This Week's LA Deal Sheet
Matthews Real Estate Investment Services completed the $8M sale of 7220 Maie Ave. in Florence. The property housed the Florence Hand Car Wash at the time of sale but was sold as a redevelopment opportunity. The property, next to the A Line light rail, is zoned for mixed-use.
Senior associate Ethan Miller and Vice President and Director Simon Assaf represented the seller, a private investor. Matthews secured “a significantly above-market sale price” for the three-quarter-acre property at $10.4M per acre, a Matthews release says. The agents sourced the buyer, experienced multifamily developer Meta Housing.
Meta Housing plans to build a six-story development with 160 multifamily units, ground-floor retail and office space. The units will be available to households making between 30% and 60% of the area median income, with 72 units built as permanent supportive housing, Urbanize LA previously reported.
PEOPLE
Vestar hired Eddie Ollmann as vice president of property management for its West Coast region, which spans more than 30 properties and nearly 11M SF. Ollmann will be based in Vestar’s regional office in Long Beach. Ollman’s 16-year career has included leadership roles at The Irvine Co., Westar Associates and Westfield.
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Savills hired Preston Lynn as senior managing director in its San Diego office. Lynn comes to Savills from CBRE, where he was first vice president for brokerage services in Dallas, representing Salesforce in its Dallas office lease of nearly 105K SF and representing National Life Group in its 115K SF Dallas office expansion.
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Shawmut Design and Construction has hired Sam Ragsdale as a project executive in Los Angeles. Ragsdale brings 20 years of industry experience to the firm.
According to his LinkedIn page, Ragsdale was previously at Matt Construction, where he served as a senior project manager and led projects at the Petersen Automotive Museum on Wilshire Boulevard and the Hammer Museum in Westwood.
SALES
Boston-based Longpoint acquired three industrial buildings in Los Angeles County, the John Reed Commerce Center in City of Industry and 2854 Supply Ave. and 6480 Corvette St. in Commerce, totaling approximately 321K SF.
Longpoint plans to make improvements across the properties and lease remaining vacancies to a local distributor, wholesale or e-commerce tenant.
Cushman & Wakefield’s national industrial advisory group brokered the transaction for John Reed Commerce Center, and Colliers’ Alex Blecksmith brokered the transactions for 2854 Supply Ave. and 6480 Corvette St. Prices weren't disclosed, but public records show that the Corvette Street property sold for $5.33M, while the Supply Avenue building sold for $5.5M and the John Reed Commerce Center sold for $80M.
CONSTRUCTION AND DEVELOPMENT
Burnham-Ward Properties completed its yearlong effort to restore and rehabilitate the historic Mariners Medical Arts building on Westcliff Drive in Newport Beach. Mariners Medical Arts was originally designed by architect Richard Neutra in 1963. Burnham-Ward acquired the property in 2021 to ensure the responsible stewardship of the architecturally significant asset.
FINANCING
Gantry secured $8.75M of early phase financing covering the land acquisition for a new Hard Rock Hotel in Long Beach. Gantry principal Andy Bratt, Senior Director Amit Tyagi, Director Stefan Malmlund and associate Sean Kuang with the firm’s Irvine production office secured the funding on behalf of sponsor Steinhauer Properties, the developer of the hotel. The loan was provided by one of Gantry’s affiliated debt fund lenders with interest-only terms at a fixed rate with extension options.
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Gantry also secured $15.3M in permanent financing for a 51K SF single-tenant flex-office building at 601 Hawaii St. in El Segundo. The property is 100% occupied by healthcare provider DaVita as its regional HQ and national training facility.
Gantry principal Mark Ritchie, Senior Director Amit Tyagi and associate Alicia Sabanero secured the financing on behalf of the borrower, a private real estate investor. The five-year, fixed-rate loan was provided by a conduit lender and features interest-only terms for the life of the loan.
THIS AND THAT
LA Downtown Medical Center appealed its property tax assessment for a hospital property at 1711 West Temple St. that it acquired in a court-ordered bankruptcy sale for $36M. The LA County Assessor's Office had appraised the property post-sale at $114M, which would have subjected the owner to a significant property tax increase.
Paramount Property Tax Appeal represented LA Downtown Medical Center in its property tax appeal, after which it received a new assessed value of $44.5M, which represents “substantial tax savings,” according to a release from PPTA.
