This Week's LA Deal Sheet
The U.S. Bank Tower in Downtown LA’s Financial District will get a $60M revamp that will modernize the lobby and create a 54th-floor tenant lounge with meeting spaces and panoramic views, Silverstein Properties announced. The project aims to upgrade and reposition the 73-story tower.
The makeover will also include removing the building’s Skyslide attraction, a transparent slide that went between two of the top floors at the tower, the Los Angeles Times reported. Silverstein Executive Vice President Jeremy Moss told the Times that tenants didn’t like having the attraction. The Skyslide opened in 2016. Silverstein Properties acquired the U.S. Bank Tower in September, paying $430M.
The upgrades are set to start this summer and wrap up by the end of 2022.
SALES
The Switchyard, a 150K SF Class-A office campus located in the Arts District, sold for $80M, Cushman & Wakefield announced. San Francisco-based SteelWave acquired the two-building campus, which was developed by CEG Construction. C&W’s Mike Condon Jr., Steve Marcussen, Erica Finck and Bailey Dawson represented both the buyer and seller in the transaction.
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The Camarillo Village Square, a 247K SF grocery-anchored retail center in Camarillo, has sold off-market, Colliers’ national retail capital markets team announced. Colliers Executive Vice President El Warner facilitated the deal and represented the seller, Donahue Schriber. It was the largest retail transaction in the state to date, Colliers said. The sale price was $61.5M.
CONSTRUCTION AND DEVELOPMENT
C.W. Driver Cos. announced it has broken ground on Hope on Hyde Park, a 60K SF affordable, transitional housing development. The project will be constructed from 98 locally fabricated steel modular building units. Completion is expected in summer 2022.
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A remodel of the Sheraton Park Hotel at the Anaheim Resort is underway, R.D. Olson Construction announced. The remodel will modernize the hotel’s 498 guest rooms, add two more, and bring improvements to the lobby, the restaurant, meeting rooms, the ballroom, the lobby bar and other common areas. The renovations are slated for completion in Q2 2022.
FINANCING
J.H. Snyder Co. secured a $171.6M loan to refinance the 21-story luxury multifamily apartment building One Museum Square on Miracle Mile, according to Commercial Observer. Meridian Capital Group’s Seth Grossman, Steve Edelstein and Jackie Tran arranged the 10-year, fixed-rate debt, and KKR provided the loan, the publication said. The tower, designed by MVE + Partners, opened this month.
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Laguna Beach-based investment firm Dornin Investment Group, in partnership with an investment fund, acquired a $195.5M nonperforming loan secured by a portfolio of 18 separate properties in Southern California. The properties are multifamily, office, retail, hospitality and land in Los Angeles, San Bernardino County and Orange County. Kevin MacKenzie and John Marshall with JLL Capital Markets advised DIG on the transaction and arranged the financing.
