This Week's LA Deal Sheet
Kilroy Realty Corp. told investors it is in late-stage negotiations on leases for roughly 350K SF of office space portfolio-wide.
Kilroy said the omicron variant of the coronavirus had slowed demand earlier this year but that tenant activity is picking up, CoStar reported. Kilroy inked about 183K SF of leases in Q1, according to CoStar.
Kilroy Vice President of Leasing and Business Development Rob Paratte told investors leasing had started to improve around February. The latest numbers from the VTS Office Demand Index indicate a similar trend; tours for office space increased in March nationwide and were up 20% over February's numbers.
PEOPLE
Cushman & Wakefield has appointed Christina Roush to managing principal of the firm’s operations in San Diego. Roush will oversee the strategic business growth of C&W’s San Diego offices, including its new regional headquarters in Del Mar, and will maintain her role as Cushman & Wakefield’s managing principal for Nevada. Roush is one of the first women to serve as market leader at a full-service commercial real estate firm in San Diego and the only woman to hold the role in the market today, according to C&W.
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JLL hired the industrial real estate team of Jon Reno, Mark Vanis and Trevor Gale, who will each serve as managing directors and be based in the firm’s Downtown LA office. All three were previously at Kidder Mathews. They will continue representing institutional owners and occupiers of industrial real estate throughout the Greater Los Angeles market.
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Ware Malcomb promoted Jinger Tapia to vice president of design. Tapia leads architectural design for Ware Malcomb and oversees the Branding Studio. She is active in the Urban Land Institute, the National Organization of Minority Architects and other industry organizations. She is also a member of Ware Malcomb’s Diversity, Equity and Inclusion Committee.
SALES
Mountain and Mountain View Apartments, an 80-unit apartment complex in San Bernardino, has sold. The complex at 2991 and 2995 Mountain Ave. has two buildings and had two different owners but was purchased by one buyer, a private Los Angeles-based investor that paid $13.3M in cash for the properties. CBRE’s Cray Carlson represented the buyer as well as both sellers.
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A joint venture of IHP Capital Partners and Intracorp Homes has purchased a roughly 3-acre property in Arcadia where they will build a 33-unit single-family home community. The purchase price was not disclosed. Sales are expected to open in Q2 2023. The homes will range from 1,820 to 2,120 SF. This project, called Miren, is IHP and Intracorp’s fourth together.
LEASES
Snyder-Diamond Corp., which distributes kitchen appliances and bathroom fixtures, has signed a 10-year, $13.9M lease for a 76K SF building at 2390 Ward Ave. in Simi Valley. The Lee & Associates LA North/Ventura brokerage team of Scott Caswell and Erica Balin represented the landlord, Rexford Industrial Realty. Snyder-Diamond Corp. was represented by Ron Feder of Peak Commercial.
FINANCING
Bellwether Enterprise Real Estate Capital closed on a $108M refinance of nine LA multifamily buildings totaling 400 units. The properties were refinanced with an FNMA Credit Facility. Bellwether’s Jason Krupoff, a senior vice president in the firm’s Irvine office, originated the loan on behalf of the borrower, Redwood Urban.
THIS AND THAT
Bass Pro Shops is planning a new store at the Irvine Co.’s Alton Marketplace in Irvine. The 140K SF store will be the first location in Orange County and is expected to open in late 2022 or early 2023.
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Midwood Investment & Development’s Shops at Sportsmen’s Lodge in Studio City is 100% leased, the developer announced. The 95K SF retail center and local landmark’s tenants include the high-end grocery store Erewhon and the gym Equinox.
