The LA Deal Sheet
In its third major office acquisition in Los Angeles in the past couple of years, San Francisco-based Swift Real Estate Partners has purchased a three-building Class-A office campus that is home to DirecTV’s headquarters in El Segundo from GI Partners for a reported $167.5M.
The nearly 550K SF campus at 2200, 2222 and 2230 East Imperial Highway is 100% leased to AT&T and Raytheon. The buildings are part of AT&T’s DirecTV’s global headquarters, according to officials.
JLL's Steve Solomon and Kristen Bowman and the CBRE team of Todd Tydlaska, Sean Sullivan and Mike Longo represented GI Partners. CBRE’s Mike Walker, Brad Zampa and Megan Woodring procured the financing for Swift from a balance sheet lender investing on behalf of an international life company, according to a news release.
The buildings were originally developed in 1976 and sit along Imperial Highway, adjacent to the 105 Freeway and fronting Los Angeles International Airport.
GI Partners acquired the campus in 2013 and renovated the property and expanded the anchor tenants.
CBRE officials said Swift plans to renovate the campus and revamp the lobbies, among other improvements.
“This transaction demonstrates the continued emergence of the El Segundo submarket,” CBRE’s Tydlaska said in a news release. “GI Partners created a vision for the repositioning, and now Swift has an opportunity to add its stamp on the plan to attract the next wave of tenants and add additional value to the asset.”
Within the past 18 months, Swift has been gobbling up office properties in Los Angeles. In January, Swift purchased a 74K SF six-story office building at 4640 Lankershim Blvd. in North Hollywood for $23.5M. In 2016, Swift acquired the 175K SF Academy Tower office campus in North Hollywood for $61.5M.
SALES
TR Funding has purchased an office building in Calabasas from Majestic Asset Management for $11M. The building is in Corporate Center Calabasas at 26565-26707 West Agoura Road. CBRE’s Michael Slater, Tom Dwyer and Mike Longo represented the seller. Westcord Commercial Real Estate Services represented the buyer. This is the second transaction on the office campus this year. In February, CBRE facilitated the sale of another building for $8.95M to a local private investor.
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A private investor has sold an eight-unit apartment in Toluca Lake to an undisclosed buyer for $2.16M. The property is at 11135 Camarillo St. Marcus & Millichap’s Janette Monfared represented the seller.
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In a 1031 exchange, a Burbank-based family partnership has acquired a 4,200 SF retail building on 11K SF of land in Los Angeles from Wilshire Vista LLC for $4.25M. The free-standing, single-tenant property at 5520 San Vicente Blvd. is leased to grocery store chain store Yummy.com. Commercial Asset Group’s David Aschkenasy represented the buyer and seller.
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Seaward LLC has purchased an eight-unit apartment building in Long Beach from the Long Beach Trading Co. for $2.75M. Built in 1954, the two-story East 1st Street Apartments at 3719 East First St. consists of eight two-bedroom, two-bathroom units on an 8,815 SF lot. Stepp Commercial’s Robert Stepp and Todd Hawke represented the buyer and seller.
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In an off-market transaction, a private investor has purchased a 13-unit multifamily development in Culver City from an undisclosed seller for $8.3M. The property at 5455 Inglewood Blvd. is adjacent to Playa Vista. Transwestern’s Los Angeles Multifamily Investment Services Group’s Josh Kaplan and John Swartz represented the buyer.
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A limited liability company has purchased a seven-unit apartment building in Beverly Hills from an undisclosed seller for $3.3M. The property is at 320 South Doheny Drive. Marcus & Millichap’s Jason Tuvia and Glen Scher represented the seller.
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A private entity has purchased a 43,864 SF office building in Pasadena from Peregrine Realty Partners for $12.4M. The property is at 2700 East Foothill Blvd. KW Commercial’s Zorik Dadoyan represented the buyer and seller.
LEASING
The University of Southern California has signed a 10-year lease with landlord VG Property Investments LLC to occupy two medical buildings totaling 33K SF in Arcadia. The two newly constructed buildings are at 125 West Huntington Drive. USC plans to use the space as an oncology infusion center and for general medical purposes. Avison Young’s Robert Ip, Michael Dettling and Andrew Berk represented the landlord. CBRE’s Rocky Binswanger and David Freitag represented USC.
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CBRE has won the leasing assignment for a seven-story office building in Beverly Hills. CBRE’s Bryan Dunne and Daniel Rainer will be the lead leasing agents for the 107K SF office building at 9171 Wilshire Blvd. on behalf of its new owner, San Diego-based developer Cruzan. Cruzan purchased the property earlier this year and plans to renovate the mid-century building.
REFINANCE
On behalf of an undisclosed borrower, NorthMarq Capital’s Los Angeles team has secured an $8.4M refinance of Etchandy Industrial Complex II in Placentia. The Etchandy Industrial Complex II is a 165K SF industrial property at 1901, 1921, 1941, 1961, 1981 Miraloma Ave. and 950 Fee Ana St. Northmarq’s Michael Elmore helped secure the refinancing. The transaction was structured with a 15-year term and 25-year amortization.
EXECUTIVE NEWS
Commercial real estate veteran Brice W. Head has joined Marcus & Millichap as senior vice president of investments. Prior to joining, Head served as senior vice president at RE/Max Commercial. Head rejoins Marcus & Millichap where he worked as the firm’s National Multi Housing Group’s director from 2002 to 2006 in Los Angeles.
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MVE + Partners has promoted three principals — Luis Arambula as vice president of architecture, Mark Kim as director of architecture and Sherwin Pineda as director of design. The firm also promoted three senior associate partners — Pieter Berger as senior designer, Luis Estrada as senior project manager and Terrence Seah as director of San Jose Studio.
