This Week's LA Deal Sheet
Hines sold a 454K SF, four-building creative office property in Irvine to MetLife Investment Management and PGGM for $235.5M.
The JLL Capital Markets team represented the seller, led by Senior Managing Director Michael Leggett, Senior Director Blake Bokosky, Director Mark DeGiorgio and analyst Nicolai Waner. The capital markets group also secured $117.6M in 10-year, fixed-rate acquisition financing.
JLL worked to sell the original campus at 17877 and 17875 Von Karman Ave. and 17838 and 17872 Gillette Ave. to Hines in 2015 and refinanced the asset on its behalf in 2019.
PEOPLE
RDC has named Virginia Maggiore principal at the firm. Maggiore has built the firm’s retail store rollout and planning practice, adding new retail and cannabis industry clients. Maggiore has been with RDC since 2019.
FINANCING
JLL Capital Markets arranged $68.9M in financing for an undisclosed company’s three-property retail portfolio anchored by Sprouts, Ralphs and Target in Orange County. The portfolio measures 195K SF in Costa Mesa and Fullerton. JLL represented the borrower, a private company, to secure the 10-year, fixed-rate loans. The portfolio is fully leased.
SALES
The Festival Cos. sold a 9K SF, fully occupied retail building at 903-911 West Foothill Blvd. in Claremont. The property is adjacent to a Sprouts Farmers Market. The three-tenant building sold for $4.1M at a 4.65% cap rate in an all-cash 1031 exchange. Progressive Real Estate Partners Senior Vice President of Investment Sales Greg Bedell and Vice President of Retail Leasing and Sales Roxy Klein marketed the property and represented the seller. Katherine Quach of Treeland Realty Group represented the buyer, a private San Gabriel Valley-based investor.
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Tower 16 Capital Partners bought an 8K SF, two-story, Class-A office and retail condominium from Encinitas Properties LLC for $7.9M. Tower 16 will occupy 4K SF on the second floor and lease out the remaining space at the property at 1532-1536 North Coast Highway 101. The condo is part of the Surfside Luxury Lofts of Leucadia, which also features seven for-sale townhomes that weren't part of the transaction. Peter Curry with Cushman & Wakefield’s private capital group in San Diego represented both parties in the sale of the office/retail condo. Cushman & Wakefield was also hired by the buyer for leasing services.
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Dedeaux Properties bought an approximately 4-acre, two-parcel property in Perris for $6M. Dedeaux and its partners are planning a roughly 89K SF industrial building on the properties at 945 and 995 West Markham St. Avison Young principal Stan Nowak represented the seller of 945 West Markham St. The second parcel was self-represented. AY principal Cody Lerner represented the buyer.
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Three industrial buildings totaling about 35K SF in Paramount have sold for $10.7M. Two properties, 7200 Adams St. and 15330 Texaco Ave., sold for $7.7M, or $300 per SF. NAI Capital Commercial’s investment services group senior associate Lucy Hartford represented the undisclosed seller. The third building, 7626 Somerset Blvd., sold for $3M, or $321 per SF. Hartford represented the seller. The properties were purchased as long-term holds.
