This Week's LA Deal Sheet

Daum Commercial Real Estate Services completed the lease of a roughly 182K SF corporate office and distribution property in City of Industry. 

The property at 17708 Rowland St. was leased for a total consideration of over $25M, according to Daum Commercial Executive Vice President and principal Dennis Sandoval.

Sandoval and Daum Commercial Associate Vice President Kurt Yacko represented the tenant, Action Sales, which signed a 64-month lease with an option to extend. Action Sales, a food services and equipment supply company, will use the property as its corporate headquarters and a distribution hub. 

The landlord was represented by JLL’s Mike Fowler. The facility was a former distribution site for online technology retailer NewEgg.

PEOPLE

JLL’s value and risk advisory platform hired Jessica White as a director in its Los Angeles office. White will focus on hotel value and risk advisory assignments. With more than 10 years of experience in valuation, White most recently served as a senior director with Cushman & Wakefield. Prior to that, White was a vice president at HVS, where she ranked as a top producer in the California practice for five consecutive years.

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Newmark hired Connor Reeves as senior managing director. Reeves will be based in the El Segundo office. Reeves has a long track record in tenant representation, facilitating industrial transactions across the U.S. Previously, Reeves served as a vice president for Colliers.

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Irvine-based Highpointe Communities hired Patrick Sinderhoff as senior land acquisition manager. Sinderhoff will focus on sourcing land opportunities, financial modeling and contract negotiations for new residential investments throughout Southern California and central Texas. Before Highpointe Communities, Sinderhoff worked with public homebuilders KB Home and K. Hovnanian.

SALES

Avison Young completed the $25M sale of a 122K SF office and flex building at 222 East Huntington Drive in Monrovia. The property sale marks two transaction records for the city of Monrovia. It is both the largest office building ever sold there and the highest price paid for an office asset in the city, according to CoStar data. Avison Young principal Andrew Berk, based in the firm’s north Los Angeles office, represented the seller, Positive Investments. The undisclosed buyer will occupy a portion of the asset.

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Daum Commercial Real Estate Services completed the $16M sale of an approximately 44K SF warehouse in Compton. Daum Commercial Executive Vice President and principal Anthony Bergeman represented the buyer, a private investor. The seller was represented by Colliers’ Jeff Smart and Elizabeth Capati. 

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Cushman & Wakefield advised seller Murphy Development Co. in completing the disposition of the Brown Field Tech Park I and II industrial portfolio, totaling nearly 433K SF in San Diego’s Otay Mesa. The four-building portfolio was acquired in two separate transactions over the course of a year by an undisclosed buyer described as “one of the largest privately held real estate investors and managers in the world.” Closings took place in October 2023 and June 2022. The buyer acquired the portfolio as a long-term investment hold. Sales prices weren't disclosed.

Jeff Chiate, Bryce Aberg, Jeff Cole, Mike Adey and Zach Harman of Cushman & Wakefield’s national industrial advisory group in Southern California represented the seller in both transactions. The firm’s Brant Aberg, with JLL’s Andy Irwin and Joe Anderson, provided leasing advisory in the sales. C&W’s Brant Aberg was also retained by the buyer to handle leasing for both properties.

LEASES

NAI Capital Commercial Executive Vice Presidents John S. Archibald and Guillermo Olaiz, along with senior associate Stephen Lam, represented the landlord in the 20K SF lease of a manufacturing facility in Azusa. The property at 968 West Foothill Blvd. was built in 2000 and is a freestanding, single-tenant concrete tilt-up facility. The tenant and terms of the lease weren't disclosed. 

FINANCING

Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Newport Beach debt and equity office arranged the combined $142M cash-out refinancing of two California multifamily properties, Santa Ana’s Villa Del Sol and Yorba Linda Pines in Yorba Linda.

Villa Del Sol, at 811 South Fairview St., has 562 units. Yorba Linda Pines, at 18700 Yorba Linda Blvd., holds 142 units. The owner of both is Advanced Real Estate Services.

The transaction was structured on a 10-year, interest-only term. Northmarq secured the permanent fixed-rate loan for Advanced Real Estate through its Optigo status as a Freddie Mac lender, according to Northmarq. 

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IDS Real Estate Group secured a four-year, floating-rate loan from PGIM Real Estate’s traditional bridge lending-focused debt fund. JLL Capital Markets, which arranged the $84M post-close acquisition loan, announced the financing. The loan was for the Azusa Industrial Center, a three-building, approximately 433K SF industrial park in Azusa. 

The PGIM Real Estate team was led by Vice President Jace Bertges. The JLL Capital Markets team was led by Managing Director Matt Stewart, associate Ace Sudah and analyst Daniel Skerrett.

IDS bought the Azusa Industrial Center over the summer, paying $126M. Cushman & Wakefield’s Jeffrey Cole, Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg, Matt Leupold and Bryce Aberg represented the seller.  

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JLL Capital Markets announced it arranged $32.9M in financing for 300 East Arrow Highway, a 165K SF single-tenant industrial building in San Dimas. JLL worked on behalf of the borrower, CapRock Partners, to secure the nonrecourse loan. The property is fully leased to Western Pacific Storage Solutions, an industrial storage solutions engineering and manufacturing firm, which has occupied the space for its manufacturing operations since 2001.

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BWE secured $32.6M for its client, an undisclosed regional private investment firm, for the first-mortgage financing for First Street Village, a six-story mixed-use development in downtown Burbank. First Street Village has 94 residential units and 6,100 SF of 100% pre-leased commercial space. A BWE team led by Senior Vice Presidents Steve Perricone and Tom Mazlo originated the loan from a correspondent life company.

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Marcus & Millichap Capital Corp. arranged $21.8M in financing for the purchase of Kaleidoscope Center, a Mission Viejo shopping mall with office space at 27741 Crown Valley Parkway. Rick Judge, senior vice president of capital markets in MMCC’s Newport Beach office, secured the financing. Tenants at the mall include LA Fitness, Edwards Theatres, Mariners Church, the Department of Motor Vehicles and Buffalo Wild Wings.