This Week's LA Deal Sheet
Southern California's tight industrial market continues to prompt new office-to-industrial conversion projects. The latest is underway in Torrance, where Brookfield bought a two-story office building at 19701 Hamilton Ave. with plans to convert it to a "logistics-based" property, Commercial Observer reported. The approximately 125K SF property is close to the Port of Los Angeles.
Montana Avenue Capital Partners and Contrarian Capital Management sold the property for $36.1M, according to CO.
PEOPLE
Allen Matkins added a new land use partner, Jonathan E. Shardlow, in its Orange County office. Shardlow represents commercial real estate owners and developers in the industrial, retail and multifamily sectors on a variety of land use issues including California Environmental Quality Act compliance. Shardlow has experience working throughout California, particularly in the Inland Empire.
CONSTRUCTION AND DEVELOPMENT
A KFA-designed apartment project in Long Beach, called Vistas del Puerto Apartments, is open. Developed by Clifford Beers Housing, the five-story, 47 unit building holds supportive services for the residents, who are chronically homeless, homeless veterans and low-income households earning between 30% to 50% of the area median income. The project on Locust Avenue offers one- and two-bedroom apartments as well as some three-bedroom townhouses.
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Developer Geoff Palmer is planning a 15-story apartment tower at 2321-2327 South Flower St., near USC and across the street from his existing Lorenzo apartments, according to Urbanize LA. Renderings for the project by GMPA Architects show a rooftop deck and a slightly midcentury exterior.
SALES
Greenlaw Partners sold a renovated industrial distribution and e-commerce building in Palmdale for $59.7M, records indicate. The 130K SF building is fully leased to an e-commerce company, which Commercial Observer identified as Amazon. Cushman & Wakefield advised Greenlaw in the sale. The buyer was Exan Capital, CO reported. Public records show that Greenlaw bought the property for $15M in 2020.
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Dornin Investment Group sold a Riverside office building for $13.1M. The 65K SF, three-story building at 2280 Market St. marks the final property in a portfolio of five assets that Dornin has sold. Dornin renovated the lobby, common areas and landscaping and built two speculative office suites. CBRE’s Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Doug Mack represented Dornin in the sale.
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A roughly 37K SF creative office building at 7 Corporate Park in Irvine has sold for $15.6M or $419 per SF. Newmark Executive Managing Director Paul Jones, co-Head of U.S. Capital Markets Kevin Shannon, Director Brandon White and Senior Financial Analyst Liam Ogburn, in partnership with Executive Managing Director Sean Fulp and Managing Directors Ryan Plummer and Mark Schuessler, represented the seller, Kelemen Co. The buyer was an undisclosed private high net worth individual who was represented by Kidder Mathews’ Oliver Ternate and Fouy Ly.
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Stepp Commercial sold a 16-unit apartment property at 1901 Sixth St. in Santa Monica for just under $7M, or roughly $436K per unit. The property is situated near the Santa Monica Pier, Third Street Promenade and Main Street restaurants and shops.
