This Week's LA Deal Sheet
Natixis Corporate & Investment Banking provided a $126.7M floating-rate acquisition loan secured by 555 Aviation Blvd., the roughly 260K SF creative office building that Fabletics, Saatchi & Saatchi and Belkin call home. The El Segundo building is 100% leased to those tenants. A subsidiary of FS Credit Real Estate Income Trust purchased 555 Aviation.
Tishman Speyer bought the building in 2015, overhauling it when Xerox, then the lone tenant of the building, moved out in 2017.
PEOPLE
Dunleer hired Dan Murphy as assistant vice president of investments. He will work with the firm’s origination team and participate in the entire acquisition and closing process. Murphy comes from Rexford Industrial Realty.
LEASES
Terray Therapeutics inked a lease for 49K SF of lab and office space at the Monrovia Technology Campus at 750 and 800 Royal Oaks Drive. Avison Young principal Ted Simpson represented the tenant. Colliers' Shadd Walker represented the landlord, Samuelson & Fetter. Terray Therapeutics will relocate and expand from its 7.5K SF space in Pasadena. Office move-in will happen in August of this year. Terray will move into the lab space early next year.
SALES
Old Town Pasadena’s Tiffany and Shops, a roughly 28K SF retail building with tenants Tiffany & Co., Crate & Barrel and Foot Locker’s House of Hoops, sold to Los Angeles-based Blatteis & Schnur and The Felson Cos. for $52.25M, or about $1,838 per SF, a record for Colorado Boulevard and the city of Pasadena. The property is at 64-68 Colorado Blvd. CBRE National Retail Partners—West’s Jimmy Slusher, Philip D. Voorhees and Trent Steeves represented both the buyer and the seller, a partnership managed by Los Angeles-based Rockwood Capital.
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The Mayhew Plaza Shopping Center, a Smart & Final Extra-anchored shopping center, sold for $24.5M. The retail center at 22631-22653 Ventura Blvd. in Woodland Hills was built in 1962, renovated in 1999 and was more than 96% occupied at the time of sale. Keller Williams Commercial’s Joe Penich represented the buyer, a group of investors including GNC Properties and Western Prime Holdings. GTR Consulting Group, Thomas Kim and William Shin represented the seller, J Globo LLC and SHWH LLC.
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Three Sherman Oaks parcels measuring about 36K SF together sold for $7.5M. The properties at 5700 Van Nuys Blvd. are occupied by Keyes Hyundai, which has a long-term lease. The property does allow for future office, retail, apartment or mixed-use development. Spectrum Commercial Real Estate Executive Managing Director Yair Haimoff represented the undisclosed buyer.
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Stos Partners bought two prime industrial assets totaling more than 41K SF in La Mirada and San Fernando for a combined total of more than $12M. In the $6.5M purchase of the 22K SF building at 14575 Firestone Blvd. in La Mirada, Brad Schneider and Nick Krakower of Lee & Associates represented Stos Partners. Acquisition financing was provided by C3 Bank. Stos Partners also bought a 19K SF refrigeration facility at 2021 First St. in San Fernando for nearly $6M.
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Sweet Buds spent $6M to acquire a medical and recreational dispensary at 614 Mateo St. in the Arts District. The building is net-leased to the dispensary Sweet Flower. NAI Capital Commercial Senior Vice President Rosaleen O'Sullivan with the firm's Commercial’s Investment Services Group represented both the buyer, Sweet Buds LLC, and the seller, Moved 1031 LLC, in the transaction. The sale price translates to $1,071 per SF.
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Rexford Industrial bought a 5-acre parcel for industrial development in Santa Fe Springs, paying $34M. Rexford plans to complete a 108K SF, ground-up warehouse at the site. The existing 87.5K SF property will be offered for lease while planning is in progress. DAUM Commercial Executive Vice President Jordan Lara represented the seller and, along with DAUM Executive Vice Presidents Nathan Lara, Rudy Lara and Andrew Lara, procured the buyer.
UPDATE, JUNE 28, 3:36 P.M. ET: The story has been updated with additional information about the buyers of 64-68 Colorado Blvd.
