This Week's LA Deal Sheet
Goodman bought a 5.5-acre industrial property in Inglewood with plans to refurbish it into a mixed-use space. Post-renovation, the site at 540-550 North Oak St. will be dubbed the Goodman Innovation Center Inglewood.
Renovations will expand the existing floor plan, making room for office and creative space, plus approximately 114K SF of warehouse or distribution space. The property, located 2 miles from SoFi Stadium, will be available for lease in April. Jonathan Larsen and Sally Zesut from Avison Young’s Los Angeles office represented Goodman when it bought the property and will also oversee leasing.
PEOPLE
CenterCal Properties hired Paul Kurzawa as chief operating officer. Kurzawa’s first priority will be to launch the company’s third-party services division, which seeks to partner with real estate owners and investors and support them in revitalizing their retail centers. Prior to coming to CenterCal, Kurzawa was executive vice president and director of operations for Unibail-Rodamco-Westfield in LA.
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Waterford Property Co. hired Oren Hillel as director of development. Hillel will oversee Waterford’s real estate development strategies and will focus on taking the lead on ground-up market-rate and affordable development projects. Prior to joining Waterford, Hillel worked at Greystar.
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WSP has hired Ali Mir to lead its advisory and transportation business lines in Southern California and Nevada. In his new role, Mir will chart the course for WSP’s advisory business, which includes the firm’s core consulting work as well as transportation planning, urban planning and environmental planning. Mir will also expand the transportation section in the SoCal/Nevada region for WSP.
SALES
The Class-A, 20-story Shoreline Square office tower in Long Beach has sold for $85.5M. The LEED Gold-certified tower is 92% leased. Newmark co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, and Senior Managing Director Laura Stumm represented the seller, Parallel Capital Partners. The buyer was Shoreline Square Holdings LLC.
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CenterPoint Properties paid $24M for a 91K SF, fully leased industrial property at 301 East Alondra Blvd. in Gardena. The Klabin Co./CORFAC International brokered the deal, with Klabin's Matt Stringfellow, Courtney Bell and Tyler Rollema representing the undisclosed seller.
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The 74-unit Vintage Palms Apartments in Indio have sold to a private investor for $14M. The Coachella Valley apartments at 82435 Requa Ave. are close to Highway 111. CBRE’s Cray Carlson represented the undisclosed buyer while Carlson and CBRE’s Kevin Sin represented the undisclosed seller.
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A three-story Brentwood apartment building at 11440 San Vicente Blvd. has sold for $19M, or $781 per SF. NAI Capital Commercial Executive Vice President Michael Arnold and senior associate Tom Sexton with NAI Capital Commercial’s tenant consulting group represented the buyer of the three-story office building, 11400 San Vicente LLC. JLL represented the seller, SJF San Vicente/HSB San Vicente.
LEASES
Space robotics company OffWorld has leased a nearly 36K SF space in Altadena. The property was previously occupied by JPL. OffWorld will use the property at 540 West Woodbury Road as both office and research and development space. CBRE’s Kevin Duffy, Natalie Bazarevitsch and Jackie Benavidez, alongside Colliers International’s Billy Walk, represented the landlord, Malik Bros LLC, in the transaction.
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Hermosa Brewing Co. has rented about 10K SF at 1855 Del Amo Blvd. to expand its brewery business. The single-tenant brick warehouse in Torrance has parking and signage on Del Amo. NAI Capital Commercial Executive Vice President Tina LaMonica with the company’s Pasadena office negotiated the lease for the brewing company. The landlord, Surf Management, represented itself.
