This Week's LA Deal Sheet
Standard Communities acquired Millennium South Bay Apartments in Hawthorne as yet another complex to be converted to moderate-income housing.
The conversion will employ a public-private partnership structure aimed at boosting the state’s stock of housing for moderate-income households. Standard partnered with Faring and the CSCDA Community Improvement Authority to complete the transaction.
The price tag for the 230-unit apartment building was roughly $140M, according to Standard Communities.
PEOPLE
KBS named Mark DeLuca CEO. DeLuca previously held the position of Eastern regional president. He has worked with the firm for eight years. DeLuca takes the reins from Chuck Schreiber, who co-founded the firm and held the position for more than two decades.
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Indianapolis-based Scannell Properties named Jay Tanjuan director of development and head of its new Southern California office. Tanjuan previously worked as a senior development manager with Panattoni Development Co. Before that, he worked as an office tenant rep broker with JLL and also served six years in the U.S. Navy, working as a supply officer in logistics and supply chain management.
SALES
Texas-based Lone Cypress Realty sold an Aliso Viejo building called View at 101 Columbia for $10.5M. The buyer was Holt Integrated Circuits, a supplier to the aerospace industry. Holt plans to use the Class-B, 38K SF property as a warehouse and office space, according to Stream Realty Partners. Stream Greater Los Angeles Managing Director Mike Adams and associate Morgan Adams represented Lone Cypress Realty in the deal.
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Alere Property Group acquired a roughly 700K SF, Class-A industrial warehouse in Riverside for $199.3M. The seller of the fully leased Inland Empire property was a joint venture between Crow Holdings Industrial and a global real estate investment adviser, according to Cushman & Wakefield. Cushman & Wakefield’s National Industrial Advisory Group members Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Brad Brandenburg and Matt Leupold represented both parties. Cushman & Wakefield’s Phil Lombardo, Chuck Belden and Andrew Starnes provided local market advisory.
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The grocery-anchored El Monte Plaza has sold for $16.9M. The approximately 60K SF retail complex is anchored by a Northgate Market, a Latino grocery store. JLL Retail Capital Markets team, led by Managing Directors Gleb Lvovich and Senior Director Daniel Tyner, represented the seller, Griffin Living. Balboa Retail Partners was the buyer.
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The 56-unit NoHo Centre apartments have sold for $19.1M. Marcus & Millichap’s Rick Raymundo listed and sold the apartments at 5807 Laurel Canyon Blvd. in Valley Village. The price tag translates into almost $448 per SF for the building, which is among the highest values for multifamily in Valley Village history, according to Marcus & Millichap.
CONSTRUCTION AND DEVELOPMENT
Westport Properties has completed construction of a 1,182 unit, approximately 157K SF self-storage facility at 4800 Valley Blvd. in El Sereno. The property will be marketed and managed under the US Storage Centers brand.
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The Decro Group, Daylight Community Development and the Downtown Women's Center have broken ground on the NoHo 5050 Apartments, a 40-unit supportive housing project. The project contains 32 one-bedroom units and eight two-bedroom units. The project at 5050 Bakman Ave. will offer residents amenities including case management and supportive services, landscaped open space, bicycle storage and a laundry room.
