This Week's LA Deal Sheet
A joint venture between CEDARst Companies and Quartz Lake Capital is planning its second multifamily development in San Diego – Flats Bancroft. The JV acquired a .74-acre site at 3760-3794 Bancroft St. in San Diego’s North Park neighborhood and plans to develop a $103M, 218-unit apartment complex.
The JV had previously announced plans for Flats Hillcrest, a $145M, 301-unit project in San Diego’s Hillcrest neighborhood.
PEOPLE
Longfellow Real Estate Partners promoted Peter Fritz to regional managing director in San Diego.
In his new role, Fritz will work with the Longfellow leadership team to set and execute growth and operations strategy for the region, serve as the regional office leader and expand relationships with local industry partners, local government and community stakeholders.
Fritz was promoted from his role as senior director of development, where he oversaw Longfellow’s ground-up development projects, collaborating with teams across the portfolio.
SALES
CenterPoint Properties acquired a four-building portfolio in the South Bay. The portfolio acquisition increases CenterPoint’s portfolio in the submarket to 30 assets and two active development projects. The firm’s regional leaders say they are committed to investing more capital in the submarket, according to a release from CBRE, which brokered the transaction.
The four facilities are in Compton, at 1111 W. Artesia Blvd., 711 W. Walnut St., 1620 S. Wilmington Ave. and 425 Carob St. Together, they total nearly 547K SF. CBRE National Partners’ Darla Longo, Michael Longo, Joe Cesta, Eric Cox and Barbara Perrier brokered the transaction.
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JLL Capital Markets facilitated a transaction collateralized by a mixed-use, retail-medical property in Yorba Linda. The underlying property is 65% occupied and includes nearly 82K SF of medical space and 64K SF of retail space.
Tenants include Chili’s, Jersey Mike’s, Handel’s, Lone Wolf Brewing, Caduceus and the UPS Store. The property also has a roughly 19K SF vacant anchor box. In addition, the property features a multilevel underground parking garage alongside its surface-level parking area with 390 spots and 286 garage stalls. The JLL Capital Markets Investment Sales Advisory team was led by Senior Director Daniel Tyner, Managing Directors Gleb Lvovich and Geoff Tranchina, and Director Conor Quinn.
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CBRE and Carolwood Estates brokered the sale of Utama Royale, a luxury, 18-unit multifamily building located at 10351 Wilshire Blvd. between Beverly Hills and Westwood. The property was acquired by an LLC controlled by Sean Daneshgar for $28M. CBRE Executive Vice President Laurie Lustig-Bower and First Vice President Kamran Paydar, along with Carolwood Estates’ Estates Director Barbara Duskin, represented the seller, Devonshire Delaware, Inc.
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Newmark arranged the sale for an undisclosed amount of 5995 Sepulveda, a vacant 27K SF office building in Culver City.
Newmark co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll, and Executive Managing Directors Steve Kolsky and Greg Frankovich represented the undisclosed seller in the sale to a private investor, who purchased the asset for occupancy.
5995 Sepulveda is a newly renovated, best-in-class creative office project with custom interiors, a column-free layout and unique 12K SF floor plates. The property features an outdoor seating area and 24/7 onsite security and access control.
FINANCING
BWE secured $66M in acquisition financing for The South Coast Collection in Costa Mesa. BWE Executive Vice President Daniel Rosenberg and Senior Analyst Logan Petersmeyer originated the five-year, fixed-rate, interest-only loan from an institutional bank lender on behalf of the borrower, Continental Realty Corp. The retail center, also called SOCO, measures approximately 292K SF and is nearly 100% leased.
