The LA Deal Sheet
Shapell Liberty Investment Properties has completed its $150M development of The Vineyards at Porter Ranch.
JLL oversaw project management at the open-air retail center in the San Fernando Valley area of Los Angeles. Designed by AO Architects, The Vineyards is a 273K SF open-air, mixed-use center at 20000-20250 West Rinaldi St.
Shapell broke ground on the center in 2017. The center features a central green area to host community events and a 4K SF community meeting room. Tenants include Whole Foods Market, AMC Theatres, Ulta Beauty and Nordstrom Rack. Restaurant tenants include Gus’s Barbeque, Lure Fish House and Finney’s Crafthouse & Kitchen.
JLL’s Mike Leberman oversaw project management services including design, procurement and construction management on behalf of Shapell Liberty Investment Properties. Moorefield Construction served as the general contractor.
SALES
In a 1031 exchange, a private investor has purchased an 11,500 SF medical office building in Tustin from Crest Properties for $8.4M. DaVita Healthcare currently leased the building at 721 West First St. CBRE’s Ian Schroeder, Melissa Ley and Allison McDuffie represented the seller.
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A private investor has purchased a nine-unit apartment building in Los Angeles from an undisclosed seller for $4.5M. Seven out of the nine units at the apartment complex at 1346 North Stanley Ave. were vacant at the close of escrow, according to the brokers. Marcus & Millichap's Jordan Asheghian and Tony Azzi represented the seller.
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A private investor has purchased a 2,100 SF industrial building in Chino from a private family seller for an undisclosed amount. The industrial property at 3612 and 3638 Philadelphia St. sits on a 3.96-acre lot. The property includes two buildings totaling 2,100 SF. Avison Young's Alan Pekarcik, Chris Smith and Lee & Associates' Team Earnhart represented the buyer. Pekarcik and Smith also represented the seller, a Phoenix-based private investor.
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A private investor has purchased a 21-unit multifamily building in Anaheim from an undisclosed seller for $6.3M. Built in 1987, the Magnolia Court at 527-537 North Magnolia Ave. features all two-bedroom and two-bathroom units. CBRE's Dan Blackwell and Sean Farag represented the buyer in the transaction.
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Adler Realty Investments has sold two retail buildings in Fontana to two separate private investors for a total of $7.57M. One of the properties is a newly constructed 7,500 SF building at 16914 South Highland Ave. It sold to a private investor from Sun Valley for $4.95M. Hanley Investment Group's Matt Burnett represented the buyer.
The other building sold is a brand-new Quick Quack Express Car Wash ground lease at 16988 South Highland Ave. A private investor from Korea purchased the building for $2.6M. Korus Real Estate's Mark Hong represented the buyer. Hanley Investment Group's Kevin Fryman, Bill Asher, Matt Burnett and Jeff Lefko arranged the sales in the transactions on behalf of Adler Realty Investments.
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A private investor has purchased a 28-unit apartment building in Arcadia from an undisclosed seller for $8.9M. The Starcrest Apartments at 942 and 944 Arcadia Ave. is a two-story apartment building featuring a mix of one- and two-bedroom units. CBRE's Priscilla Nee represented the buyer.
LEASES
True Star Transit and Moviemachines have signed leases with Accord Interests to occupy a 26K SF and 46K SF of industrial space, respectively, at 13571 Vaughn St. in San Fernando. Terms of the deals were not disclosed. CBRE's David Harding, Greg Geraci, Matt Dierckman and Billy Walk represented Accord.
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XPO Logistics has signed a full-building lease with Black Creek Group to occupy a 447K SF logistics facility at the Agua Mansa Commerce Center in the Inland Empire. The financial terms of the deal were not disclosed. Daum Commercial's Rick John, Ken Anderson and Gus Andros represented Black Creek. Lee & Associates' Mike Chavez and TPC's Steve Shields represented XPO.
