The LA Deal Sheet
A prime retail building in the West Hollywood Design District has traded for $36M.
Crown Equity, led by investor Michael Shabani, has sold a fully renovated 21,200 SF retail building in West Hollywood to an undisclosed buyer.
Built in 1958, the two-story retail building at 8840 Beverly Blvd. underwent renovations in 2018. The renovations included high ceilings, skylights, upgraded structural systems, an internal stairwell and premium finishes.
Luminaire currently occupies 100% of the building.
Madison Partners’ Bob Safai, Matt Case and Brad Schlaak represented the seller.
SALES
North LLC has purchased a 12-unit multifamily property in the Alamitos Beach neighborhood of Long Beach from VMG Properties for $4.38M. Built in 1920, the property at 1316-1322 East Third St. is a mix of four one-bedroom and eight two-bedroom units. Stepp Commercial’s Robert Stepp and Todd Hawke represented the seller.
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A private investor has purchased an 18-unit multifamily property in Van Nuys from an undisclosed seller for $5.6M. Built in 2007, the property at 14740 Erwin St. consists of 18 townhouse-style units. Lee & Associates’ Warren Berzack and Slavic Zlatkin represented the seller.
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Bolour Associates has sold an entitled land site totaling 0.75 acres in East Pasadena to APPA Real Estate for $8.5M. APPA Real Estate plans to develop a brand-new transportation-oriented, mixed-use 100-unit multifamily project with 5,800 SF of ground-floor retail at 3768 East Colorado Blvd. Bolour and APPA represented themselves in the direct sale transaction.
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R3K Partners has purchased a 12,400 SF office property in San Clemente from Calle Negocio Commerce Center for $3.38M. The sale includes a 9K SF single-story creative office building and two office condos that total 3,300 SF. The property at 940 and 942 Calle Negocio was 100% occupied at the time of the sale. Lee & Associates’ Brian Garbutt and Mia Pham represented the seller. Lee & Associates’ Edward Lee represented the buyer.
LEASES
Science Applications International Corp. has signed a lease with EverWest Real Estate Investors to occupy a 24K SF newly constructed adaptive reuse building called the 1925 East Maple building at 1925 East Maple Ave. in Los Angeles. Terms of the deal were not disclosed. The building was a former warehouse built in the 1950s. Science Applications International is scheduled to move into 1925 East Maple in June. Newmark Knight Frank’s Chris Strickfaden, Terry Reitz and Eric Adams represented EverWest. JLL’s Gary Horowitz and Kamil Agha represented the tenant.
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WSS, formerly known as Warehouse Shoe Sale, has signed a $4M sublease with CVS Pharmacy to occupy a 14,576 SF retail building at 4621 Firestone Blvd. in South Gate. CVS Pharmacy has vacated the building, which is located within the Azalea Regional Shopping Center. NAI Capital’s Sam Kangavari represented WSS. Springstead & Associates represented CVS.
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Wesco Distribution has signed a lease with Link Industrial Properties to occupy a 305,400 SF industrial building at 9306 Sorensen Ave. in Santa Fe Springs. Terms of the deal were not disclosed. The free-standing building is situated on 13.3 acres and features a fully fenced yard and truck court, 55 dock-high doors, 32-foot ceiling clearance and fire sprinklers. CBRE’s Rick McGeagh, Josh Bonwell, Bret Quinlan and John Schumacher represented the landlord. Fischer & Co.’s Mark Yankello and Jeff Kernochan represented the tenant.
FINANCING
On behalf of an undisclosed borrower, Gantry (formerly Newmark Realty Capital) has arranged $75M in construction-to-permanent financing for a to-be-built, 115-unit mixed-use apartment with ground-floor retail in Redondo Beach. Gantry’s George Mitsanas and Amit Tyagi arranged the 12-year loan; five years of interest-only with life insurance company lenders.
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On behalf of the Luzzato Co., JLL has arranged a $30 million refinancing for Exposition 2, a 56K SF creative office development at 3339 Exposition Blvd. in Los Angeles. JLL arranged a 10-year, fixed-rate loan with a New York-based life company. JLL’s Paul Brindles, Jeff Sause and Spencer Richley represented the borrower.
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On behalf of an undisclosed borrower, Berkadia has secured $82M in financing for Silverado Apartment Homes at 25100 Vista Murrieta in Murrieta. Berkadia’s Branden McBirney secured the permanent refinancing. The 10-year loan from Freddie Mac is full-term interest-only, according to Berkadia officials.
EXECUTIVE NEWS
Mohr Partners has hired industrial veteran Sean O’Donnell as managing partner. O’Donnell, who will be based in the South Bay, will be responsible for driving the firm’s industrial brokerage division throughout greater Los Angeles. Prior to joining Mohr, O’Donnell worked at Colliers International and Newmark Knight Frank.
