This Week's LA Deal Sheet
Rexford Industrial purchased a roughly 300K SF multi-tenant industrial property at 4240 West 190th St. in Torrance for $75.3M. The Klabin Co./CORFAC International announced the deal this month, though the sale closed in 2021.
Rexford wrapped $1.9B in 2021 transactions, L.A. Biz reported.
The seller, ZKS Real Estate Partners, was represented by The Klabin Co.’s David Prior, Todd Taugner and Frank Schulz, as well as Newmark’s Bret Hardy, Andrew Briner, Kevin Shannon, Jim Linn and Scott Schumacher.
SALES
Rexford Industrial has also acquired a 64K SF industrial food manufacturing and processing facility in City of Industry for $10.7M. Gaytan Group sold the fully leased facility, which is situated on 3.7 acres. DAUM Executive Vice Presidents Bob Dipre and Dennis Sandoval represented the seller in the deal.
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The Brentwood Shopping Center has sold for $30M. Newmark Vice Chairman Bill Bauman and Executive Managing Director Kyle Miller represented the seller, Weiss Development, in the off-market deal. Fields Holdings was the buyer of the approximately 15K SF retail center on San Vicente Boulevard.
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A six-unit Santa Monica apartment complex has traded for $3.3M, or $552K per unit, in an off-market transaction. Stepp Commercial principal Kimberly Stepp represented the Santa Barbara-based seller of the property at 919 18th St. The buyer was a Los Angeles-based private investor.
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Alere Property Group bought the roughly 700K SF Freeway Business Center in Riverside for an undisclosed price. The property was completed in 2021 and is 100% leased to a national third-party logistics provider. Cushman & Wakefield’s Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Brad Brandenburg and Matt Leupold represented Alere in the transaction.
LEASES
Forever 21 is reportedly joining Adidas at the California Market Center in the Fashion District. The LA-based clothing company is in talks to lease as much as 150K SF at the creative office property, according to CoStar.
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AI-driven robot company Miso Robotics has leased nearly 33K SF of office and lab space in Pasadena. The company leased just under 22K SF at 680 East Colorado Blvd. and almost 11K SF at 650 East Green St. The company, which develops robots that help chefs prep food, is expanding and relocating from a 3K SF space.
CBRE’s Scott Steuber, Hunter Brown and Jake Bobek represented Miso Robotics. Todd Doney and Juliana Sampson represented the landlord at 680 East Colorado.
CONSTRUCTION AND DEVELOPMENT
Riot Games has committed $2M to complete and run SoLA’s Technology and Entrepreneurship Center in South LA. The 14K SF technology and esports center, which will bring in north of 1,000 students each year, is slated to open in early 2022, according to SoLA.
PEOPLE
Architecture and planning firm Jerde has hired Peter Priebe as its new CEO. Priebe was previously the chief operating officer at WATG; prior to that, Priebe worked at publicly traded planning, architecture and engineering firm Stantec as corporate controller. Priebe replaces Paul Martinkovic, who retired after more than three decades at Jerde.
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Raise Commercial Real Estate has hired Josh Rand as senior vice president working out of the firm’s Los Angeles office. Rand, who was previously at Cresa, will continue to work with tenant leasing and investment needs in the LA and Southern California area. Rand has completed more than $200M in lease and sales transactions since 2008.
