This Week's LA Deal Sheet
Westlake Park Place, a five-building, approximately 240K SF office property on 13 acres in Thousand Oaks, has sold for $80.8M. The complex features an expansive outdoor courtyard and 840 parking spaces, among other tenant amenities.
The buyer was a partnership between Amstar and Searles Property Group. Amstar and Searles, along with The Travelers Cos., were the developers of the property, which opened in 2008.
The seller, Invesco Real Estate, purchased the property in 2014, paying just over $98.5M, public records show. The property was at 96% occupancy at that time, the Los Angeles Business Journal reported. Occupancy is now around 85%, according to Newmark, which announced the sale.
Newmark co-Head of Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan and Ken White, and Senior Managing Director Laura Stumm represented Invesco Real Estate.
PEOPLE
Atlas Capital Advisors has hired Serge Vishmid as managing principal. Vishmid will lead the firm’s office investment and leasing business while continuing to specialize in representing banking and financial services tenants across multiple markets throughout the U.S. Vishmid comes to Atlas Capital from Newmark.
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JLL hired Hunter McDonald to join its Inland Empire industrial brokerage team as executive vice president. McDonald will be based in JLL’s Ontario office and specialize in working with institutional landlords and users on their real estate needs. Prior to JLL, McDonald was at CBRE.
SALES
A Santa Monica biotech office building sold to a private investor for $9.25M as part of a 1031 exchange. The two-parcel, 1960s-era property at Colorado Boulevard and 17th Street is less than 2 miles from the Third Street Promenade and the Santa Monica Pier. The roughly 10K SF building is fully leased and is zoned for mixed-use development.
Kidder Mathews Executive Vice President Tanel Harunzade represented the buyer. Senior Vice President Todd Davis, Executive Vice President Darrell Levonian and Vice President Brittney McCarthy represented the seller, a family-owned private investment company.
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CBRE arranged the $4.95M sale of a multifamily property in Huntington Beach to a private investor. The sale price translates to $550K per unit, a new record for Huntington Beach. The property at 216 Sixth St. holds nine two- and three-bedroom units, each with a private patio and/or balcony. Units average just over 1K SF. Dan Blackwell and Mike O'Neill with CBRE represented the buyer, a family trust, in the transaction.
FINANCING
Sonnenblick-Eichner Co. has arranged $38M of interim first mortgage leasehold financing for The Portofino Hotel & Marina in Redondo Beach. The new five-year, floating-rate Libor-based loan replaces a maturing loan and provides interest carry-through stabilization.
The property includes the 161-room hotel, a 181-slip marina and 19 apartments.
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Gerson Bakar & Associates received a $255M fixed-rate loan for the refinancing of Park Newport, a Newport Beach apartment complex with about 1,300 units across 44 two- and three-story buildings. Gerson Bakar was the original developer of the complex and has held it for over 50 years. The financing was originated by PGIM Real Estate Executive Directors Natalia Todorov and Elizabeth Velazquez. Andy Ahlers of Berkadia brokered the financing.
