The LA Deal Sheet
Uline has signed a lease with REDA and Clarion Partners to occupy an under-construction 1.24M SF industrial facility at Ontario Ranch Logistics Center at 4815 South Hellman Ave. in Ontario.
Terms of the deal were not disclosed.
Uline is a distributor of shipping, industrial and packaging materials to businesses throughout North America. CBRE’s Dave Desper and Joey Sugar represented Uline in the lease. The building is scheduled to be completed in 2021.
Uline is the second tenant announced for Ontario Ranch Logistics Center. Last year, REDA struck an agreement with Kimberly Clark, a personal care company, to sign a lease to occupy a 1.18M SF property called Building 1. The corporation moved into the now-completed industrial building in March.
“The lease activity with such strong firms as Uline and Kimberly Clark further reinforces the dominance of the Inland Empire market, especially as it relates to e-commerce. We had significant interest in this building and overall see that level of interest continuing for buildings of this size,” REDA co-founder and principal Jason Krotts said in a statement.
Ontario Ranch Logistics Center is a 124-acre multiphase industrial development.
SALES
BLT Enterprises has acquired two properties in Hollywood from separate sellers. In the first transaction, BLT purchased a creative office building at 5735 Melrose Ave. from Quattro Sm/ Beloit Partners for $8.6M, according to CRE data site Reonomy. In the second transaction, BLT acquired an 18K SF warehouse at 6151 Santa Monica Blvd. from Route 66 Properties for an undisclosed sum. BLT officials said they acquired both properties for $20M. Lee & Associates’ Brad McCoy and David Wilson represented BLT in both transactions. Told Partners’ Adam Hall represented the seller of the Santa Monica Boulevard property. Lee & Associates’ Paul Brehme and Brad McCoy represented the seller of the Melrose property.
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A private investor has purchased an 11.7K SF retail building in Lawndale from an undisclosed seller for $2.95M. Built in 1955, the retail storefront at 16711-16725 Hawthorne Blvd. was renovated in 2002. NAI Capital’s Sheri Messerlian represented the buyer and seller.
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A private investor has purchased a 2.4K SF retail building in Signal Hill from West Provence for $3.4M. The building at 2799 East Pacific Coast Highway is occupied by a 7-Eleven. IREA’s Jonathan Krikorian, Clark Everitt and William Everitt represented the seller.
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A private investor has purchased a Motel 6 in North Hills from Joyce Alyn for $9M. Built in 1979, the 131K SF motel at 15711 Roscoe Blvd. sits on a 2.2-acre lot. The transaction opened and closed during the coronavirus pandemic, according to the brokers. Marcus & Millichap’s Brandon Michaels, Steven Schechter and Sean Brandt represented both the buyer and the seller.
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Universe Holdings has acquired a three-property multifamily portfolio totaling 122 units in the San Fernando Valley from an undisclosed family for $25.5M.
The portfolio includes the 56-unit Boardwalk and Park Place Apartments, the 38-unit Devonshire Apartments and the 28-unit Granada Pine Apartments. Universe is planning a $2.7M capital improvement program to upgrade all three properties and plans to rebrand all three properties, with Boardwalk and Park Place becoming Chateau Chatsworth; the Devonshire Apartments now being Chateau Devonshire Apartments; and Granada Pine Apartments now Chateau Blackhawk Apartments.
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In a 1031 exchange and an all-cash deal, a private investor has purchased a 15K SF industrial property in Los Angeles from Hyon Chough for $6M. The properties are at 5111 and 5119 Washington Blvd. Marcus & Millichap’s Brandon Michaels represented the buyer and seller.
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An Orange County-based private investor has purchased a four-building, 115K SF industrial property in Yorba Linda from an unnamed, Bay Area-based investment company for an undisclosed price. Built in 1998, the Yorba Linda Business Center at 22343 to 22349 La Palma Ave. is 93% occupied and sits on a 9.1-acre lot. Avison Young’s Alan Pekarcik and Chris Smith represented the buyer. CBRE represented the seller.
FINANCING
On behalf of an undisclosed borrower, Marcus & Millichap has arranged a $34.5M construction loan for a 48-unit condominium development project in Pasadena. The 30-month loan was structured with a 5% adjustable interest rate and 40% loan-to-value, according to Marcus & Millichap officials. Marcus & Millichap’s Stefen Chraghchian arranged the financing.
EXECUTIVE NEWS
Rowan Sbaiti has joined BH Properties as senior managing director of acquisitions. Sbaiti will be part of a team looking to acquire senior mortgages, mezzanine loans, B-notes and controlling participations secured by fee simple, leasehold interests and long-term leases on all major property types. Prior to joining BH, Sbaiti was a vice president at Fortress Investment Group.
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Kidder Mathews has hired Michael Navarro as a senior vice president and shareholder. Navarro will specialize in tenant representation and the sale and leasing of retail properties. Navarro has over 35 years of experience in the commercial real estate industry, most recently as the owner of Navarro Retail Group.
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Ware Malcomb has promoted Jim Stanard to studio manager of architecture for the company’s offices in Irvine and the Inland Empire. In his new role, Stanard will manage a team and assist with the architecture studio with business development and operations throughout Orange County and the Inland Empire. Stanard joined Ware Malcomb as a senior project manager in 2018.
