This Week's LA Deal Sheet
Hudson Pacific Properties and Blackstone are planning a ground-up studio facility in Sun Valley.
The price tag for the project, to be called Sunset Glenoaks Studios, is anticipated to be approximately $170M to $190M. The new facility will have seven soundstages, ranging from 15K to 21K SF, 120K SF of production support space and parking for 450 cars.
The development is expected to be completed in the third quarter of 2023. When it is complete, the Hudson-Blackstone JV will collectively own and operate under its Sunset Studios platform 42 stages representing 3.5M SF, including development rights, of Los Angeles-area studios.
SALES
A 20-story, 90% leased Class-A office tower in Orange sold for $150.5M, the Orange County Register reported. The sale of City Tower at 333 City Blvd. East in Orange is Orange County’s largest sale, according to Newmark, whose co-Head of U.S. Capital Markets, Kevin Shannon, Executive Managing Directors Paul Jones, Brunson Howard and Ken White, and senior associate Brandon White represented the seller, Pacific Oak Capital Advisors. The buyer was the New York-based investment firm Opal Holdings. The property last sold in 2018 for $147.25M, public records show.
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Stos Partners announced the $40.75M sale of a nearly 230K SF industrial property in Temecula. Stos acquired the asset at 42301 Zevo Drive for $28.9M in April 2020, then secured a long-term tenant for the property. CBRE’s Darla Longo, Barbara Perrier, Louay Alsadek and Hunter Rowe, Kidder Mathews’ Bob Willingham and Lee & Associates’ Scott Stewart represented Stos Partners in the transaction.
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A JV of Staley Point Capital and Bain Capital Real Estate purchased a 55K SF infill industrial asset in Santa Fe Springs for $12.25M. The property is at 11804 Wakeman St. Daum Commercial Executive Vice President Casey Mungo represented the seller and procured the buyer, alongside Daum associate Nate Ortega.
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Wood Investments Cos. purchased 19.6 acres in the Ontario Ranch master-planned community in the city of Ontario, with plans to develop a roughly 206K SF retail center with a national grocery tenant as the anchor. Wood bought the property for $18.5M.
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CBRE announced the off-market sale of a two-building, 21.9K SF industrial project in Hawthorne for $8.1M to a public industrial-focused REIT. The property at 13020 and 13030 Cerise Ave. is 100% leased. CBRE’s Kevin Foley, Mark Shaffer, Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson represented the seller, a private investor.
LEASES
Law firm Hueston Hennigan signed a nearly 34K SF lease at Downtown LA’s PacMutual building. The lease represents a lease extension and expansion for the firm, which had renewed its lease for about 27K SF in the building in Q4 2020, according to a Cushman & Wakefield Q4 2020 report on Downtown LA. Avison Young principal John Eichler and Senior Vice President Tyler Stark represented owner Ivanhoé Cambridge. JLL’s Mike McKeever represented Hueston Hennigan in the transaction.
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Epirus, a Silicon Valley-backed technology company, is moving its LA operations to an approximately 102K SF industrial property in Torrance at 19145 Gramercy Place. The Klabin Co.’s Todd N. Taugner, Frank J.H. Schulz III, Mike Ouellette and Nick Buss represented IDI Logistics in the 122-month lease transaction valued at almost $20M. Epirus was represented by Jake Zacuto, Doug Fillmore and Andrew Sinasohn of Zacuto Group.
CONSTRUCTION AND DEVELOPMENT
KFA Architecture announced the completion of Llewellyn, an apartment complex across from the Chinatown station of the Metro L Line. The 318-unit, E-shaped building features courtyards, a pool deck, a barbecue area and an on-site office space for residents. The building was developed by High Street Residential, the multifamily arm of Trammell Crow.
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Architecture and urban design firm MVE + Partners announced the completion of Volta on Pine, an approximately 285K SF mixed-use development in downtown Long Beach. Resident amenities include a rooftop terrace and sky lounge, fitness center, swimming pool, hot tub, outdoor grills, fire pits, parcel lockers, electric vehicle charging stations, bike storage and three levels of underground parking with 341 parking spots. The 271-unit complex was developed by Holland Partner Group.
THIS AND THAT
The Le Méridien Pasadena Arcadia, the first four-star hotel in Arcadia, is now open. The hotel, designed by architectural services firm AO, features 232 rooms and suites, a fine-dining restaurant, a bar and lounge, and 14K SF of high-design meeting and event spaces. The hotel is managed by Pacifica Hotels. It sits across Huntington Drive from the Santa Anita Park racetrack.
