This Week's LA Deal Sheet
GPI Cos. acquired The Lofts at NoHo Commons, a 292-unit, Class-A apartment complex in North Hollywood. The property was built in 2006 and renovated in 2017.
The apartment block sits at Lankershim and Chandler Boulevards in the North Hollywood Arts District. The complex features a large amenity deck and has averaged 94% occupancy since opening, according to a release.
Greystar will manage the property.
SALES
CBRE’s Eric Chen, Kevin Sin and Blake Torgerson arranged the $10M sale of the 44-unit Ramona Oaks Apartments at 3401 Ramona Drive in Riverside.
The buyer is assuming a 40% loan-to-value loan with a 60% down payment. The loan has a 3.35% interest-only rate through 2027, according to a release from CBRE.
The property’s units are a mix of one- and two-bedroom floorplans with an average unit size of 809 SF. Amenities include a swimming pool, on-site laundry facilities and covered parking. All five buildings in the complex have new roofs.
Chen, Sin and Torgerson represented both the buyer, WeJ&J LLC, and the seller, AB Ramona Oaks.
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The Lakeview Innovation Center, a Class-A research and development and office property in Thousand Oaks has sold in an all-cash transaction for an undisclosed sum.
The property totals approximately 277K SF and sits on 22.1 acres.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Executive Managing Director Michael Leggett, Senior Managing Director Jeffrey Bramson, Managing Director Andrew Harper and Director William Poulsen.
JLL also procured the buyer, a partnership between Alta West Partners and an affiliate of Glendon Capital Management and A2 Capital Management.
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CBRE led the sale of the leasehold interest in The Bricks, a nearly 45K SF multitenant office and medical building at 18302 Irvine Blvd. in Tustin. The three-story building was 96% occupied with nine tenants at the time of sale.
A local private investor purchased the property for just over $8.5M. CBRE Investment Properties' Anthony DeLorenzo, Bryan Johnson and Nick Williams represented the seller, Harbor Associates, in the transaction.
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Beta Agency completed the sale of a roughly 8K SF mixed-use Hermosa Beach property that houses the restaurant Ryla to the restaurant’s operator for nearly $6.5M.
The property at 1220 Hermosa Ave. in Hermosa Beach sold to Chez Ray LLC. Ray Hayashi is the Ryla proprietor.
The property consists of ground-floor restaurant space with residential units above and an adjacent parking area. Beta Agency’s Richard Rizika represented the buyer, Chez Ray LLC. The seller was Laura Arnold and Janice Shukovsky as co-trustees of the Sylvia L. Arnold Revocable Trust, which was represented by Kidder Mathews’ Simon Mattox.
CONSTRUCTION AND DEVELOPMENT
CMCT completed the conversion of the top two floors of a three-story, 143K SF office building at 4750 Wilshire Blvd. into 68 luxury apartment residences. The building sits in the Brookside neighborhood. The office space will maintain the address of 4750 Wilshire Blvd. while the apartments will use the address 701 S. Hudson Ave.
The units upstairs at 701 Hudson are studio, one- and two-bedroom floorplans with in-unit laundry. On-site amenities include a pool, lounge and landscaped courtyard with a picnic area. Leasing at the property has begun.
FINANCING
Marcus & Millichap Capital Corp. arranged $9.15M in financing for the acquisition of two multifamily properties located at 1402 Esplanade and 213 Calle Miramar in Redondo Beach. Bradley Buzil, first vice president in MMCC’s Los Angeles office, secured the financing with a local fund on behalf of a private client. The two properties that received the financing were the 12-unit 1402 Esplanade and the 10-unit 213 Calle Miramar.
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BridgeCore Capital Inc. closed a $6.5M refinance of a 36-unit apartment building on the border of the Koreatown and MacArthur Park in Los Angeles. The borrower needed the funds to refinance a matured loan and to pay outstanding property taxes. BridgeCore structured the loan with a six-month prepaid interest reserve with the goal of covering the shortfall between net operating income and BridgeCore’s debt service as well as to avoid payment default by the borrower during the loan term.
The borrower’s exit strategy is either to refinance with a conventional loan or sell the property within the next 12 months, according to a release from BridgeCore.
THIS AND THAT
Hackman Capital Partners formed an alliance with Laurie Samitaur Smith of Samitaur Constructs to manage the Conjunctive Points Portfolio, a collection of 26 commercial buildings in Culver City and Hayden Tract that Samitaur Constructs developed and owned over a period of more than three decades. The portfolio spans roughly 800K SF and more than 26 acres.
HCP will lead the efforts to “refresh, renovate and update the assets,” according to a release from the firm. JLL will come on to boost the property management team, and JLL’s Micheal Geller and Gabe Brown and Cushman & Wakefield’s Josh Bernstein and Alexa Delahooke will oversee leasing. Financial terms of the alliance were not disclosed.
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MBK Rental Living has opened Zia, a five-story, 315-unit apartment complex in Anaheim. Zia offers studio, one-, two- and three-bedroom floor plans ranging from approximately 600 to 1,900 SF. The property sits at 1600 West Lincoln Ave. and features a pool, cabanas and a two-story fitness center.
