This Week's LA Deal Sheet
Turner Impact Capital hired Gary Rodney as managing director for housing initiatives, a newly created position. Rodney will help lead the firm’s multifamily strategy to acquire, preserve, develop and enrich affordable housing throughout the country.
Rodney joins a team that uses market-driven solutions to address challenges including the crisis of housing affordability for low- and moderate-income residents in large metropolitan areas.
Rodney has 24 years of government, nonprofit and private sector leadership in developing and financing housing for low- and moderate-income families. Rodney comes to Turner from Tishman Speyer, where he launched the firm’s first affordable housing platform and served as a managing director.
PEOPLE
Newmark hired San Diego-based capital markets veterans Rick Reeder and Brad Tecca away from Cushman & Wakefield. Both Reeder and Tecca will join Newmark as executive managing directors. Reeder and Tecca have closed over $10B in sales since formalizing their team in 2008 and have represented some of the world’s most active and renowned institutional investors. Their primary markets are San Diego and Las Vegas.
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Tangram Interiors announced the retirement of Chief Operating Officer Jack Hooven and the promotion of Luis Carmona to vice president of operations. Hooven officially retired on March 1. Carmona will take on most of Hooven’s responsibilities in his new position. Carmona has been in the contract furniture industry since 1986 and has been at Tangram for a decade.
SALES
Kearny Real Estate Co. sold its 730K SF Corona Lakeside Logistics Center for more than $325M. The sale represents the largest ground-lease ownership transfer in the history of the Inland Empire and one of the largest ever in Southern California, according to Colliers. Michael Kendall, Richard Schwartz, Gian Bruno, Joey Reaume and Kenny Patricia of Colliers facilitated the deal on behalf of both parties in the transaction. The buyer was not disclosed, but GlobeSt reported it was Singapore-based GLP Capital Partners.
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JLL closed on a six-property LA County multifamily portfolio in three separate transactions totaling $53.5M. The apartment complexes were located at 3596 Centinela, 14311-14319 Dickens St., 12314 Moorpark St., 4144 Tujunga Ave., 12207 Riverside Drive and 12225 Riverside Drive. The six low-rise apartment communities hold a total of 155 apartments. The seller was an undisclosed corporate fiduciary acting on behalf of an LLC. The buyers were not disclosed.
All three buyers assumed the existing debt on the properties. JLL’s Capital Markets Investment Sales and Advisory team, led by Managing Director Peter Yorck and Director Nick Lavin, represented the seller. JLL Senior Managing Director Jeff Sause and Director Max Mraz led the JLL Capital Markets Debt Advisory team.
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Turnbridge Equities acquired a 3.6-acre site at 19500 Rancho Way in Rancho Dominguez for $25.5M. The property will be used as industrial outdoor storage. Purchase of the site “aligns perfectly with our strategic vision of expanding our Industrial Outdoor Storage strategy in port-adjacent, infill and high barrier-to-entry markets," a Turnbridge executive said in a statement.
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The Avalon Apartments, a 47-unit multifamily property located in the Koreatown neighborhood of Los Angeles, sold for $9.8M. With Measure ULA looming, escrow opened and closed the next day, beating the deadline for increased transfer taxes. The purchase price translates to a value of $207K per unit and over $425 per SF. Marcus & Millichap’s Rick Raymundo represented the seller, a lender that had foreclosed on the property several months before.
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Stepp Commercial Group completed the $5M sale of a two-building, 16-unit apartment property located at 916-924 St. Louis Ave. in Long Beach. Stepp Commercial Group’s Robert Stepp, Michael Toveg, Larry Bustamonte and Travis Traweek represented the seller, a Long Beach-based private investor. The buyer was a veteran investor also based in Long Beach that owns more than 200 multifamily units locally. The property sold for roughly $417K per unit.
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CBRE arranged the sale of a 90K SF, Class-A commercial property at 26541 Agoura Road in Calabasas to the clothing brand Naked Wardrobe, which will make the property its new headquarters. The new building represents an expansion from Naked Wardrobe’s former Northridge location. CBRE’s Mark Perry, Michael Slater, Tom Dwyer, Caroline Bigelow and Carlene O’Neil, as well as and Scott Murphy, asset manager for Ella Valley Investments, represented the seller, LA-based Edgemark Littleton and the Murray S. Pepper Trust. ZMax Realty represented Naked Wardrobe.
LEASES
Beverage manufacturer DrinkPAK expanded its square footage at the Center at Needham Ranch in Santa Clarita, leasing the last two buildings in the under-construction complex and taking its footprint at the property to 965K SF. Construction on the final phase of Needham Ranch will be completed by the end of this year. The Needham Ranch complex is a joint venture between Trammell Crow Co. and Clarion Partners.
CONSTRUCTION AND DEVELOPMENT
Birtcher Development officially broke ground on Birtcher Logistics Center Fontana, a 330K SF distribution facility in Fontana. The project was in partnership with Oltmans Construction and Tomorrow’s Talent, a program that helps bring young people into the workforce. The distribution facility is expected to be complete in early 2024.
FINANCING
Northmarq closed on external refinancing for The Vineyards at Porter Ranch, a large retail property in the community of the same name. The $35M loan was arranged by Senior Vice President Ory Schwartz, a managing director in Northmarq’s Los Angeles office. The permanent, fixed-rate loan was structured on a 10-year term on a 30-year amortization schedule. The Vineyards at 20039-20209 Rinaldi St. totals 203K SF and was built in 2019.
