This Week's LA Deal Sheet
A former coworking space by WeWork in West Hollywood is being turned into ... a different coworking space.
IWG has taken over a 31K SF WeWork at 925 North La Brea between Melrose and Santa Monica, in West Hollywood.
WeWork terminated its lease last year. IWG has not taken over the entirety of WeWork’s footprint; the coworking company’s lease at 925 North La Brea was 48K SF, Wehoville reported.
The newly christened Spaces West Hollywood has 160 private offices and coworking spaces, 12 meeting rooms and 10 phone booths. Coworking memberships start at $254 for the month, according to the Spaces website.
SALES
A Downtown Los Angeles portfolio including properties owned by adaptive reuse adopters Barry and Rommy Shy has sold for $402M.
The portfolio includes the SB Manhattan Lofts, the SB Lofts, SB Tower, SB Spring and SB Main, all in the heart of Downtown. Together, the portfolio contains 1,037 units and 60K SF of retail space. The sale, which closed on April 6, had previously been reported but the sale price had not been.
Los Angeles-based KW Commercial agents Gabriel Guerrero and Justin Chu represented the buyer, Laguna Point Properties, and seller. JLL's Debt Advisory team led by Senior Managing Director Charles Halladay, Director Jamie Kline and associate Charlie Vorsheck represented the borrower in arranging $328.8M in acquisition financing.
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A 614K SF Class-A industrial portfolio of seven manufacturing and distribution buildings in Carlsbad, Vista and San Marcos sold for an undisclosed price to BentallGreenOak. The portfolio has 11 tenants occupying space from 10.2K SF to 162K SF. The tenants are a mix of investment-grade, credit and local tenants across a variety of industries and uses. Cushman & Wakefield’s Jeffrey Cole, Aric Starck, Jeff Chiate, Mike Adey, Ed Hernandez and Drew Dodds represented the seller.
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Anchor Health Properties purchased a multitenant medical office in Irvine called Woodbridge Square Medical for $27.6M. The approximately 36K SF property at 4980 Barranca Parkway was 94% leased to 18 medical, dental and laboratory tenants at the time of the sale.
The seller, Boureston Development, was represented by Newmark Private Capital Group’s Vice Chairman Sean Fulp, and Managing Directors Mark Schuessler, Ryan Plummer and John Scruggs, in partnership with co-head of U.S. Capital Markets Kevin Shannon, and Executive Managing Directors Paul Jones and Ken White.
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Pacific Plaza, a multitenant retail center at the corner of Crenshaw and Sepulveda boulevards in Torrance, has sold for $16.9M. The 28K SF center holds a medical facility (Providence Medical Institute), a bank, a nail salon and other retail storefronts. Anchor Point Capital arranged the off-market sale.
LEASES
Daum Commercial Real Estate Services completed the lease of two buildings roughly totaling 14K SF on 4.4 acres in Buena Park. The buildings include corporate offices, a showroom and warehouse space. Daum Executive Vice President Chris Migliori represented the lessor, Cal Hickel Holdings, securing a 74-month lease to the tenant.
THIS AND THAT
Basis Investment Group, a national commercial real estate debt and equity investment platform, has entered into an origination partnership with Genesis Bank, a California-based commercial bank serving Southern California’s Los Angeles, Orange, Riverside and San Bernardino counties. The partnership reportedly represents the first time a minority- and woman-owned CRE investment platform and Freddie Mac seller servicer has partnered with a minority depository institution. Through its partnership, Basis aims to connect further with underserved communities while offering Genesis access to additional capital and lending products.
