The LA Deal Sheet
The 42-acre waterfront retail and dining redevelopment formerly known as San Pedro Public Market — now West Harbor — announced its name-change along with a slew of new restaurants that intend to take up 33.5K SF in the project, which is anticipated to open in 2022.
Developers The Ratkovich Co. and Jerico Development said they are in the last stages of negotiation with Nederlander Concerts, which runs the Greek Theatre at the foot of Griffith Park and the Hollywood Pantages, to operate the 6,200-seat amphitheater on the site. A brewery and beer garden are also planned on the property.
West Harbor is designed by a team that includes James Corner Field Operations, of New York's High Line fame, and architecture, urban design and landscape architecture firm Studio One Eleven.
The West Harbor project is replacing the old Ports O’ Call Village.
FINANCING
JLL Capital Markets arranged for $48.7M in construction financing for a 94K SF creative office property in the West Adams area. The project, Exposition 3, is completely pre-leased and will be delivered in 2022. The former industrial property less than a quarter mile from the Expo/Crenshaw light rail stop will reopen as a two-building creative office property with outdoor space. Exposition 3 is being developed by The Luzzatto Co. JLL placed the three-year, floating-rate construction loan with HIG Realty Partners.
SALES
Dovetail Furniture & Designs purchased a Gardena warehouse for $7.2M. The warehouse is next door to Dovetail's corporate headquarters, which contains a showroom for the business's wholesale and design clients. The company is expanding and will use the added 42K SF as warehouse and distribution space. The Klabin Co.’s Matthew Stringfellow, Courtney Bell and Tyler Rollema represented Dovetail on the deal.
CONSTRUCTION AND DEVELOPMENT
R.D. Olson and R.D. Olson Development have completed construction on the Glendale Marriott Residence Inn, a 145-room hotel on North Louise Street in Glendale. The 190K SF hotel is five stories tall and located just off Brand Avenue, the city's main thoroughfare. The hotel was designed by architecture firm WATG with interior design by SANDdesign.
PEOPLE
Shopoff Realty Investment promoted Brian Rupp to executive vice president of real estate. Rupp, who previously acted as the interim head of real estate for Shopoff, will lead the company's real estate team. Rupp will be responsible for determining the direction of land and commercial real estate acquisitions and dispositions and directing deployment of capital for Shopoff. Rupp has been with the company for 15 years, beginning as a project manager.
International project management and cost consulting firm Cumming announced that effective Jan. 1, 2021, Cumming executive David Baird will replace the company's founder, Finlay Cumming, as CEO. Cumming served as CEO of the company for 25 years. The transition has been in the works for years, a Cumming spokesperson said. Baird now serves as the chief operating officer of Cumming, a position he has held since January 2020. He has worked for the company since 2004.
