This Week's LA Deal Sheet
George Smith Partners arranged $47M in construction financing for Lumia, an approximately 130-unit multifamily development in downtown Azusa, not far from the L (Gold) Line light rail station. Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners, provided the financing.
Lumia broke ground earlier this year. When complete, the five-story Lumia will hold 127 apartments, 176 parking stalls and about 10K SF of commercial space. Lumia is being developed by Serrano Development Group.
GSP’s Jonathan Lee, Shahin Yazdi, Miles Musalman, Kyle Redmond and their team arranged the loan.
PEOPLE
Stream Realty Partners has hired a team from Colliers to focus on industrial real estate in the Inland Empire. Stefan Pastor and Brad Yates will join Stream as senior vice presidents. The new team, which includes three associates from Pastor and Yates' previous team, will work out of Stream’s new Inland Empire location in Corona.
FINANCING
Sonnenblick-Eichner Co. arranged $276M worth of construction and permanent financing for a new corporate headquarters and training facility for the Los Angeles Chargers. The facility is being developed by a partnership of Continental Development Corp. and Mar Ventures Inc., both El Segundo-based companies. The loan was funded through the New York investment bank CTL Capital.
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Mesa West Capital provided $70.3M in first mortgage debt to a joint venture between Staley Point Capital and Bain Capital Real Estate affiliates for the acquisition of two Southern California industrial properties: 12065 Pike St., a 160K SF Santa Fe Springs warehouse fully leased to Anheuser-Busch, and 5530 West Beach Blvd. and 5609 River Way, a 154K SF, two-building property in Buena Park. The Buena Park facility was a sale-leaseback with property owner Amway, which will use the property for one of its subsidiaries.
SALES
Rexford Industrial Realty spent $65M on four industrial properties in Van Nuys, Carson, Vernon and Oceanside. The properties were all leased to Arctic Glacier Co. and were part of a portfolio of cold production and distribution facilities. CBRE’s Vincent Polce, Robert Bickel, Barbara Perrier, Eric Cox and Rebecca Perlmutter represented the seller, New Mountain Capital.
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Korda Group sold a single-tenant Chatsworth office building to Rexford Industrial for $15M. The building at 19900 Plummer was sold off-market. It sits on just over 3.8 acres and is industrially zoned. Newmark Managing Director Ryan Plummer, Director Andrey Mindirgasov, Vice Chairman Sean Fulp, Managing Director Mark Schuessler and Director Chris Smith facilitated the transaction.
LEASES
Nike is taking an additional 93K SF at the Water’s Edge in Playa Vista, according to Commercial Observer. With its new space, Nike now occupies all of the four-story WE3 building at the campus, or 183K SF. Rockwood Capital owns the Water’s Edge.
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Electric vehicle company Faraday Future inked a roughly 10,500 SF retail lease at 460 North Beverly Drive in Beverly Hills. This deal represents one of the largest retail leases signed in the Beverly Hills Triangle since 2019, according to JLL. Faraday will use the space for a showroom, sales space and office for its EV dealership. JLL’s Houman Mahboubi, Devin Klein and Greg Briest represented the landlord, Maxxam Enterprises. Luke Troedson of Savills represented Faraday Future.
