This Week's LA Deal Sheet
Logistics services company R.L. Jones Customhouse Brokers leased nearly 241K SF at 1610 Landmark Road in the Landmark at Otay complex in Otay Mesa. The lease is part of an expansion of the company’s headquarters, which will occupy almost 395K SF across two buildings in the new Landmark development, which is owned and developed by Majestic Realty Co. and Sunroad Enterprises.
Border-close industrial submarkets such as Otay Mesa have received growing attention from investors and developers as more companies bring their operations closer to the U.S.
Cushman & Wakefield Senior Director Regan Tully represented the tenant in the lease transactions, both at this property and the other building the company occupies.
PEOPLE
Goldrich Kest hired Christopher Greenspan as vice president of asset management. Prior to coming to GK, Greenspan was senior vice president of an Orange County real estate investment, management and development company where his duties closely aligned with those he will have at Goldrich Kest.
SALES
Kennedy Wilson sold a roughly 137K SF retail center in North Hollywood for $57.8M, Commercial Observer reported. Called Victory Plaza, the property was 97% occupied at the time of sale and counted Vallarta Supermarkets, CVS, LA Fitness, Petco, Citibank, Blaze Pizza and Chipotle as tenants. San Diego-based Gerrity acquired the property.
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Unibail-Rodamco-Westfield sold an Escondido retail property for $57M, according to Connect CRE. Bridge Group Investments and Steerpoint Capital were the buyers of the 1.3M SF mall. This is the fourth mall that Bridge Group has purchased over the past six months with Steerpoint Capital.
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Bridge Industrial purchased the 4.56-acre site of the future Bridge Point North Hollywood, an approximately 107K SF warehouse facility. The sale price wasn't disclosed, and public records don't yet reflect the sale. This is Bridge’s first San Fernando Valley property. Bridge acquired the property in an off-market transaction from a private seller. Demolition on the site will begin this month, with the project scheduled to be delivered before Q3 2024. Bridge was represented by Cushman & Wakefield's Paul Sims.
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Wimatex Inc., a textile company, purchased an 85K SF industrial property in Carlsbad from an undisclosed buyer for $21M. The freestanding building at 2271 Cosmos Court was 100% leased at the time of sale to a global medical device and technology company. Executive Vice Chairman Aric Starck and senior associate Drew Dodds with Cushman & Wakefield Capital Markets in San Diego represented the seller.
FINANCING
Ledo Capital Group secured $13.4M from Manufacturers Bank to refinance its District Moreno Valley shopping center, a new 53K SF center anchored by a Sprouts grocery store. JLL Capital Markets' debt advisory team, led by Senior Director Matt Stewart and analysts Chris Jaffe and Daniel Skerrett, represented the borrower.
THIS AND THAT
Stream Realty Partners has fully entitled its latest industrial projects in the Inland Empire with plans to develop about 117K SF in Rialto. The planned industrial facility at 855 Rialto St. will total approximately 48K SF on almost 3 acres, and 169 Spruce St. will have about 70K SF on more than 4.5 acres. Stream will develop, manage and lease the new facilities. Stream Industrial Development Services Managing Director and partner Scott Sowanick will serve as the lead developer, with Senior Director Nicholas Kreuter overseeing construction of the projects and Senior Vice Presidents Brad Yates and Stefan Pastor leasing the properties.
Stream began working on the opportunity in early 2021 and received full entitlements for the developments by the end of 2022.
