This Week's LA Deal Sheet
Entertainment company Bandai Namco has leased 70K SF in Irvine to consolidate several of its companies under one roof. The various entities that will be working at the 23 Odyssey location include those that make video games, mobile games, toys, arcade games and more. The office was designed by Hendy. JLL's Jason Fine, Scott Wetzel and Louis Tomaselli represented Bandai Namco in the lease.
PEOPLE
CGI+ Real Estate Strategies has hired Aaron Cohen as chief operating officer. Cohen comes from JRK Property Holdings, where he oversaw asset and property management operations for the more than 28,000 units across the country that the company owns and operates. In his new role, Cohen will help manage the firm’s growing $1.7B multifamily and mixed-used portfolio in Southern California, New York and major markets in the Southeast.
CONSTRUCTION & DEVELOPMENT
R.D. Olson Construction has broken ground on two affordable housing projects in Long Beach and West Carson, respectively. KFA Architecture designed the 111-unit West Carson Villas project, and SVA Architecture designed the 88-unit Anaheim and Walnut project in Long Beach.
SALES
The Empire Landing in Burbank sold for $161M to Clarion Partners and Cityview, Cityview announced. The 276-unit property has both one- and two-bedroom apartments and three-story townhomes. The new owners are planning extensive renovations.
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The Tustin Rehabilitation Hospital, an approximately 73K SF medical facility in Tustin, has sold for $18M. The two-building facility at 14851 Yorba St. and 165 North Myrtle Ave. consists of a single-story, 17K SF vacant skilled nursing facility and a two-story, 56K SF, 48-bed inpatient rehabilitation facility slated to be vacant by the end of the year.
The seller was an affiliate of the REIT Ventas. The buyer was an undisclosed healthcare operator and investor whose plans for the property are confidential, according to Cushman & Wakefield, whose Travis Ives and Gino Lollio of the US Healthcare Capital Markets team represented Ventas.
LEASES
Armata Pharmaceuticals signed a 56.3K SF lease in Del Rey for its new headquarters. Stream Realty Partners Senior Vice President Tim Dwight and Senior Associate Caleb Hodge represented Armata in securing the space in a stand-alone creative office building at 5005 McConnell Ave.
The landlord, Montana Avenue Capital Partners, was represented by CBRE's Jeff Pion, Michelle Esquivel-Hall, Andrew Riley and Drew Pion.
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Atlas Capital has leased roughly 31K SF at 712 South Olive St. to clothing and accessory designer Johnny Was. The designer leased the sixth and seventh floors for its showroom and headquarters offices. Cushman & Wakefield's Pete Collins, Brittany Winn, Mike Condon Jr., Scott Menkus and McKenna Gaskill represented Atlas Capital. Trent Merrill and Sarah Schutter of Triple R Group represented Johnny Was.
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Products Engineering Corp. has inked a 72K SF lease in Brea, at Link Logistics Real Estate's Sunset Distribution Center, according to CBRE, which announced the deal. The industrial facility at 566 Vanguard Way features about 3.5K SF of office space in addition to 26-foot clear height, 10 dock-high positions and a ground-level ramp.
FINANCING
LA-based La Terra Development and QuadReal Property Group announced that they have closed on a $198.5M construction loan for their 777 Front St. project in Burbank. The project will include 573 apartments next to a Metrolink station by the Burbank Hollywood Airport. BMO Harris Bank, Administrative Agent and Citizens provided the financing. Eastdil Secured was the exclusive financial adviser for LaTerra and QuadReal for the loan.
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JLL arranged $93M in preferred equity and construction financing for The Venue at Orange, a 328-unit garden-style apartment complex in Redlands. JLL represented the developer and borrower, LuxView Properties.
