The LA Deal Sheet
WLM Financial & Realty CEO Odest Riley Jr. has been appointed to the Los Angeles County Rental Housing Oversight Commission.
The commission, which was formed in November, is responsible for protecting multifamily tenants and mobile home owners from rent increases not in line with county code. It will also hear cases between tenants or landlords regarding violations of the county's rent stabilization ordinance.
The county's Board of Supervisors appointed Riley, along with four others, earlier this year. University of Southern California Lusk Center for Real Estate Director Richard Green is also a board member. Los Angeles County Board Supervisor Mark Ridley-Thomas appointed Riley.
With more than 15 years of experience, Riley helms WLM Financial, a real estate brokerage and lending firm based in Inglewood.
SALES
Asahi One Spot has purchased a 7.4K SF retail building in Montclair from a private investor for $2.1M. The building at 9405 Monte Vista Ave. is a former Acapulco Mexican restaurant. Progressive Real Estate Partners' Albert Lopez and Paul Su represented the seller. Realty One Group's Robert Chay represented the buyer.
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A private investor has purchased a 14.7K SF medical office building in Beaumont from an undisclosed seller for $3M. The Highland Springs Medical Arts building at 701 Highland Springs Ave. sits across the street from the San Gorgonio Memorial Hospital. NAI Capital’s Marc Piron represented the buyer.
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A private investor has purchased an eight-unit multifamily property in the Silver Lake neighborhood of Los Angeles from Dunleer for $3.31M. The Monroe Apartments and Bungalows is a two-building property at 4018 Monroe St. Stepp Commercial's Mark Ventre and Darin Beebower represented Dunleer.
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An Orange County-based private investor has purchased an 11.8K SF retail center in Costa Mesa from an undisclosed seller for $5.35M. The multi-tenant retail center at 2346 Newport Blvd. is 91% occupied. SRS Real Estate Partners’ Michael Walseth represented the seller.
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Triple Diamond Imports has purchased a 58K SF industrial building in Pomona from Walnut Co. for $9.7M. The free-standing building is at 1021 Walnut Ave. Lee & Associates' Zach Cohen and Matt Rossman represented the seller. The Saywitz Co. represented the buyer.
EXECUTIVE NEWS
Alec G. Nedelman has joined Katten’s real estate practice as a senior counsel. Nedelman will be responsible for advising the leaders of the company’s real estate group on business and talent development and be responsible for helping the company grow. Prior to joining Katten, he was general counsel of structured finance at iStar.
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Mark Brecheen has joined NAI Capital as a senior vice president in its Ontario office. Brecheen specializes in office and industrial investments throughout Southern California. Prior to joining NAI, Brecheen was a senior vice president at KBS Realty Advisors.
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Patrick Simons has joined The Hoffman Co. as senior vice president and managing director of multifamily markets. Simons will be responsible for leading and growing the company’s new multifamily division. Simons will also oversee architectural, engineering and entitlement consultants for a property owner as well as representing the owner in city meetings. Prior to joining The Hoffman Co., Simons was a managing director at Western National Group.
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Avison Young has promoted Chandler Larsen as principal in its downtown Los Angeles office. Larsen specializes in office leasing with clients including law firms, entertainment, financial services and technology. Larsen previously served as a senior vice president. Larsen joined the company in 2015, starting as an associate.
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Don Hudson has joined Kidder Mathews' Pasadena office as a senior vice president. Hudson will specialize in the sale and leasing of office and industrial properties throughout Southern California. Prior to joining Kidder Mathews, Hudson was an executive managing director at Coldwell Banker Commercial.
