This Week's LA Deal Sheet
The 273K SF Falcon Ridge Town Center, a grocery- and drugstore-anchored center in Fontana, sold to MCB Real Estate and a fund managed by DRA Advisors.
JLL, which represented the undisclosed seller, announced the deal but not the sale price. MCB put out a release confirming the sale price of $64.7M. The transaction “marks the largest retail transaction in the Inland Empire, year-to-date,” according to JLL.
The retail center at 15218-15320 Summit Ave. sits next to the 15 Freeway and has a daily traffic volume of 148,800 vehicles.
SALES
CBRE has announced the sale of a 7-acre industrial redevelopment site at 1925 and 1936 E. Vernon Ave. in Vernon. The property is occupied by a nearly 369K SF, five-story building. It was acquired by a confidential buyer for $61.5M.
CBRE’s Barbara Perrier, Eric Cox, Jeff Stephens, Jack Mergenthaler and John Hillman represented the seller, The Alavern Co. The buyer was represented by Jack Cline, Evan Jurgensen and Andy Gage of Lee & Associates.
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CBRE arranged the $11M sale of Four Governor Park, a two-building, stabilized office property in San Diego.
CBRE Investment Properties’ Matt Pourcho, Anthony DeLorenzo and Matt Harris represented the seller, MIG. The buyer was Cast Capital Partners, which plans to use it for commercial condos and sell the units individually.
The business park is on 2.7 acres at 5080-5090 Shoreham Place. The property was 96% occupied at the time of sale.
Cast Capital Partners’ Bret Morris and Voit Real Estate Services’ Ryan King represented Cast Capital Partners in the transaction.
LEASES
Burbank-based ACSCO Products leased an approximately 29K SF warehouse and manufacturing facility at 3100 San Fernando Blvd. in Burbank. ACSCO Products custom-engineers automotive products. The lease is an expansion for the company.
The warehouse is part of a roughly 63K SF multitenant property that is now fully leased.
NAI Capital Commercial Executive Vice President Dave Maron represented landlord Howard Business Park.
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Accounting firm Miller Kaplan is relocating from its North Hollywood property to The Tower in Burbank, where it will occupy nearly 23K SF.
Lee & Associates-LA North/Ventura Managing Director Scott Romick negotiated the lease and represented the tenant. Miller Kaplan has listed its office at 4111-4123 Lankershim Blvd. in North Hollywood for sale. Romick is representing it in that transaction as well.
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SharpLine negotiated an 18,600 SF retail lease with BioLife Plasma Services in the Victorville Shopping Center at 12480 Amargosa Road in Victorville. The shopping center measures more than 300K SF, and other tenants include Bed Bath & Beyond, Hobby Lobby, PetSmart and Party City.
SharpLine's Barbara Armendariz and Samantha Armendariz represented the landlord, 99 Cents Only Stores, which was also the former tenant. Marketing for the property began before the discount retailer filed for bankruptcy, according to SharpLine. BioLife was represented by JLL’s Craig Killman and Michael Kahl.
FINANCING
Walker & Dunlop has arranged a $66M refinance for Boardwalk at Millenia, a 309-unit apartment community in the San Diego area.
Barings purchased the property from Trammell Crow Residential in 2019. It secured this new financing, a five-year, floating-rate loan, to refinance the previous debt.
The W&D New York Capital Markets team led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Mo Beler, Michael Ianno and William Herring arranged the transaction on behalf of property owner Barings Core Property Fund and identified the lender, Kohlberg Kravis Roberts & Co.
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LaTerra Development secured an $18.2M construction loan for Raymer Self Storage, a 65K SF self-storage facility at 14876 Raymer St. in Van Nuys that is fully entitled.
JLL Capital Markets worked on behalf of LaTerra to secure the two-year construction loan through Calmwater Capital.
Raymer Self Storage is expected to be complete in 2025. It will replace an existing warehouse and industrial building on a 1.2-acre site. The new facility will hold just over 1,000 storage units, including 705 mini-storage units and 312 locker units. The property will offer 24-hour surveillance, controlled access, climate-controlled units and rooftop solar panels. Public Storage will operate and manage the facility.
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Marcus & Millichap Capital Corp. arranged $3.5M to refinance Dearborn Villa, a 29-unit multifamily property at 18521 Dearborn St. in Northridge, near the California State University campus of the same name.
Dan Litman, senior managing director in MMCC’s Los Angeles office, secured the financing for a private client. Terms of the seven-year, nonrecourse loan include four interest-only years at a rate of 5.8%, followed by a 30-year amortization. The financing features a loan-to-value of 55%.
