This Week's LA Deal Sheet
Creative office campus The Park Calabasas sold to Gemdale USA, a subsidiary of China-based Gemdale Corp., for $79M.
Newmark co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, and Senior Managing Director Laura Stumm represented the sellers, Rising Realty Partners and Fortress Investment Group.
Newmark Vice Chairman David Milestone and Senior Managing Director Brett Green secured the acquisition financing on behalf of Gemdale.
The 222.5K SF property at 4500 Park Granada is 92% leased to six tenants. The space features outdoor courtyards, landscaped gardens and executive parking.
Newmark, citing CoStar data, said the deal was the Conejo Valley’s largest office deal since 2008.
PEOPLE
Bellwether Asset Management has hired Cara Leonard-Munn as senior vice president, debt asset management. Munn will lead the debt asset management team, which oversees a variety of real estate debt investments, including private loans and public securities. Before Bellwether, Munn was at CBRE, where she provided structured finance advisory services, and Savills, where she led the Global Hotel Group investment banking platform’s expansion into the U.S.
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Lee & Associates hired Barry Hendler to join its North San Diego County office as a senior vice president. Hendler brings 30 years of CRE experience to the office and will help lead its industrial division. Hendler comes to Lee from Cushman & Wakefield, where he was senior managing director.
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Cityview promoted Chris Brown to director of capital raising and investor relations. Brown will serve as a key investor relations contact for Cityview’s existing capital partners while developing new relationships with public and private capital, consultants, joint venture partners, endowments, foundations and family offices to support Cityview’s growth trajectory.
SALES
Lion Real Estate Group sold 3317 Exposition Place in Los Angeles to Luzzatto Co. for $22.5M. The two-story, two-building property is just under 30K SF and has been leased and occupied by online retailer The RealReal since May 2019. LREG bought the property for $7.3M in December 2017 in a co-investment deal with The Borman Group.
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Intercontinental Real Estate Corp. has acquired a 222K SF warehouse and distribution facility in Chatsworth leased to Amazon, which is paying $74M. The seller was an entity connected to PGIM that acquired the property at 20730 Prairie St. in 2019 for $37M then redeveloped it and leased it to Amazon.
FINANCING
Gantry secured $35M in construction-to-permanent financing for The 1860 Apartments, which is planned for the corner of Franklin and Western in Los Feliz. The 87-unit multifamily complex will have 6K SF of street-level retail and is expected to deliver in Q4 2022.
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Parkview Financial announced it has provided a $21.5M construction loan to Oakwood CA LLC for the development of a 68-unit apartment property at 4065 Oakwood Ave. in East Hollywood. The project is fully entitled and slated for completion in 2022.
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ACRES Capital originated a $13.3M loan to fund the construction of 636 North Juanita Ave., a 33-unit multifamily development in Silver Lake. The loan was provided to project developer Barth Partners.
