This Week's LA Deal Sheet
Long Beach’s tallest building, the Shoreline Gateway, opened this week. The 35-story building in downtown Long Beach holds 315 apartments ranging from studios to two-bedrooms and a host of amenities.
For rents from about $3K and going up to almost $16K, residents can enjoy a rooftop pool, a fire pit and an entertainment deck with a dining area and bocce ball court. The tower stands at the corner of East Ocean Boulevard and Alamitos Avenue, across from its sister building, the 17-story The Current, which opened in 2016.
The first tenants moved in in fall 2021.
The project was developed by Ledcor Properties Inc. and Anderson Pacific, along with partners Qualico and Lantower Residential.
SALES
An Anaheim office building named Stadium Crossings sold for $31.5M to Las Vegas-based Kingsbarn Realty Capital, a real estate private equity firm. The four-story, 106K SF building at 2125 East Katella Ave. is fully leased. The seller was Pendulum Property Partners. Newmark co-head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Paul Jones, Director Brandon White and Senior Financial Analyst Liam Ogburn represented the seller in partnership with Executive Managing Director Sean Fulp and Managing Directors Ryan Plummer and Mark Schuessler.
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Realterm acquired a nearly 137K SF last-mile warehouse at 359 North Covina Lane in La Puente. The facility sits on 9.2 acres. Realterm officials said this purchase is part of their strategy to buy properties in top markets near large populations. A purchase price was not disclosed. Property records don’t yet reflect the sale.
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DJM Capital snagged a four-property, grocery-anchored portfolio. The portfolio consists of a total of 488K SF. The group of outdoor properties includes Magnolia & Adams and Magnolia & Warner in Huntington Beach and Poway Town Center in San Diego. DJM acquired the portfolio from Merlone Geier in a joint venture with affiliates of Fortress Investment Group LLC. Chris Hoffmann, managing director of Eastdil Secured, brokered the transaction. JLL’s Bryan Ley was equity intermediary on the deal.
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DAUM Commercial Real Estate Services sold two Class-A industrial buildings in LA for $28M. The buildings at 1501-1545 Rio Vista total nearly 54K SF. DAUM Commercial Executive Vice President and Branch Manager Jerry Sackler represented the seller, a private family REIT, and procured the buyer, Rexford Industrial.
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Redondo Beach apartment complex Elements 616, a 105-unit luxury complex, has sold to a Los Angeles-based private investor for $74.5M. CBRE’s Dean Zander and Stewart Weston represented the seller, Ideal Capital Group. The buyer was a local family trust in a 1031 exchange. The buyer was represented by KW Commercial’s Ryan Rembert and Mason Rowland.
LEASES
Matthews Real Estate Investment Services leased approximately 11K SF of office space at The Michelson in Irvine, a 19-story Class-A building near John Wayne Airport.
CBRE’s Matt Didier, Jessie Tichelaar, Jake Stickel and Rick Warner represented Manulife Investment Management, the landlord. Cresa’s Griffin Farriss represented Matthews Real Estate.
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Third-party logistics company iDC has leased a Fontana property at 10840 Cherry Ave. The roughly 190K SF building is new, Class-A construction. IDC intends to fully occupy the building by mid-2022. CBRE’s Jeff Vertun and Lauren Peddicord represented iDC, with assistance from CBRE’s Joe Werdein. The seller was Chartwell Real Estate.
THIS AND THAT
Northmarq’s Investment Sales platform is adding a fifth location in El Segundo. The new location will be led by Brent Sprenkle, a two-decade multifamily expert who is joining Northmarq from Berkadia and will become a managing director. Sprenkle will continue to focus on selling multifamily properties and advising clients on investments in the Greater Los Angeles area.
CORRECTION, MAR. 29, 8:10 A.M. PT: A previous version of this story said that tenants of the Shoreline Gateway would begin moving in this fall. Tenants began moving in in the fall of 2021. The story has been updated.
