This Week's LA Deal Sheet
ReNew Mills, a 142-unit multifamily property in Ontario, California, sold to Interwest Capital Group for $45.6M. The property was built in the 1980s, and Interwest plans to upgrade it. CBRE’s Dean Zander and Stewart Weston represented the seller, FPA Multifamily.
Inland Empire multifamily has continued to see significant rent growth, with rents up 17.4% in the first three months of this year from the same time in 2021.
PEOPLE
Newmark promoted Matt Berres to vice chairman. Berres is a member of Newmark’s Net Lease Capital Markets group. He has more than 15 years of expertise in completing single-tenant transactions and has closed more than 500 sales valued in excess of $4.5B.
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Kidder Mathews Orange County has hired Alan Pekarcik as executive vice president, specializing in investment properties. Before Kidder Mathews, Pekarcik was a top producer at Avison Young and Voit Real Estate Services. He brings more than 35 years of experience in commercial real estate.
SALES
Hines bought a roughly 230K SF Class-A industrial portfolio in San Diego's Otay Mesa, an area just north of the Mexico border. The seller was Murphy Development Co. The properties, also known as Brown Field Tech Park I, are located at 7255 Otay Mesa Road and 1695 Continental St. Cushman & Wakefield’s Jeff Chiate, Bryce Aberg, Jeff Cole, Mike Adey and Zach Harman of the firm’s National Industrial Advisory Group represented the seller. The firm’s Brant Aberg, along with Andy Irwin and Joe Anderson of JLL, provided leasing advisory for the transaction. The sale price was not disclosed.
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Hanley Investment Group Real Estate Advisors arranged the $8.23M sale of a single-tenant, net-leased property occupied by Cardenas Markets. The roughly 43K SF building is located within Sterling Plaza shopping center in San Bernardino. Hanley Investment Group’s Eric Wohl and CJ Kiehler represented the seller, a local developer based in Newport Beach. The buyer, a Corona-based private investor, was represented by Ranhee Im, president of ANA Capital in Los Angeles.
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CBRE announced the sale price of the purchase of the CEMEX property in West Hollywood and Los Angeles for $46.5M. The sale was previously announced by the buyer, CIM Group, but did not include a sale price. CBRE’s Dean Zander, Stewart Weston and Chris Tresp facilitated the transaction.
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A joint venture of Stos Partners and Long Wharf Capital sold a 55K SF industrial property in San Diego’s Miramar area of San Diego for $17.3M. The buyer was EverWest Real Estate Investors. Stos Partners and Long Wharf bought the property for $11M in early 2020.
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Realterm bought a fleet maintenance facility at 8566 Pecan Ave. in Rancho Cucamonga. The 15.24-acre property includes a roughly 20K SF shop, with 22 bays and 7K SF of office. One of the largest fleet maintenance facilities in the region, the property is completely secured and provides additional parking at the entrance. A purchase price was not disclosed.
CONSTRUCTION AND DEVELOPMENT
The Frank Gehry-designed Children’s Institute in Watts will open this summer. The 20K SF, $25.79M facility features group meeting spaces, offices, and indoor and outdoor areas that members of the community can reserve.
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The final development phase of Majestic Realty Co. and Sunroad Enterprises’s Landmark at Otay is underway in San Diego’s Otay Mesa. The concrete for the final slabs at the 476K SF project was poured this week. It’s set to be complete later this year. The project’s two-building first phase is fully leased.
LEASES
Lee & Associates is opening a new office in Downtown Los Angeles at 1201 North Main St. The office will specialize in industrial, office and investment brokerage, with plans to strategically recruit teams that will grow their capabilities in multifamily and retail. Lee & Associates Los Angeles - Downtown will be led by Jack R. Cline Jr. as president.
