This Week's LA Deal Sheet
Koto Estates Co., a Japanese investor, purchased The Highlands, a 121-unit apartment complex at 25935 Rolling Hills Road in Torrance, for $71.5M. The seller was Ocean Ten LLC.
The sale price works out to $590K per unit.
Ocean Ten completed a $16.5M renovation on the property that added high-end finishes, vaulted ceilings in top-floor units, laundry machines, air conditioning in all units, and amenities. The renovations also included the addition of 14 accessory dwelling units.
PEOPLE
Stephan Ktorza returned to Kidder Mathews as senior vice president in downtown Los Angeles. Ktorza was senior vice president at Kidder Mathews from 2017 to 2022. He left to open E&R Property Group, which oversaw real estate nationally for Kids Empire, a children’s entertainment chain. In this role, Ktorza oversaw the expansion of the brand, launching more than 100 locations across 24 states.
SALES
PRDO Retail Investors sold Rancho Del Oro, a 65K SF neighborhood center in Oceanside, to veteran retail property owners Lofti and Flora Mehdian for $34.3M. At the time of the sale, the property had a 92% occupancy rate.
CBRE’s Jimmy Slusher, Philip Voorhees, James Tyrrell, Megan Lanni, Reg Kobzi, Joel Wilson, Michael Peterson and Lane Robertson represented PRDO.
LEASES
The Klabin Co./CORFAC International has completed three leases in Torrance for All Access Staging & Productions.
The leases have a combined value of nearly $13M. Landlords were Rexford Industrial and Storm Properties Inc.
Two leases were renewals of nearly 39K SF each at 1300 Storm Parkway and at 1320-1330 Storm Parkway, both Rexford properties. The third was a new industrial lease at Storm Properties’ 23223 Normandie Ave. All leases were for 61 months.
The Klabin Co.’s Matt Stringfellow and Courtney Bell represented Rexford and Storm in the completion of all three leases with an average price per SF of $1.75 on a net-lease basis. All Access was represented by CBRE’s Dave Stromath.
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Enso Logistics has signed a new lease for a 45K SF industrial building at 1830 Raymer Ave. in Fullerton. 1830 Raymer Ave. features six dock-high loading doors, three oversized grade-level doors and a new roof.
JLL’s Xavier Nolasco represented Enso Logistics. CBRE represented the landlord, LBA Realty.
CONSTRUCTION AND DEVELOPMENT
Construction has begun on Valley Pride Village, which will undergo a redevelopment and expansion that will preserve its 88 units and add 92 units available to senior citizens. The project is funded by $52M in federal and state low-income housing tax credits, syndicated by Los Angeles-based Hunt Capital Partners.
FINANCING
Calmwater Capital provided San Diego-based Greenline Development Group with an approximately $17M construction loan on a 69-unit apartment project in San Diego’s Hillcrest neighborhood.
The financing was arranged by Jason Moyal, managing director of Beverly Hills-based MBP. Calmwater stepped in after the original lender pulled out of the deal, and the new financing was locked down in 29 days, according to a release.
The property, when complete in mid-2026, will rise seven stories and contain a mixture of one-, two- and three-bedroom units, five of which will be rent-restricted affordable housing.
THIS AND THAT
Aerospacelab opened a satellite manufacturing facility in Torrance. This facility is set to increase the production of the company's satellite technology. A year ago, Aerospacelab opened its 35K SF U.S. location in Palo Alto. This new factory aims to address its growing U.S. customer base, according to a release from the company.
