This Week's LA Deal Sheet
JRK Property Holdings acquired the 394-room Hilton La Jolla Torrey Pines in La Jolla for $165M from Braemar Hotels & Resorts.
The resort sits on approximately 11 acres adjacent to the Torrey Pines Golf Course and 15 miles north of downtown San Diego. It features rooms overlooking the golf course and Pacific Ocean, three food and beverage options, a pool and gym, and tennis and pickleball courts. Guests also receive exclusive tee times for the golf course, which has hosted PGA Tour events since 1960.
JRK acquired the property through its $350M hospitality fund.
PEOPLE
Kidder Mathews hired Austin Borges as a vice president in El Segundo. Borges specializes in industrial properties in greater LA, working with occupiers, private investors, family offices, developers, institutions and 1031 exchange buyers. Prior to Kidder Mathews, Borges was at Matthews Real Estate Investment Services, according to his LinkedIn profile.
SALES
Millennium PQ, a 331-unit apartment complex in Rancho Penasquitos near San Diego, sold for $167M.
The deal was the largest suburban core transaction and second-largest single-asset transaction in California in 2024, according to a release from Walker & Dunlop. The purchase price translates to $504K per unit.
The Walker & Dunlop investment sales team led by Hunter Combs represented the seller, The Dinerstein Cos., and the buyer, GID Real Estate Investments.
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An undisclosed high net worth investor acquired a grocery-anchored shopping center in Oceanside for $56.6M. The center at 3762-3774 Mission Ave. completed an extensive remodel of its exterior, common areas and interior spaces and is anchored by a Stater Bros.
The Southern California-based buyer was represented by Phil Lyons and Chad Iafrate with Cushman & Wakefield in San Diego. The seller was ROIC, which was represented by CBRE’s Jimmy Slusher, James Tyrell and Preston Fetrow.
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Downtown LA’s 612 S. Broadway, an approximately 80K SF office and retail building in Downtown Los Angeles' Historic Core, sold for $16M. The sale of the six-story property was brokered by a Cushman & Wakefield team of Mike Condon Jr., Erica Finck, Reid Gratsch, Brittany Winn and Kylie Rawn, in partnership with Mark Zakarian.
LEASES
Cushman & Wakefield announced the firm has facilitated the lease of a 92K SF industrial building on approximately 6 acres in National City, near San Diego. The new tenant is Avis Budget Car Rental, which will take occupancy on Aug. 1. The property only became available in the second quarter of this year.
Cushman & Wakefield’s Brant Aberg represented the landlord. The tenant was represented by Bill Dolan and Ryan Sparks of CBRE.
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California Smash Pickleball and Social Club signed a new lease for a 25K SF building at 815 N. Nash St. in El Segundo. The club will feature 10 padded indoor courts, a dedicated DJ, a dance floor and a full-service bar and restaurant. The club will open in the converted industrial building in late 2024.
JLL’s Gary Horwitz, Caroline Bethel and Kamil Agha represented California Smash. The landlord, Gretchen B. Farrell Trust, was represented by Jim Sullivan and Andrew Hardin of Gateway Business Properties.
CONSTRUCTION AND DEVELOPMENT
GPI Cos. and the University of California, San Diego, have completed development of 8980 Villa La Jolla Drive, a nine-story, 114K SF academic facility. The building was designed by Gensler’s San Diego office and built by Swinerton Builders. The project is directly across from the university and acts as an access point for the main campus.
FINANCING
BridgeInvest made a $37.7M loan to refinance and develop a three-asset industrial outdoor storage portfolio owned by Stonemont Financial Group & Cerberus Capital Management. The properties are in Bloomington in the Inland Empire as well as Staten Island and Las Vegas. The Bloomington property at 2776 S. Lilac Ave. will be developed into a nearly 3.5-acre IOS facility, including a 1,400 SF building. Construction is expected to be complete in late 2024.
