The LA Deal Sheet
Amazon has reportedly signed at least three leases for new grocery stores across Los Angeles and Orange counties, according to The Wall Street Journal and the Orange County Register.
Of the leases and locations known, the news outlets report that Amazon is taking over a former 35K SF Toys R Us and converting it into a grocery store at North Topanga Canyon Boulevard in Woodland Hills.
Another grocery store is slated for a location in Studio City. Additionally, Amazon is planning to open a store in Irvine in Orange County.
The stores are slated to open later this year. It is unclear if the stores will be Whole Foods or Amazon Go.
Amazon doesn’t comment on rumors or speculation, an Amazon spokesperson told the Wall Street Journal.
The Orange County Register reports that the expansion is part of Amazon's effort to expand its bricks-and-mortar presence.
SALES
An undisclosed institutional buyer has acquired a 154,750 SF retail shopping center in Signal Hill from Big Shopping Centers USA. The price was not disclosed. The Towne Center East is situated on nearly 15 acres at 2172-2598 Cherry Ave. The center is 100% leased to tenants including The Home Depot, PetSmart, Supercuts, T-Mobile and Subway. JLL’s Patrick Toomey and Tom Lagos represented the seller.
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6205 Woodman Plaza has sold a 75-unit apartment building in Van Nuys to a private limited liability corporation for $18.75M. The Woodman Park Apartments at 6205 Woodman Ave. sold at a 3.41% cap rate. Marcus & Millichap’s Rick Raymundo represented the buyer.
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A private investor has purchased an office building in Anaheim from Hancock Office Anaheim for $7.3M. Built in 1986, the Hancock Office Plaza at 1290 North Hancock St. is a two-story multi-tenant office building and currently 100% leased to 11 tenants. NAI Capital’s Rosaleen O’Sullivan represented the buyer.
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A private investor has purchased an eight-unit apartment building in the Alamitos Beach neighborhood of Long Beach from LMDG Real Estate Value Fund II for $2.1M. Built in 1923, the two-story property at 1010 East 2nd St. features eight studio units. Stepp Commercial’s Robert Stepp and Mark Witsken represented the seller.
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A private investor has purchased a 38K SF office building in Desert Hot Springs from Tahiti Partner Properties for $11.3M. Built in 2017 and developed by Centre Urban Real Estate Partners, the Pierson Plaza at 65753 Pierson Blvd. is fully leased to Riverside County’s Department of Public Social Services. CBRE’s Gary Stache, Sammy Cemo, Doug Mack, Anthony DeLorenzo and Marco Rossetti represented the seller.
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Harbor Associates has purchased a 292,540 SF Class-A office building in San Pedro from Jupiter Holdings for $43.5M. Built in 1990, the Topaz building at 222 West 6th St. rises 11 stories and has an adjacent seven-story parking structure with 13,244 SF of retail space. Newmark Knight Frank’s Kevin Shannon, Ken White and Scott Schumacher represented Jupiter Holdings.
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A private family has acquired a seven-unit apartment building in Playa Del Rey from the Crowther Family Trust for $2.84M. Built in 1962, the building at 7707 Saint Bernard St. features one three-bedroom, 1.5-bathroom unit and four one-bed, one-bath units. Marcus & Millichap’s Jonathan Weir represented the buyer.
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Excelsior Partners has purchased a 51K SF creative office in Tustin from a JV of Harbor Associates and Stockbridge for $16.8M. Built in 1980 and renovated in 2017, the two-story office building sits on 2.8 acres at 2642 Michelle Drive in the Irvine Business Complex. The building is fully leased to three tenants. Newmark Knight Frank’s Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones, Blake Bokosky and Brandon White represented the seller.
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In a 1031 exchange, a private investor has purchased a 16,500 SF retail building in Los Angeles from L&L Family Investments for $7.25M. The property at 4501 West Slauson Ave. is leased to a CVS Pharmacy. CBRE’s Alan Krueger and Vanessa Haddad represented the buyer and seller.
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Penwood Real Estate Investment Management has purchased a 55,200 SF industrial building in Moorpart from 2175 Agate Court for $8M. Built in 1986, the industrial building at 5155 Goldman Ave. is fully occupied by QEP Co. Newmark Knight Frank’s Patrick DuRoss, John DeGrinis and Jeff Abraham represented the buyer and seller.
LEASES
Priority Worldwide Services has signed a five-year lease with Prologis to occupy 43K SF of industrial space at 1200 West Walnut St. in Compton. The Klabin Co.’s David Grote, Mike Ouellette and Tyler Rollema represented Prologis. The financial terms of the deal were not disclosed. CBRE’s Dean Haney and David Stromath represented the tenant.
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Elite Stone & Cabinet has signed a lease with REM Partners to occupy a 24K SF manufacturing building at 1511 East Edinger Ave. in Santa Ana. Terms of the deal were not disclosed. NAI Capital’s Vivian Wang represented Elite Stone & Cabinet.
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White Horse Logistics has signed a lease with AEW to occupy 328K SF of industrial space at 12350 Philadelphia St. in Eastvale. Terms of the deal were not disclosed. This is the company’s third facility in Southern California, bringing its total capacity in the Inland Empire to 1M SF. Savills’ Dillon Dummit and Wayne Lamb represented White Horse. CBRE’s Len Santoro represented the owner.
EXECUTIVE NEWS
Newmark Knight Frank has named Barry Hill as an executive managing director and Tom Patten as associate director. With more than two decades of experience, Hill will be responsible for landlord marketing services, tenant representation, site selection and disposition strategy. Prior to joining Newmark, Hill served as a managing director with JLL's Industrial Services division. Patten is an industrial broker specializing in tenant and landlord representation, property acquisitions/dispositions, and market intelligence and analysis. Prior to joining Newmark, Patten served as an associate at JLL.
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Wolcott Architecture has promoted Carlos Carrasquillo from studio director to partner. Carrasquillo’s projects have included the Von Karman Creative Campus, The Tower, 655 Glendale and 6300 Wilshire. He joined Wolcott in 2015.
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Marcus & Millichap has named Marc Cesarec as a vice president of capital markets. Cesarec, who will be based in Encino, will be responsible for securing commercial debt and equity financing for a full range of property types on behalf of commercial real estate investors in Southern California. Prior to joining, Cesarec served as a commercial real estate business development officer with Logix Federal Credit Union.
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Sabal Capital Partners has hired Brandon Goldschmidt as director of CRE originations in its Los Angeles office. Goldschmidt will source commercial real estate loans at Sabal Capital Partners. Goldschmidt most recently held a loan originations position with Ladder Capital Finance in Los Angeles.
