This Week's LA Deal Sheet
Prologis has signed Virco Manufacturing to a 559K SF, full-building lease in the South Bay. The warehouse is at 2027 Harpers Way in Torrance.
The deal is a renewal for the manufacturer, which has leased the building since 1994, a representative for Virco confirmed to Bisnow. Virco makes “equipment for educators,” according to an automated recording that plays for callers to its offices.
According to filings with the Securities and Exchange Commission, the lease begins in May 2025 and includes free rent until October 2025, when the base monthly rent of approximately $727K begins. In the last four months of the lease, May to September 2030, the base rent will be $863K.
PEOPLE
Newmark has hired Erik Anderson as senior managing director. Anderson specializes in multifamily investment sales for private clients and middle-market investors throughout Southern California, and he is based in the San Diego office. Before joining Newmark, Anderson held senior positions at Northmarq and CBRE where he was consistently recognized as a top producer.
SALES
Dedeaux Properties and joint venture partner Basis Investment Group have acquired the fee simple interest in the land under Rialto Village for $12.8M.
Early last year, the JV entered into an initial ground lease deal with Newmark Merrill to construct the industrial facility on a nearly 4-acre parcel at 1505 S. Willow Ave. with an option to buy out the ground lease.
Rialto Village is a roughly 83K SF warehouse building in Rialto, surrounded by retail and mixed-use establishments.
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Kidder Mathews led the sale of three Pasadena multifamily properties for a total of $7M. A 12-unit property at 174 N. Mar Vista Ave. sold for $2.7M, a 10-unit property at 151 N. Wilson Ave. sold for $2.2M, and an eight-unit property at 113 N. Grand Oaks Ave. sold for $2.1M.
The apartments on Grand Oaks Avenue and Mar Vista Avenue were purchased by OLCH Realty Investment LLC, and the complex on North Wilson was bought by A Lily Investment. Kidder Mathews’ Darin Beebower, Mark Ventre and Arian Rejaei represented the seller, a family trust for Michael H. Saperstein.
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Marcus & Millichap’s Rick Raymundo listed and sold 200 N. Mariposa Ave., a six-unit multifamily property in Koreatown. At a sale price of $1.35M, the transaction closed at $225K per unit and more than $274 per SF. Raymundo represented both the seller and the buyer.
LEASES
Revel signed its first LA lease with SPK Enterprises at 1233 S. Grand Ave. Revel will put 42 fast-charging stalls on a 19K SF lot next to the Crypto.com Arena and LA Convention Center. Slated to be operational in 2026, the charging station will be the largest EV charging hub in Downtown LA. The deal was brokered by Reliance Real Estate Advisors’ Max Rattner.
CONSTRUCTION AND DEVELOPMENT
Innovative Housing Opportunities and C&C Development have opened Pacific Wind, an 89-unit affordable housing complex that replaced 22 1950s-era duplexes in Carlsbad. The residential community at 3875 Sydney Way in Carlsbad’s Barrio neighborhood took more than 12 years to bring to fruition.
Pacific Wind offers five two- and three-story garden-style walk-up buildings with two play areas. Housing is for low-income working families and individuals who make between 30% to 80% of the area median income. The community is already fully leased.
FINANCING
Marcus & Millichap Capital Corp. arranged $5.6M for the refinancing of a retail property at 13578 Camino Canada in El Cajon. Executive Managing Director Chad O’Connor secured the financing with a local credit union on behalf of a private client he had worked with on this property before. Terms of the 10-year loan include a 6.5% fixed interest rate with a 30-year amortization and a loan-to-value ratio of 65%.
THIS AND THAT
Avison Young has been retained to sell a 7.3-acre compound that includes the legendary Yamashiro restaurant and surrounding developable acreage at 1999 N. Sycamore Ave. The property could yield offers of more than $100M, according to a release from AY.
AY represents the ownership, Samaka LLC. The AY team consists of Chris Bonbright, Peter Sherman and Chase Gordon, all based in Los Angeles.
