The LA Deal Sheet
With demand for Class-A industrial products in the greater Los Angeles region higher than ever, Long Beach-based Pacific Industrial broke ground on a 425K SF industrial campus in Long Beach.
Sitting on 20 acres, Pacific Edge at 2300 Redondo Ave. will consist of three buildings ranging from 100K to 200K SF. The project will feature modern and enhanced architecture, corporate offices and more than 600 parking spaces.
CBRE’s John Schumacher and Bret Quinlan are leading the marketing for the Pacific Edge project, according to a news release.
“The project is already attracting the interest of major users,” Schumacher said. “Pacific Industrial’s overarching design coupled with this irreplaceable location makes it stand out from the rest of the market.”
A former post office that closed in 2013, Pacific Industrial acquired the site from the U.S. Postal Service last year. The post office relocated nearby.
Earlier this year, a Pacific Industrial spokeswoman told the Long Beach Planning Commission that the company is looking for a research and development and manufacturing company to occupy the space.
Construction is scheduled to be completed in spring 2019.
SALES
Champion Real Estate Co. has sold a newly redeveloped 70,811 SF grocery-anchored retail center in Glendora to 655 South Grand Avenue Owner LLC for an undisclosed price. The Grand & Alosta shopping center is co-anchored by Sprouts and Marshalls and is 100% leased. HFF’s Bryan Ley, Gleb Lvovich and Justin Kundrak represented the seller. The buyer represented itself.
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A private family trust has purchased a 12-unit multifamily property in Whittier from an undisclosed seller for $3.3M. The property is at 15828 Landmark Drive. CBRE’s Dan Blackwell and Sean Farag represented the buyer.
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A private investor has purchased a 19-unit apartment in Tarzana from an undisclosed seller for $5.2M. The property is at 18600 Burbank Blvd. Marcus & Millichap’s Janette Monfared represented the buyer.
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Ginger Investors LLC has purchased a 15,870 SF retail property in North Hollywood from an undisclosed personal trust for $6M. The property is at 6005 Vineland Ave. Marcus & Millichap’s Brandon Michaels represented the buyer and seller.
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Faring Capital has acquired a 7,350 SF retail and restaurant building in West Hollywood from The Urquhart Family Trust for $9.5M. The property sits on the southwest corner of Santa Monica and Robertson boulevards and is 100% leased. Madison Partners’ Mitch Stokes represented the seller. Faring Capital represented itself.
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A Northern California-based family trust has purchased a 22,322 SF retail center in Walnut from an undisclosed Oregon-based family trust for $10.75M. Built in 1988 on 1.27 acres at 1205-1243 North Grand Ave., the Walnut Town & Country center is 95% occupied. Faris Lee Investments’ Shaun Riley represented the seller and buyer.
LEASES
Create Advertising has signed a lease with Jamison to occupy 42K SF of office space at the Historic Harbor building at 4201 Wilshire Blvd. in Los Angeles’ Park Mile District. Under terms of the lease, Jamison will build out the entire sixth floor to suit the needs of the agency, according to Jamison’s Jaime Lee. Cushman & Wakefield’s Robert Hooks represented Create Advertising.
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Hair extension company Bellami Hair has signed an eight-year, $8M sublease with Nexon America to occupy 23K SF at the Pacific Corporate Towers at 222 North Sepulveda Blvd. in El Segundo. The Klabin Co.’s David Grote represented Bellami. Cresa’s Greg Lovett represented Nexon.
EXECUTIVE NEWS
Veteran commercial real estate expert Dan Bacani has joined the Pasadena office of Lee & Associates as a principal and shareholder. Bacani will specialize in the sales and leasing of retail, restaurant, office and downtown mixed-use properties in the San Gabriel Valley. Prior to joining, Bacani served as a city of Arcadia economic development consultant.
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As part of its West Coast expansion, Walker & Dunlop announced it has hired Javier Rivera as senior vice president. Rivera, who will be based in Los Angeles, will be responsible for growing the company’s multifamily investments division. Prior to joining, Rivera served as an executive vice president for JLL's Capital Markets Group. He was also director of acquisitions and development manager with The Ratkovich Co.
Shin Kim has joined NKF Capital Markets as senior managing director. Kim will be responsible for building the firm’s capital markets presence with private capital clients. Prior to joining NKF, Kim served as a first vice president in CBRE’s Orange County office. His experience also includes a management role at Lanier Worldwide.
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Making its first foray on the West Coast, Madison Realty Capital has named Bradley Ross as vice president. Ross will be based in Los Angeles. He will be responsible for identifying and securing loan origination opportunities. Prior to joining Madison Realty Capital, he served as a senior originator at Calmwater Capital.
