This Week's LA Deal Sheet
George Smith Partners and parent company AXCS Capital announced a slew of promotions at their executive levels. GSP promoted Justin Piasecki to president, Ed Steffelin to president of investments and David Gravelle to chief operating officer, and Evan Kinne was elevated to AXCS Capital CEO. Kevin Welch will remain the chairman of AXCS Capital.
As president, Piasecki will oversee all advisers across GSP offices nationwide, lead the efforts to further expand into new markets and establish a new loan sales platform.
SALES
An 86K SF industrial property in San Diego has sold for nearly $34M. The property at 10054 Old Grove Road was sold by Old Grove LLC, which was represented by Colliers’ Evan McDonald and Richard Schwartz and Lee & Associates’ James DeRegt and Scott Frazier. The buyer was the Southwest Regional Council of Carpenters.
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The Oliver, a retail and residential property built in 2016 in Culver City, sold for $29.25M, or $780K per unit. The building at 11955 West Washington Blvd. has 30 apartments and about 8,600 SF of street-level retail. CBRE’s Eric Chen and Joyce Goldstein represented the seller, Washington Marcasel Apartments LP, and the buyer, Oliver Washington 88 LLC.
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Broadstone Cavora, a 348-unit coastal apartment complex in Laguna Niguel, sold for an undisclosed amount at the end of August. Berkadia Managing Director Derrek Ostrzyzek and Berkadia Irvine Senior Managing Directors Rachel Parsons and Tom Moran brokered the sale to a California-based investor. Public records don't yet reflect the sale.
CONSTRUCTION AND DEVELOPMENT
Lincoln Property Company West is planning 309 apartments at 5700 Hannum Ave. in Culver City, Urbanize LA reported. The project will replace a late 1970s office complex in Fox Hills. The development will contain studio, one- and two-bedroom units, roughly 5,600 SF of ground-floor commercial space and offer parking for 428 cars.
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Cityview has completed Jasper, a 296-unit opportunity zone project at 2528 South Grand Ave. Jasper is built to LEED Silver standards, with an expected 20% to 30% improved efficiency over similar non-LEED-standard buildings. Cityview partnered with AC Martin, WPIC Construction, Nadia Geller Designs and Labib Funk + Associates on the project.
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Transwestern Development broke ground on a nearly 99K SF industrial facility, Legacy at Palmdale, in the Fairway Business Park in Palmdale. Legacy at Palmdale will be developed on two parcels totaling just under 5 acres on Legacy Lane south of West Avenue O. The new industrial development will include 32-foot clear heights, 15 dock-high doors, grade-level loading, an Early Suppression, Fast Response sprinkler system and 5K SF of office space.
Transwestern Development Manager Nick Borzi, Senior Development Manager Scott Heaviside and Senior Vice President of Construction Tim Stuchly oversaw the development of the project. CBRE’s Craig Peters and Richard Ramirez are leasing the property.
