This Week's LA Deal Sheet
Co-developers Bridge Housing, the Coalition for Responsible Community Development and Primestor Development have started construction on Evermont, a mixed-use development with 180 affordable and supportive housing units for seniors and families. The project also contains retail space, a transit plaza and a Metro training facility at Vermont and Manchester. The retail component will include 64K SF anchored by a Target. The lot has been vacant since the civil unrest in 1992.
PEOPLE
CBRE hired Chuck Reiter as a senior vice president in its San Diego office. Reiter will partner with Ryan Grant and Jeff Oesterblad to lease Class-A office buildings downtown and around San Diego, representing landlords and investors. Prior to CBRE, Reiter was leasing director for Irvine Co. Office Properties.
FINANCING
CBRE facilitated an $85M construction loan for a life sciences campus in Tarzana. The funds will go toward the completion of the 102K SF Instil Bio Life Sciences Campus, which will have lab, office and commercial manufacturing space. The property is at 18404-18412 Oxnard St. CBRE Senior Vice President Greg Grant arranged the five-year, floating-rate, interest-only, nonrecourse loan on behalf of Instil Bio Inc.
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Sonnenblick-Eichner Co. arranged $50M in first-mortgage debt on behalf of Steve Herman Hotels for the acquisition of the Inn at Rancho Santa Fe. The hotel is an 82-room, full-service boutique resort located in north San Diego County’s Rancho Santa Fe. The hotelier will use some of the loan to fund an extensive $15M renovation to reposition the resort. The nonrecourse, floating-rate loan provided for 85% of total costs, including the renovation, and was priced in the mid-7% range.
SALES
Thor Equities Group and Danish pension fund PFA bought a Santa Fe Springs cold storage warehouse leased to Anheuser Busch, paying $85M. The two-building property at 12065 Pike St. offers about 159K SF across 8.7 acres. It has additional land available for truck parking. The sellers were Staley Point Capital and Bain Capital, which bought the property in January for $35M.
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SRS Real Estate Partners’ Investment Properties Group completed the $35M sale of a portion of the One Eleven La Quinta Center. The sale of a roughly 154K SF section of the retail center includes spaces occupied by a Ross, Staples, Petco and Big 5 Sporting Goods. SRS Senior Vice Presidents Chris Tramontano and John Redfield represented the seller, a Coachella Valley-based private family office. The buyer was Anaheim-based Milan Capital Management, which represented itself.
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Positive Investments has sold the Wescove Apartments in West Covina for $21M. The 56-unit property was built in 1963 and features a mix of two-bedroom units and two-story, two-bedroom townhouse-style units. Northmarq Managing Director Shane Shafer completed the sale and represented Positive Investments. The buyer, Dunbar Residential Investments, plans extensive exterior, common-area and unit-level upgrades.
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Northwest Industrial Center sold a 20K SF Chatsworth warehouse off-market for $6.4M. The single-tenant industrial building at 9200 Eton Ave. was purchased by Bone Clones, a maker, distributor and seller of human and animal bone reproductions that are used for movies and education. Avison Young principal Andrew Berk represented Bone Clones. The seller was represented by Scott Caswell, Erica Balin and Drew Kaser of Lee & Associates. Lee Kleinman at Business Finance Capital and Myles Walters at Union Bank provided SBA financing on the transaction.
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A nine-unit multifamily complex at 321 North Bixel St. in Westlake sold for $4.85M. The complex holds seven townhome-style lofts with private rooftop patios and two ground-floor studio units with private courtyards. Compass’s Kenny Stevens and Max Gerber represented the seller, while Medhi Mossazadeh represented the buyer. The buyer and seller weren't disclosed.
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Cushman & Wakefield brokered the sale of a renovated 16-unit, garden-style apartment complex in Anaheim. The property sold for $5.7M, or more than $354K per unit. The sellers had just completed a series of renovations on the exterior and interior of the property at 2070 South Mountainview Ave. The buyer and seller were undisclosed individual investors. Mark Bridge of Cushman & Wakefield’s multifamily advisory group in Orange County represented both parties in the transaction.
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Stepp Commercial completed the sale of an 11-unit apartment building in Long Beach’s Los Alamitos neighborhood for $3.55M, or about $323K per unit. Stepp principal Robert Stepp and Senior Vice President Michael Toveg represented the seller and buyer, two Los Angeles-based private investors. The property, built in 1923, features one- and two-bedroom units.
LEASES
California Fertility Partners inked a 34K SF lease for a new headquarters at Sawtelle Plaza. Newmark Senior Managing Director Steven Salas and Kelly Reinker, along with Commercial Asset Group’s Daniel Chiprut, represented the tenant. The building owner, Arenda Capital Management, represented itself in partnership with Andrew Jennison of Industry Partners and Aleks Trifunovic of Lee & Associates.
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United Legwear & Apparel Co. has signed on to lease a 1.8M SF, yet-to-be-built warehouse to serve as its global design and manufacturing hub, as well as a space for its marketing, sales and distribution. The facility’s construction is part of a long-term lease transaction with USAA Real Estate, ULAC’s landlord. McDonald Property Group is set to begin construction on the build-to-suit facility. The company specializes in legwear, bodywear, apparel and accessories.
