This Week's LA Deal Sheet
Condé Nast moved its Los Angeles office from Miracle Mile into Row DTLA, next door to the Arts District.
JLL announced the deal but declined to provide the lease's square footage. Commercial Observer reported the lease is about 25K SF. JLL’s Jaclyn Ward, Cassie Trosclair and Sarah Hancock are overseeing office leasing at Row DTLA. Brian Niehaus and Lalo Diaz of JLL represented Condé Nast in the transaction.
Earlier this month, law firm Umhofer, Mitchell & King LLP signed a 4,500 SF lease at the mixed-use campus.
PEOPLE
JLL Capital Markets announced Friday that Senior Managing Director Patrick Nally will relocate from the Southeast region to boost the firm’s industrial investment sales and advisory practice in Southern California, with a primary focus on the Inland Empire and Los Angeles markets. Nally will be located in the firm’s Los Angeles office. He has more than 13 years of experience in finance and commercial real estate
***
Colliers hired Ian M. Gilbert as an executive vice president in its greater Los Angeles office. Gilbert was previously at Brookfield, where he served as director of leasing in the U.S. office division. He specializes in agency leasing and tenant representation and has leased over 9M SF of Class-A office property over six years.
SALES
AMDA College of the Performing Arts has sold its home in Hollywood in a sale-leaseback deal for $23M. AMDA signed an 18-year lease for the five-story, 40K SF building at 1777 Vine St. Avison Young principal and Managing Director Chris Bonbright and Vice President Chase Gordon from the firm’s Los Angeles North office represented AMDA. The buyer, J&L Realty Partners, was represented by Craig White of Sotheby’s International Realty.
***
Lee & Associates LA North/Ventura sold developable land that will be used for a 200-unit affordable multifamily housing project at 150 Casey Road in Moorpark to affordable housing developer Danco. On completion, the complex, which will be called Vendra Gardens, is valued at an estimated $146M. Lee & Associates associate Matt Benwitt and J.C. Martin facilitated the sale on behalf of the buyer.
***
Marcus & Millichap’s Rick Raymundo listed and sold 13440 Victory Blvd., a 13-unit multifamily property in Van Nuys. At the time of closing, five units were vacant and in various stages of renovation. With a sale price of $3M, the building sold for $230K per unit.
***
The Garfield Building at 403 West Eighth St. in Downtown has sold for $19M to an undisclosed Bay Area investor planning to convert it into a boutique hotel. CBRE’s Phillip Sample, Chris Caras, Michael Shustak and Andrew Turf represented the seller, a private investor that owned the building for more than 30 years
***
Hanley Investment Group Real Estate Advisors arranged the sale of a new-construction, single-tenant property leased to Fast5Xpress Car Wash in Ontario, near the Ontario Mills Mall. The sale price was $3.5M for a new 35-year absolute triple-net ground lease to an all-cash, 1031 exchange buyer. Hanley Investment Group Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller and developer, Evergreen Development.
LEASES
CBRE arranged an 11K SF office lease for P3 Post at 2921 West Alameda Ave. The post-production company will relocate operations into its new location May 1. CBRE’s Derek Newton represented the tenant in the lease.
CONSTRUCTION AND DEVELOPMENT
Cornerstone Housing for Adults with Disabilities broke ground on a 64-unit trailblazing housing model for neurodiverse adults in the Pico-Robertson neighborhood. Called the Bhatia Family Village, the housing complex will be a nexus for residents, neighbors and businesses, as well as a new model for housing that empowers residents with developmental disabilities to live independently and contribute to their communities.
FINANCING
Concord Summit Capital arranged $32.6M of total construction financing for ShoreHouse, a mixed-use condo development on Main Street in Huntington Beach. Concord Summit sourced a $19.6M senior construction loan and $13M in C-PACE financing. The developer is Newport Beach-based C3 Development.
THIS AND THAT
Redcar Fund Management has closed on Redcar Fund II with $418M in equity commitments. Fund II includes a “co-investment sidecar” that will help capitalize Redcar’s expansion into Austin, Texas. Fund II owns a portfolio of 12 assets across Los Angeles and in Austin’s St. Elmo and South Austin neighborhoods.
