This Week's LA Deal Sheet
L.A. Live is getting a Lazy Dog Restaurant & Bar in the space previously occupied by Wolfgang Puck’s restaurant at the property. The 8K SF eatery will feature a 1.4K SF patio. The new restaurant will open this fall.
It’s the latest vote of confidence for the entertainment, retail and hospitality complex. L.A. Live’s Regal Cinemas was spared in a wave of closures affecting Regal’s parent company Cineworld. Regal entered into a new long-term rental agreement for its space this month, though the exact duration of the lease was not disclosed.
SALES
DAUM Commercial Real Estate Services directed the sale of a roughly 16-acre land parcel located in Moreno Valley. DAUM Commercial Vice Presidents Chris Jaramillo and Darrell Hale represented the private owner and investor, NALA Properties, in the $9.1M sale.
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Hanley Investment Group Real Estate Advisors arranged the pre-sales of two new properties leased by 7-Eleven in Indio and Perris to two different buyers. The two sales, both achieved through 1031 exchanges, represent a combined $10.2M. Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the Newport Beach sellers, TSC Perris and TSC Indio Golf Center.
The sale price of the single-tenant 7-Eleven in Perris was $5M, or just under $1.7K per SF. The buyer was a private investor based in Los Angeles and represented by Dayanim Real Estate Corp.’s Pooya Dayanim. The sale price for the Indio property was $5.2M, or just under $1.5K per SF. The buyer was a private investor from San Bernardino County represented by Lee & Associates Riverside’s Rick Lazar.
LEASES
Law firm Lewitt Hackman renewed its 23K SF lease at 16633 Ventura Blvd. in Encino. Lewitt Hackman’s renewal was for its full existing footprint, as its office has 70% to 80% of workers attending daily, according to a press release. JLL’s Bryan Lewitt and Chris Isola represented Lewitt Hackman in the lease. The landlord, Ventura-Petit East LLC, represented itself.
THIS AND THAT
Gucci has opened a new store at the Americana at Brand in Glendale. The 6K SF store is a showroom for a wide collection of men’s and women’s shoes, handbags, luggage, small leather goods, jewelry, watches and eyewear.
FINANCING
Champion Real Estate Co. refinanced a 55-unit, 139-bed student housing property called Victory on Portland for approximately $16M. The property at 2353 Portland St. in Los Angeles is close to the University of Southern California. The company secured the long-term, fixed-rate financing through Wintrust Bank.
CONSTRUCTION AND DEVELOPMENT
Patrinely Group and partner Dune Real Estate Partners broke ground on a 544K SF speculative industrial project in Menifee. The project is three Class-A buildings near I-215 and Scott Road. The property is the only remaining industrial development site in Menifee’s Southern Gateway that has been approved for pure industrial use. KBC Advisors’ Ryan Bos and Colin MacMillan and Lee Associates’ Scott Stewart and Gordon Mize will handle leasing.
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The Weingart Center has opened a new permanent supportive housing project, 11010 SMB. The architect on the project was Perkins&Will and the general contractor was Swinerton. The five-story, 51-unit project was designed as a housing solution for unsheltered seniors and veterans living in Los Angeles and was rapidly configured using an off-site prefabrication manufacturer and modular construction methods orchestrated by Perkins&Will and Swinerton.
