This Week's LA Deal Sheet
Riot Games made news earlier this month when it inked a 200K SF lease at the under-construction West Edge project, but it wasn’t the only deal for the video game developer in West LA. Last month, the company locked down an additional 80K SF, Riot Games confirmed to Bisnow.
The 80K SF space is at Kilroy Realty’s Westside Media Center, a development across the street from the block that holds Riot Games’ longtime headquarters and West Edge.
Riot Games' Westside Media Center footprint now includes all of 12312 West Olympic, which measures roughly 77K SF, and “substantial space” in 12100 West Olympic and 12200 West Olympic, a Riot Games spokesperson said in an email.
A Kilroy Realty press release published Friday announced this month's deal, which spans eight years, but didn't identify the tenant.
A CBRE report prior to the two leases estimated Riot Games already occupied 780K SF in SoCal.
LEASES
King Van & Storage Inc. leased the entirety of a roughly 58.5K SF industrial building in Placentia. King Van & Storage will use the space at 888 West Crowther Ave. for its moving business. JLL’s Garrett McClelland represented the landlord, Staley Point Capital, in the lease. King Van & Storage was represented by CBRE.
CONSTRUCTION AND DEVELOPMENT
Carmel Partners is planning 455 apartments near Expo/Bundy Station. The project would turn 16 single-family homes south of Expo/Bundy Station into two large apartment buildings, Urbanize reported.
SALES
A joint venture between Staley Point Capital and Bain Capital Real Estate purchased a 103K SF industrial property in Sylmar for $24M, or $234 per SF. The building at 12450 Foothill Blvd. is fully leased to Vision Scenery Corp., one of the largest set design shops in LA.
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Balboa Retail Partners sold the grocery-anchored shopping center Carlsbad Village Plaza for $23.5M. The buyer was Santa Monica-based Tooley Interests, an investment and development firm. Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller.
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Chicago-based CenterPoint Properties bought 9 acres in Signal Hill for redevelopment into a 100K SF warehouse facility. The seller was Signal Hill Petroleum. Kidder Mathews’ Tom Holland, Justin Dornblaser and Alex Matar represented CenterPoint in the transaction and were the only brokers involved. The property at 2550 Orange Ave. was an abandoned driving range.
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Miramar Capital bought an approximately 83K SF office/flex building in Carlsbad for $20M. The Aston Views’ seller was MCR Aston LLC. The building was about 90% leased at the time of sale. Cushman & Wakefield’s Rick Reeder and Brad Tecca of the firm’s San Diego capital markets team represented the seller in the transaction. C&W’s Justin Halenza and Michael Mahoney also provided leasing advisory.
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LaTerra Development acquired a fully entitled apartment development site in Perris for $8.2M. The 16.2-acre site at 2700 North Perris Blvd. is approved for 228 apartments. Construction is expected to begin in early 2022, with the first apartments ready in Q3 2023.
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Nuveen Real Estate sold a 354-unit apartment building in Chatsworth to Lincoln Avenue Capital for $101.8M. CBRE’s Dean Zander and Stewart Weston represented Nuveen. The property at 9901 Lurline Avenue has undergone extensive renovations.
