This Week's LA Deal Sheet
BWE secured $224.5M in financing for a six-property, 1,192-unit multifamily portfolio in Orange County. Five properties in the portfolio were refinanced to secure equity to acquire the sixth property, the Regency Palms in Huntington Beach.
Senior Vice Presidents Jason Krupoff and Doug Taylor in BWE’s Irvine office originated the loans on behalf of the sponsor, a repeat client of BWE and a long-term investor-operator of Orange County multifamily properties.
Three of the properties, totaling $90.7M, were financed by one of BWE’s correspondent life companies. The other three, including the acquisition loan, totaled $134M and were financed through Fannie Mae. The six individual loans were nonrecourse, permanent transactions with fixed rates.
SALES
Daum Commercial Real Estate Services sold a 40K SF industrial property at 2640 E. 26th St. in Vernon to Privy. The apparel wholesaler will use the property for its expanded headquarters.
The building sold for $13.75M. Anthony Bergeman, Michael Chase and Krishna Shegran of Daum Commercial’s capital markets office in Costa Mesa represented the seller, a private investment company. Moon Lim and Ryan Judd of Daum’s Los Angeles office participated in the transaction as well. Privy was represented by Steve Kim of One Commercial.
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Kidder Mathews Senior Vice President Kelly Betpolice represented a private investor in acquiring two large multitenant industrial parks in the San Fernando Valley. The client purchased the properties for $30M from real estate investment firm Palatine Capital Partners: 820 Thompson Ave. in Glendale, a 46K SF building on 2 acres, and 7764-7766 San Fernando Road in Sun Valley, a 98K SF building on 2.8 acres. Both industrial parks are 100% occupied, with some rents below market rate.
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36th Street Partners acquired an approximately 17K SF multitenant industrial property in Ontario for $3.5M. The property at 1804-1828 E. Elma Court has 13 units and is 100% leased.
36th Street’s equity partner on the deal is JW Capital, a Los Angeles-based family office. Brian Tressen of Martin Associates represented 36th Street Partners. The seller, a private owner, was represented by Tony Guglielmo of Allied Commercial Real Estate.
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The Greater Los Angeles Vector Control District purchased a Pacoima industrial property at the end of 2023 for nearly $13M.
The 38K SF property at 10643 Glenoaks Blvd. features 13K SF of office space and has high-power capabilities, which the control district needs.
The buyer’s status as a government entity, which is exempt from Measure ULA, saved the seller $778K, according to a release from Lee & Associates.
Lee & Associates LA North/Ventura principal Chris McKenzie represented the district in the transaction. The seller was Glenoaks Partners LLC.
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CBRE Investment Properties’ Matt Pourcho, Anthony DeLorenzo, Matt Harris and Bryan Johnson negotiated the sale of the Tower Office Plaza in Temecula for $13.8M to Level Asset Capital.
The Class-A office building at 27555 Ynez Road is 94% leased. It sits within Tower Plaza, a remodeled grocery-anchored retail center.
CBRE represented the seller, Providence Real Estate Group. Hugo Cosio of Level Asset Capital represented the company.
