This Week's LA Deal Sheet

A retail building at 1327-1337 Abbot Kinney Blvd. in Venice sold for the first time in over 50 years for $29.3M. 

Tenants of the one-story brick building include coffee shop Intelligentsia, shoe company Allbirds and apparel retailer Christy Dawn. The building had been owned by Perloff/Webster since 1969. The seller was not disclosed and public records do not yet reflect the sale. 

The listing agents were Douglas Elliman’s Peter H. Hernandez and Jason Froehlich with Michael H. Hernandez and Steven Canchola of Real Investments.

PEOPLE

AO has promoted William Perkins to principal. Perkins has been with AO since 1999 and has led teams in commercial, retail and mixed-use projects.  

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Tangram Interiors has promoted Lora Apodaca to director of business development. Apodaca has been with Tangram since 2017 as an executive assistant. She transitioned to the business development team in 2021. In her new role, Apodaca will continue to grow relationships and position Tangram as a partner in workplace projects. 

SALES

Newmark facilitated the $10.3M sale of 1810 Pacific Coast Highway, a one-acre redevelopment site in Huntington Beach. 

Newmark co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Paul Jones, Senior Managing Directors Chris Benton and Brandon White, Managing Director Anthony Muhlstein and Senior Financial Analyst Gabe Munson represented the seller, California Resources Corp. The buyer, WJK Development, plans to develop the site with high-end single-family homes.

FINANCING

Gantry secured a $28M permanent loan to refinance the Torrance Memorial Lundquist-Lurie Cardiovascular Center at 2841 Lomita Blvd. in Torrance. The three-story, 65K SF medical office building is 100% leased by physicians and technicians working with the Torrance Memorial Medical Center, a Cedars Sinai-affiliated hospital.

Gantry principals George Mitsanas and Braden Turnbull and Associate Alicia Sabanero secured the financing on behalf of the borrower, a private real estate company. The 10-year permanent loan was placed with one of Gantry’s correspondent insurance company lenders at a fixed rate with a 30-year amortization.

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 JLL  Capital Markets locked in acquisition financing for Cobalt Apartments, a 135-unit apartment complex with nearly 15K SF of ground-floor retail in Culver City. The property sits on roughly an acre along Washington Blvd, across the street from Sony Pictures Studios. JLL represented the buyer, Helio Group, in securing a $40M loan from a regional bank. The JLL Capital Markets team was led by Senior Managing Director Jeff Sause, Director Chad Morgan and Analyst Jacob Michael.

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The Allesandro Apartments, a 43-unit multifamily project planned at 1667 Allesandro St. in Echo Park, will move forward under a joint venture equity partnership arranged by JLL Capital Markets. JLL represented the sponsor, A.J. Khair Construction Inc., to arrange the partnership.

The project will consist of large one- and two-bedroom units, averaging 928 SF. Completion is anticipated in 2026.

The JLL Capital Markets Equity Advisory team was led by Senior Managing Director Jeff Sause, Director Chad Morgan and analyst Jalynn Borders.

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PSRS’s Mike Thorp and Ari Zeen arranged the $13.3M refinance of a retail plaza located in Wilmington. Located along Pacific Coast Highway just east of the 101 freeway, Wilmington Plaza is 64K SF of retail space and is anchored by a Northgate Gonzalez Market. Tenants including a CVS Pharmacy and Chase Bank. Financed with one of its correspondent life insurance companies, PSRS provided the borrower a nonrecourse loan with a five-year term and a 30-year amortization.