The LA Deal Sheet
MacFarlane Partners has topped out Park Fifth, a 24-story high-rise mixed-use development in downtown.
At 427 West Fifth St., Park Fifth will feature 347 market-rate apartments above 5,300 SF of retail space and sits adjacent to another MacFarlane development called the Trademark, a seven-story mid-rise mixed-use development with 313 apartments above 7,500 SF of ground-floor retail.
The two projects total $300M and sit on a 2.3-acre, nearly 100K SF site that MacFarlane purchased from Africa-Israel USA in 2014 for $37.5M, according to The Real Deal.
Suffolk Construction is constructing Park Fifth. Bernards is constructing Trademark. Both properties are scheduled to be completed in the first half of 2019. Ankrom Moisan Architects is designing Park Fifth.
“Park Fifth is the ideal location for residents who desire high-end amenities coupled with proximity to public transit and major office employers of downtown L.A.,” MacFarlane Partners Chairman and CEO Victor MacFarlane said in a news release. “Years ago, we saw this site as an ideal location for multifamily residential use as downtown continues to evolve as an exciting place for people to live, work, and play.”
Park Fifth is across West Fifth Street from the Pershing Square Metro Station. The development will feature a 360-degree-view rooftop deck, an infinity-edge pool, cabanas, a fitness center, and a clubhouse with a bar/kitchen, TVs and seating.
SALES
Private investor Burnell G. Juilar has purchased a 10-unit apartment building in Silver Lake from ROI Facilitators for $5.1M. The Griffith Park Apartments at 2118, 2124 and 2130 Griffith Park Blvd. sold for $510K a unit. Lee & Associates’ Warren Berzack represented the seller.
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In an all-cash deal, a private investor has purchased a 24-unit apartment complex in West Hollywood from Burchett Partners for $8.3M. Built in 1960, the 19K SF two-story apartment building at 1122 North Hayworth Ave. and 7928 Norton Ave. consists of 16 one-bedroom, one-bathroom units and eight two-bedroom, two-bathroom units. CBRE’s Priscilla Nee and John Montakab represented the buyer and seller.
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A private investor has acquired a nine-unit apartment building in Santa Monica from the Dinwiddie Family Trust for $4.25M. Built in 1959, the 7,400 SF Aloha Apartments at 501 California Ave. closed at a 3.7% cap rate and $472K/unit. Stepp Commercial’s Kimberly Stepp represented the seller and buyer.
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The city of Camarillo has purchased a 2.52-acre land parcel from Building Materials and Construction Solutions for $3.6M. The property at 2800 Barry St. is currently a lumber yard. The city plans to construct affordable and market-rate multifamily units on the land. DAUM Commercial’s Shaun Bieniek and Michael Wurtzel represented the buyer and seller.
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Olympic Sun LLC has purchased a 109.5-acre land parcel in Oxnard from Del Norte Land Co. for $7.3M. Del Norte currently operates a strawberry farm on the site off East Rice Road in Oxnard. It is slated to close in two months. DAUM Commercial’s Mark Kotake represented the buyer and seller.
FINANCING
On behalf of Euclid Plaza LLC, CBRE’s Capital Markets’ Debt and Structured Finance team has arranged a $24.3M loan for the refinance of Stater Bros. Plaza, a retail center at 6989 Schaefer Ave. in Chino. CBRE’s Marina Massari and Sharon Kline arranged the 36-month interest-only, five-year loan for the borrower. The retail center was built in 2008.
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Venture West Funding has arranged $19.8M in loans to an undisclosed borrower for the refinance of four apartment buildings totaling 163 units in Inglewood. HomeStreet Commercial Capital funded the loan. Venture West's Dave Meis and his team arranged the loan. The four buildings were built between 1959 and 1968 and ranged from 20 units to 52 units.
LEASES
Nutritional supplement manufacturing company Lief Organics has signed a lease with Rexford Industrial to occupy a 112K SF industrial facility in Valencia. The terms of the deal were not disclosed. The newly renovated property at 28903 Avenue Paine features a two-story lobby, 19K SF of office space and a warehouse with 18 dock doors. CBRE’s Craig Peters represented the landlord. CBRE’s Sam Glendon represented Lief Organics.
EXECUTIVE NEWS
Clare De Briere has joined Skanska as an executive vice president. De Briere will support the long-term growth strategy of the company’s commercial development operations in the U.S. and lead a team focused on opportunities in Los Angeles. Her primary responsibility will be to acquire land and the development and design of new projects, tenant leasing strategy and execution of future projects. Prior to joining Skanska, De Briere was executive vice president and chief operating officer with The Ratkovich Co.
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Commercial real estate veterans Bill Boyd, Linda Lee, Scott Unger and Lauren Nesmith have left Charles Dunn Co. to join Kidder Mathews. Boyd and Nesmith were named executive vice presidents and partners. Unger and Nesmith were named senior vice presidents.
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JohnHart Real Estate, a residential and commercial real estate brokerage, has announced the opening of its ninth office, at 19524 Nordhoff St. in Northridge. The new office is 4,200 SF and features a conference room, a lounge and over 40 private offices and workstations.
