This Week's LA Deal Sheet
Topanga & Victory, a 165K SF office building at 6325 and 6355 Topanga Canyon Blvd. in Woodland Hills, has been refinanced for approximately $24M in a transaction facilitated by Northmarq’s Newport Beach debt and equity team, led by Managing Director David Blum.
Northmarq arranged the permanent fixed internal refinancing on behalf of the undisclosed borrower through a national commercial mortgage-backed securities platform. The transaction was structured on a five-year interest-only term and had a sub-60% loan-to-value ratio.
SALES
Pendulum Property Partners and an undisclosed joint venture partner sold 5 Peters Canyon Road, a 157K SF office building in Irvine, for $40.6M. CBRE negotiated the sale of the building to TP-Link Systems, which will occupy the building. The sale price translates to $258 per SF.
CBRE Investment Properties' Anthony DeLorenzo, Sammy Cemo, Bryan Johnson, Matt Didier, Jennifer Whittington and David Dowd represented the seller. CBRE’s Eric Purmort represented the buyer.
LEASES
Satellite-maker Aerospacelab leased almost 35K SF in Torrance for a combination manufacturing facility and U.S. headquarters. The new HQ is at 20000 S. Vermont Ave. in Torrance, a building owned by an LLC called Park and Lauren. JLL’s Caroline Bethel, Kamil Agha and Gary Horwitz represented Aerospacelab. The landlord was represented by James Kong and Kevin Kim of Coldwell Banker Commercial.
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Womenswear company L’Agence has signed a long-term lease with Jamison to occupy 21K SF at the Harbor Building at 4201 Wilshire Blvd. west of Koreatown. The six-story building was built in 1956 for J. Paul Getty’s Tidewater Oil Co. L’Agence will occupy half of the fifth floor.
L’Agence is carried by 300 major retailers across the country, including Bergdorf Goodman, Neiman Marcus, Bloomingdale's, Nordstrom and Saks Fifth Avenue.
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Hollywood Park is adding nearly 22K SF of new leases from three tenants slated to open at the SoFi Stadium-adjacent mixed-use property in the coming months. Mexican restaurant Martin’s Cocina y Cantina will take about 3,600 SF, restaurant and bar The Meeting Spot will open in approximately 2,800 SF, and Phenix Salon Suites will occupy just over 15,500 SF when it opens in spring 2025, Commercial Observer reported.
CONSTRUCTION AND DEVELOPMENT
The Techbilt Cos. has broken ground on Evolve, a 68K SF, three-building industrial campus in Carlsbad. The Class-A campus is situated in a 600-acre master-planned development surrounded by more than 350 acres of open space in Carlsbad. Cushman & Wakefield’s Conor Boyle and Tyler Stemley are working with the Cuthbert industrial team at Colliers to lead leasing efforts for the project.
THIS AND THAT
The Department of the Interior is awarding the city of Los Angeles $11M to support the development of Jordan Downs Central Park. The money was secured following efforts from the Housing Authority of the City Los Angeles in partnership with the office of Mayor Karen Bass.
The funding will go toward improvements including a meadow that will double as a soccer field, two basketball courts, walking paths, lighting, seating, native landscaping and a community pool.
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TailoredSpace has opened its ninth coworking site, in the city of Laguna Niguel. The new TailoredSpace site at 23807 Aliso Creek Road in the Laguna Design Center occupies the entire first floor, totaling roughly 12K SF, at the corner of Aliso Creek Road and Alicia Parkway. The coworking space features 41 fully furnished private offices and suites, phone rooms and conference rooms.
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Sentral has been named the management company for Ten310, a 94-unit apartment complex, by a California Landmark Group affiliate. The property in Century City will offer hospitality-like amenities, including a speakeasy, a rooftop pool, valet parking and daily breakfast for residents.
