The LA Deal Sheet
Los Angeles city officials, along with community leaders and real estate developers, gathered to break ground on a $32M mixed-use permanent supportive housing community for homeless veterans and homeless individuals in South Los Angeles.
Highridge Development Co. and SRO Housing Corp. are developing the 57-unit Rise Apartments at 4050 South Figueroa St. on behalf of owner Rise Housing L.P. Alpha Construction Co. is the general contractor. Egan Simon Architecture designed the building.
"Everyone in our city deserves safe housing — and we're going to keep accelerating our drive to get people off the streets and under a roof," Los Angeles Mayor Eric Garcetti said during the groundbreaking ceremony last month, according to a news release. "We are starting a new chapter in Expo Park, and I'm proud that our community is coming together to provide homes, dignity, and a new start to Angelenos in desperate need."
The Rise Apartments will be available to homeless veterans and other homeless individuals earning 30% to 50% of the area median income, who are transitioning into a supportive housing community.
The five-story building will feature subterranean parking and 56 studio units and a one-bedroom manager's unit. Each unit will be fully furnished. The community will also have 3,400 SF of commercial office space to house a nonprofit that serves low-income clients and provides job and financial training.
SALES
A private investor has acquired a 54-unit apartment building in Los Feliz from an undisclosed private trust for $17.58M. Built in 1917, the Los Feliz Palms at 1917 Rodney Drive is a four-story building that features 48 one-bedroom, one-bathroom units and six two-bedroom, two-bathroom units. CBRE’s Priscilla Nee represented the buyer and seller.
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A Los Angeles-based private investor has purchased a 21-unit apartment building in Santa Monica from an undisclosed family trust for $8.8M. Built in 1957, the Royal Pacific Apartments at 855 Sixth St. features a mix of one-, two- and three-bedroom units. Stepp Commercial’s Kimberly R. Stepp represented the buyer and seller.
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Sycamore Sun LLC has acquired a two-unit apartment building at 506-508 North Sycamore Ave. in Los Angeles from an undisclosed seller for $1.8M. Marcus & Millichap’s Sam Liberow and Max Gersht represented the seller.
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Jupiter Property Investment has purchased a 20-unit apartment building in Valley Village from an undisclosed seller for $5.65M. The 18K SF apartment building at 5222–5228 Hermitage Ave. sold at a 4.06% cap rate. Marcus & Millichap’s Sam Liberow and Michael Sterman represented the seller.
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Y&C Pacific has purchased a 102-room Good Night Inn hotel in Whittier from Andy Investment Co. for $8M. The hotel sits on a 73K SF parcel at 10317 Whittier Blvd. Lee & Associates’ Warren Berzack represented the buyer and seller.
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One Investment has purchased an 18,700 SF warehouse facility in La Verne from Morris Ventures for $3.65M. Built in 1990, the single-story warehouse at 1747 Wright Ave. is within the La Verne Business Park in the eastern San Gabriel industrial submarket. NAI Capital’s Arvin Poblete represented the buyer.
LEASES
FIGS Inc., a medical apparel company, has signed a lease with Colorado Creative Studios to occupy 26K SF of office space at the Santa Monica Gateway in Santa Monica. Terms of the deal were not disclosed. The Santa Monica Gateway is at 2834 Colorado Ave. CBRE’s Jacob Bobek, Scott Steuber and Jeff Vertun represented FIGS. Lincoln Property Co.’s Kent Handleman represented the landlord, according to Commercial Observer.
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Mimaki USA has signed a $3.3M, 10-year lease with an undisclosed landlord to occupy a 28,446 SF industrial building at Seacliff Center Pointe at 150-152 West Walnut St. in Carson. The Klabin Co.’s Todd Taugner and Relo Redac’s Takashi Sugita represented Mimaki, a manufacturer of wide-format inkjet printers and cutting machines.
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Drip Doctors: IV Vitamin Therapy & Regenerative Centers has signed a lease with Casa Bella LLC to occupy 1,847 SF of retail space at 11670 San Vicente Blvd. in Brentwood. Terms of the deal were not disclosed. This is Drip Doctors’ fourth location and is expected to open sometime this year. Kennedy Wilson’s Lee Shapiro and Marin Koper represented the landlord.
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Bitmax LLC has signed a lease with JH Snyder Co. to occupy 9,201 SF of office space on the third floor of the Hollywood 959 creative office campus at 959 North Seward St. in Hollywood. NAI Capital’s Michael Arnold represented Bitmax, a digital supply chain and content management company. First Property Realty Corp. represented JH Snyder. The name of the broker was not disclosed.
CONSTRUCTION
Prologis broke ground on two Class-A industrial buildings totaling 346K SF in Vernon. The Prologis Vernon Business Center 1 and 2 at 5215 South Boyle Ave. will feature facilities that are 114K SF and 232K SF, respectively, and each has 10K SF of corporate office space. Construction is expected to be completed later this year. Newmark Knight Frank’s John McMillan, Jeff Sanita, Danny Williams and Greg Stumm are handling leasing for the project.
EXECUTIVE NEWS
As part of Newmark Knight Frank’s expansion in San Fernando Valley, the company has hired four industry leaders: John DeGrinis will serve as executive managing director, Patrick DuRoss as senior managing director, Jeff Abraham as senior managing director and Kate Borden as brokerage services specialist. The new team will be based in Woodland Hills. Prior to joining NKF, all four were with Colliers International.
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Chris Benton has joined JLL as senior vice president. Benton will be responsible for advising institutional investors on the sale of their multifamily assets. He will be based in Century City. Prior to joining JLL, Benton served as a director at Newmark Knight Frank.
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Urban Commons has appointed Salvatore G. Takoushian as president and chief financial officer. Takoushian will be responsible for overseeing strategy, company operations, financial partnerships and acquisitions. Takoushian has more than 16 years of investment banking experience advising lodging and real estate companies. Prior to Urban Commons, Takoushian served as managing director in the Real Estate and Lodging Investment banking division at Jefferies Group LLC.
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Cox, Castle & Nicholson has promoted Alexander DeGood and Christopher Stark to the firm’s partnership. DeGood and Stark each have contributed significantly to the firm’s land use and joint venture practice teams, serving as counsel on myriad complex development projects that have significantly shaped California’s real estate landscape, the company said. DeGood joined the firm’s land use practice group in 2013 and specializes in zoning matters, environmental compliance and litigation, with a focus on California Environmental Quality Act compliance. Stark is a transactional attorney and joined Cox, Castle & Nicholson in 2007.
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Pircher, Nichols & Meeks has hired Courtney K. Rangen as a new lateral partner. Rangen will be responsible for serving a broad range of clients within the real estate sector in addition to supporting the firm’s growing institutional lending practice. Prior to joining Pircher, Nichols & Meeks, Rangen served as a partner at Sidley Austin LLP.
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CBRE has promoted Philip Voorhees to vice chairman, the highest producer ranking at the firm. Voorhees heads CBRE’s National Retail Partners – West team. Voorhees’ team represents sellers of retail properties in the western U.S., California, Arizona, Nevada, Washington, Oregon and Hawaii.
