The LA Deal Sheet
The Crest Theater, a 78-year-old historic landmark performing arts venue and independent movie theater in Westwood, has been sold to the University of California Los Angeles.
The UCLA School of the Arts and Architecture and the Center for the Art of Performance at UCLA acquired the 7,500 SF building, which is within walking distance of the university campus, from Bigfoot Entertainment Inc. for $5.9M, according to UCLA and the Los Angeles Business Journal.
UCLA plans to restore and transform the venue into an off-campus performing arts center, the university said in a news release.
Coldwell Banker Commercial’s Dave Maldonado and David Thind represented the seller. Maldonado and Thind also assisted UCLA’s real estate team in the sale.
“We’re happy that the new buyer is going to restore the theater,” Maldonado said to Bisnow. Coldwell Banker had the listing since the summer of 2017. “This is a landmark and a historical site.”
Actress Susan Bay Nimoy, the widow of late “Star Trek” actor Leonard Nimoy, and an anonymous donor donated money to UCLA to acquire the Crest Theater on Westwood Boulevard.
Additionally, the university is launching a new campaign fueled by a gift that will match all donations up to $2.5M in support of the new theater, which will be renamed the UCLA Nimoy Theater, in honor of Leonard Nimoy.
When it opened in 1940, the Westwood Theater was a live performance hall designed by the architect Arthur W. Hawes. In 2008, the city of Los Angeles designated the Crest as a Historic-Cultural Landmark.
“With Susan Nimoy’s gift, UCLA will remain a beacon for artists and students of the arts locally and globally,” UCLA Chancellor Gene Block said in a news release.
The theater is slated to reopen in 2021.
SALES
A private investor has purchased a four-unit apartment building in West Hollywood from an undisclosed seller for $1.615M. Built in 1923, the property sits on a 5,761 SF lot at 905 North Genesee Ave. It sold for $400K per unit. Marcus & Millichap's Jordan Asheghian and Tony Azzi represented the seller. Charles Dunn Co.’s Michael Monempour represented the buyer.
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Timberlane Partners has sold a three-building apartment portfolio in the Los Feliz area of Los Angeles to the Ling Family Trust for $12M. The portfolio includes a 10-unit apartment building at 3207 Rowena Ave., a 10-unit apartment building at 3261 Rowena Ave. and a 12-unit apartment building at 3267-3271 Rowena Ave. KW Commercial's Rich Johns and Adam Zunder represented the buyer and seller.
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A San Gabriel Valley-based investor has purchased a 26-unit apartment building in Baldwin Park from an undisclosed seller for $6.26M. The Kimberly Apartments sits on 19,384 SF at 14521 Clark St. The apartment is composed of a mix of one- and two-bedroom apartments. CBRE's Eric Chen represented the seller.
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Morton Development Group has purchased the Artistry Theater building in Pasadena from Colorado Creative LLC for $5.3M. Built in 1931 as a United Artists theater, the 15K SF property at 600 East Colorado Blvd. was once known as a popular movie theater that attracted preview screenings from Orson Welles and Alfred Hitchcock. The building fell in disrepair and has been vacant for the past three years. The new owner plans to redevelop the property as a mixed-use site with office and retail components. Avison Young's Andrew Berk and Chase Gordon represented the seller. Morton Development represented itself.
FINANCING
On behalf of an undisclosed institutional borrower, HFF has secured $17.1M in post-acquisition financing of Grand and Alosta, a 70,811 SF retail center at 655 South Grand Ave. in Glendora. HFF secured a seven-year, fixed-rate, full-term, interest-only, nonrecourse loan through a life insurance company. HFF’s Paul Brindley, Marc Schillinger and Ryan Ash represented the borrower.
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On behalf of Pole Capital USA, the Los Angeles office of CBRE has arranged $20M in debt financing for the acquisition of Jamboree Promenade in Irvine. Pole Capital acquired the 56,800 SF retail center at 2626-2646 Dupont Drive earlier this year. The debt financing was intended to recapitalize the site, CBRE officials said. CBRE’s Debt and Structured Finance team of Shaun Moothart, Bruce Francis, Dana Summers, Bob Ybarra and Doug Birrell arranged the seven-year loan for the borrower.
LEASES
La Michoacana Ice Cream has signed a lease with an undisclosed landlord to occupy 2,300 SF of retail space at the Plaza Mexico at 3100 East Imperial Ave. in Lynwood. Terms of the deal were not disclosed. Colliers International's James Rodriguez and Michael Bohorquez represented the landlord and tenant.
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AT&T Wireless has signed a lease with an undisclosed landlord to occupy 3,700 SF of retail space at the Paddison Square shopping center at 12319 Norwalk Blvd. in Norwalk. Terms of the deal were not disclosed. Colliers International's James Rodriguez and Michael Bohorquez represented the landlord and tenant.
EXECUTIVE NEWS
HFF has named Greg Goldstein a senior director. Goldstein will be based in Los Angeles and work with the company’s national loan sales group. Goldstein has 15 years of experience. Most recently, he was a senior vice president at Eastdil Secured.
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The Society of Industrial and Office Realtors has named Robert Thornburgh the 2019 global president. Thornburgh is an executive vice president and partner at Kidder Mathews Los Angeles. At Kidder Mathews, he heads the firm’s strategic business development and brokerage recruitment in greater Los Angeles. He was formerly the CEO of Heger Industrial, which merged with Kidder Mathews in 2017.
“I am honored and excited to take over as the SIOR Global President, and look forward to working closely with our board of directors as we pursue new industry leading initiatives that benefit our members and the CRE community,” Thornburgh said in a news release.
AWARDS
Real Estate Forum Magazine has named Trammell Crow Vice President Healthcare Leadership Group Nancy Moses to its 2018 Top 50 under 40 list. The annual list highlights a new class of commercial real estate rising stars. As vice president in Trammell Crow’s healthcare practice, Moses’ primary focus is on healthcare development for the Los Angeles business unit. Moses began her career with Trammell Crow in 2005. She has delivered more than 1.1M SF of projects with another 520K SF currently in process, totaling more than $600M in value.
