The LA Deal Sheet
Commercial real estate research and advisory firm Green Street sold an investment manager, and Toll Brothers closed on the site of a wholesale nursery.
SALES
Commercial real estate research and advisory firm Green Street sold Green Street Investors, an investment manager.
The firm said that totally divesting its ownership interest in the investment manager would allow it to focus on its core business of research, news, data, analytics and advisory services.
Green Street Investors, now GSI Capital Advisors, was bought by Craig Leupold and Nicholas Tannura, who had been managing the business and served as executives for it.
Toll Brothers closed on the site of the Nakase Nursery, a roughly 120-acre former wholesale nursery in Lake Forest. Allison Rawlins Tift and Mike Hunter at Land Advisors represented Toll Brothers.
The terms of the deal were not disclosed, but the Orange County Business Journal reported the company paid more than $100M, equivalent to more than $800K per acre. Toll Brothers will build a master-planned community with up to 675 single-family homes, an elementary school and parks.
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Tova Capital acquired the building that houses the popular Echo Park eatery Mohawk Bend. The building on Sunset Boulevard had been owned by the same family for more than 50 years, but was being sold in a court-ordered sale due to a family dispute, representatives for Tova said. The former silent movie theater traded hands in an all-cash sale for $2.5M.
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Waterford Property Company completed the acquisition of Marketplace at the Lakes in West Covina. Waterford acquired the shopping center from CIM Group, paying $18.6M. The retail center is 80% occupied by the craft store Michaels and Jerome’s Furniture. Waterford has the option to redevelop the site for multifamily use at a later date and acquired the property with that possibility in mind.
LEASES
Triscenic Production Services Inc. signed four leases for a total of 275K SF at Valencia industrial properties — 28145 Harrison Parkway, 28114 Witherspoon Parkway, 25395 Rye Canyon Road and 27727 Avenue Scott. CBRE’s Matt Dierckman, David Harding, Greg Geraci and Billy Walk represented Triscenic. Triscenic will use the buildings as soundstages, production offices and storage for its clients in the entertainment business.
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Sports Research Corp., a health and wellness company, relocated its distribution center to Storm Business Park in Torrance. The Klabin Co./CORFAC International negotiated a five-year lease on behalf of Storm Properties Inc. The lease for 48.5K SF is valued at almost $3.5M.
PEOPLE
Kirkland & Ellis LLP promoted Shawn Bagdasarian, Zachary W. Byer, Sara Campbell, Michele M. Cumpston, Yimeng Dou, Mark D. Fahey, Kimia Ghalambor, Josh Glucoft, Whang Ki Josh Jang, Jean A. Lee, Ashley Neglia, Evan M. Roberts, Katie Roddy, Lauren Schweitzer, R.E. Scott Syverson and Caleb Vesey to partner in its Los Angeles office.
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Mark Gardner and Stacy Garcia joined Stream Realty Partners’ Irvine office as executive vice presidents. Both were previously senior managing directors at Newmark Knight Frank and specialize in tenant representation, which they will work to expand at Stream.
