This Week's LA Deal Sheet
Worthe Real Estate Group and Invesco Real Estate have sold a Beverly Hills creative office building that is home to Live Nation to Irvine-based IRA Capital for $153M, IRA announced.
The building at 325 North Maple Drive is 100% leased, according to IRA. Of that, 92% is leased to concert promoter and ticketer Live Nation Entertainment, which makes the headquarters for its concerts division there. The remaining 8% is leased to the U.S Postal Service. Live Nation signed an 11-year lease for its space in 2019, Commercial Observer reports.
The building, called The Post, underwent a $44M renovation in 2019. It last traded hands in 2017 for $77.2M, public records show.
SALES
Transwestern Investment Group sold the I-215 Commerce Center, an approximately 225K SF industrial building at 1648 Ashley Way in Colton, to an investor advised by New York-based Zurich Alternative Asset Management. The property was 100% leased at the time of sale.
CBRE’s Darla Longo, Barbara Perrier and the National Partners West team represented TIG in the transaction. ZAAM was represented by Chris Edgar and Sean Bannon. Transwestern Real Estate Services provided asset services, and CBRE provided leasing services for the property.
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Newmark announced the sale of the two-building Sorrento Heights, a nearly 93K SF office project at 9980 and 10020 Huennekens St. in San Diego for $41.3M. The property’s Sorrento Mesa location offers an opportunity for near-term conversion to, or ground-up development of, a life sciences campus, Newmark said.
Newmark co-Head of U.S. Capital Markets Kevin Shannon and Executive Managing Directors Brunson Howard, Paul Jones and Ken White represented the seller, a fund managed by DRA Advisors in partnership with Cypress Office Properties. The buyers were Bioscience Properties and Harrison Street.
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Alere Property Group acquired the Saddle Ranch Business Park from CapRock Partners. The 422K SF industrial warehouse complex in Norco is fully leased to vitamin and nutrition company Goli Nutrition. The business park contains four buildings ranging from roughly 81K SF to 158K SF.
CBRE represented Alere and CapRock and in the transaction, led by Darla Longo, Barbara Perrier, Rebecca Perlmutter, Joe Cesta and Eric Cox. Lee and Associates’ Paul Earnhart, Jeff Ruscigno, Brian Pharris and Ryan Earnhart also consulted on the deal. A purchase price wasn't disclosed.
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CBRE announced the sale of a 1.5-acre Warner Center shopping center at 21161 Victory Blvd. with the potential for mixed-use multifamily redevelopment. The property holds a two-story strip mall with restaurant, retail and office space. A local private investor paid $9.05M for the property and plans to operate the retail center while redevelopment plans are prepared, according to CBRE. CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, a local private partnership.
PEOPLE
Private equity firm Standard Real Estate Investments has hired Jernine Kim as a principal, overseeing corporate finance and asset management for the firm. She will work closely with the firm’s CEO and president, real estate investment veterans Robert Jue and Jerome Nichols. Before arriving at Standard, Kim served as a vice president at Arc Capital Partners, where she spent seven years handling acquisitions, asset management and reporting
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Lockehouse Retail Group hired retail analyst and executive Garrick Brown as its chief operating officer and director of advisory services. Brown was most recently managing director of Western region research at Newmark and previously was vice president of retail intelligence, Americas, for Cushman & Wakefield.
FINANCING
Gantry secured $31M from a life company lender to refinance Thousand Oaks’ Northgate Plaza Shopping Center. The four-building center is near the Thousand Oaks Auto Mall and other destination retail centers. Northgate Plaza, owned by Dollinger Properties, has several national credit tenants, including Bed Bath & Beyond, BevMo!, Starbucks and Verizon.
CONSTRUCTION AND DEVELOPMENT
Design consultancy Rapt Studio has announced the completion of 5670 Wilshire, a 27-story tower in Miracle Mile owned by Rockpoint Group. Rapt reimagined the 1960s-era tower, adding new amenities, including a private fitness center and shower rooms, a professional-grade theater, reconfigurable conference rooms and a refreshed exterior courtyard.
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KFA announced the completion of the Ariadne Getty Foundation Senior Housing Complex. The five-story complex was developed for the Los Angeles LGBT Center and is adjacent to its Anita May Rosenstein Campus. The senior complex contains 98 studio, one- and two-bedroom apartments for low-income seniors.
Of the 98 units, 72 will be leased through a lottery system; the Los Angeles LGBT Center reported it received over 1,350 applications for those units. The remaining 26 units will be set aside for individuals experiencing chronic homelessness. KFA is both the design and executive architect of the project.
LEASES
Duke Realty secured a long-term lease agreement with global e-commerce wholesaler Yahee Technologies. The roughly 199.5K SF spec project is scheduled to be complete in early 2022. Centermac Realty’s Kevin Wang represented the tenant. Colliers International’s Mark Zorn and Cory Whitman, along with Collin Phillips, Duke Realty’s vice president of leasing and development in Southern California, represented Duke Realty.
