This Week's LA Deal Sheet

CBRE arranged the sale of a 2.9-acre development site consisting of several parcels in Arcadia. CBRE’s Dean Zander and Stewart Weston and Walker & Dunlop’s John Montakab facilitated the sale on behalf of the buyer, a joint venture between Trammell Crow Residential and Arcadia-based Positive Investments. 

The sale price wasn't disclosed, but public records indicate the sale, completed in March, was for $19.5M. 

The land is adjacent to the Arcadia A Line light rail station and sits between Santa Anita Avenue, Santa Clara Street and Wheeler Avenue. Existing improvements on the site include parking lots, an eight-story office building and a single-story bank building. TCR is planning a 319-unit multifamily development on 2.2 acres nearby.

PEOPLE

Newmark hired Andrew Jennison as vice chairman and Daniel Pickart as senior managing director. The team is based in the Century City office and will focus on private investment advisory in the $10M to $100M range, work on strategic agency leasing and tenant assignments, and grow Newmark’s private capital markets platform.

Jennison has completed roughly $10B in transactions in his nearly 25-year career in leasing and capital markets sales. Pickart has executed more than $2B in transaction volume in his 12-year industry career. Jennison and Pickart both come to Newmark from Industry Partners. 

SALES

CBRE’s Michael Peterson, Camille Doan, Reg Kobzi, Joel Wilson, Hunter Rowe and Matt Carlson arranged the $6.3M sale of 8375 Hercules St., a freestanding commercial building in La Mesa, near San Diego. The team represented the seller, 8375 Hercules LLC.

The sale of the 14K SF building, formerly a Lamps Plus, works out to $450 per SF. The structure sits on approximately 1.3 acres at the end of a cul-de-sac with its own 52-space parking lot.

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CBRE has arranged the $7.8M sale of a 20K SF retail center, Main Street Village, at 135, 175 and 265 E. Ontario Ave. in Corona. CBRE’s Alan Krueger and Vanessa Haddad represented the all-cash, nontrade buyer, Pacific Petroleum, as well as the seller, LJZ Corona LLC. 

LEASES

LA-based bakery and market Farmshop leased 15K SF for a new wholesale bakery at Atlas Capital’s Row DTLA and a 5K SF office spec suite. Farmshop has locations in Santa Monica’s Brentwood Country Mart and Larkspur in the Bay Area. 

FINANCING

Northmarq Senior Vice President and Managing Director Zalmi Klyne of the Los Angeles debt and equity team secured the $50.8M refinance of a 10-property portfolio in Los Angeles overseen by Houston-based Panot Capital. The financing came from IDB Bank, Commercial Observer reported. 

The buildings were built in the 1920s, and the portfolio consists of 482 units. Northmarq arranged the financing, which was structured on a seven-year term with four years of interest-only payments at a rate of 5.94%. 

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Calmwater Capital provided Irvine-based West Hive Capital with $12.3M in short-term, first-mortgage debt for the off-market acquisition and renovation of a 44K SF neighborhood retail property in Rancho Palos Verdes. 

The three-year, interest-only, nonrecourse financing was secured by Western Plaza, a shopping center at 29105-29229 S. Western Ave., at the intersection of Western and West Capitol Drive. Part of the loan proceeds will fund a renovation of the 1950s-built property, which had been owned by the seller for six decades. 

THIS AND THAT 

Cityview completed Belle on Bev, a 243-unit mixed-use project in Historic Filipinotown. The complex offers a mix of studio, one- and two-bedroom floor plans and is leasing now. Cityview partnered with AC Martin, WPIC Construction and Nadia Geller Designs for Belle on Bev.