This Week's LA Deal Sheet
Staley Point Capital and Bain Capital Real Estate sold two industrial assets totaling 183K SF on 9.2 acres at 5530 Beach Blvd. and 5609 River Way in Buena Park for $53.3M. The companies purchased the assets in March 2022 for $41M.
The buyer was an undisclosed consumer products business.
The sale is the JV’s fifth disposition in the past 24 months for a combined $231M.
PEOPLE
Century Housing President, CEO and General Counsel Ronald Griffith is retiring from the organization, effective Sept. 2. Griffith has served as president and CEO of Century Housing since 2007 and has been at the organization since 1998. CH’s board appointed Daniel Lopez, a founding board member, as interim president and CEO, effective immediately. The organization will undertake a national search for a replacement CEO and president as well as for a replacement general counsel.
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CBRE has hired Ben Wobschall as an executive vice president on the data center capital markets team. Wobschall will partner with CBRE Vice Chair Kristina Metzger. Wobschall previously served as managing director of portfolio management for Principal Asset Management, leading the Principal digital real estate fund, an opportunistic data center investment vehicle launched in 2020.
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KTGY's David Obitz retired from his role as principal on July 31 after 21 years with the firm. Over his 35-year career, Obitz designed mixed-use and single-family projects and senior and student housing across the nation. Starting Aug. 1, leadership of the studio transitioned to principal Alan Scales, a 23-year veteran of the firm.
SALES
An EoS Fitness property at 35914 Winchester Road in French Valley, near Temecula, has sold for $13.3M. The 38K SF building sits on roughly 4 acres and has a 20-year triple-net lease in place. The fitness operator is anticipated to open its doors in late August and is the anchor tenant in French Valley Marketplace, a new 78K SF shopping center. Other tenants at FVM include Grocery Outlet, McDonald’s, Chipotle and 7-Eleven.
SRS Capital Markets' Matthew Mousavi, Patrick Luther and Jack Cornell represented the unnamed seller, a Southern California-based private developer. The buyer was a Southern California-based private investor who was in a 1031 exchange.
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A triple-net-leased retail and office building at 23805 Hawthorne Blvd. in Torrance has sold for $7M. NAI Capital Commercial's Sheri Messerlian and David Shaby of the South Bay office represented the seller, TK&S.
The freestanding approximately 12K SF building sits on a 48K SF lot and includes 41 parking spaces. It was constructed in 2012 and has two tenants on triple-net leases, Leap & Bound Academy and The Real Estate Group.
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Kidder Mathews facilitated the sale of 252 S. New Hampshire Ave., a 19-unit multifamily property in Koreatown, for $4.2M. The company’s Mark Ventre, Darin Beebower and Dakoda Iversen represented 252 New Hampshire Investors LLC in selling the property to New Hampshire LLC.
The property offers walkability to Vons, Ralphs, Starbucks and a variety of restaurants. Eleven of the building’s 19 units have been renovated.
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Marcus & Millichap’s Rick Raymundo and Ben Savoy sold 7341 Hazeltine Ave., a five-unit multifamily property in Van Nuys, for $945K. The buyer closed the all-cash deal in 28 days.
Raymundo and Savoy represented the seller, a family that owned the property for 23 years. The sale price translates to $189K per unit and more than $272 per SF. One unit was vacant.
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The Bear Valley RV Park and Self Storage, a 726-unit self-storage facility in Hesperia, has traded hands for an undisclosed price. The facility sits on a 49.6-acre site at 18435 Bear Valley Road and was completed in 1996.
A JLL Capital Markets team led by Brian Somoza represented the seller, New York-based Merit Hill Capital.
LEASES
Partizan Entertainment signed a new 12,500 SF office lease at Rideback Ranch, a 35K SF creative office campus at 1660 and 1670 Beverly Blvd. in Historic Filipinotown. This location will be its U.S. headquarters and is a relocation within Los Angeles, where the firm has had offices for more than 20 years. The firm moved in July.
Rideback Ranch is home to several entertainment companies. Former tenants include Warner Bros. Animation, Cedar Park Entertainment and Margot Robbie’s LuckyChap production company.
CONSTRUCTION AND DEVELOPMENT
Meta Housing Corp., in partnership with the Foundation for Affordable Housing, has broken ground on 1400 Long Beach, a six-story affordable housing project offering 163 one-, two- and three-bedroom units near downtown Long Beach. The project will deliver residences for households earning between 30% and 70% of the area median income. The development is expected to be complete in 2026.
FINANCING
Walker & Dunlop arranged an $18.2M loan to refinance Victoria Heights, a 150-unit, garden-style apartment community all covered by a project-based Section 8 housing contract.
The seven-year, interest-only fixed-rate loan was secured through Fannie Mae. Thirty percent of units are restricted at 50% of the area median income, and the remaining 70% of units are restricted at 60% of AMI.
The Walker & Dunlop affordable housing team led by Frank Cassidy and John Gilmore arranged the loan on behalf of client JAE Properties.
