The LA Deal Sheet

Culver City-based Goldrich Kest has acquired The Highland Residences, a mixed-use property in Hollywood, from Lennar Corp. for $52M.

The 75-unit six-story property at 1411 North Highland Ave. is on the corner of Highland and De Longpre avenues in Hollywood. The building is a mix of 537 SF studios to 1,387 SF three-bedroom units, above ground-floor retail.

“We are delighted to announce the latest addition to our ever-expanding portfolio, The Highland Residences,” Goldrich Kest President Carole Glodney said in a news release. “Hollywood is one of Southern California’s most vibrant cities and this property is right in the center of the action. You really don’t need a car as everything you could possibly desire is right outside your door.”

Goldrich Kest represented itself. Berkadia’s Vince Norris represented Lennar, according to the Los Angeles Business Journal.

SALES

Denali 1844 LLC has purchased a six-unit apartment complex in Santa Monica from an undisclosed Los Angeles-based family trust for $1.55M. Built in 1938, the 12th Street Bungalows at 1844-1848 12th St. features a mix of one- and two-bedroom units. It is fully occupied. Stepp Commercial’s Kimberly R. Stepp represented the seller and buyer.

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In a 1031 exchange, West Coast Capital Partners has purchased a five-story Class-A office building in Cerritos from an affiliate of Transpacific Development Co. for an undisclosed price. Built in 2009, the Center Court office building at 12800 Center Court Drive South totals 105K SF and is 91% occupied. NKF Capital Markets’ Kevin Shannon, Paul Jones, Ken White, Blake Bokosky and Brandon White represented the seller. West Coast Capital Partners represented itself.

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Santa Monica Corridor LLC has acquired a 5,106 SF retail building in Los Angeles from Flora M Kinyon Trust for $4.1M. Built in 1928 as a ribbon factory and renovated in 2015, the property at 819 North La Brea Ave. is leased to fashion designer Rick Owens’ West Coast flagship store. Avison Young’s Christopher Bonbright and Brandon Mason represented the buyer and seller.

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Totai America has purchased a 21,337 SF industrial building in Torrance from Kung Fu Dragon LLC for $7.6M. Totai, a packaging company, is relocating its headquarters from another Torrance location to the newly acquired building at 19675 Mariner Ave. The Klabin Co.’s Todd N. Taugner and Relo Redac’s Takashi Sugita represented the buyer.

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A private trust has purchased a 16-unit apartment building in Los Angeles from an undisclosed limited liability company for $1.9M. The 5,467 SF property is at 939 Valencia St. Marcus & Millichap’s Neema Ahadian represented the buyer and seller.

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A private investor has acquired a 5,629 SF mixed-use property in West Los Angeles from an undisclosed personal trust for $2.6M. The property is at 12204-12216 West Pico Blvd. Marcus & Millichap’s Floyd Shaheen represented the buyer and seller.

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California Landmark Group has acquired a 10,040 SF multifamily development in Culver City from Napa Industries for $7M. The property at 3812-3818 Dunn Drive is zoned LAR5. NAI Capital’s Fariba Kavian and Sam Monempour represented the seller.

FINANCING

On behalf of the borrower, Lion Real Estate Group, HFF has secured $35M in financing for EastView Apartments, a newly completed, 121-unit, Class-A apartment complex in downtown Los Angeles. The 12-year fixed-rate loan with an undisclosed insurance company includes five years of interest-only payments and multiple future funding mechanisms. EastView Apartments at 327 North Boylston St. features a mix of studio, one- and two-bedroom units ranging from 555 to 1,267 SF. HFF’s Marc Schillinger and Peter Berges represented the borrower.

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On behalf of a JV between Index Real Estate Investments and Ketter Construction, George Smith Partners has secured $22.3M in financing for a mixed-use multifamily and retail development in Koreatown. The property at 3057 West Pico in Los Angeles will have 51 unit with 3,350 SF of ground-floor retail. George Smith Partners’ Jonathan Lee and Shahin Yazdi arranged the financing.

LEASES

CBRE Global Investors has signed a long-term lease with Brookfield Properties to occupy 32K SF at Figueroa at Wilshire in downtown Los Angeles. Terms of the deal were not disclosed. CBRE Global Investors will relocate from its current home at 515 Flower St. to Brookfield's property at 601 South Figueroa St. CBRE's R. Todd Doney represented CBRE Global Investors. Brookfield's Marin Turney, Ian Gilbert and John Barganski represented Brookfield.

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Anthem Blue Cross has signed a long-term lease with Lincoln Property Co. to occupy 169K SF of office space at the Campus at Warner Center in Woodland Hills. Terms of the deal were not disclosed. Co-owned by Lincoln Property and Angelo, Gordon & Co., Campus at Warner Center is two six-story Class-A office buildings at 21255 and 21215 Burbank Blvd. Savills Studley’s Corey Davidson, Liron Nelik and David DiPietro represented Anthem Blue Cross. Lincoln Property’s Kent Handleman represented Lincoln.

GROUNDBREAKING

Brandywine Homes has broken ground at Candlewood Villas, a 53-townhome community on nearly 4 acres in Whittier. The project is scheduled to open sales by March. The property at 13900 Telegraph Road is adjacent the Candlewood Country Club. The townhomes will range from two and three stories to 1,300 to 1,800 SF. Other features include a recreational building, a Jacuzzi, a bike-storage area and a private park.

EXECUTIVE NEWS

Baker Morphy has joined Greenlaw Partners in an acquisitions and asset management role. Morphy will be responsible for sourcing, managing and leasing new real estate investments for the company. Prior to joining Greenlaw, Morphy served as director of acquisitions for Invesco Real Estate.

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Retail-leasing specialist Derrick Moore is rejoining CBRE as a senior vice president. Moore will be based in the company’s downtown Los Angeles office. He spent the past five years at Avison Young. Moore began his career at CBRE and helped form the Urban Retail Properties group.

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Veteran architect Amy Hartwell has joined Steinberg Hart as a senior associate and senior project manager. Hartwell joins Steinberg Hart from GGLO Design, where she served as an associate and senior architect. Hartwell has developed and managed projects across diverse sectors, including affordable housing, higher education and hospitality.