This Week's LA Deal Sheet

LaTerra Development has hired Bryan Miranda as managing director of LaTerra Storage. Miranda was formerly Western regional vice president for the self-storage REIT Public Storage. He will lead the expansion of LaTerra’s self-storage company and work out of LaTerra’s Century City offices.

LaTerra launched its self-storage development platform in 2022 and formed a JV with a fund managed by Macquarie Asset Management to deploy up to $300M in self-storage developments. 

PEOPLE

Kidder Mathews has hired Roger Rhoades to join its Orange County office as a senior vice president. Before joining Kidder Mathews, Rhoades was a broker at firms including Lee & Associates, Grubb & Ellis and Daum Commercial. His transaction volume has totaled more than 7.1M SF and over $470M. Rhoades was also the founding partner of Rhoades Ewing Development, where he worked for over 16 years. 

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NewMark Merrill Cos. has promoted Lisa Polis to vice president of people operations. Polis has been at the company for four years, based at the Calabasas headquarters. She was previously the director of people operations.

SALES

Philadelphia-based Alterra IOS purchased a 5-acre industrial outdoor storage property in Rialto for $17M. The property at 2239 Stonehurst Drive is equipped with an 8K SF grade level and drive-in warehouse. The seller entered into a sale-leaseback agreement with a one-year term. The seller’s broker was Jeff Kernochan of Fischer & Co., who will also represent Alterra on lease-up of the site.

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Positive Investments has sold Mountain View Manor, a 200-unit apartment property in Sylmar, for $39.5M. Partners CRE Executive Vice President and co-founder Shaya Braverman marketed the property on behalf of the seller. Positive Investments purchased the property for $29.4M in 2020. Braverman marketed the property on behalf of the seller; he and his partner, Dario Svidler, represented the buyer, Golden Bee Properties.

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A 39-unit garden-style apartment property at 4605 Sylmar Ave. in Sherman Oaks has sold for $12.73M, for a per-unit price of $326,615 or $262 per SF. The seller was an undisclosed California-based LLC, and the buyer was a private, California-based investor. Berkadia Managing Director Adrienne Barr of Berkadia Los Angeles led the transaction on behalf of the seller. 

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NAI Capital Commercial Executive Vice President Steven Weiss and Senior Vice President Sam Kangavari sold a 21K SF mini-mall at 6607 South Atlantic Ave. in Bell. A sale price was not disclosed, and public records do not yet reflect the sale. Weiss and Kangavari represented the buyer, a private investor, in the sale. The seller was not disclosed. Weiss and Kangavari negotiated a lease with a national tenant prior to close of escrow for the entire building. Tenants of the mini-mall will remain in place until the developer is ready to start construction.

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San Francisco-based Graymark Capital bought a 99K SF Thousand Oaks office building at 120 Via Merida for $17.8M. Graymark also secured $42M in financing for the acquisition of the property and its speculative conversion to a life sciences campus. The two-story office building sits on 6.7 acres and was the corporate headquarters for Wellpoint Health Networks.

CBRE’s Mike Longo, Sean Sullivan and Todd Tydlaska represented the seller, an LA-based private equity firm. CBRE’s Greg Grant facilitated financing on behalf of Graymark. The 60% loan-to-cost, interest-only loan was placed with a life insurance company on a nonrecourse basis. The majority of the loan will be used for the conversion.

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SRS Real Estate Partners’ investment properties group completed the $14.2M ground-lease sale of Lake Forest Marketplace, an 11K SF, multitenant retail property at 23771 - 23841 El Toro Road in Lake Forest. The property is fully occupied and counts 99 Cents Only, Guitar Center, Island Pacific, Harbor Freight Tools, Bank of America, Del Taco and Dunkin’ Donuts among its tenants. SRS Senior Vice President John Redfield represented the seller, La Caze Development. The buyer, an Orange County-based private investor, was represented by Jon Davis from SVN.  

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JEB Properties has sold The Glendon Apartments, a 27-unit apartment building at 3724 Glendon Ave. in Palms, for $11.55M. The buyer was The Glendon LP. Keller Williams Commercial Executive Managing Director Matthew Kanner, who is also president of The Kanner Group, represented the seller and the buyer. The closing cap rate was 3.84%, and the price per unit was nearly $428K, according to a release from The Kanner Group.

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Craig Thralls, the developer/owner of the 284-unit Wildomar Senior, has sold the senior leisure property for $28.5M. The Mogharebi Group represented the seller, who developed the property in 2000. The buyer was an undisclosed Los Angeles-based private investment group. The property at 32365 South Pasadena St. is fully occupied and offers a host of amenities.

CONSTRUCTION AND DEVELOPMENT 

North Palisade Partners has completed construction and opened its first self-storage facility at 2200 Nadeau St. in Huntington Park. The new three-story 133K SF development, called Palisade Nadeau Storage, sits on 2 acres and offers more than 1,500 units. The facility will be managed and operated by Extra Space Storage.

FINANCING

GPI Cos. locked down an $84M floating-rate construction loan through Citizens for its multifamily project Overland and Ayers, a 201-unit apartment complex at 2455 Overland Ave. in West LA. The project will have all market-rate units and is expected to be complete in 2024. JLL Capital Markets arranged the construction financing via a team led by Executive Managing Director Kevin Mackenzie, Senior Managing Directors Greg Brown and Jeff Sause and Directors Sam Godfrey and Charlie Vorsheck.