This Week's LA Deal Sheet
The Amidi Group announced the opening of 1027 Wilshire, a 10-story expansion building for the adjacent TenTen Wilshire tower, which it also developed.
The new building holds 376 fully furnished live-work units and features an 88K SF rooftop, advertised as the largest in America, with trees and green space, a gym and outdoor fitness areas and a pool. Rents at the building include the cost of utilities, including WiFi. They range from $1,800 to $4K a month, the Los Angeles Daily News reported.
The building’s third floor contains 100 office spaces, part of Amidi Group’s business incubator, and will also hold meeting rooms that can be rented by office tenants or residents, the Daily News reported.
Along the street, 1027 Wilshire has a restaurant and bar, a coffee shop and a convenience store.
The 1027 Wilshire building was previously the site of a parking structure.
PEOPLE
JLL hired Sarah Friedman Casparian as senior vice president and Los Angeles market lead of its Project and Development Services team. In her new role, Friedman Casparian will oversee the direction, management and execution of significant project management assignments for JLL, including ground-up development, renovation and tenant improvements for commercial clients.
Friedman Casparian worked at JLL from 2003 to 2017 as vice president of the PDS team. Immediately prior to returning to JLL, she worked as director of project and development services for Cushman & Wakefield, according to her LinkedIn page.
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Greg Galusha joins Newmark as executive managing director, the firm announced. Galusha will specialize in sourcing and qualifying joint venture and preferred equity across a broad range of asset classes in the western United States. Galusha will be based in Newmark’s El Segundo office. Before Newmark, Galusha was a partner with PCCP for almost 10 years, a vice president with Morgan Stanley Real Estate Fund and a partner with Kearny Real Estate.
SALES
Taiwan-based Skyline Group International purchased an approximately 273K SF office and R&D campus property at the Irvine Spectrum for an undisclosed price, Newmark announced.
Three properties make up the campus: 1 Glen Bell Way, a five-story, steel-frame office building; 3 Glen Bell Way, a low-rise R&D and office building; and 5 Glen Bell Way, a four-level, 911-space parking structure. The campus is 100% triple-net-leased to Yum! Brands and Ford Motor Co. Yum! Brands owns Taco Bell, which is headquartered at the property.
Newmark co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones, Ken White and Brunson Howard, and Director Brandon White represented the seller, which property records indicate is LBA Realty. Skyline Group International was sourced by Newmark Vice Chairman and Divisional Head of International Capital Markets Alex Foshay.
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Paragon Commercial Group and Canyon Partners Real Estate announced the acquisition of Village Center, an approximately 92K SF, multi-tenant retail shopping center in Fountain Valley, for $14.8M. The acquisition is the eighth investment completed by Paragon and its joint venture with Canyon Catalyst Fund, the California Public Employees' Retirement System real estate emerging manager program managed by Canyon. It is Paragon's third retail acquisition in the past nine months.
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JLL Capital Markets announced that it has closed the $16.2M sale of Marina Center, a roughly 33K SF retail strip center along Pacific Coast Highway in Long Beach. The property is 84% leased.
The JLL Retail Capital Markets team representing the seller, a private investor who owned the property for more than two decades. The team was led by Managing Director Gleb Lvovich and Director Daniel Tyner. The buyer was Tourmaline Capital, a private real estate investment firm focused on retail and mixed-use properties in the western U.S.
LEASES
Moonbug Entertainment signed a three-year, 15K SF lease at 110 South Fairfax Ave. for a second-floor space that will serve as the U.S. headquarters for the London-based media company. Moonbug expects to move in before the end of this year.
This new location represents an expansion for the company, which also has a Hollywood office on Cahuenga Boulevard.
Avison Young principal Ted Simpson and associate Myles Smith represented Moonbug Entertainment. CBRE represented the landlord, Gilmore Farmers Market LLC.
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Curve Toys/XR Brands signed a lease for roughly 28K SF of industrial space at 28732 Witherspoon Parkway in Valencia. The property has about 3K SF of office space, 24-foot clear heights and multiple loading areas.
Spectrum Commercial Real Estate’s Yair Haimoff and Andrew Ghassemi represented the landlord. Curve Toys was represented by Lee & Associates.
FINANCING
Bellwether Enterprise Real Estate Capital LLC closed a $63M refinance loan for Steaven Jones Development and Creative Office Properties’ INclave, a mixed-use creative office and apartment property located at 4065 Glencoe Ave. in Marina Del Rey, The Real Deal reported. The lender was ACORE Capital.
INclave was completed in late 2019. It features three buildings, 65K SF of office space, 49 apartments and a 2K SF café.
