The LA Deal Sheet
Rockpoint Group has reportedly closed on an office tower in the Miracle Mile neighborhood of Los Angeles for more than $300M.
The Boston-based group acquired the 32-story skyscraper from a JV of PGIM, AXA Equitable Life Insurance Co. and Ratkovich Co., according to the Los Angeles Business Journal. JLL listed the building, according to the LABJ.
Commercial real estate data site Reonomy records show Rockpoint purchased the site for $303M.
The office tower is the tallest building in the Miracle Mile neighborhood, and sits right across the street from the Los Angeles County Museum of Arts and the La Brea Tar Pits.
The building last traded in 2005 for $102.5M.
SALES
Gerrity Group has purchased a 75K SF retail shopping center in Azusa from Azusa Pacific University for $18.6M. Built in the mid-1980s, the University Promenade shopping center sits on a 5.6-acre site at 900-962 East Alosta Ave. and sits right across the street from Azusa Pacific University. The strip center is 86% leased. Cushman & Wakefield's Dixie Walker, Michael Romero and Brandon Emrick represented the seller.
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A private investor has purchased a ground lease sale of a 2.6K SF retail building in Castaic from an undisclosed limited family partnership for $2M. The single-tenant building at 28090 Hasley Canyon Road is leased by Jack in the Box. The tenant has seven years remaining on its 20-year lease with options to extend. Avison Young's Chris Maling and David Maling represented the buyer and seller.
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A private investor has purchased a seven-unit apartment building in Long Beach from an undisclosed seller for $2.45M. Built in 1947, the apartment at 33 Nieto Ave. consists entirely of one-bedroom, one-bathroom units. Stepp Commercial's Robert Stepp represented the seller.
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A private investor has purchased a 64K SF office building in Riverside from Dornin Investment Group for an undisclosed price. The three-story Market Street Corporate Center office building is located at 2300 Market St. The county of Riverside occupies 89% of the building and recently signed a five-year lease extension. CBRE's Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson, Will Cole and Sammy Cemo represented the seller.
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An undisclosed institutional investor has purchased an 834-unit self-storage property in Upland from Bernie Svalstad for an undisclosed price. The 70K SF Upland Self Storage sits on a 5-acre site at 135 South Campus Ave. The storage center is 87% occupied. Cushman & Wakefield's Mike Mele, Luke Elliott and Devin Beasley represented the seller.
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A private investor has purchased a 65K SF industrial building in Thousand Oaks from Arconic for $8.1M. The manufacturing building sits on a 5-acre site at 1300 Rancho Conejo Blvd. and will be redeveloped as a biotech hub by the buyer. Newmark Knight Frank's John DeGrinis, Patrick DuRoss and Jeff Abraham represented the buyer.
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Real estate investor Stephen Kern has purchased a 9.6K SF office building in San Fernando from RTSP Properties for $4.35M. The building at 456 San Fernando Mission Road is currently 100% leased. Capital Realty Solutions' Ash Joshi represented the buyer. CBRE's Kyle Barratt represented the seller.
LEASES
Aqua-Tots has signed a lease with an undisclosed landlord to occupy 6.4K SF of retail space at the Country Village Center at 7263-8812 Base Line Road in Rancho Cucamonga. Stater Bros. anchors the center, which also includes a Bank of America, Carl's Jr. and Sally Beauty. Progressive Real Estate Partner’s Pablo Velasco represented the landlord.
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Water Wings has signed a lease with an undisclosed landlord to occupy a 5.6K SF retail building at 929 Foothill Blvd. in La Verne. The newly constructed building sits next to the popular Mr. D’s Diner. Water Wings is a swim school. Progressive Real Estate Partners represented the landlord.
FINANCING
Mesa West Capital has provided Sares Regis Group with $65M in first mortgage debt for the acquisition of a 169-unit multifamily community in Los Angeles’ Mid-Wilshire neighborhood. The five-year, floating rate loan will be for the acquisition of The Preston, a four-story apartment building at 630 Masselin Ave. in the Miracle Mile neighborhood of Los Angeles. Sares Regis Group will begin a multimillion-dollar capital improvement campaign focusing on exterior, common area and amenity upgrades, as well as interior renovations to units. Mesa West's Joshua Westerberg led the origination team. CBRE's Jesse Weber and Scott Williams arranged the financing.
EXECUTIVE NEWS
RDC has appointed Robert Lisauskas as design director. Lisauskas, who will be based in RDC's Long Beach office, will work on client projects including site studies, conceptual design for high-rise residential towers and mixed-use developments. Before joining RDC, Lisauskas served as a senior associate at CallisonRTKL.
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CapRock Partners has named Craig Motichko chief financial officer. With more than 15 years of experience, Motichko will be responsible for the financial strategy, cash flow management and the overall strategic financial structure of CapRock Partners and leads all accounting, treasury, payroll, tax, informational technology and financial reporting activities. Prior to joining CapRock, Motichko served as a vice president at PIMCO, focused on financial control and treasury for PIMCO’s private equity investment funds including the firm’s North and South American real estate holdings.
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Rene Soto has joined NAI Capital as senior vice president in its Pasadena office. Soto specializes in representing tenants in the Tri-Cities and San Gabriel Valley. With 20 years of experience, Soto most recently served as a principal in the Pasadena office of Lee & Associates.
