The LA Deal Sheet
Lincoln Property Co.’s West Coast arm, LPC West, plans to transform a former parking lot next to a hotel into a Gensler-designed 300K SF creative office campus in Culver City.
LPC West and Goldman Sachs affiliate Broad Street Principal Investments have purchased a 3.7-acre lot at 6161 Centinela Ave. from Woodbine Legacy Investment. Woodbine owns the DoubleTree hotel that sits next to the site, which was being used as a parking lot for the hotel.
Former developer Centinela Development Partners named the site Entrada and initially wanted to build an 11-story office building but later abandoned the project due to market conditions.
Woodbine acquired the DoubleTree hotel and the parking lot in August for $152M, according to The Real Deal.
LPC West was one of the early developers of creative office and mixed-use projects in Playa Vista and is looking to capitalize on the growing Silicon Beach area. LPC officials said the future creative office development would cater to entertainment, media and technology tenants.
Gensler has been tabbed to design the site.
“Entrada will be a world-class project with a highly-visible location between Culver City and Playa Vista — two of the region’s most important locations for entertainment, media and technology,” LPC West Executive Vice President Rob Kane said in a news release. “This project will be a premier trophy asset with a cutting-edge design in an area that has seen much activity and innovation in recent years. We are thrilled to develop the region’s newest creative office project.”
The building will feature flexible floor plans, office suites with a private balcony, indoor-outdoor working experience and a 15K SF outdoor sky deck. The campus will also feature ground-floor retail, a fitness center, outdoor workspaces and a shared conference center with the DoubleTree hotel.
Woodbine announced it would pour $35M in renovations to the DoubleTree in 2019.
SALES
Medical real estate owner and developer Meridian has acquired a 26K SF medical office building in Torrance from Providence Health for $7.5M. Meridian also plans to invest an additional $3.6M in capital improvements for the medical office building originally built in 1961 on a 1.6-acre lot at 3531 Fashion Way. Newmark Knight Frank’s John Scruggs will handle leasing. Meridian officials represented themselves in the sale. JLL’s Brendan McArthur, Steve Solomon, Jeff Adkinson and Kristen Bowman represented the seller.
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A private investor has purchased a 12,649 SF retail center in Menifee from an undisclosed seller for $9.4M in a 1031 exchange. The Shops at Town Center Marketplace is at 30029-30067 Haun Road and features a Sprint, Jimmy John’s and Yogurtland. CBRE’s Melissa Ley and Ian Schroeder represented the buyer. CBRE’s Matt Burnett represented the seller.
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Tacos Gavilan has purchased a retail building on 1.3 acres in Norwalk from Walgreens for $3.1M. The Southern California-based Mexican restaurant chain plans to raze and redevelop an existing Walgreens building at the southwest corner of Rosecrans Avenue and Studebaker Road into the chain’s 14th location. SRS Real Estate Partners' Terrison Quinn, Casey Mahony and Adam Handfield represented Walgreens. Newmark Knight Frank’s Peter Spragg represented Tacos Gavilan.
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Terreno Realty Corp. has purchased a 60K SF industrial building in Compton from Hot Chocolate Inc. for $11.1M. The property at 1100 West Walnut St. features a fenced and private yard, 26-foot clear height ceilings, six dock-high doors and 4,900 SF of office space. DAUM Commercial Real Estate Services’ Casey Mungo, Matthew Boggs and Alex Nagel represented the buyer and seller. Terreno has also retained DAUM Commercial to market the property for lease.
LEASES
Schumacher Cargo Logistics has signed a $2.7M five-year extension with Davids & Royston Bulb Co. to occupy a 60,650 SF industrial building at 550 West 135th St. in Gardena. The Klabin Co./CORFAC International’s Courtney Bell represented Schumacher. Okula Commercial Real Estate Services’ Robert Okula represented the landlord.
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California State University, Los Angeles has signed a lease with The Ratkovich Co. to occupy 12,051 SF of office space at The Alhambra, a 40-acre mixed-use campus in Alhambra. Terms of the deal were not disclosed. California State University, Los Angeles is the fourth educational institution to sign a lease at The Alhambra, joining the University of Southern California, Alliant International University and Platt College. CBRE’s Kevin Duffy represented the landlord. Newmark Knight Frank’s Will Adams represented California State University, Los Angeles.
EXECUTIVE NEWS
Real Estate Forum Magazine has inducted Kidder Mathews Executive Vice President and partner Janet Neman into the Women of Influence Hall of Fame. Launched in 2013, the Women of Influence Hall of Fame recognizes women’s accomplishments in the commercial real estate industry and service to the community. With 30 years of experience, Neman has sold more than $1.5B in assets and has won several other awards. She also dedicates her time to the Jenesse Center, a nonprofit group dedicated to making a difference in the lives of victims of domestic violence.
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HGA Architects has hired Katie Carley as associate vice president and business developer in the company’s Los Angeles office. Carley will be responsible for supporting new business opportunities for the higher education practice group in California. Prior to joining HGA, Carley served as an associate principal, director of development and co-director of operations at Moore Ruble Yudell Architects & Planners.
