The LA Deal Sheet
An affiliate of Pine Tree LLC, an Illinois-based real estate investment company, has acquired an indirect interest and taken over the property management responsibilities of Village Walk in the Tarzana submarket of Los Angeles.
The 149K SF two-story shopping center is anchored by a 51K SF Whole Foods Market and features other retailers, such as TJ Maxx, Chipotle and Starbucks. An LA Fitness is expected to open this fall.
Chicago-based Pearlmark has owned the property since 2003. Terms of the deal were not disclosed.
“This center highlights the continued demand for well-located grocery-anchored shopping centers,” Pine Tree CEO Peter Borzak said in a news release.
Tarzana is about 25 miles northwest of downtown Los Angeles.
Pine Tree officials cited the area’s growing population, its accessibility to the Metro Orange Line and major freeways and the development of two newly opened apartment and townhome communities among the reasons to invest in the shopping center.
“Tarzana’s dense infill location presents Pine Tree with an excellent opportunity to enhance the Village Walk shopping center operationally with the best in technology, social media, and omnichannel strategies in order to connect with this growing community located in the San Fernando Valley,” Borzak said.
SALES
Xenon Investments Corp. has purchased a 67K SF multifamily property in Hollywood from Berk Investments for $28.05M. The 81-unit property is at 2039 North Las Palmas Ave. and 2026 North Highland Ave. CBRE's Dean Zander, Stewart Weston and John Montakab represented the seller.
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The Associates Equity Fund has acquired a 129K SF industrial facility in Moorpark from Maxxam Enterprises for $7.65M. Associates Equity plans to upgrade the research and development facility at 5898 Condor Drive. Lee & Associates’ Mike Tingus and Grant Fulkerson represented the buyer and seller.
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Atlas Capital Group has purchased a 102K SF former Raytheon research facility from Steelwave for $39M. Dubbed INSITE, the two-building creative office campus at 2030 Maple Ave. was renovated in 2015. NKF Capital Markets’ Kevin Shannon, Ken White, Mike Moll, Rob Hannan and Laura Stumm represented the seller. Cushman & Wakefield’s Mike Condon Jr., Kelli Snyder, Brianna Demus and Erica Finck represented Atlas, according to the Los Angeles Business Journal.
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A private investor has acquired a 16-unit apartment in West Hollywood from an undisclosed seller for $5.15M. Built in 1954, the apartment at 1218 North Laurel Ave. sits on a 15,600 SF lot and features a mix of one- and two-bedroom units. Marcus & Millichap’s Richard Ringer and Jeff Benson represented the buyer and seller.
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A private investor has acquired a nine-unit apartment building in West Hollywood from an undisclosed family trust for $2.76M. Built in 1959, the Hayworth Apartments at 1023 North Hayworth closed with a 3.4% cap rate and a $307K price per unit. Stepp Commercial’s Kimberly Stepp represented the buyer and seller.
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A private investor has purchased an 11-unit apartment complex in Mar Vista from an undisclosed seller for $4.14M. Built in 1964, the 6,500 SF Pacific Apartments at 12240 Pacific Ave. features one bachelor pad and a mix of studio, one- and two-bedroom units. Stepp Commercial’s Kimberly Stepp and Mark Ventre represented the seller and buyer.
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An undisclosed buyer has purchased four industrial buildings totaling 120K SF in Commerce from Karney Properties for $20M. The properties are at the intersection of Washington Boulevard and Garfield Avenue. Cushman & Wakefield’s Tim Wallace, David Hess, Mike Foley, Ryan Bos and Chuck Berger represented the seller.
LEASES
German discount grocer Aldi has signed a lease with Storm Properties to occupy 20K SF of retail space at Redondo Plaza in Gardena. Terms of the deal were not disclosed. Aldi has begun renovating the space that was formerly a Smart & Final. The discount grocer is expected to move into the center this fall.
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Uniqlo has signed a lease with National Real Estate Advisors to occupy 12K SF of retail space at The Bloc in downtown Los Angeles. Terms of the deal were not disclosed. Uniqlo will occupy two floors on the corner of Seventh and Flower streets. It will be the Japanese clothing retailer's first store in downtown Los Angeles.
EXECUTIVE NEWS
Darin Beebower has joined Stepp Commercial as an executive vice president. Beebower, who has more than 25 years of experience, will be responsible for expanding the firm’s market share in Hollywood, Koreatown and the San Fernando Valley. Prior to joining Stepp, Beebower served as a senior executive director with Madison Partners.
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Greg Heller has joined Harbor Group International as senior vice president of acquisitions. Heller will focus on expanding Harbor Group’s West Coast investments and presence, sourcing and underwriting acquisition opportunities on the West Coast. The company recently opened its first Los Angeles location. Prior to joining Harbor Group, Heller was with JRK Property Holdings.
