This Week's LA Deal Sheet
Disney unveiled renderings and details about Cotino, a planned community designed by the company on 618 acres in Rancho Mirage.
The property will feature a communal space inspired by the midcentury home of the family from the Disney and Pixar film The Incredibles, a "professionally managed public beach park," and Disney events and activities, the Los Angeles Times reported.
When complete, the community will hold 1,932 residential units, including condos, single-family homes and "estates." Sales are expected to start this year, with the first homes reaching completion in 2024.
Disney is not the developer on the project; that will be Scottsdale, Arizona-based DMB Development, which has a background in planned communities.
PEOPLE
Ken McLeod, Alex Vasquez and Patrick Ylagan, formerly of CBRE, joined Kidder Mathews in Los Angeles. The team specializes in retail investment sales. McLeod has over 25 years of commercial real estate experience focusing on retail properties and shopping centers and has completed over $1B in transactions over the course of his career. McLeod joins KM as a senior vice president.
McLeod and Ylagan will be based at the firm’s El Segundo office, while Vasquez will work from the newly opened San Fernando Valley location.
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Newmark announced that Mike Ruppert joined the firm as senior vice president of property management for Southern California. Ruppert brings over 30 years of experience in commercial real estate services, client relationship management and property management. He will be based in Newmark’s El Segundo office.
SALES
NAI Capital Commercial Executive Vice President Kevin Kawaoka and Senior Associate Shawn Araghi, with the firm's multifamily services group, represented both the buyer and seller in the $16M sale of a Mar Vista apartment complex. The buyer of the 31-unit property at 4225 Inglewood Blvd. was a family trust; the seller, a private investor. The seller's goal was to sell the apartment complex ahead of Measure ULA, which went into effect April 1, saving $873K in taxes on the sale, according to NAI Capital.
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A mixed-use retail, office and residential project in downtown Rancho Santa Fe sold for $11.2M to its anchor tenant. The 12K SF property at 6106-6108 Paseo Delicias and 6012-6016 La Granada was bought by an LLC controlled by Grand Restaurant Group, the operator of Nick & G’s Restaurant, which anchors the property.
Cushman & Wakefield’s Peter Curry, Brooks Campbell and Chad Iafrate in San Diego, along with Ray Adams of Kidder Mathews represented the seller, Millar Properties LLC. Michelle Bothof with BHGRE & Associates represented the buyer.
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Avison Young completed the sale of a 21K SF Brentwood office building at 520 South Sepulveda Blvd. for $9.3M. The closing cap rate was 7%. Avison Young principal Mitch Stokes represented the buyer, a Southern California-based private investor completing a 1031 exchange. The seller, 520 Sepulveda LLC, was represented by Christian Holland and T.C. Macker of Westmac.
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Private real estate investment firm Western Spire bought a 1.82-acre multifamily development site in Rancho Cucamonga for $6.78M. The property at the northwest corner of Red Oak Street and Spruce Avenue is within Rancho Cucamonga’s City Center, an area of the city zoned for future retail, civic activity and multifamily housing. CBRE’s Wes Jones, Stewart Weston, Dean Zander and Rosie Cooper marketed the property for sale on behalf of the seller, Chase Partners Ltd.
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The Goldfinger Group sold a 14-unit multifamily asset in Venice Beach to an undisclosed buyer for $5.8M. The approximately 11K SF property in Venice’s Oakwood neighborhood is the only multifamily asset with more than 10 units to sell in Venice in the last eight months. Keller Williams’ Andres Diaz and Julian Bloch represented Goldfinger. Del Rey Urban’s Scott Chaplan and Consuela Kielbowicz represented the buyer.
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Lee & Associates LA North/Ventura announced the $7M sale of a 26K SF industrial building in Van Nuys. Principal Chris McKenzie and Kidder Mathews Vice President Ryan McKenzie represented the buyer, LK Holding. The seller was Chase Van Nuys, represented by JLL.
LEASES
Sprouts Farmers Market and gaming company Bandai Namco leased a combined total of 511K SF at Goodman Group’s 1.5M SF logistics center in Fullerton. CBRE’s Sean Ward and Ben Seybold represented Goodman on the leases.
Sprouts will take 337K SF; the game company leased 174K SF, Goodman announced. The other 1M SF at the under-construction complex was leased to Samsung last year, The Real Deal reported.
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Eureka has opened a new location: a 4.5K SF restaurant and upgraded patio at The Commons at Aliso Viejo in Aliso Viejo. This is the restaurant’s fourth location in Orange County. JLL’s Justin McMahon represented both the landlord, Buie Communities, and Eureka in the lease. The terms of the lease were not disclosed.
CONSTRUCTION AND DEVELOPMENT
R.D. Olson Construction and developer MBK Rental Living broke ground on Solana at Duarte Station, a new 292-unit five-story apartment complex adjacent to the Duarte L Line light rail station.
