The LA Deal Sheet
Construction management consultancy firm Cumming has promoted Executive Vice President David Baird to chief operating officer.
Baird will be responsible for overseeing the firm's operations. He previously managed the company's cost management teams nationwide and its West Coast project management team. Former COO Mike Jensen, who has worked at Cumming for 20 years, will be retiring. Jensen will later serve as a consultant for the company, officials said.
In another move, Cumming has promoted Executive Vice President Derek Hutchison as president. Hutchison will oversee the company's regional operations and focus on a number of strategic initiatives, company officials said in a statement.
“These latest organizational changes will enable us to continue to foster an environment of continuous improvement and innovation and help to fuel our continued growth across the U.S. and U.K.,” Cumming CEO Finlay Cumming said in a news release.
Cumming opened in 1996 with an office in Orange County and has grown worldwide. In the past 23 years, the company has grown to more than 29 offices and employs more than 815 professionals worldwide.
SALES
A JV of Crown Realty & Development and CPF Vanowen Associates has purchased a newly built 39K SF creative industrial building in Burbank from a JV of Shubin Nadal Realty Investors and Penwood Real Estate Investments for $16.75M. Arri currently occupies the building at 3700 Vanowen St. The building features creative office space, 24-foot clear height and dock high loading. CBRE’s Mark Perry, Carlene O’Neil, David Harding and Greg Geraci represented the sellers. Crown Realty and CPF Vanowen represented themselves.
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Rom Investments has purchased a 101-unit apartment building in Los Angeles from a JV of MWest Holdings and Pacific Reach for $26.2M. The Guardian Arms Apartments at 5217 Hollywood Blvd. also has 9,200 SF of ground-floor retail. Marcus & Millichap Institutional Property Advisors’ Joe Grabiec, Kevin Green and Greg Harris represented the seller. Berkadia’s Jim Fisher, Robin Ossenbeck and Mike Smith represented the buyer.
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4401 Wilshire has acquired two research and development buildings totaling 67K SF in Burbank from Rice for $16.45M. Built in 1976, the buildings at 1919 West Empire Ave. and 1830 Valpreda St. feature an open production area and high clearance warehouse/production space. NAI Capital’s David Young and Chad Gahr represented the seller.
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Wood Investments Cos has acquired a retail center totaling 94K SF in San Bernardino from a JV of Canyon Developer and 505 West Second for an undisclosed price. The property sits on a 7.45-acre lot at 555 West Second St. and is anchored by a Food 4 Less and Ross Dress For Less.
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Paras Properties has purchased a 22K SF medical office building in Pomona from Kothari Property Group for $6.85M. The two-story building at 790 East Bonita Ave. is leased by Chaparral Medical Group and Pacific Clinics. CBRE’s Mark Shaffer, Anthony DeLorenzo, Gary Stache, Gerard Poutier, Adam Peterson, Doug Mack and Bryan Johnson represented the seller.
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Hanes Properties has purchased a 120-unit apartment building in Victorville from Positive Investments for $14.25M. The apartment building at 15930 Nisquali Road consists of 96 two-bedrooms and 24 one-bedroom units. CBRE’s John Montakab, Stew Weston and Dean Zander represented the seller.
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A private investor has purchased an eight-unit apartment building in North Hollywood from an undisclosed seller for $2.3M. The property at 4904 Tujunga Ave. sold at a 4.09% cap rate. Marcus & Millichap’s Filip Niculete and Glen Scher represented the buyer and seller.
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A private investor has purchased a 34-unit apartment building in Azusa from an undisclosed Covina-based investor group for $7.5M. Built in 1960, the Rockvale Apartments at 333 North Rockvale Ave. sold for $220,588 per unit and with a 4.3% cap rate. Avison Young’s Peter Hauser, Matt Hauser and Masa Ito represented the buyer and seller.
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A private investor has purchased a 43-unit apartment building in San Bernardino from an undisclosed seller for $4.59M. The Villa Real Apartments at 4190 Sepulveda Ave. features all one-bedroom, one-bathroom units. CBRE’s Cray Carlson and Trey Mitchell represented the buyer.
LEASES
Kenwood’s Kitchen and Tap has signed a lease with Mesa Verde Partners to occupy a 4K SF restaurant space at The Shops at Mesa Verde at 1555 Adams Ave. in Costa Mesa. Terms of the deal were not disclosed. Former In-N-Out Burger executive Ken Kenwood founded Kenwood’s Kitchen and Tap, which will offer American comfort cuisine. JLL’s Blake Kaplan represented the tenant. CBRE’s Motti Farag represented the landlord.
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Carbon fiber component company Starc has signed an eight-year, $3.5M lease with Western States Technologies to occupy a 26K SF industrial building at 1041 Calle Trepadora in San Clemente. Cushman & Wakefield’s Don Yahn and Brett Swartzbaugh represented Western States Technologies. JLL’s Byron Foss and Stefan Morris represented Starc.
FINANCING
On behalf of an undisclosed sponsor, NorthMarq has secured the $5M refinance of 981 Pomona Corporate, a 53K SF office building at 971-975 and 981 Corporate Drive in Pomona. NorthMarq arranged the permanent-fixed loan for the borrower through Stancorp Mortgage Investors, a life insurance company. NorthMarq’s Joe Giordani secured the loan.
EXECUTIVE NEWS
HGA has added David Wong as associate vice president and project manager in the Los Angeles office. Wong will be responsible for leading integrated team processes and client relations for the firm’s arts, community and higher education practice group throughout the Southern California markets. Before joining HGA, Wong served as a project director at AC Martin Partners.
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Avanath Capital Management has added Keith Harris as an executive vice president of acquisitions. Harris will be responsible for overseeing the firm’s acquisitions across the U.S., including identifying and sourcing deals, underwriting and financing. Prior to joining Avanath, Harris was principal at CKG Advisors. Irvine-based Avanath also announced the opening of two new offices in Chicago and Alexandria, Virginia.
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Veteran broker Pat Weibel has rejoined Stan Johnson Co. as a director. Weibel will oversee Stan Johnson’s Los Angeles office. With more than 15 years of real estate experience, Weibel specializes on the acquisition and disposition of net lease assets with an emphasis on retail and office properties in gateway markets. In his career, he has helped clients acquire and sell more than $5B of properties nationwide, according to Stan Johnson officials. Weibel spent two years at Stan Johnson before leaving in 2015 to serve as a director at Thor Equities.
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JLL has appointed Senior Managing Director Greg Brown to co-head JLL Capital Markets in its Orange County office. Brown will be responsible for leading the Orange County debt and equity placement business. JLL Executive Managing Director Kevin MacKenzie, previously co-head of the Orange County Capital Markets practice, has stepped out of the day-to-day office head responsibility to focus on his current role on the JLL Capital Markets Executive Committee, JLL officials said.
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Green Street Advisors has appointed Jeff Stuek Jr. as CEO. Stuek will succeed Craig of Green Street. Stuek will be responsible for leading and executing the company’s strategy, including its growth, investments in product innovation and strategic acquisitions. Prior to Green Street, Stuek served as president at TravelClick.
