The LA Deal Sheet
GPI Cos. has started construction on the West End, a $180M creative office campus at the former Westside Pavilion Macy’s department store in West Los Angeles.
The West End at the intersection of West Pico Boulevard and Overland Avenue will feature a three-story office building with floor-to-ceiling glass windows wrapping the exterior facades, indoor and outdoor spaces, a three-level central courtyard, private balconies and parking.
With Google set to transform the JV of Hudson Pacific Properties and Macerich’s 584K SF Westside Pavilion into its own creative office campus, GPI Managing Partner Drew Planting said this submarket is rapidly becoming a compelling new office hub.
GPI acquired the 220K SF Macy’s and an adjacent 1,500 car parking garage that sat on 6 acres of land in an off-market deal for $50M in 2017.
HLW Architects is designing the West End. JLL serves as the exclusive leasing agent for the building. The West End is projected to be complete in early 2021.
SALES
Alhambra Place Partnership has purchased a 60-unit apartment building in the Koreatown neighborhood of Los Angeles from CGI Strategies for $29.25M. Built in 2018, the Kodo at 2867 Sunset Place features a mix of studio, one- and two-bedrooms units. CGI developed the property. CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller.
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Cadet J Holdings has purchased a 30-unit apartment building in the North Hills neighborhood of Los Angeles from Orion Gardens for $5.47M. Built in 1977, the Orion Gardens at 8923 Orion Ave. is a low-rise apartment complex with a mix of single one-bedroom/one-bath and two-bedroom/two-bath units. Lee & Associates’ Warren Berzack represented the seller.
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An undisclosed family trust has acquired a 21K SF single-tenant medical office building in Orange from Adray Plaza for $8.8M. Built in 1988, the building at 1809 West Chapman Ave. is currently occupied by Fresenius Medical Care, a dialysis clinic. Newmark Knight Frank’s Glenn Rudy and Rob Ippolito represented the seller, Graham & Associates’ Matthew Graham.
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Molto Properties has purchased an 8.5-acre land site in the Inland Empire for the development of a 190K SF Class-A speculative industrial building. Molto did not disclose the name of the seller or the acquisition price. The Slover Gateway Commerce Center will be developed at Slover Avenue and Cypress Avenue in Fontana. Colliers International’s Kevin McKenna will lead the leasing efforts for the project.
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GEK Construction has acquired an 8,700 SF multi-tenant retail building in Beverly Hills from a an undisclosed family trust for $8M. Built in 1951, the building at 301-311 North Robertson Blvd. is 70% occupied by several tenants, including Altman’s Surfaces, Hair By Violet, Art One Gallery and Beverly Hills U.S. Mail Boxes. Hanley Investment Group Real Estate Advisors’ Carlos Lopez, Lee Csenar and Ed Hanley represented the seller.
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DEELS Properties has sold a 43-unit multifamily community in North Hills to a private investor for $16.3M. The 71K SF Burnet Townhomes at 9001-9009 Burnet Ave. features 43 apartments with a mix of two-, three- and four-bedroom units. CBRE's Laurie Lustig-Bower and Kamran Paydar represented the seller.
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A private investor has purchased an 18K SF retail building in Corona from Corona Lanes Collection for $5.35M. The Corona Lanes Collection property is located at 2347 and 2363 California Ave. Tenants include Pieology Pizzeria, Marui Sushi, Allstate Insurance and Edward Jones. CBRE's Alan Krueger and Vanessa Haddad represented the seller. CBRE's Melissa Ley, Xavier Nolasco, Ian Schroeder and Allison McDuffie represented the buyer.
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Harbor Associates has acquired a 175K SF multi-tenant office building in Laguna Niguel from an undisclosed institutional seller for an undisclosed price. The Crown Cabot Financial Center at 28202 Cabot Road is a six-story office building built in 1989. Tenants include Morgan Stanley, Bank of America and Acrisure. Newmark Knight Frank's Paul Jones, Kevin Shannon, Blake Bokosky and Brandon White represented the seller.
LEASES
Dollar Tree has signed a lease with an undisclosed landlord to occupy a 12K SF retail space at 14574 Morningside Marketplace in Fontana. Dollar Tree will occupy a portion of a former Ralph’s Grocery store, which closed in 2013. Progressive Real Estate Partners’ Paul Su represented the landlord. Edge Realty’s Lee Clay Park represented Dollar Tree.
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Philly Auto has signed a $4.3M lease with La Brea RE to occupy a 17,500 SF former car dealership at 817 North La Brea Ave. in Inglewood. Philly Auto plans to open a full-service used car dealership. NAI Capital's Parham Khoshbakhtian and Jenny Eng represented Philly Auto and La Brea RE.
EXECUTIVE NEWS
Trumark Cos. has appointed Jeffrey Sofferman as executive vice president. Sofferman is tasked with leading the newly relaunched Trumark Commercial, the company’s commercial real estate investment and development arm. He will seek out new opportunities for value-add and ground-up development and mixed-use projects throughout Southern California and the San Francisco Bay Area. Prior to Trumark, Sofferman served as a senior vice president at SunCal.
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Newmark Knight Frank has hired Bill Bloodgood as executive managing director and agency market leader for Los Angeles. In this role, Bloodgood will focus on increasing the company’s landlord agency representation presence. Prior to joining, Bloodgood served as a senior vice president at CBRE.
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Angelika Carry has joined Tangram as an architectural products sales executive in the company’s Flooring, Walls and Construction division. Carry will be responsible for business development, sales and marketing. Prior to joining, Carry worked as an interior designer and home stager at Design Source LA.
