This Week's LA Deal Sheet

Colliers hired the office agency team of Anneke Greco, Gil Canton and Danny Redell away from JLL. The trio will join the firm’s integrated advisory services team and brings market knowledge of the Tri-Cities, North Hollywood and Downtown office markets.

Greco specializes in agency leasing, largely for Class-A office buildings and has completed $1.3B in volume over her 10-year career with JLL. Canton specializes in tenant and landlord representation in the Tri-Cities. Redell joined the team two years ago. 

PEOPLE

Cushman & Wakefield hired Andy La Dow as managing principal of its operations in San Diego. La Dow brings more than three decades of brokerage and leadership experience to the role. Prior to joining Cushman & Wakefield, La Dow served as Colliers’ regional managing director for San Diego County. The new position is something of a return to Cushman & Wakefield for La Dow, who worked as a partner with the firm’s predecessor firms from 2003 to 2015.

SALES

Adams Marketplace, a Huntington Beach retail center, has traded hands for $29M. The 65K SF, grocery-anchored shopping center is 98% occupied, anchored by a Smart & Final Extra, and was renovated last year. JLL Capital Markets marketed the loan on behalf of the seller, affiliates of Fortress Investment Group and DJM Capital. The asset was acquired by a private Orange County-based buyer.

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MBK Rental Living acquired a 7.1-acre site in Thousand Oaks for a 218-unit multifamily community. MBK Rental Living is partnering on its first apartment joint venture with Prime Life Technologies Corp., a Japanese homebuilding company. The project will have market-rate and affordable residences across two- and three-story buildings.

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CBRE has sold a 14-unit multifamily community in Anaheim to a private investor for $5.9M, one of the highest prices per unit sale in the city of Anaheim, according to CBRE. CBRE Executive Vice President Dan Blackwell represented both the buyer and seller in this transaction. The apartment building at 129 South Olive St. is close to the Anaheim Packing District. 

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Lee & Associates Pasadena closed the sale of Royale Oaks, an office building, in an all-cash sale for approximately $4M at 1272-1274 Center Court Drive in Covina. Principals Jamie Harrison and Christopher Larimore represented the seller. The office building sold for slightly less than its asking price at a 4.1% cap rate with 82% occupancy. 

LEASES

The Federative Republic of Brazil signed a 10.5-year lease on 16K SF at 6222 Wilshire Blvd. for the Brazilian Consulate office. Kidder Mathews’ Brian M. Dunne and Don Hudson and CBRE's Stan Gerlach represented Brazil in the $10.4M lease. The space includes the penthouse of the six-story Decron Properties building in the Miracle Mile. The 90K SF building also holds the Consulate General of Germany; the Consulate General of Chile is a block away on Wilshire Boulevard.

FINANCING

Northmarq Los Angeles Senior Vice President and Managing Director Zalmi Klyne secured $14M in construction financing for a student housing project at 535 Glenrock Ave. in Westwood. Northmarq arranged the financing for the borrower through its relationship with a commercial bank, according to a release. The project is fully entitled and will demolish the existing structure and build a new six-story, 134-bed student housing property on the site. 

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CBRE secured $37M in financing for Mission Grove Plaza, a 248K SF shopping center at 121–383 East Alessandro Blvd., in Riverside. Shaun Moothart, Bruce Francis, Doug Birrell and Bob Ybarra on the CBRE Capital Markets Debt and Structured Finance team secured the fixed-rate, full-term, interest-only loan on behalf of Regional Properties, a private real estate investment and development company.