This Week's LA Deal Sheet
The 245-room Courtyard San Diego Downtown Hotel by Marriott sold to an affiliate of New York City-based Certares Management in partnership with Philadelphia-based HHM.
Michael DiPrima and Diana Simpson with CBRE Hotels handled negotiations for the seller, WHO.
CBRE announced the sale but didn’t disclose the price. The San Diego Union-Tribune reported that the hotel, which has traded hands four times in the last 10 years, sold for $65.3M — about $1M less than in early 2021. The price decline indicates market stagnation and the effects of rising interest rates, Atlas Hospitality Group’s Alay Reay told the Union-Tribune.
The building at 530 South Broadway was built in the 1920s and converted to a hotel in 1999, according to CBRE.
PEOPLE
O’Melveny added real estate attorney Peter J. Breckheimer as partner in the firm’s project development and real estate practice group in its Los Angeles office. Breckheimer was previously at Glaser Weil, where he advised owners, developers and investors on major commercial real estate projects.
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Shawmut Design and Construction hired Daniel Dumke as senior director in the West region. In his new position, Dumke will work to expand Shawmut’s market share in Los Angeles and Orange County, as well as expand the firm’s work on larger-scale projects.
SALES
Commercial campus The Canvas at Sunset Junction sold for $10.9M. The sale included the 35K SF campus and an adjacent parking lot on Myra Avenue. The buyer, Redcar Properties, intends to complete a full renovation. The seller was a joint venture of Grosh Scenic Studios and TTADA, an LLC formed by several family members. Avison Young principal John Tronson and Vice President Thor Lee represented the seller. Carle Pierose of Industry Partners represented the buyer.
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Champion Real Estate Co. sold the Casa Laguna apartment complex at 5200 Franklin Ave. in Los Angeles for $10M. Champion Casa Laguna LP, a subsidiary of Champion, acquired Casa Laguna in 2013 for $5.9M. The 18-unit complex, built in 1926, is a designated historic and cultural landmark.
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San Diego-based RPG, in a joint venture partnership with real estate investment manager CenterSquare, sold a Class-A industrial building in Vista to BLT Enterprises. The sale price wasn't disclosed, but public records show the 175K SF property at 1 Viper Way sold for $56M.
CONSTRUCTION AND DEVELOPMENT
A seven-story, 81-unit supportive housing project designed by KFA is complete, the architecture firm announced. Located at Seventh and San Pedro streets, the building offers community rooms, courtyards and a rooftop outdoor space. Skid Row Housing Trust developed the project, called SP7.
LEASES
Real estate firm Broadstone Capital Partners renewed its roughly 11K SF lease at Landmark I, a 24-story Class-A office building. Newmark Senior Managing Director Steven Salas, Managing Director A.J. Dorn and brokerage services specialist Kelly Reinker represented the tenant.
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Beverly Hills-based King’s Arch and Wilshire Skyline have signed a deal with venture capital firm Andreessen Horowitz to occupy a full building at 1305 Second St. in Santa Monica. The almost 30K SF structure was repositioned in 2021, according to a press release from the owners. The property was supposed to be leased to WeWork, but the coworking operator backed out of the deal in 2020, The Real Deal reported. Prior to that, it had been rent-controlled apartments.
FINANCING
JLL Capital Markets announced that it arranged the $75M refinancing for The Landing at Long Beach, a 206-unit, garden-style apartment complex at 1613 Ximeno Ave. in Long Beach. JLL represented the borrower, Silver Star Real Estate, in securing the three-year, floating-rate loan through LoanCore Capital with two one-year extensions. The JLL Capital Markets debt advisory team representing the borrower was led by Senior Managing Director Greg Brown and associate Charlie Vorsheck.
