This Week's LA Deal Sheet
Atlas Capital Group has begun redevelopment of a five-story, 320K SF, Class-A office building in Pasadena. Work on the former Bank of America building at 101 South Marengo Ave. is expected to be complete in Q1 2022.
Architecture and landscape design firm RIOS is leading design for the transformation of the previously windowless building into a more modern structure with a more glassy exterior, including floor-to-ceiling operable windows and over 80K SF of green spaces that includes an internal courtyard. The renovations will also bring separate tenant air filtration systems and escalators to every floor. JLL’s Patrick Church and Anneke Greco are leading leasing for the property.
PEOPLE
Cityview announced the appointment of Denise Katz as the firm’s director of asset management. Katz will oversee a portfolio of core, lease-up, and value-add multifamily and mixed-use assets. Prior to joining Cityview, Katz served as regional vice president at CIM Group.
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SRS Real Estate Partners announced it has added Andrew Peterson as senior vice president in its San Diego office. Peterson brings expertise in landlord and tenant representation throughout San Diego County to his new role on the retail team. Previously, Peterson was at Cushman & Wakefield, where he served as vice president.
SALES
Griffin Capital Co. and Legacy Partners announced the $100M sale of Moda at Monrovia Station, a 261-unit, Class-A multifamily community in Monrovia, adjacent to the L Line light rail station. The buyer was Opportunity Housing Group as property administrator with the California Statewide Communities Development Authority. Legacy Partners developed and managed the property in a financial partnership with Griffin Capital and Silverpeak Real Estate Partners. Legacy will continue to manage the property.
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Korea-based Kwangwon USA Inc. and YS & Son Co. purchased a roughly 185K SF industrial facility in Bloomington. Colliers Senior Executive Vice President James Min and the Colliers Korean Corporate Solutions Desk facilitated the $30.8M transaction and represented the buyers. The seller was not named.
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Nissei America Inc. sold an approximately 51K SF industrial building at 1480 North Hancock St. in Anaheim to real estate service provider Moriel Real Estate for more than $13.1M. Nissei America is moving its headquarters to Texas, where it has just completed the build-out of a production facility.
The Klabin Co.’s Todd N. Taugner, Max Farkas and Zach Middleton worked with Chiho Ikegami of Relo Redac Inc. to represent Nissei America. Colliers’ Brian Chastain and Chuck Wilson represented Moriel Real Estate.
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Lee & Associates - Pasadena founding principals Dan Bacani and Jodi Shoemake announced the $3.6M sale of 204 West Foothill Blvd. in Monrovia. Bacani and Shoemake represented the seller, Monrovia Masonic Building Corp. The buyer was a longtime Monrovia business, Foothill Gym, which has been in operation for nearly two decades. Compass Commercial’s Andrew Chan and Maggie Chou represented Foothill Gym.
CONSTRUCTION AND DEVELOPMENT
R.D. Olson Construction announced the groundbreaking of Vistas at Glendora, a Clearwater Senior Living project. The 117-unit, approximately 108K SF assisted living and memory care facility is expected to be complete in fall 2022. Owner Clearwater Living teamed up with architecture firm AO and interior designer Klang & Associates on the project.
LEASES
Brighten Freight Inc. leased a 51K SF industrial building at 13635 Cimarron Ave. in Gardena. The Klabin Co.’s Michael Ouellette negotiated the 61-month lease, valued at almost $3.2M. Brighten Freight is expanding and relocating its Los Angeles operations to Gardena from the LAX area. The lessor was Nissenson Properties, which was represented by Brad Levin of Daum Commercial.
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Kennedy Wilson Brokerage has secured a lease with Staples to occupy roughly 19.5K SF of retail space at 5665 Wilshire Blvd. in Miracle Mile. The space was previously occupied by Office Depot. Staples had an existing store a couple of blocks away on Wilshire; it will relocate the store here “to take advantage of this superior corner location,” according to a release from the brokerage. Kennedy Wilson Brokerage Executive Vice President and Director of Retail Lee Shapiro represented the unnamed landlord. The terms of the deal were not disclosed.
