The LA Deal Sheet
In a $100M deal, Capri Capital Partners has sold the Baldwin Hills Crenshaw Plaza to the CIM Group.
CIM is acquiring most of the 869K SF property, including the mall's two vacant Sears and Walmart big-box stores, but not the Macy's store or an IHOP, according to the LA Times.
Capri did not reply to a Bisnow request for comment as of press time.
Culver City-based CIM Group said it plans to shelve some of the redevelopment plans Capri had in store for the mall, which sits on a 43-acre site in South Los Angeles.
In 2018, Capri received approvals from the Los Angeles City Council to redevelop the mall into a 3M SF mixed-use development that included retail, office buildings, a hotel and more than 950 residential units.
The CIM Group said it will ditch the residential component of the redevelopment and instead focus on office and retail.
"We have the opportunity to bring a fresh perspective to the future of the property viewed through the lens of the current climate and the acceleration of the already declining retail environment,'' CIM Group principal and co-founder Shaul Kuba said in a statement. "Since 1947 this property has been a commercial property, and although current entitlements allow residential components, we believe that residential uses are not suitable for this property and it should remain a commercial property in our repositioning.''
SALES
An undisclosed private capital investor has purchased a 272-unit multifamily property in Ventura from Northwestern Mutual for $92.2M. The Artisan at East Village is a 272-unit garden-style apartment community at 2060 Zocolo St. The property received more than 20 written offers, according to the brokers. Berkadia's Joe Leon, Michael Thagard, Jim Fisher and Mike Smith represented the seller.
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A private investor has purchased a 7.2K SF multifamily lot in Los Angeles from an undisclosed seller for $1.6M. With the acquisition of the property at 8755 Reading Ave., the buyer plans to build a 30-unit multifamily development. RE/MAX Commercial's Casey Lins and Scott Rosenberg represented the buyer.
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Baywest Investments has acquired an 18-unit apartment building in Los Angeles from Factor Investments for $3.4M. The 11.7K SF building at 1641 Crenshaw Blvd. is in the Mid-City neighborhood of Los Angeles. Compass Commercial’s Shaya Braverman represented the buyer and seller.
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Golden Top has purchased a 16K SF office building in Tustin from R&B Investment for $3.2M. Built in 1973, the Irvine Prospect Building is a two-story, multi-tenant office building at 17772 Irvine Blvd. The building was over 90% leased to 21 tenants. NAI Capital’s Steven Ehrich and John Bosko represented the seller.
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An undisclosed family trust has purchased a 10-unit multifamily building in North Hollywood from a private investor for $2.3M. The building at 6730 Vineland Ave. sold with a 4.14% cap rate. JP Morgan Chase bank provided the financing. Marcus & Millichap represented the buyer and seller.
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A private investor has purchased a 20-unit multifamily property in Sherman Oaks from an undisclosed seller for $5.5M. Built in 1953 and 1957, the multifamily properties at 15022-15028 Dickens St. feature a mix of one-, two- and three-bedroom units. Marcus & Millichap's Glen Scher and Filip Niculete represented the seller.
LEASES
USC has signed a lease with Advanced Medical Properties to occupy a 30K SF medical office space at Newport Harbor Medical Plaza at 330 Old Newport Blvd. The Class-A property at 330 Old Newport Blvd. is newly developed and slated for delivery at the end of the first quarter. Newmark Knight Frank’s Garth Hogan and John Scruggs represented Advanced Medical Properties.
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Health-Ade Kombucha has signed a five-year lease with Prologis to occupy a 107K SF industrial building at 2012 Abalone Ave. in Torrance. Terms of the deal were not disclosed. Health-Ade is expanding in the building. The Klabin Co.’s Todd Taugner, Frank Schulz III and David Prior represented Prologis. JLL’s Paul Sablock represented the tenant.
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Coast Huntington has renewed its lease with OnePacific Plaza to remain in its 17.5K SF office space at 7755 Center Ave. in Huntington Beach. JLL's David Cantwell represented Coast Huntington. CBRE's Jennifer Whittington represented the landlord.
EXECUTIVE NEWS
Bill Bouchey has relocated from New York to HOK’s Los Angeles studio as a principal and director of design for interiors. With more than 30 years of experience, Bouchey specializes in workplace design. Bouchey joined HOK in 2016. Prior to joining HOK, he served as a director of design at Stantec.
