This Week's LA Deal Sheet
RCB Equities and Real Estate Development Associates have secured a $115M acquisition loan for the transformation and revival of Puente Hills Mall, a 56-acre retail center at 1600 S. Azusa Ave. in the City of Industry.
JLL Capital Markets obtained the three-year, floating-rate, nonrecourse loan on behalf of RCB Equities and REDA from Hankey Capital.
RCB and REDA are buying the mall as a redevelopment play and plan to work with the City of Industry to craft plans for transforming the site.
PEOPLE
Cushman & Wakefield added Aubrie Monahan as a director in its industrial capital markets team in the West region. Monahan will be based in Irvine, in the firm’s Orange County office. Monahan comes to C&W from JLL.
SALES
Fashion Nova founder and CEO Richard Saghian paid Tishman Speyer $118M to acquire a Beverly Hills office building at 407 N. Maple Drive in an off-market transaction. The building will serve as the company’s headquarters, The Real Deal reported. The price tag for the 175K SF building works out to about $675 per SF. Cushman & Wakefield’s Mike Condon Jr., Erica Finck, Reid Gratsch and Kylie Rawn represented Fashion Nova. Tishman Speyer represented itself.
LEASES
Lee & Associates LA North/Ventura principals Erica Balin and Scott Caswell negotiated three long-term leases in a three-building complex at 9200-9250 Mason Ave. in Chatsworth with owner Rexford Industrial Realty. Balin and Caswell represented the tenant, Voyant Beauty, and secured the leases for the development of the approximately 180K SF of warehouse space in the three-building complex.
FINANCING
PSRS’ Michael Thorp and Ari Zeen arranged the $35M refinance of the Portofino Hotel and Marina in Redondo Beach. The property is a 161-room independent hotel with a bar and a 181-slip full-service marina and fuel dock. The property also includes a 19-unit apartment building and a marina shop that is hotel-operated. PSRS provided its borrower a nonrecourse loan with a seven-year interest-only term. The structured loan included senior and mezzanine financing.
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PSRS’ Kostas Kavayiotidis and Matthew Farzinpour arranged $25M in acquisition financing for two industrial outdoor storage properties in Los Angeles. The properties are adjacent IOS sites in Wilmington measuring approximately 121K SF and 181K SF. PSRS secured a five-year fixed loan with an option to extend another five years at a fixed rate from an undisclosed life insurance company.
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Max Benjamin Partners secured a $16.5M nonrecourse loan to build 10th & Robinson, a 70-unit apartment project in San Diego’s Hillcrest neighborhood. Jason Moyal and Max B. Mellman of Max Benjamin Partners secured the loan for the investor.
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Gantry secured a $15.5M permanent loan to recapitalize the Fullerton Brea Business Park in the wake of the all-cash purchase of the asset for $28.8M in July. The north Orange County multitenant industrial park at 4010-4080 N. Palm St. in Fullerton consists of eight multitenant industrial buildings totaling 111K SF of rentable space.
Gantry’s Andy Bratt, Peter Welsh and Sean Kuang with the firm’s Irvine production office secured the loan on behalf of the borrower, a private real estate investor. The five-year, fixed-rate loan was provided by one of Gantry’s top life company correspondents.
