This Week's LA Deal Sheet
Subscription box company FabFitFun signed a multiyear agreement in WeWork’s Pacific Design Center location, WeWork announced. FabFitFun will take up an entire approximately 55K SF floor in the Green Building. The space will serve as the company's headquarters.
WeWork’s space in the Green Building features podcast studios, styling suites, photo and casting studios, director studios and a large classroom. FabFitFun was attracted to the space because of the flexibility it offered as well as the aesthetics and amenities, FabFitFun co-CEO and co-founder Michael Broukhim said in a statement.
FINANCING
Sonnenblick-Eichner Co. announced it arranged $30M of first-mortgage debt for Continental Development Corp. to refinance the new global corporate headquarters of electric vehicle manufacturer Fisker Inc. The property at 1888 Rosecrans Ave. in Manhattan Beach is roughly 79K SF of Class-A office space. Fisker signed a lease for the space last year, public records show. The 10-year, interest-only loan has an interest rate of 3.15% for the entire term.
LEASES
Colliers announced that Orange County has signed a lease for a 120K SF building in Tustin at 1382 Bell Ave. The terms of the lease were not disclosed. Michael Hartel and Nick Velasquez with Colliers worked with Ross Bourne of CBRE to represent the landlord, SteelWave, in the transaction. Joe Bevan and Wade Clark of JLL represented Orange County.
***
Prescription drug tracking and discount company GoodRx expanded its footprint at Lincoln Property Company West’s Pen Factory in Santa Monica, signing on for an additional 57K SF at the property. GoodRx now occupies over 130K SF at the Pen Factory, and the property is fully leased, according to Commercial Observer.
***
Gallerist Hauser & Wirth signed a 10-year lease at 8980 Santa Monica Blvd. in West Hollywood. The gallery will take up the full 10.8K SF building in West Hollywood’s Design District. Avison Young principal and Managing Director Christopher V. Bonbright, along with Lauren Aboulafia of Conroy Commercial, represented the landlord, Will Enterprises LLC. Creative Space’s Tyler Stonebreaker and Geoffrey Anenberg represented Hauser & Wirth. Hauser & Wirth also has a location in the Arts District.
SALES
CBRE announced the $13.7M sale of an apartment property in Westminster to a private family partnership as part of a 1031 exchange. Dan Blackwell, Mike O'Neill and Andrew Boukather represented the buyer in the purchase of Islandia Apartments, a 46-unit apartment building. As part of the exchange, Blackwell and O’Neill sold the buyer's downleg mixed-use property in Laguna Beach — nine ocean-view apartment units and eight street-facing retail and office suites near the city’s downtown — for $5.95M.
***
San Diego office campus Summit Pointe has been acquired by an unnamed partnership for $68.35M, Cushman & Wakefield announced. The approximately 147K SF, four-story office property at 10641 Scripps Summit Court was 70% leased at the time of sale. The property is entitled for about 175K SF of additional office space on a separate parcel. The seller, Carlsbad-based Newport National Corp., was represented by Cushman & Wakefield’s Rick Reeder and Brad Tecca in San Diego. The buyer was self-represented.
