The LA Deal Sheet
Four companies — led by coworking giant WeWork — have signed leases with Irvine Co. totaling 194K SF of office space at the Spectrum Terrace at 17100 - 17900 Laguna Canyon Road or Discovery Park at 525 Technology Drive office campuses in Irvine.
Terms of the deals were not disclosed.
- WeWork signed a lease to occupy an entire 116K SF building at the Spectrum Terrace. With the lease, WeWork now occupies more than 243K SF of total office space in Irvine. The coworking company also has office locations at Irvine Co.'s 200 Spectrum Center Drive, 400 Spectrum Center Drive in Irvine, and Pacific Arts Plaza at 3200 Park Center Drive in Costa Mesa.
- Kajabi, an online business platform, signed a lease at Spectrum Terrace for 44K SF.
- Hyperice, a company that creates portable ice compression devices for athletes, signed a lease for 14K SF at Spectrum Terrace.
- Pacific Rim Capital, which leases material handling equipment, signed a lease for 20K SF at Discovery Park.
SALES
Alere Property Group has acquired a 52K SF industrial facility in Los Angeles from L&B Realty Advisors for $11M. Built in 1999, the single-tenant complex sits on 2.64 acres at 1405-1407 240th St. The Klabin Co.'s Matthew Stringfellow and Courtney Bell represented the seller.
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Fabio Conti has purchased a 33K SF mixed-use office and retail center in Wildomar from an undisclosed seller for $10.25M. Renovated in 2018, The Barn at Wildomar at 32395 Clinton Keith Road has a collection of office and retail tenants. Lee & Associates' Mike Hanna and Jim Nadal represented the seller. CBRE’s Fred Aframian represented the buyer.
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A private investor has purchased an eight-unit apartment building in Long Beach from LB View for $1.82M. Built in 1964, the apartment at 1746 East 10th St. consists of one studio, two one-bedroom units and five two-bedroom units. Stepp Commercial's Robert Stepp and Travis Traweek represented the seller.
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An undisclosed family trust has purchased a nine-unit apartment building in Laguna Beach from a private general partnership for $4.46M. The apartment at 460 Cypress Drive features views of the Pacific Ocean and sold for $495K a unit and a 2.8% cap rate. CBRE's Dan Blackwell represented the seller. The buyer was self represented.
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A private family trust has purchased a four-unit apartment building from the Sands Barton Properties for $2.16M. The two-story building at 280 Cypress Drive was built in 1955. CBRE’s Blackwell and Mike O’Neill represented the buyer and seller.
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Federal Realty Investment Trust has sold a 23K SF mixed-use office and retail building in Hermosa Beach to 1221 Hermosa Ave for $18M. Built in 1923 as a metropolitan theater, The Bijou Building at 1221 Hermosa Ave. was later upgraded to attract a modern office/retail tenant mix. The building is 94% occupied with tenants including Chase Bank, Beach City Capital, Steel Partners and Bar Method. Newmark Knight Frank's Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Sean Fulp, Ryan Plummer and Brad Feld represented the seller. Newmark Knight Frank's David Ghermezian, Amir Araghi and Jonathan Dadourian represented the buyer. Newmark Knight Frank's David Milestone and Brett Green handled the financing on behalf of the buyer.
EXECUTIVE NEWS
Allen Matkins has named Ryan Smith a litigation partner to its Orange County office. Smith will focus on business and securities litigation. His other responsibilities include representing companies and high-net-worth individuals in a variety of complex business, commercial, and civil litigation matters in state and federal courts. Smith received a J.D. at UCLA. Smith also served in the United States Marine Corps.
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Marcus & Millichap has promoted Rick Raymundo to executive director of the firm’s National Multi-Housing Group. Raymundo joined the firm as an agent in 2002.
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Commercial Real Estate Exchange has expanded its leadership team with three key senior hires. Hans Ku has joined the company as chief product officer, Courtney Ettus as chief marketing officer and Bob Drury as managing director. Ku will be responsible for growing the company's product team and building product features and enhancements. He previously served as chief product officer at Weedmaps. Ettus will be tasked with growing the company’s brand in addition to customer acquisition and demand generation. She was most recently chief marketing officer at Greenfly. Drury will be responsible for the growth of transactional programs. Most recently, Drury served as a senior vice president at Ten-X.
