The LA Deal Sheet
A $300M, 23-story residential development in Los Angeles has topped out.
A JV of Jamison Properties and Hankey Investment Co. held a ceremony to mark the occasion last week for the mixed-use project called Kurve in the 2900 block of Wilshire Boulevard in the Koreatown neighborhood of Los Angeles.
Kurve, located on the corner of Wilshire Boulevard and Hoover Street, will feature a 644-unit residential tower on top of a six-story podium that houses the parking garage, which can accommodate 1,100 vehicles, and 15K SF of street-level retail.
A 1-acre park and amenity deck will sit on top of the podium. Amenities for Kurve include a fitness center, a clubhouse, a pool, a spa, a business center, private open-air dining areas, BBQs, fire pits, a dog park, a zen garden and a viewing deck.
The apartment homes will range from studios to three-bedroom, and two-story penthouses. Rents are expected to start at $2,200 a month.
Large Architecture served as the lead architect. Dianna Wong Architecture + Interior Design served as the interior designer and a JV of AECOM and Wilshire Construction constructed the project.
SALES
A JV of Captiva Partners, Avalon Investment Co. and a private investor has purchased a 189K SF creative office and industrial campus in Los Angeles. Noah Properties sold the 7.3-acre property at 4561 Colorado Blvd. for $38M, according to commercial real estate data site Reonomy. CBRE's Matt Dierckman, David Harding, Greg Geraci and Billy Walk represented the buyer.
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AJ Rental has purchased a three-building industrial property totaling 13,100 SF in Perris from K3JH for $2.6M. The buildings consist of two 6K SF warehouses and one 1,100 SF office building and sit on 1.82 acres of land at 2282 Goetz Road. Avison Young's Stan Nowak represented the seller. Cushman & Wakefield's Andreas Melzer represented the buyer.
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A private investor has purchased a 39K SF office building in Vernon from an undisclosed seller for $11.6M. Built in 2006, the two-story office building sits on a 77K SF lot at 3375 East Slauson Ave. NAI Capital's Philip “Ted” Attalla, David Moore and Amber Leigh represented the seller.
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A private investment group has acquired a 16-unit multifamily building in Sherman Oaks from an undisclosed seller for $3.5M in an all-cash deal. Thirteen of the 16 units in the apartment building at 14707-14715 Magnolia Blvd. came vacant. Marcus & Millichap's Rick Raymundo represented the buyer and seller.
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A private investor has purchased two multi-tenant retail buildings totaling 11,600 SF at Village Grove Plaza in Corona from an undisclosed private investment group for $5.2M. Built in 1976, the retail buildings at 1240-1282 Border Ave. feature a mix of tenants from dental care, dry cleaners, a laundromat, a florist and a doughnut store. Hanley Investment Group’s Kevin Fryman, Bill Asher, Jeff Lefko and Ed Hanley represented the seller. ANA Capital's Ranhee Im represented the buyer.
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An undisclosed group has acquired a four-building office campus in Riverside from Colony Capital for $14M. Commerce Square is a four-building business park totaling 129K SF at 1550 Marlborough Ave. and 1737, 1777 and 1989 Atlanta Ave. Newmark Knight Frank's Kevin Shannon, Ken White, Sean Fulp, Scott Schumacher and Ryan Plummer represented the seller. The buyer represented itself.
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Sovereign Lending Group has purchased a 23K SF office building from Davies-Torrance Trust for $5.1M. Built in 1986, the two-story office building is located at 3545 Howard Way. The buyer plans to occupy the building. Lee & Associates' Allen Basso represented the buyer. Kidder Mathews' Eric Tse represented the seller.
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A 28.4K SF office building located at 3050 Pullman St. in Costa Mesa was sold by Mitchell/Fitch LLC to a private investor for $8.38M through the new WindWater Real Estate digital platform WRE-X. This sale represents the first transaction using the WRE-X cloud-based platform, which allowed the parties to manage the transaction without having to rely on face-to-face meetings or office visits.
LEASES
The Hong Kong Development Trade Council has signed a 10-year lease with John Hancock Life Insurance Co. to occupy a 4,490 SF office space at 515 South Figueroa St. in downtown Los Angeles. The Hong Kong Development Trade Council is relocating from its former headquarters at the Los Angeles World Trade Centre at 350 South Figueroa St. Avison Young's Sally Zesut and Jonathan Larsen represented the tenant. John Hancock Real Estate's Parker Jones and Zack Torres represented the landlord.
FINANCE
On behalf of Silver Star Real Estate, the JLL Capital Markets team has arranged a $30.58M loan for the acquisition of the 147-unit Amber Ridge Apartments at 2421 Foothill Blvd. in La Verne. JLL secured a 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP and a Freddie Mac Optigo lender. JLL's Greg Brown, Nicolas Lench and Charlie Vorsheck arranged the loan.
EXECUTIVE NEWS
JLL has made several executive announcements. The company has promoted Charlie Smith to brokerage lead for the Los Angeles region. Smith will continue to serve as chief operating officer at JLL's Los Angeles office.
JLL has also announced additional leadership roles for brokers Josh Wrobel, Jaclyn Ward, Kevin Bender and Blake Searles. Wrobel will lead the JLL's office agency leasing group in Los Angeles. Ward will oversee the implementation of technology practices in the region. Bender and Searles will co-lead the firm’s office tenant representation group in Los Angeles.
