This Week's LA Deal Sheet
A Rodeo Drive retail property has traded for $200M.
360 North Rodeo Drive is occupied by Rolex, Patek Philippe, Ferrari and the one-time boutique Luxe hotel. The Harkham family sold the property last week, the Real Deal reported.
JLL Capital Markets announced the deal. 360 North Rodeo Drive is a double-lot property on the 300 block of Rodeo Drive. JLL, led by Senior Managing Director Marc Schillinger and Executive Vice President Houman Mahboubi, represented the sellers. JLL Retail Capital Markets’ Geoff Tranchina and JLL Hotel & Hospitality’s John Strauss, Tony Muscio and James Stockdale were also involved in the sale. The buyer, who wasn't disclosed, was represented by Jay Luchs of Newmark.
SALES
Standard Communities and Faring bought the 349-unit Pomona apartment complex Monterey Station for $130M. Standard and Faring have teamed up before to buy properties for conversion to affordable and moderate-income housing. CBRE’s Dean Zander and Stewart Weston represented the seller, Clear Capital.
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A roughly 90K SF neighborhood retail center in Garden Grove sold for $33.5M, or about $374 per SF. NAI Capital Commercial Executive Vice President Sheri Messerlian in the company's retail services group represented the buyer, Katella Star Plaza, in the transaction. Red Mountain Group, the seller, was represented by John Read of CBRE. The property is located at 10870 West Katella Ave.
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Dunleer sold a 38-unit, multi-tenant industrial park in North Hollywood for $10.4M. The property at 7361 Ethel Ave. is almost completely occupied and holds 38 separately metered units ranging from 600 SF to 1K SF. Dunleer acquired the 30K SF property in September 2020.
LEASES
Bay Cities, a packaging and ensign company headquartered in Pico Rivera, leased a 150K SF space at 9206 Santa Fe Springs Road in Santa Fe Springs. The lease was both a relocation and an expansion.
Senior Managing Director Bart Pucci represented Bay Cities in the deal. Oltmans Construction, which owns 9206 Santa Fe Springs Road, was represented by Kevin Romano and Joe Maiolo of INCO Commercial Brokerage.
CONSTRUCTION AND DEVELOPMENT
Mercy Housing California tapped Suffolk for pre-construction and construction services for a 70K SF supportive housing project in Boyle Heights. The project at 3552 Whittier Blvd. is in the pre-construction phase now, with construction anticipated to be complete by August 2023. The four-story building will hold 63 permanent supportive housing studios with services, a community room and a laundry area.
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ArcLight Cinemas and Pacific Theaters owners Decurion Corp. have filed plans to demolish a Chatsworth theater and replace it with industrial uses, The Real Deal reported. The Pacific Theaters complex at 9201 Winnetka Ave. could give way to a 273.5K SF industrial facility, according to plans filed with the city.
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GPI Cos., in a public-private venture with the University of California, San Diego, announced it has broken ground on a seven-story, 110K SF higher education building near the university’s campus. The building at 8980 Villa La Jolla Drive will mainly house programs from UC San Diego Extension, UC San Diego Health and UC San Diego School of Medicine when it is complete.
THIS AND THAT
Cushman & Wakefield announced it has moved its San Diego regional headquarters office to One Paseo, a Class-A mixed-use commercial and residential development in Del Mar. The firm’s 22K SF office is on the ground level of the six-story, Gensler-designed building at 12830 El Camino Real and will hold several of the firm’s local services providers, staff and local leadership.
