This Week's LA Deal Sheet: CIM Buys La Brea Storefronts

CIM Group acquired District La Brea, 82K SF of retail storefronts and commercial space along La Brea Avenue between First and Second streets.  

Tenants at the storefronts on the Fairfax/Hancock Park border include Arc’Teryx, Stone Island, Undefeated, Market, Sycamore Kitchen, Burrow, Aether Apparel and Sugarfish by Sushi Nozawa. The storefronts were branded as District La Brea beginning in 2013, and the acquisition includes 171 parking spots, including a three-story parking structure. 

The acquisition was made through CIM Real Assets & Credit Fund. Terms of the acquisition were not disclosed. 

SALES

Stockdale Capital Partners acquired The Oaks, a regional shopping center in Thousand Oaks. A sale price was not disclosed but The Real Deal previously reported the property sold for $157M. Stockdale acquired The Oaks with financing provided by Marathon Asset Management.

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Beta Agency completed a purchase on behalf of The Gorowitz Family of a creative office building at 1600 Franklin Ave. in El Segundo’s Smoky Hollow district. The purchase price was $9.2M.

Beta Agency’s Alex Kogan and Richard Rizika represented the buyer, The Gorowitz Family Trust. The seller was represented by CBRE’s Bob Healey, John Lane and Richard Melbye.

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CBRE arranged the $16M sale of a nearly 48K SF outpatient medical office building in Burbank to an undisclosed private investor. CBRE Investment Properties' Mark Shaffer, Gerard Poutier, Dylan Rutigliano, Anthony DeLorenzo and Chris Bodnar represented a private seller in the transaction. The eight-story property at 500 East Olive Ave. was 90% occupied by 33 tenants at the time of the sale. Each tenant occupied an average of 1,500 SF.  

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Festival Cos. purchased 1260 Hayworth Ave., a 40-unit apartment property located in West Hollywood. The property sold for $10.1M, or $252K per unit and $397 per SF.

Newmark arranged the off-market sale. Newmark Senior Managing Director Chris Benton, Managing Director Anthony Muhlstein, Senior Analyst Gabe Munson and co-Head of U.S. Capital Markets Kevin Shannon represented the buyer.

LEASES

The Klabin Co./CORFAC International negotiated a multiyear lease renewal for Virco Manufacturing at a 559K SF warehouse in Torrance owned by Prologis where it had an existing lease. 

The renewal at 2027 Harpers Way is the first lease renewal for The Klabin Co. that involves the installation of solar panels for a client’s energy consumption. Virco is a manufacturer and supplier of furniture and equipment for K-12 schools. 

FINANCING

Priority Capital Advisory secured $18M in senior debt financing for the construction of 17188 Chatsworth St., a 69-unit affordable multifamily community in Granada Hills. The project received streamlined approval from Los Angeles Mayor Karen Bass’ ED-1 initiative. The financing sponsor is a joint venture between KH Equities and BMI Developments. Priority Capital Advisory’s founder and President, Zachary Streit, arranged the financing on behalf of the JV.

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 JLL Capital Markets secured $4M in acquisition financing for El Jugador, a 15-unit apartment complex at 221 S. Nevada St. in Oceanside. JLL worked on behalf of the borrower, Orka Holdings, arranging a short-term, floating-rate loan to be used toward the purchase price and the renovation work on the property. El Jugador is Orka’s sixth San Diego investment in 2024.