This Week's LA Deal Sheet
Longpoint purchased the Cardenas Marketplace shopping center at Central Avenue and Holt Boulevard in Montclair for $22.7M. The property is a grocery-anchored shopping center completed in 2020. The marketplace is 91% occupied with tenants like AT&T and Wendy’s. CBRE’s Alan Krueger, Vanessa Haddad and Masih Waliyar represented Longpoint in the transaction. The seller wasn't disclosed.
Earlier this month, Longpoint closed on a $225M fund focused on shopping centers anchored by grocers catering to certain ethnic groups or multicultural populations, such as Asian grocer H Mart. Cardenas markets cater to Latino populations.
PEOPLE
Gantry hired James Ruiz as a senior director with its commercial mortgage production team. Ruiz will be directly responsible for developing a loan production pipeline and client roster to align with Gantry’s correspondent and affiliated lenders. He will work nationally but be based in Gantry’s Irvine office. Before Gantry, Ruiz worked with Keystone Mortgage Corp. as a vice president. He has closed more than $2B worth of transactions during a 23-year career in commercial mortgage finance.
SALES
Concordia Irvine Holding, an LLC that appears to be connected to Concordia University, bought 16355 Laguna Canyon Road, a 114K SF office in Irvine, for $43.5M. The three-story property was built in 1998 and had no debt attached, according to marketing materials.
A release from CBRE identified the seller as 16355 Laguna Canyon Road LLC, but public records indicate the seller was Brandman University, also known as UMass Global, a tenant at the property. Brandman proposed a short-term sale-leaseback at the property, according to sales materials.
CBRE's Matt Carlson, Hunter Rowe, Anthony DeLorenzo and Camille Doan represented the seller, 16355 Laguna Canyon Road LLC. CBRE leasing agents Alex Hayden and John Scruggs assisted with the transaction.
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Berkadia Institutional Solutions closed on the sale of Angelene, a 179-unit apartment building in West Hollywood. Berkadia Irvine Managing Director Derrek Ostrzyzek, Senior Managing Directors Tom Moran and Rachel Parsons, and Senior Director Mike Murphy completed the sale on behalf of the institutional seller. The buyer was Texas-based Olympus Property. The sale price wasn't disclosed. Public records don't yet reflect the transaction.
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A lobbying firm bought a newly constructed office building at 743 Seward St. in Hollywood for roughly $11M. The buyer was Brian Ballard of Ballard Partners. Kidder Mathews Executive Vice President and Managing Director John Anthony, Senior Vice President Christopher Steck and Senior Vice President Christopher Giordano represented Ballard. The seller was Plus Development Group. The 11K SF, three-story building was constructed by Plus Design Group in 2021 and features floor-to-ceiling steel frame windows and a nearly 600 SF private terrace.
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Hanley Investment Group Real Estate Advisors arranged the $2.3M sale of a new-construction, single-tenant property occupied by Dutch Bros Coffee Drive-Thru at the Sprouts-anchored Highland Village Shopping Center in Fontana. The triple-net ground lease transaction is the ninth property Hanley Investment Group has sold at Highland Village.
Hanley Investment Group Executive Vice Presidents Kevin Fryman, Bill Asher and Jeff Lefko represented the Woodland Hills-based seller, Adler Realty Investments, which developed the shopping center in phases starting in 2018. The buyer was a private investor based in Los Angeles, represented by Hanley Investment Group Executive Vice President Jeremy McChesney.
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SRS Real Estate Partners’ investment properties group has closed the $54M sale of New Haven Marketplace, a 95K SF grocery-anchored shopping center at 3420 East Ontario Ranch Road in Ontario. SRS Senior Vice President Pat Kent and senior associate Parker Walter represented the seller, a California-based developer. The buyer, a California-based family office, was represented by Newmark’s Glenn Rudy.
LEASES
The Newport Beach office of Trammell Crow Co. and Washington Capital Management have completed construction on Phase 2 of the Columbia Business Park at 300 Palmyrita Ave. in Riverside. Ownership also inked a full-building lease with Logistics Plus Warehousing & Fulfillment, a third-party logistics company. The 3PL signed a five-year deal for the entire 374K SF Columbia II facility.
The facility sits on 19 acres and features roughly 5K SF of office space as well as 54 dock-high and two ground-level doors, plus a 185-foot concrete truck court with parking for 92 cars and 42 trailers. Colliers Senior Executive Vice President Kevin McKenna and CBRE Executive Vice President David Consani represented the landlord in the transaction. Real Estate Services President Jeremy Trotter acted on behalf of Logistics Plus.
THIS AND THAT
Santa Monica’s The Georgian hotel will reopen to the public on April 3. BLVD Hospitality, in partnership with ESI Ventures, relaunched the historic hospitality spot, which has been a beachfront fixture since the 1930s.
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Leasing has begun at The Residences at West Edge near Exposition Boulevard and Bundy Drive. The residences are being managed by Willowick Residential, the multifamily property management arm of Hines. First move-ins are scheduled for May.
