This Week's LA Deal Sheet
San Fernando Valley-based Gelt purchased the 271-unit Volta on Pine apartment complex in Long Beach for $156M.
The downtown Long Beach apartment project opened in 2021. The sellers were Holland Partner Group and NASH, the U.S. division of Japanese homebuilder Sekisui House, The Real Deal reported.
The transaction was part of a 1031 exchange; Gelt sold a 564-unit complex in Denver for $141M, Gelt principal Keith Wasserman told TRD.
Walker & Dunlop represented the sellers.
PEOPLE
Kilroy Realty is adding Bill Hutcheson as senior vice president of investor relations and capital markets. Hutcheson is a three-decade veteran of Wall Street, where he focused on the real estate sector of the securities market. He will focus on investor relations and support Kilroy’s capital markets efforts.
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Cushman & Wakefield is adding Luke Rivera as a senior associate in the Inland Empire market for its industrial tenant rep team. Rivera joined Cushman & Wakefield in 2019 and previously represented industrial tenants as well as owners and developers in the Inland Empire and San Gabriel Valley. He will now focus exclusively on occupiers in SoCal.
SALES
Link Logistics and Western Realco teamed up to acquire an approximately 16-acre site in Corona with plans to construct a new industrial logistics project. Manufacturer McWane was the seller of the property at 1375 Magnolia Ave., which currently includes circa 1900s industrial buildings. The new owners will demolish the existing buildings to build as much as 300K SF of new industrial space.
Cushman & Wakefield’s Jeff Chiate, Mike Adey and Brad Brandenburg represented McWane. Local market advisory was provided by Cushman & Wakefield’s Rick Ellison and Brett Lockwood, who will also oversee leasing of the new industrial space. The transaction price was not disclosed.
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Newport Beach-based MIG Real Estate purchased the Courtyard San Diego Old Town at 2435 Jefferson St. and the Fairfield Inn & Suites San Diego Old Town at 3900 Old Town Ave. for an undisclosed price. The hotels’ 176 and 123 rooms, respectively, bring MIG’s hotel portfolio to 2,150 rooms.
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Skincare company VI Peel paid $6.6M for a creative office building on La Brea Avenue, near Melrose Avenue. CBM1 Managing Principal Geoff Grossman represented VI Peel in the sale of the 6.3K SF building. Aleks Trifunovic of Lee & Associates represented the seller.
CONSTRUCTION AND DEVELOPMENT
Meridian has finished a speculative office-to-medical building conversion at the Irvine Spectrum shopping center. The approximately 114K SF, four-story office building was transformed into a Class-A medical office building, now called Pacifica Medical Plaza. Meridian said in a release that it has secured or is in the process of securing leases for 50% of the building space.
FINANCING
Gantry arranged $223M in permanent financing for a seven-property California portfolio including a mix of multifamily, self-storage, retail and two ground lease holdings.
The properties included the 892-unit Park Regency Apartments in Walnut Creek; the 167-unit Concord Square Apartments in Reseda; the 792-unit Sand Canyon Self Storage facility; Gelson’s Laguna Beach; the ground lease financing for roughly 15 acres of land where the Rancho Cucamonga Lowe’s sits; and a 1.6-acre parcel within Century City.
George Mitsanas in Gantry’s Los Angeles office identified and structured the loans for the borrower, a private investor.
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Square Mile Capital Management originated a $173M loan for the acquisition of the Class-A, 480-unit Jefferson Vista Canyon in Santa Clarita. The loan was made to Virginia-based Harbor Group International and New York-based Azure Partners. The financing was arranged by Jamie Leachman and Brandon Smith from JLL.
