This Week's LA Deal Sheet
Media company MarketCast signed a new 15K SF lease at 3532 Hayden Ave. in the Conjunctive Points complex in Culver City, California. The space will serve as MarketCast’s new headquarters. JLL’s Micheal Geller and Gabe Brown represented the landlord, Laurie Samitaur Smith of Samitaur Constructs. Samitaur has an under-construction, 17-story office tower project nearby called the Wrapper.
Cushman & Wakefield Executive Vice Chairman Matthew Miller represented MarketCast.
PEOPLE
Colliers promoted Ricardo Pacheco to managing director of brokerage for the Los Angeles market. Pacheco joined Colliers in 2021 after 11 years at CBRE, focused on occupier and investor services. He led one of the company’s most significant transaction management accounts, according to a release.
SALES
Adler Realty sold a 119K SF office and R&D property in Agoura Hills for $19M. The building was 58% occupied at the time of sale. The buyer was Harbor Associates, in a joint venture with Platform Ventures. The deal involved an existing tenant’s lease termination to make way for a nearly 76K SF life sciences lease with the new owner. A2 Biotherapeutics will establish its headquarters in the space. Lee & Associates LA North/Ventura principals Jay Rubin and Jared Smits represented the seller. CBRE’s Mark Perry represented Harbor Associates.
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A 10-unit Hollywood multifamily property at 1820 North La Brea Ave. has traded hands for $4.55M. The property, near Runyon Canyon, was built in 1955.
KW Commercial Los Feliz broker Mason Canter represented the buyer, real estate investor Jian Torkan and his son. Canter also represented the seller, a longtime client based in Japan.
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The Thousand Oaks apartment complex YOLO East has sold for $22.6M, or $502K per unit for the 45-unit property. Berkadia Los Angeles Managing Director Adrienne Barr represented the seller, NUWI Capital. The seller was not disclosed and the sale has not yet posted to public records. Thousand Oaks saw 9.8% rent growth year-over-year and has a multifamily vacancy rate of 2.8%, according to Berkadia.
CONSTRUCTION AND DEVELOPMENT
A new creative office building at 1550 Euclid St. is complete in Santa Monica, C.W. Driver announced. The builder constructed the 37K SF, three-story project for Houston-based Friedkin Group. Belzberg Architects designed the project.
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EAH Housing has started construction on a 58-unit affordable and supportive housing project called The Laurel at 1413 Michigan Ave. in Santa Monica. The four-story building will hold 57 studios, reserved for residents making between 30% and 50% of area median income. The project will incorporate Santa Monica Nikkei Hall, which has been vacant for several years. It is being restored and incorporated into the development and will serve as the project’s community space. Completion is expected in late 2023.
FINANCING
Northmarq Vice President Conor Freeman and Northmarq San Diego Vice President Wyatt Campbell arranged a $27M refinance of three multifamily properties in the Inland Empire. In total, the properties have 286 units in Moreno Valley and Lake Elsinore. The transaction was structured with a 10-year term and 10 years of interest-only payments.
