider Kenco Logistics Services inked a nearly 400K SF lease in the Inland Empire at the Perris Gateway Commerce Center in Perris, Newmark announced. Newmark Executive Managing Directors Ron Washle and Mark Kegans along with Jimmy Glascock of JDK Real Estate represented Kenco. The lessor was AEW Capital Management.
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Banyan Imports signed an approximately 203K SF lease at California Commerce Center in Ontario, Newmark announced. Newmark Executive Managing Directors Ron Washle and Mark Kegans represented the landlord, Principal Real Estate Investors. Banyan Imports was represented by NAI Capital.
FINANCING
Pacific Coast Holdings Investment got a $58.2M loan for the refinancing of a five-property healthcare portfolio in Orange County, CBRE announced. The portfolio includes three acute care hospitals, one long-term acute care hospital and a vacant medical office building.
Sabrina Solomiany and Zack Holderman of CBRE’s Debt & Structured Finance platform for U.S. Healthcare & Capital Markets team arranged the loan on behalf of Pacific Coast Holdings Investment, which owns the portfolio. Jonathan Bloch and Jennifer Eiteljorg at Brownstein Hyatt represented the owner.
CONSTRUCTION AND DEVELOPMENT
Architecture firm KFA announced that the 74-unit Florence Mills Apartments, a mixed-use affordable housing project at Central Avenue and Jefferson Boulevard, is now complete.
Developed by Hollywood Community Housing Corporation, the complex contains apartments restricted to households at the low, very low and extremely low-income levels, with rents set between $507 and $1,171 per month.
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KTGY-designed multifamily complex Nova on Wilshire is open in Koreatown. Developed by Jamison Properties, the project at 3980 Wilshire features 228 apartments and nearly 15K SF of retail along the street.
