The LA Deal Sheet
4S Bay Partners, a Chicago-based family office, is acquiring a 3.27-acre redevelopment site in Los Angeles from a pair of private investors for $35M.
Situated in a designated opportunity zone, the property at 3731-3761 West Stocker St. is located within a half-mile of the Baldwin Hills Crenshaw Mall. The site currently houses four two-story office structures, totaling about 80K SF that were built in 1954.
Tenants include a variety of LA county and Los Angeles city community services organizations.
4S Bay Partners plans to occupy some of the office space on the site and redevelop the property to advance its social impact mission, according to CBRE Executive Vice President Laurie Lustig-Bower. Lustig-Bower, along with CBRE's Kamran Paydar, represented the sellers, David J. Shophet of Sharp Capital and David M. Shaaya of One Cole Group.
“The buyer intends to occupy a portion of the existing office space to accommodate their growth requirements related to their social impact and economic development initiatives and to support their commitment to the community,” Lustig-Bower said in a statement.
Lustig-Bower said part of the site is being considered for potential redevelopment projects such as a film studio, entertainment campus and community business incubator to support economic development within the Baldwin Hills and Crenshaw community.
4S Bay Partners is a company focused on humanitarian causes, such as educational opportunities, economic improvement, human rights, wellness and environmental sustainability.
SALES
Omninet Capital has purchased a 72-unit apartment in Los Angeles from Jamison Properties for $32.4M. Built in 2018, the Maya Apartments at 535 South Kingsley Drive features a mix of one- and two-bedroom units. CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller.
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A private investor has purchased an 85K SF residential development site in Los Angeles from a limited liability company called Laco Elec for $9M. The property at 8333 Airport Blvd. is in the Westchester neighborhood of Los Angeles. NAI Capital's Joseph Faulkner and Fariba Kavian represented the seller. LA Commercial's Peter Ciriello represented the buyer.
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Nome Ventures has purchased a 170K SF office building in Cerritos from an undisclosed institutional investor. The price was not disclosed. The eight-story building is part of the 125-acre Cerritos Central Business District at 17777 Center Court Drive. The office building is currently 98% leased. CBRE's Todd Tydlaska, Sean Sullivan, Mike Longo, Anthony DeLorenzo and Mark Shaffer represented the seller. Nome Ventures represented itself. CBRE's Greg Grant secured a $26.7M loan on behalf of the buyer.
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A private investor has purchased a 62-unit multifamily community in San Gabriel from an undisclosed seller for $14.7M. Built in 1963, the Coral Reef apartment sits on a 1.55-acre lot at 5730 North Willard Ave. CBRE's Priscilla Nee represented the buyer and seller.
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In a sale-leaseback transaction, BLT Enterprises has acquired a 40,600 SF industrial building in Irvine from Ceradyne for $8.9M. Built in 1969, the industrial building sits on a 1.9-acre lot at 17466 Daimler St. Ceradyne is a ceramic manufacturer and subsidiary of 3M. Lee & Associates' Weston Dunlap and Brad McCoy represented the buyer. Cresa Phoenix represented the seller.
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BLT Enterprises has purchased a 5K SF industrial building in West Los Angeles from an undisclosed seller for $3.18M. BLT plans to transform the vacant property at 2222 Cotner Ave. into a creative light industrial building. Magnum Properties' Mike Meraz represented the buyer. Silver Platinum Realty's Henry Danpour represented the seller.
LEASES
Mr. Speck's Playhouse has signed a lease with an undisclosed landlord to occupy a 1,600 SF retail building at 840 South Robertson Blvd. in Los Angeles. The Passman Group's David Passman, James Pentland and Tony Caputo represented the landlord and tenant.
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MaxCare Products has signed a lease with Rexford Industrial to occupy a 58.8K SF industrial building at 2700-2722 South Fairview St. in Santa Ana. MaxCare Products will utilize the space for manufacturing and distribution of its masks, personal protective equipment and other medical supplies. JLL’s Steve Wagner, Louis Tomaselli and Zach Niles represented the landlord. JLL's Steffan Morris, Byron Foss, Wade Tift and Nick Carey represented the tenant.
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B. Riley Financial has signed a 10-year lease with BentalGreenOak to occupy a new 18K SF office building at 30870 Russell Ranch Road in Westlake Village. B. Riley Financial is moving its headquarters from Woodland Hills to Westlake Village. CBRE’s Matthew Heyn represented the tenant.
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Westlake Storage Solutions has signed a lease with PSIP Conejo Spectrum L.P. to occupy a 52.8K SF industrial facility at 1467 Lawrence Drive in Thousand Oaks. Terms of the deal were not disclosed. DAUM Commercial Real Estate Services' Bram White represented the lessee in the transaction. Newmark Knight Frank's Patrick DuRoss represented PSIP Conejo Spectrum.
EXECUTIVE NEWS
Avison Young has appointed Troy Jenkins as principal and director of investment management. Jenkins will be based in Los Angeles and will be responsible for expanding the firm’s investment platform in the U.S. Jenkins has 30 years of experience in investment banking and commercial real estate. He most recently served as senior vice president at American Realty Advisors.
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David Kelly has rejoined Westport Properties as vice president of development. Kelly will oversee the company's development team and focus on self-storage and industrial projects nationwide. Kelly previously served as the director of development for five years. Prior to rejoining Westport, Kelly served as the vice president of development at North Palisade Partners.
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Marcus & Millichap has hired Jose Carrazana as a director of its Institutional Property Advisors team. Carranza will be responsible for executing retail property acquisitions and dispositions and provide advisory services for the company's IPA’s institutional and high net worth clients on the West Coast. Prior to joining, Carrazana served as a director at JLL.
