This Week's LA Deal Sheet
REDA Residential acquired a 7-acre redevelopment site at 6201-6229 Bristol Parkway in Culver City. The property, which includes the Fox Hills Plaza Retail Center, was purchased in an all-cash transaction for approximately $49M, REDA announced.
The firm is planning to redevelop the site with a residential project consistent with the city’s existing housing element, REDA principal Jason Krotts told Bisnow in an email.
The seller, Bristol Parkway Propco, was represented by CBRE Executive Vice President Laurie Lustig-Bower. Eric Mandell of Ally Commercial Real Estate represented the buyer.
PEOPLE
CBRE has promoted Matt Carlson to regional leader for the firm’s capital markets national office platform. Carlson, who is based in San Diego, will serve as a co-head of U.S. office capital markets, providing strategic oversight for the West. Carlson has almost two decades of experience in commercial real estate and has transacted more than $6.6B for institutional clients in his career.
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JLL Capital Markets has welcomed back Kevin Sheehan, who returns as a managing director in the Los Angeles office. Sheehan was leading “multi-housing investments in Southern California and nationally for a leading living developer,” according to a release from JLL. In his new position, Sheehan is responsible for institutional multifamily investment sale advisory and equity placement in greater Los Angeles.
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CBRE has hired John Prevas as a vice president in the firm’s West LA office. Prevas joins the advisory practice and will work to provide tailored real estate solutions for occupiers and property owners. Prevas has more than a decade of experience in commercial real estate, including tenant representation, investment sales, and debt and structured finance. Prior to CBRE, Prevas was a vice president at Stone-Miller Commercial Real Estate.
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TruAmerica Multifamily hired Alexis Sofyanos as its director of investor relations. Based in Chicago, Sofyanos brings nearly a decade of valuable experience in the multifamily industry involving capital markets, financial analysis and strategy. She has previously held roles at Freddie Mac Multifamily and Esusu Financial, where she was a vice president.
SALES
The Ferris wheel and amusement park on the Santa Monica Pier has been sold to investment firm SC Holdings for an undisclosed sum.
SC plans $10M in capital investments over the next five years on Pacific Park’s food and entertainment programs and park operations. The seller was Santa Monica Amusements LLC, the operating group of the Santa Monica Pier’s Pacific Park. SC and Pacific Park will make additional announcements in the coming months about growth and developments on the Pier, including new food and entertainment.
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A vacant industrial property has traded hands in an approximately $10.7M sale of a vacant industrial property at 14011 South Normandie Ave. in Gardena. Matthews Real Estate Investment Service Associate Austin Borges and Senior Vice President and Senior Director Alexander Harrold represented the seller in the transaction. The seller, California-based Marmon Properties, sold the property to complete a 1031 exchange into a triple-net investment in Tampa, FL. The buyer was supply chain company Classic Components, which plans to make the 37K SF property its new headquarters.
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A two-building retail and commercial asset in Glendale has sold for $3.15M, or $468 per SF. The property at 1212 South Brand Blvd. is within the car dealership-heavy area known as Brand Boulevard of Cars. The site’s zoning designation for commercial auto use allows for a variety of uses including office space, most retail operations, and vehicle sales and rental agencies.
NAI Capital Commercial Executive Vice Presidents Guillermo Olaiz and John S. Archibald with the Investment Group in the Pasadena office brokered the sale on behalf of the seller, which, along with the identity of the buyer, was not disclosed.
CONSTRUCTION AND DEVELOPMENT
Drawbridge Realty has completed construction on 16707 Via Del Campo Court in Rancho Bernardo, California. The three-story, Class-A office and research and development property is the first speculative office building to be constructed in the San Diego submarket in more than a decade.
The three-story, 80K SF building has large floor plates, 15-foot floor-to-floor ceiling heights and a large outdoor patio on the ground level and the third floor. The project also has surface parking for over 300 cars.
Drawbridge began construction in March 2022 and did not conduct preleasing. Earlier this year, while the building was still under construction, Netherlands-based semiconductor manufacturer ASML signed to lease two full floors of the property.
FINANCING
Malibu’s Cross Creek Ranch, a 122K SF Class-A mixed-use property at 23465 Civic Center Way, has secured $135M in first-lien financing. The property features about 72K SF of retail and 51K SF of office space.
JLL worked on behalf of the borrower, Pacific Equity Properties, to secure the five-year loan from Torchlight Investors.
The Torchlight Investors team was led by partner and co-Head of Acquisitions Jon Stein. The JLL Capital Markets Debt Advisory team was led by Senior Director John Marshall, Associate Spencer Seibring and analysts Allie Black and Tim Donald.
