This Week's LA Deal Sheet
The Swig Co. bought 3130 Wilshire Blvd., a 96K SF Santa Monica office property, and an adjacent parking lot. It beat out a dozen family office offers on the property, according to a Newmark release. Swig plans to do a seismic retrofit, modernize the building’s infrastructure systems and add tenant amenities on-site.
Newmark co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, Senior Managing Director Laura Stumm and Associate Director Michael Kolcum represented the undisclosed seller. Newmark’s private capital group, led by Vice Chairman Sean Fulp and Managing Director Ryan Plummer, assisted with the sale.
PEOPLE
CBRE promoted Tres Reid to vice chairman, its highest rank for producers. Reid has helped close more than 1,500 lease and sale transactions worth $4.2B and spanning 75M SF in his 34-year career with CBRE. Based in the South Bay, he counts Maersk, Performance Team and National Retail Services among his clients.
SALES
Hudson Pacific Properties boosted its studio facilities portfolio with its acquisition of Quixote Studios.
The $360M transaction gives Hudson Pacific lease rights on 530K SF, including 26 soundstages totaling 371K SF.
Hudson Pacific already owns three studio properties: Sunset Gower Studios, Sunset Bronson Studios and Sunset Las Palmas Studios. But as new soundstage projects crop up and more developers and studio veterans step up to fill the persistent need for this type of space, the transaction allows the company to stay competitive, the Los Angeles Times said.
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Pacific Living Properties has sold the Stonegate Apartments, a 160-unit multifamily property in Riverside. Its average unit size was 800 SF, and the property has a pool, gym and covered parking. The buyer was Universe Holdings. Institutional Property Advisors Executive Director Alexander Garcia Jr. and IPA’s Christopher Zorbas, Kevin Green, Greg Harris and Joseph Grabiec represented Pacific Living and procured the buyer.
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Montana Avenue Capital Partners sold a 49K SF creative office building at 621 Hawaii St. in El Segundo for $27.3M. The building is 100% leased to Nexon America and serves as the North American headquarters for its parent company, Nexon Co., which is South Korea’s largest video game developer.
Newmark Private Capital Group Vice Chairman Sean Fulp and Managing Directors Ryan Plummer and Mark Schuessler, in partnership with Executive Managing Director Geoff Ludwig, represented the seller. The buyer was BLT Enterprises.
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An undisclosed buyer has sold its under-construction freestanding Target building in Huntington Park for $48.7M. The Target is expected to be complete in January. Stan Johnson Co.’s Jason Maier represented the undisclosed New York-based investor, which bought the property through a 1031 exchange. Marcus & Millichap represented the undisclosed seller, Business Journals reported. According to M&M, the sale was the largest net-lease retail sale this year to date.
LEASES
TAE Technologies leased a nearly 100K SF facility at 9740 Irvine Blvd. in Irvine. It plans to move in about 100 employees once the under-construction building is finished, which is expected to happen in April. Kidder Mathews Senior Vice President Oliver Ternate represented TAE in the lease. Irvine-based LBA Logistics, the landlord, was represented by Steve Wagner, Louis Tomaselli and Zach Niles from JLL.
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Coworking and co-warehousing company Fashion Assembly leased a 16K SF building at 2028 Bay St. in the Arts District. Peninsula Commercial Real Estate Group principal Corina Irvin represented Fashion Assembly. Fashion Assembly focuses on offering space for beauty and fashion company owners who are people of color.
FINANCING
Murphy Development Co. received a $35.4M construction loan to develop Phase 2 of Brown Field Technology Park in Otay Mesa. The project will be 203K SF of Class-A industrial space across two buildings. JLL Capital Markets, led by Senior Managing Director Aldon Cole, Managing Director Bryan Clark and associate Bradley Vansant, arranged the construction financing for the development.
