The LA Deal Sheet
This month, the Los Angeles Planning Commission is slated to review Unibail-Rodamco-Westfield's application to add a workforce and affordable housing component to its 34-acre megadevelopment at the Warner Center.
URW last month submitted amended plans to the city for the Promenade 2035 project, a $1.5B mixed-use center that will feature 1,400 residential units, 630K SF of office space, a couple of hotels and an entertainment and sports arena.
URW is seeking to make 15% of its residential units for Promenade 2035 affordable, local and workforce housing. URW is also asking the city to reduce the size of its entertainment and sports center.
“I have worked closely with URW to ensure that this project, with its vast opportunity, adds critical low income and workforce housing, good-paying jobs as well as numerous community benefits," Los Angeles Councilman Bob Blumenfield said in a news release. "With this revised plan, we are taking a great step forward. People who work in Warner Center should be able to afford to live there and this is a step in the right direction."
URW said it is adding the affordable housing component to address the community's concerns and address the broader need for more mixed-income housing in the area. The plan calls for 5% of the housing at Promenade 2035 be reserved for very low income households; 5% for a voluntary workforce housing program for teachers, police and firefighters; and 5% for local workers.
URW is also asking the city to reduce its proposed entertainment and sports arena. Currently, the arena is 320K SF. URW is asking the city to reduce it to 181,550 SF and reduce the height by 45%.
URW said the proposed refinements will result in reduced environmental and construction impacts.
SALES
A private family trust has purchased a 60-unit multifamily property in Glendale from 221 N. Cedar St. Associates for $28M. The property at 221 North Cedar St. sold for $466K per unit, with a 3.15% cap rate. Investment Real Estate Associates’ David Leibowitz and Chris Thompson represented the seller. Leibowitz also represented the buyer.
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Ledra Brands has acquired a 55,300 SF industrial building in Irvine from University Medical for $16.6M. The single-story building at 88 Maxwell features 14.7K SF of office space, dock-high loading doors and 125 parking spaces. CBRE’s Ross Fippinger and Ross Bourne represented the buyer. CBRE’s Gregg Haly and Dave Desper represented the seller.
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A Los Angeles-based private investor has purchased an 87K SF office and industrial park in Temecula from an Orange County-based investor for $10.9M. The multi-tenant office and industrial campus sits on a 6-acre lot at 43379, 43385, 43391 and 43397 Business Park Drive. Avison Young’s Alan Pekarcik and Chris Smith represented the buyer and seller.
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Chesser Group has purchased a 129K SF retail shopping center in Moorpark from London Reo Retail-CA for $20M. Built in 2007, the Village at Moorpark is situated on an 11.5-acre lot at 706 West Los Angeles Ave. The center is 76% occupied. Retailers include Petco, Dick’s Sporting Goods, Verizon and Bank of America. Avison Young’s Chris and David Maling represented the buyer and seller.
LEASING
Barefoot Dreams has signed a lease with Rexford Industrial to occupy a 50.7K SF industrial building at the Conejo Spectrum at 2595 Conejo Spectrum St. in Thousand Oaks. The free-standing building is part of the 29-acre Conejo Spectrum Business Park. CBRE’s Bennett Robinson represented Barefoot Dreams. Newmark Knight Frank’s Patrick DuRoss, John DeGrinis and Jeff Abraham represented the landlord.
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1st Choice Delivery has signed a lease with Rexford Industrial to occupy a 25K SF industrial building at the San Fernando Business Center at 635 Eighth St. in San Fernando. 1st Choice is relocating from Santa Clarita. CBRE’s Bennett Robinson represented the landlord. Cushman & Wakefield’s Paul Sims and Harry Krasuman represented the tenant.
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24/7 Events Inc. has signed a lease with Ground Up Properties 3 & 4 to occupy a 50,100 SF newly constructed industrial building within the Valencia Commerce Center at 27788 Hancock Parkway in Valencia. The Class-A building will house the rental and production company’s operations. CBRE’s Craig Peters represented the landlord. CBRE’s Matt Dierckman represented the tenant.
EXECUTIVE NEWS
Reid McGlamery has joined CBRE Capital Markets’ Debt & Structured Finance team as executive vice president. McGlamery will be based in the company’s West LA office. McGlamery will focus on the placement of debt and equity for real estate investors and developers. Prior to joining CBRE, McGlamery was an executive vice president at JLL.
