This Week's LA Deal Sheet
L’Oreal USA is opening a second headquarters at a Hackman Capital Partners property in early 2022, the beauty company announced.
L'Oreal USA's second headquarters will take up more than 100K SF at 888 Douglas, the same multibuilding creative office complex where plant-based meat substitute company Beyond Meat signed a 281K SF lease in January.
L’Oreal said it will be bringing teams from three of its makeup brands together in its new HQ and that its second headquarters will accommodate future growth plans.
PEOPLE
Westwood Financial hired Lauren Ball as the new head of leasing for the retail investment firm. She will oversee the firm’s national leasing operations. Prior to Westwood, Ball spent 11 years with SITE Centers, where she served as vice president of leasing.
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Stockdale Capital Partners hired William Doak as managing director and head of Stockdale Hospitality. Doak has more than 30 years of hospitality industry experience, with senior leadership roles in operations, marketing, product development and asset management with firms including CIM Group, Four Seasons Hotels and Resorts, and Ian Schrager Co.
SALES
Waterford Property Co., in partnership with the California Statewide Communities Development Authority, acquired Altana, a 507-unit multifamily community at 633 North Central Ave. in Glendale, paying $300M. It was the largest multifamily transaction in the state this year, Waterford said, citing data from CoStar. Waterford has now acquired four multifamily communities since the start of the year as part of a workforce housing finance program created in 2020 by CSCDA.
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Staley Point Capital and Bain Capital Real Estate, the real estate investing business of Bain Capital, acquired a 58K SF industrial property in Santa Fe Springs for $14.3M. The property at 10907 Painter Ave., 20 miles from the Port of Long Beach, is the third completed by Staley Point and Bain Capital Real Estate as part of a joint venture focusing on development and redevelopment projects and acquiring existing infill industrial properties near dense population centers, primarily in Southern California. The Klabin Co./CORFAC International represented the buyers.
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The Kanner Group of KW Commercial announced the $15.5M sale of The Galaxy Apartments, a 95-unit multifamily property at 835 West Rosecrans Ave. in Harbor Gateway, just outside Gardena. Kanner Group President Matthew Kanner represented the seller, a Los Angeles-based private investor.
CONSTRUCTION AND DEVELOPMENT
Community Housing Opportunities Corp. was awarded $21M to move forward with the construction of The Monarch Apartment Homes, a 60-unit affordable housing community in Palm Springs. The $29M complex, the city’s first affordable housing complex to be built in 12 years, will break ground in Q4.
LEASES
Syska Hennessy will move its West Coast headquarters and Los Angeles office to Coretrust Capital Partners’ 444 South Flower St. in Downtown this summer. The engineering firm will take up about 14K SF in the tower starting in July.
FINANCING
George Smith Partners secured $42M in senior construction debt from a life company capital provider and assisted in obtaining $16M in preferred equity on a seven-story, mixed-use development across from Sony Pictures Studios in Culver City. The borrower was GR Properties USA Inc. The project will include 139 apartments, including 14 affordable units, over approximately 2K SF of retail.
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Gantry secured $23M in new financing for a 256-unit portfolio, including three apartment complexes in Orange. The loan was originated with one of Gantry’s correspondent life company lenders and secured for a private partnership. The portfolio features 32 buildings in three contiguous complexes offering a mix of market-rate and affordable one- and two-bedroom units.
