This Week's LA Deal Sheet
Waterford Property Co. and the California Statewide Community Development Authority purchased two Orange County properties for conversion to below-market-rate units. Through the program with CSCDA, rents will be lowered for tenants making 60% to 120% of the area median income.
The JV purchased Cameo, a 262-unit multifamily community at 1055 West Town and Country Road, for $149M. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented Waterford. The seller was Toll Brothers.
Waterford and the CSCDA also bought Garrison, a 94-unit community located at 1725 West Katella Ave., for $57.05M. Tom Moran of Berkadia represented Waterford. The seller was BMV Marble LLC.
PEOPLE
Kidder Mathews has hired Lori Coleman as senior vice president and market leader for asset services. Coleman will lead the division in Northern California and Greater Los Angeles. Before joining KM, Coleman was at Madison Marquette for 17 years, where she was responsible for West Coast assets.
In her new role at Kidder Mathews, Coleman is responsible for developing and directing the property teams to provide best-in-class service, partnering with clients to identify and execute value strategies, ensuring financial reporting compliance and risk management, and business development.
SALES
CenterPoint Properties dropped $63M to acquire an approximately 173K SF Class-A industrial property at 8500 Mercury Lane in Pico Rivera. CenterPoint purchased the property from the occupant in an off-market, sale-leaseback transaction, according to DAUM Commercial Executive Vice President Jordan Lara. Lara, along with DAUM Executive Vice President Rudy Lara and Vice President Nick Peukpiboon, completed the transaction.
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DivcoWest acquired the nine-story, approximately 180K SF Lankershim Plaza at 5250 Lankershim Blvd. in North Hollywood, the San Fernando Business Journal reports. The seller was J.H. Snyder Co., which owns nearby 5161 Lankershim Blvd. JLL brokered the deal on behalf of J.H. Snyder Co.
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The Glendale Home Depot at Colorado Boulevard and San Fernando Road sold for $61.8M. The property at 5040 San Fernando Road features a 94.5K SF Home Depot and a roughly 18K SF outdoor Home Depot garden center. Newmark Vice Chairman Bill Bauman, Executive Managing Director Kyle Miller and associate director Matt Schwartz represented the seller, Decron Properties. The buyer was Los Angeles-based Charing Cross Partners.
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Newmark Vice Chairman Bill Bauman, Executive Managing Director Kyle Miller and associate director Matt Schwartz also arranged the sale of a roughly 29.5K SF Amazon Fresh facility at 6855 La Cienega Blvd. in Westchester for $35M. Newmark represented the seller, Red Mountain Group. The buyer was a private family office, represented by Kevin Held at Cushman & Wakefield.
LEASES
Satellite company Terran Orbital has leased just under 89K SF across four floors at 400 Spectrum Center Drive in Irvine, the company announced. This represents an expansion for Terran Orbital, which will continue to occupy its current facility at 15330 Barranca Pkwy. Savills Senior Managing Director of Orange County JP Roach represented Terran Orbital. Savills Executive Managing Director Taylor Wood and Senior Managing Director Jeff Manley represented BlackBerry, formerly Cylance, which was the sublessor in the deal. The Irvine Co. owns 400 Spectrum Center.
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In-N-Out Burgers signed a ground lease for about 72K SF in Valencia at 27510 The Old Road, near Magic Mountain Parkway. Spectrum Commercial Real Estate’s Yair Haimoff and Randy Cude represented the landlord. In-N-Out was represented by Epsteen & Associates. The property is the site of a free-standing restaurant previously occupied by El Torito.
CONSTRUCTION AND DEVELOPMENT
Cedars-Sinai is planning a replacement for its Cedars-Sinai Marina del Rey Hospital and has awarded the contract for building it to Tutor Perini subsidiary Rudolph and Sletten. The new nine-story, 230K SF facility’s location on Lincoln Boulevard allows the existing hospital to stay open and operational during construction, which is scheduled to begin in October and wrap in 2026.
FINANCING
Affordable housing bridge lender Pembrook Capital Management provided a $15.35M first mortgage loan for the acquisition of Parkwood Apartments, a 90-unit multifamily property located at 700 West Avenue I in Lancaster. The sponsor, MF Asset Management, will use the funding to perform exterior and unit renovations.
THIS AND THAT
CIM Group opened a 48-room boutique hotel, The Alsace, in West Adams. The three-story hotel is at 5170 West Adams Blvd. The hotel features a central courtyard, an outdoor swimming pool, a fitness center, complimentary bicycles for guests, a meeting room and event spaces.
