This Week's LA Deal Sheet
Gifford Business Park in San Bernardino has sold for $26M. The 157K SF, seven-building property at 750-760 East Central Ave. and 765-791 South Gifford Ave. was purchased for its development potential, thanks to its location in a highly sought-after market surrounded by institutional-grade distribution centers, according to Colliers, whose Christopher Smith and Andrey Mindirgasov brokered the deal on behalf of the buyer, MIG. The seller, Positive Investments, was represented by Alan Pekarcik of Kidder Mathews.
PEOPLE
Newmark has hired Anita Paryani-Rice, a structured finance veteran, as an executive managing director based in Southern California. Paryani-Rice specializes in originating debt and structured finance products across multiple asset types nationwide. She will partner with debt and structured finance Vice Chairman Darrin Stovall and Executive Managing Director Scot Snowball of Newmark’s multifamily capital markets team in Newport Beach. Prior to Newmark, Paryani-Rice worked at Institutional Property Advisors, a division of Marcus & Millichap.
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Savills has hired Will Poole as a managing director in Los Angeles. Poole will work with clients selling and leasing industrial properties all over LA, with a focus on the South Bay. Poole was previously at Lee & Associates, where he received a 2019 rookie of the year award. Before working in real estate, he played football professionally for the Miami Dolphins.
SALES
The sale of a 4-acre property at 2420 and 2450 East Lincoln in Anaheim has closed. Previously the site of commercial office buildings, the land will be developed by buyer KB Home into the Sunkist Townhomes, 83 three-story townhomes with attached garages. The development plan, which has been approved, includes 25K SF of recreation space and is expected to break ground later this year. Land Advisors Organization's Allison Rawlins Tift represented the seller, Albert & Sons Real Estate. The price wasn't disclosed.
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SRS Real Estate Partners’ National Net Lease Group completed the $5.4M sale of a multitenant retail property at 39178 10th St. W in Palmdale. The approximately 12K SF property is 100% occupied. It is part of the Palmdale Marketplace, a 450K SF property anchored by Target, Lowe’s Home Improvement and Sprouts. The sale is part of a $40M “break-up strategy” for the property; the last parcel at the center is for sale now. SRS NNLG Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a Texas-based retail property owner and operator. They also represented the buyer, an undisclosed private investor.
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Marcus & Millichap’s Rick Raymundo and Matthew Maun listed and sold 8241 Whitsett Ave., a 13-unit multifamily property in North Hollywood, for $2.8M, or just over $215K per unit. The property sold to an undisclosed all-cash buyer who closed escrow in 19 days. Raymundo and Maun represented the seller and the buyer in the deal.
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NAI Capital Commercial Vice President Lucy Hartford negotiated the purchase of 1.2 acres of commercial land in Woodland Hills for $10.8M. Hartford represented the buyer, 20401 Ventura Boulevard LLC. The seller was 20401 Ventura LLC, a different limited liability company. The land is located at 20401 Ventura Blvd. The new owner plans to develop the site into self-storage.
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A 60K SF Fountain Valley industrial park has sold for $16.5M. The fully leased property is at 18071 Mount Washington St. and 11190-11240 Talbert Ave. DAUM Commercial Real Estate Services Executive Vice President Mike Barreiro and Associate Vice President Devin Ray represented the seller, DDK Investments Ltd. DAUM City of Industry Executive Vice President Charles Johnson and Vice President Joseph Harmon sourced and represented the buyer, Manhattan West Real Estate.
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A 32K SF vacant industrial building in Covina has sold for $7.25M. Dunleer was the seller of the property at 1165 East Edna Place. The buyer is an undisclosed owner-user. Dunleer bought the property about a year ago for $5.41M.
