This Week's LA Deal Sheet
Inland REIT told its shareholders Friday that it bought a 687K SF portfolio of shopping centers, including two in Southern California, from a fund controlled by its sponsor, the Inland Real Estate Group.
Included in the sale are the Northpark Village Square in Valencia, which sold for $63.4M, and the Rusty Leaf Plaza in Orange, which sold for $32.5M. Other properties in the portfolio are in Michigan, Minnesota, Texas, Pennsylvania, Maryland and Georgia. In total, Inland REIT paid $278.1M for the portfolio. All but one of the centers are anchored by a grocery store.
SALES
BentallGreenOak bought an almost 175K SF warehouse in Bloomington. Public records show the property changed hands for $83.4M in late April.
Stream Realty Partners acquired the land at 10380 Alder Ave. in April 2019 and received full entitlements in December of that year. The building, called Alder Commerce Center, was completed in October 2021. Stream Realty Partners sold its building on behalf of an institutional investor, the company said. Colliers International Executive Managing Director of Investment Services, Western Region, Mike Kendal marketed the project and handled the sale.
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Stockdale Capital Partners sold two medical office properties in a $156M deal. The properties at 9090 Wilshire Blvd. in Beverly Hills and at 2825 Santa Monica Blvd. in Santa Monica total 107K SF.
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BH Properties acquired a 120K SF commercial office campus in Monterey Park from Blue Shield of California in a $15M sale-leaseback transaction. The 7.9-acre campus is made up of two adjacent three-story buildings that serve as the headquarters of Blue Shield’s Promise Health Plan. The campus is on Atlas Avenue between Saturn Street and Potrero Grande Drive. Blue Shield will occupy the building through July 2023, BH Properties said.
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The original owners of a four-building, 36-unit multifamily portfolio in Brentwood have sold the properties for $17.2M. The buildings date to the 1960s. The buyer is a local real estate investor and developer. The four-building, three-property portfolio was sold off-market in a 1031 exchange. Kidder Mathews’ Michael Monempour represented both parties in the transaction.
CONSTRUCTION AND DEVELOPMENT
The Los Angeles Chargers broke ground on a new training facility in El Segundo on Wednesday. The team will also have its headquarters at the site, which will include a three-story building, three practice fields, parking, content studios and a media hub. The new property is expected to be complete in the spring of 2024. Continental Development Corp. and Mar Ventures Inc. will both build and lease the new facility to the Chargers.
LEASES
Persōn & Covey signed a new lease for the nearly 29K SF Glendale warehouse it has occupied for decades. NAI Capital Commercial Executive Vice President Marie Taylor negotiated the new lease on behalf of Persōn & Covey. The owner of the warehouse, a private trust, represented itself. The single-tenant warehouse at 616 Allen Ave. was built in 1970.
