The LA Deal Sheet
Dignity Health - California Hospital Medical Center will construct a new building that will serve as the centerpiece of a $215M campus expansion and modernization plan in downtown Los Angeles.
The 150K SF, four-story tower will provide added space, privacy and advanced medical technology while enhancing the hospital’s capacity and accessibility for emergency, trauma and maternity services, Dignity Health officials said in a news release.
“The new patient care tower is vitally important in helping us continue our mission and tradition of serving our unique patient populations and creating healthier communities,” CHMC President Margaret R. Peterson said in a news release. “This expansion, fueled by the latest in technology and innovation, will also enable us to attract top-level talent, plus accept more medical residents and nursing students, strengthening CHMC’s role as a major regional teaching hospital.”
At 1401 South Grand Ave., the new tower will feature a new emergency and trauma center and increase the number of beds available by 60%. The new building will also house an upgraded neonatal intensive care unit, labor and delivery rooms, more private rooms, a new pediatrics unit, an emergency mental health observation area and retail space on the ground floor. The top floor will be reserved for future expansion.
A groundbreaking will be held in the first quarter.
SALES
A private investor has purchased a 10-unit apartment building in Santa Monica from an undisclosed pension adviser for $4M. The property at 1427 21st St. sits on 14,512 SF and features 10 one-bedroom, one-bathroom units. Marcus & Millichap’s Richard J. Ringer and Jeff Benson represented the buyer and seller.
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Champion Real Estate Co. has purchased a two-property apartment portfolio in Glendale from a private individual for $14.2M. The acquisition included a 36-unit community at 348 West Chevy Chase Drive and a 26-unit apartment at 1119-1123 East Elk Ave. Champion plans to begin a $2.6M capital improvement project on the apartments. The brokers of the deal were not disclosed.
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In a 1031 exchange, Raleigh Construction has acquired a 12K SF retail property in Los Angeles from a private partnership for $7.75M. The two-story retail property at 5979 West Third St. is currently occupied by a Coffee Bean, Good Night Natural and three office tenants on the second floor. The property sold for $604/SF and around a 4.5% cap rate. Pacific Union’s Shaya Braverman represented the buyer and seller. Pacific Union’s Dario Svidler also represented the buyer.
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Duke Realty has purchased a 25.48-acre lot in Irwindale from a private seller for an undisclosed amount. The lot at 13131 Los Angeles St. is zoned and entitled for industrial users. CBRE’s Darla Longo and Barbara Perrier as well as Colliers International’s Andy White represented the seller.
LEASES
A24, an entertainment company, has signed a lease with Cohen Brothers Realty to occupy 25K SF of office space at the Pacific Design Center’s RedBuilding in West Hollywood. The terms of the deal were not disclosed. Cohen Brothers Realty Corp.’s Marc Horowitz represented Cohen Brothers. Savills Studley’s Robert Cavaiola represented A24.
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Canyon Partners Real Estate has provided $10.6M of preferred equity to Griffin Fine Living to finance the ground-up construction of a Class-A, 101-unit senior living community in Simi Valley. Griffin Plaza senior living is a two-story, 100K SF senior living community that will feature 75 assisted living units and 26 memory care units. Construction is scheduled to begin immediately and slated to be completed in 2019.
FINANCING
On behalf of an undisclosed borrower, Bellwether Enterprise has arranged $7.7M permanent and construction loan refinancing for Trevi Villas Apartments, a newly constructed 27-unit apartment building in North Hollywood. The loan features a 10-year loan term with one year of interest only, followed by a 30-year amortization period. Bellwether Enterprise’s Mack Mower arranged the loan using Nationwide as the lender.
EXECUTIVE NEWS
Cushman & Wakefield has promoted Jeffrey Cole to vice chair of the Capital Markets Group. Cole recently served as an executive managing director. Cole joined Cushman & Wakefield in 2007 and has represented over 85M SF of commercial, office and industrial space. He has closed 260 sales transactions with a total consideration of $9.7B.
AWARDS
The Women Lawyers Association of Los Angeles has awarded CBRE’s legal department the 2018 Myra Bradwell Award. The award is given to an individual or individuals that express the highest ideals of the legal profession and exemplify qualities such as courage, perseverance and leadership on issues of concern to women. CBRE’s legal department received the award for its success in promoting and advancing female lawyers. Nearly 60% of attorneys in CBRE’s U.S. legal team are women.
"We have ensured that our department is diverse at every level, geography and functional area,” CBRE Executive Vice President and General Counsel Laurence Midler said in a news release. “Attorneys, at every stage of their careers, can look at the legal leadership team and see a reflection of themselves and know they can be successful here."
