This Week's LA Deal Sheet: California Bank & Trust Heads To Aon Center
California Bank & Trust has signed a lease for nearly 29K SF in the Aon Center in Downtown. The building at 707 Wilshire Blvd. will serve as the bank’s new Los Angeles headquarters.
Colliers Vice Chair Matthew Heyn and Executive Vice President Ian Gilbert brokered the lease agreement on behalf of ownership group Carolwood LP.
CBRE's Adam Seltzer represented California Bank & Trust in partnership with Mike Gouletas, the bank’s vice president of real estate.
PEOPLE
SRS Real Estate Partners hired Carlos Lopez as executive vice president of capital markets in its Newport Beach office. A nearly 30-year veteran, Lopez specializes in the sale of single-tenant, triple-net-leased retail buildings and traditional shopping centers. Prior to joining SRS, Lopez served as an executive vice president at Hanley Investment Group.
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Matthews Real Estate Investment Services hired investment sales agents Stewart Weston and Rosie Cooper as executive vice presidents.
Weston and Cooper specialize in multifamily sales, land sales and residential ground-up development advisory in multifamily and single-family. They have executed $13.4B in sales across 888 transactions and 73,000 units. Between 2019 and 2024, they executed $600M in residential land sales. Both were previously at CBRE.
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Greenberg Traurig has added Ankush Israni as a shareholder in its Los Angeles office. Israni joins the firm from Jones Day. With more than 14 years of legal experience, Israni represents a wide range of clients in large, complex real estate transactions nationwide. Greenberg Traurig now has 50 California-based attorneys focused on the real estate sector.
SALES
Capstone Advisors acquired the Beachwalk Shopping Center, a 56K SF coastal retail property in Solana Beach, for $32M. JLL Capital Markets, led by Geoff Tranchina, Gleb Lvovich and Daniel Tyner, represented the undisclosed seller. Beachwalk is a coastal shopping center with a tenant mix including food and beverage, health and wellness, and service-oriented businesses.
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Stos Partners and multifamily operator Apartment Worth sold 938 N. Fig St., a renovated and stabilized townhome complex in Escondido. The project contains 14 three-bedroom, 2.5-bathroom townhomes with attached one- and two-car garages.
The property sold for $7.9M, just over $564K per unit. Stos Partners and Apartment Worth purchased 938 N. Fig St. for $4.3M in 2022. Colliers’ Peter Scepanovic and Corey McHenry represented the sellers.
CONSTRUCTION AND DEVELOPMENT
DECA announced plans to build an 855K SF warehouse/distribution facility in Perris. Named Perris Gateway, it is a fully entitled, speculative cross-dock development on 42 acres. It is the second phase of the project. The first phase was approximately 27K SF of new retail space that began construction along Ramona Expressway in March.
FINANCING
Castle & Cooke locked down $140M in financing for Crossings at Corona, an 834K SF retail power center in Corona. JLL represented the borrower in arranging a balance sheet loan through Deutsche Bank AG. Crossings at Corona was completed in 2005 and is shadow-anchored by Target. Other tenants include Marshall’s, Kohl’s, Ross, HomeGoods, Sportsman’s Warehouse, Burlington and Edward’s Theatre.
The JLL Capital Markets debt advisory team representing the borrower was led by John Marshall, Spencer Seibring and Nick Englhard.
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Gantry secured a $27.8M permanent loan to refinance the R3 by CLG apartment building at 4091 Redwood Ave. in Marina del Rey. The 85-unit property was delivered in 2016.
Andy Bratt and Sean Kuang with Gantry’s Irvine office secured the loan on behalf of the borrower. The five-year loan was secured through one of Gantry’s correspondent life company lenders with nonrecourse terms.
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Gantry secured a total of $18.9M of permanent loans for three self-storage facilities. The SAF Keep-branded properties total 2,654 units across two facilities in Los Angeles and one in Milpitas.
Gantry’s Tom Dao and Erinn Cooke represented the borrower, a private real estate investor. The three 10-year loans were provided by one of Gantry’s correspondent life company lenders and have 30-year amortization.
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Marcus & Millichap Capital Corp. arranged $6M for the refinance of Magnolia Terrace Apartments, a 54-unit multifamily property at 9760 Marilla Drive in Lakeside. MMCC’s Chad O’Connor secured the financing with a local credit union on behalf of a private client.
