The LA Deal Sheet
A 71K SF shopping center in West Los Angeles’ popular Pico-Robertson area has sold for $50.25M.
In an off-market deal, retail real estate firm Asana Partners has acquired The Balcony at Beverwil at 9600-9636 West Pico Blvd. from an undisclosed private partnership.
JLL’s Geoff Tranchina represented the seller.
“This property’s strong credit tenant base and position in a highly sought-after trade area with limited competition created a very attractive investment opportunity for Asana Partners,” Tranchina said in a news release. “Known for investing in premier locations closely connected to their surrounding communities, Asana will enhance the overall customer experience at the property, showcasing its prominent location at the intersection of Pico Boulevard and Beverwil Drive.”
Built in 1996, The Balcony at Beverwil serves residents in Beverly Hills, Beverlywood, Century City and Cheviot Hills. The two-story shopping center is fully leased and anchored by a Ralphs grocery store and a CVS pharmacy.
SALES
A private trust has purchased a nine-unit apartment building in Los Angeles from an undisclosed seller for $2.46M. Built in 1927, the property at 1131 Lodi Place features six two-bedroom and three three-bedroom units. Marcus & Millichap’s Lane Schwartz and Beau Bonness represented the buyer and seller.
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Terreno Realty Corp. has sold a 266K SF industrial building in Fontana to an undisclosed buyer for $33.2M. The building sits on a 13-acre lot at 14605 Miller Ave. and is leased to one tenant on a short-term basis. Terreno Realty first acquired the property in 2014 for $23M. The brokers of the transaction were not disclosed.
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Danne Montague-King has purchased a 30K SF industrial building in Santa Fe Springs from an undisclosed seller for $5.6M. The property is at 10420 Pioneer Blvd. Lee & Associates' Brad Gilmer and Tim Cronin represented the seller. Lee & Associates' Christopher J. Destino represented the buyer.
FINANCE
NorthMarq Capital has arranged $41M in construction financing for an undisclosed borrower for the development of Riverpoint/Warner Center, a 154-unit multifamily property at 6801-6819 Canoga Ave. in Canoga Park. Northmarq’s David Blum arranged the financing. Blum said the high-leverage construction loan was structured at 75% loan-to-cost with flexibility of adding PACE financing after closing.
LEASES
Chemical manufacturer and distributor Spectrum Chemical has signed an 85-month, $5.3M lease with RML Group LLC to occupy a new 73K SF industrial building at 14400 South San Pedro St. in Gardena. Spectrum will use the property for warehousing and distribution. The Klabin Co.’s Matthew Stringfellow, Courtney Bell and Tyler Rollema represented Spectrum and the landlord.
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Duke’s South Paw Total Pet Care has signed a 10-year lease with The Wolff Co. to occupy 9,632 SF of retail space at the OLiVE DTLA apartments at 1211 South Olive Ave. in downtown Los Angeles. Kennedy Wilson’s Lee Shapiro and Justin Weiss represented the landlord. Shapiro and Weiss are the exclusive leasing agents for the retail portion of OLiVE DTLA, a seven-story, 293-unit mixed-use apartment building with 14,526 SF of ground-level retail.
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Radiology Partners has signed a lease with NSB Associates to occupy 68K SF of office space at Ascend, a creative office building at 2330 Utah Ave., in El Segundo. Terms of the deal were not disclosed. CBRE’s Jacob Bobek represented the tenant, which will be using the location as its new headquarters. JLL’s Blake Searles represented the landlord.
EXECUTIVE NEWS
SRS Real Estate Partners has hired Mike Rielly as senior vice president and managing principal to oversee the company’s new Los Angeles office that is slated to open in early 2019. Additionally, Rielly will also lead the newly formed national SRS Signature Group, a service offering that will cater to aspirational and high-end brands targeting coast-to-coast growth in high-street, Class-A mall, lifestyle, premium outlet and design/arts district environments. Prior to joining SRS, Rielly was president of Next Wave Retail.
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Attorney Aimee M. Contreras-Camua has joined Pircher, Nichols & Meeks LLP as a lateral partner. Contreras-Camua will focus on the firm’s expanding institutional lending practice. Prior to joining Pircher, Contreras-Camua served as a partner at Sidley Austin LLP’s Los Angeles office for more than 11 years.
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Sabal Capital Partners LLC announced David Browne has joined the company as chief financial officer. Browne, with expertise in institutional investment, finance and fiduciary oversight, will assist the firm in its current move from established competitor to categorical leader in commercial real estate finance. Prior to Sabal, Browne served as chief financial officer of MMP Holdings.
