This Week's LA Deal Sheet
Prologis leased the entirety of its Mid Counties Distribution Center, a roughly 147K SF industrial building in Santa Fe Springs, to Weee!, the app-based multi-ethnic grocer. The submarket, which CBRE classifies as mid-counties, reported the lowest vacancy rate in greater LA in the fourth quarter, at 0.5%.
The property at 13215 Cambridge St. was built in 2021. Weee! is expanding from its current cold storage facility in La Mirada and will occupy the building in May. CBRE’s Ben Seybold and Rick McGeagh represented Prologis and arranged the lease.
PEOPLE
Nevada-based Dermody Properties has hired Jason Lu as an investment manager based in the company’s Irvine office. Prior to working for Dermody, Lu was a capital markets analyst for JLL, where he was responsible for underwriting more than $1B in office buildings and $300M in development sites. Before JLL, he was a senior financial analyst at Alexandria Real Estate Equities, where he oversaw large portfolio models for both San Francisco and San Diego.
***
Justine DelMonico has joined NAI Capital Commercial in Los Angeles as managing director of NAI’s newly launched Capital Commercial Management team. DelMonico will source property management opportunities and recruit new team members throughout Southern California. DelMonico has a decade of real estate experience, and was most recently senior property manager at Kennedy Wilson in Beverly Hills.
SALES
The Loma Villas, a 70-unit apartment complex at 415 East Commercial Road in San Bernardino, sold for $21.5M. The apartment development has a mix of studio, one- and two-bedroom floor plans ranging from 525 to 822 SF as well as a pool and gym.
The Mogharebi Group arranged the sale. Alex Mogharebi, Otto Ozen and Bryan LaBar represented the seller, an undisclosed regional owner and developer. The buyer was an undisclosed Southern California-based private investor.
***
Distributor Sunland Nutrition purchased a nearly 41K SF industrial building at 81-91 Columbia in Aliso Viejo for $14M. Sunland Nutrition will use the building for its headquarters and warehouse. JLL’s Xavier Nolasco, Brian Thene, Steve Wagner and Cameron Driscoll represented the seller. Sunland Nutrition was represented by Daum Commercial’s Steve Crane.
***
Northmarq Senior Vice President Peter Hauser in the firm’s Irvine office, in collaboration with Shane Shafer, Matt Hauser and Jordan Hauser, completed the sale of three industrial properties located in Carlsbad, Chino and Nipomo. Northmarq represented the buyer, a private family office investor based in Covina, which acquired the assets for a combined $39.6M. The properties were Nipomo Self Storage, which sold for $12.5M; a Class-B industrial property in Carlsbad, which sold for $11.9M; and a multitenant industrial property at 14055 Laurelwood Place in Chino, which changed hands for $15.3M.
***
A newly renovated single-tenant retail property at 5171 Telegraph Road in Ventura now occupied by Planet Fitness sold for $6.4M. Hanley Investment Group Real Estate Advisors Executive Vice Presidents Bill Asher and Jeff Lefko and President Ed Hanley represented the Beverly Hills-based seller, an affiliate of MJL Capital Partners. The buyer, a local private investor, was represented by Brian Hughes, also based in Ventura.
***
First Industrial Realty Trust purchased an approximately 15K SF industrial building on 2.27 acres at 1250 East Francis St. in Ontario for $5.2M.
Avison Young principal Cody Lerner of the firm’s Inland Empire office represented the seller, Dobecha Investments, and the buyer. The property is in the prime Ontario International Airport area submarket with easy access to the 60, 10 and 15 freeways.
LEASES
Daum Commercial Real Estate Services completed lease renewals of two single-tenant commercial properties in Camarillo. The two buildings were leased for $7.1M, according to Daum Commercial Vice President Stuart Scott.
The first lease renewal, a 48K SF office and research and development building, was with Interconnect Systems International, which uses the space for its headquarters as well as design and manufacturing. The tenant renewed its lease for a 10-year term. The second renewal was at a nearly 26K SF industrial building used by tenant Burloak Technologies for manufacturing commercial parts. Burloak extended its lease for five more years.
FINANCING
Pembrook Capital Management provided $19.4M in first mortgage financing for the acquisition and renovation of The Ballpark Place Apartments at 229 16th St. in San Diego. The financing was provided to an undisclosed sponsor. The apartment complex targets tenants making less than 80% of the area median income. More than two-thirds of the units will be leased at rents that are less than 30% to 80% of AMI. The financing sponsor also plans to lease a majority of the units to Section 8 tenants.
***
Marcus & Millichap Capital Corp. arranged $5.5M refinance for a multifamily property at 11500 Emelita St. in North Hollywood. MMCC Senior Vice President of Capital Markets Ronald Balys secured the financing. The new senior financing retired a construction loan that was maturing. The five-year loan had a 30-year amortization, an interest rate of 5.5% and an loan-to-value ratio of 50%.
THIS AND THAT
Architecture, design and strategy firm Nelson Worldwide relocated its Los Angeles office to Downtown’s historic Pershing Square Building. Nelson did not say how much space it has taken in the building.
