This Week's LA Deal Sheet: $32M Financing For Inland Empire Industrial Acquisitions
JLL locked in $32M in acquisition financing for McGee Business Center I and II, a fully leased, 231K SF industrial portfolio in Chino and Pomona.
JLL worked on behalf of Proficiency Capital LLC, the borrower, to secure the three-year, floating-rate loan through an undisclosed bank. Further terms of the financing weren't disclosed.
Business Center I at 2300 S. Reservoir St. in Pomona has four buildings spanning 130K SF. The Chino business center at 12301-12395 Mills Ave. consists of 102K SF across five buildings.
The JLL Capital Markets team was led by Peter Thompson, Kyle White and Nick Englhard.
PEOPLE
Newmark hired Vincent Punzi and Lowell Takahashi as executive managing directors in Orange County with a focus on structured finance and debt placement for multifamily properties. Punzi and Takahashi were previously at Berkadia, where Punzi served as senior director of originations and Takahashi as vice president of originations since 2019.
SALES
Marquee, a 236-unit garden-style apartment complex at 12300 Sherman Way in North Hollywood, sold in an off-market transaction. Berkadia Senior Managing Director Adrienne Barr and Director of Transaction Services Nancy Badzey of Berkadia Los Angeles led the transaction. The deal closed Nov. 26.
Berkadia's Tim Leonhard and Jeremy Kanter secured $32.9M in acquisition financing on behalf of the buyer, Los Angeles-based Post Investment Group and Walker & Dunlop Investment Partners.
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CBRE completed the sale of 212 S. Cedros Ave., a roughly 17K SF retail center in Solana Beach, for just under $15M.
CBRE’s Reg Kobzi, Joel Wilson, Michael Peterson, Dave Hagglund and Robert Gunness represented the seller, real estate investment firm Brixton Capital. The buyer is an undisclosed private real estate investment group.
CONSTRUCTION AND DEVELOPMENT
For-rent production facility Sylmar Studios is expected to be complete in January 2025. The 300K SF Sylmar space holds six soundstages and includes its own on-site set lighting and grip department, which opened its rental services earlier this year.
The facility includes 100K SF of office space with stage-adjacent production support, 600 covered parking spaces and event space.
THIS AND THAT
Members of the Los Angeles City Council's Planning and Land Use Management Committee voted unanimously to recommend approval of the Television City Project, which will preserve the community landmark as a studio, provide production facilities and ensure it remains a studio for decades to come. The plan still requires the approval of the full council.
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The city council this week also finalized the Downtown Community Plan update, known as DTLA 2040. The updated plan will guide new development in Downtown LA until 2040 and serve as a model for equitable development for future community plans all across the city.
