This Week's LA Deal Sheet
Chicago-based Clayco has announced that the firm is expanding its operations and establishing a West Coast regional office in Culver City. As part of that expansion, the firm has hired Rob Jernigan and Emery Molnar to join Clayco as senior vice presidents.
The real estate, architecture, engineering, design-build and construction firm has completed several billion dollars of work on projects along the West Coast, and still has a backlog of over $2B across Washington, Oregon, California, Nevada and Arizona, according to a release announcing the expansion.
Jernigan comes to Clayco from architectural firm Gensler, where he was a managing principal. He will be Clayco’s senior vice president of integrated services and will be responsible for accelerating growth on this coast. Molnar, whose new title will be senior vice president for the Clayco Pacific Region, previously served at the executive level in positions at Gilbane Building Co. and Swinerton Builders.
PEOPLE
Savills announced Gregg Healy joined the firm as executive vice president and the head of the industrial services group in North America. Healy will be based in the Orange County office and manage Savills industrial practice in the U.S. and Canada. Prior to Savills, Healy spent nearly five years in several leadership roles at Colliers International, most recently as head of location strategy.
SALES
BH Properties purchased the Freeway Corporate Park, a 128K SF multi-tenant office complex in Santa Ana, for $21M. The office park is 56% leased. Newmark co-head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones and Brunson Howard, and Senior Associate Brandon White represented the seller.
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Dedeaux Properties and joint venture partner Brasa Capital Management have sold a fully leased, approximately 74K SF industrial distribution building in Redlands to LBA Realty for $16.9M. It is fully leased to a California-based hamburger chain. This building and a sister structure make up a two-building 155K SF development that was completed in March. The other building has also sold.
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Stepp Commercial completed the $2.32M sale of an eight-unit apartment property at 3011 East Fourth St. in Long Beach’s Fourth Street / Retro Row area. Stepp Commercial principal Robert Stepp and Senior Vice President Michael Toveg represented the seller, a Long Beach-based private investor. The buyer was also a Long Beach-based private investor.
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Avison Young announced the $10.8M sale of Via Sherman Oaks, an 18-unit apartment property at 4623 Willis Ave. in Sherman Oaks. At $600K per unit, the sale is a record-breaking per-unit price for the San Fernando Valley market, AY said, citing information from CoStar.
LEASES
3D printing company Morf3D inked a long-term lease for about 90K SF for its new headquarters in a Long Beach office park owned by Sares Regis. The El Segundo-based company specializes in printing parts for the aerospace industry. Morf3D announced its intentions to move to the space at 3550 Carson St. in April. Doug Marshall and Ian Ameche of Lee & Associates West LA represented Morf3D.
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West Coast beverage manufacturer DrinkPAK signed two leases for roughly 400K SF at The Center at Needham Ranch industrial park in Santa Clarita. Combined with existing leased space, the new deals take DrinkPAK to just over 572K SF at the industrial development. Newmark Executive Managing Directors Patrick DuRoss and John DeGrinis and Senior Managing Director Jeff Abraham represented the tenant.
FINANCING
A fund sponsored by CBRE Global Investors closed on a $41.5M mortgage loan to refinance the Koreatown apartment building Mariposa on 3rd. The 122-unit building at 269 South Mariposa Ave. opened in 2020 and is nearly 90% occupied. The apartment complex is owned by CGI+.
