This Week's LA Deal Sheet
LA-based JRK Property Holdings purchased the 179-room Ace Hotel & Swim Club Palm Springs from an affiliate of GFI Capital for an undisclosed price. Property records don't yet reflect the sale.
The hotel was part of a mid-2010s, Coachella-fueled revival of Palm Springs as a destination for hip young people.
JRK acquired the resort through its $350M hospitality fund. After closing on this property, JRK still has more than 80% of its hospitality fund uninvested and plans to deploy the rest by the end of 2023.
PEOPLE
Cain International has hired Ada Chan as senior vice president. Chan was senior vice president in Bank of America’s commercial real estate banking group for nine years. Chan will be based in the company’s Los Angeles office and will oversee capital markets initiatives, including delivery of One Beverly Hills, which is expected to begin major construction next year.
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Hudson Pacific Properties promoted Executive Vice President for California Office Operations Drew Gordon to chief investment officer, as well as Executive Vice President for Pacific Northwest/Canada Office Operations Andy Wattula to chief operating officer. As CIO, Gordon will direct acquisitions and dispositions for Hudson Pacific. Gordon has been with Hudson Pacific since 2011. In his new role as COO, Wattula will oversee operations for the company’s entire office portfolio. Wattula joined Hudson Pacific in 2017.
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Walker & Dunlop Inc. hired Casey Merrill as managing director – West Coast region lead for its Apprise platform. Merrill played in the NFL for eight seasons before getting into commercial real estate. Before moving over to Walker & Dunlop, Merrill worked as executive managing director of the Southwest region for Colliers International Valuation & Advisory Services, where he was responsible for valuations and consulting services.
FINANCING
Marcus & Millichap Capital Corp. arranged an $8.2M loan for the refinancing of a 68-unit, three-story, 21K SF multifamily property at 1500 West Eighth St. in Los Angeles. The financing was secured on behalf of the client by Bradley Buzil, first vice president of the MMCC West Los Angeles office. The two-year, 5.5% interest fixed loan features a 75% loan-to-value ratio.
SALES
San Diego’s largest power retail center, The Shops at Palm Promenade, has sold in two separate transactions to two separate buyers for a total of roughly $41.6M. The approximately 72K SF center sits at 756-804 Dennery Road in San Diego. Colliers’ Orange County-based national retail capital markets team of El Warner, Caitlin Zirpolo, Charley Simpson, Jordan Gomez and Alyssa Mera represented the sellers, Citivest and Hutensky Capital Partners, in both transactions.
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Nuveen Real Estate bought a 337K SF Class-A industrial distribution complex in La Mirada. The two-building property sits on about 14 acres and is fully leased to three tenants. Jeff Chiate, Jeff Cole, Rick Ellison, Mike Adey, Brad Brandenburg and Matt Leupold of Cushman & Wakefield’s national industrial advisory group represented the undisclosed seller. The firm’s Randy Ellison also provided local market advisory. The price wasn't disclosed and isn't yet reflected in public records.
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Universe Holdings has purchased Hacienda Villas, a 34-unit townhome-style complex in Ventura, for $12.5M. It is Universe’s second acquisition in Ventura in the past five months and brings its unit count in the city to 500. Hacienda Villas was built in 1977 and features two- and three-bedroom apartments. Universe will complete a program started by the undisclosed seller that renovated unit interiors, as well as making upgrades to the building’s exterior and common areas. NorthMarq represented the seller in the transaction.
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360 Executive Suites SCV purchased an approximately 23K SF office property at 25101 The Old Road in Santa Clarita for $7.1M. The facility holds 90 private offices. Spectrum Commercial Real Estate Senior Vice President Matt Sreden represented the buyer.
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Agora Realty & Management bought a 75K SF medical office building, the Tarzana Medical Plaza, for $30M in an off-market deal. The three-story building at 5525 Etiwanda Ave. in Tarzana is 90% occupied by tenants like Providence Healthcare Systems, Cedars-Sinai Medical Care and Unilab Corp.
