The LA Deal Sheet
A Beverly Hills retail property on Rodeo Drive has been refinanced for $160M.
On behalf of an undisclosed borrower, HFF secured the 10-year, fixed-rate loan of $160M, or $5,691/SF, from a group managed by an affiliate of Apollo Global Management, according to a news release.
Rodeo Drive is one of the most well-known posh shopping destinations in the world.
The recently refinanced two-story retail property at 338-346 North Rodeo Drive is being leased to high-end design brands including Tom Ford, Bally and Balenciaga.
HFF’s Marc Schillinger was one member of the debt placement team that represented the borrower.
“The debt capital markets are extraordinarily dynamic today,” Schillinger said in the news release. “By running a comprehensive marketing process with a client that mandated us to exclusively negotiate on their behalf, we were able to obtain competitive options from banks, conduit and portfolio lenders before ultimately moving forward with an insurance company that was able to provide the most compelling terms and pricing available.”
SALES
Long Beach-based Pacific Industrial has acquired a 151K SF multi-tenant industrial park in Anaheim for $22.65M from a JV of 2020 Howell Avenue Enterprises and Howell Avenue Enterprises. North Stadium Business Center sits on 9 acres at 2020-2120 East Howell Ave. in Anaheim’s growing Platinum Triangle area. Voit Real Estate Services’ Seth Davenport, Mitch Zehner and Rob Socci represented the buyer and seller. Voit will also serve as the leasing agent for the business park.
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An undisclosed family partnership has purchased a multi-tenant retail property in Gardena from an undisclosed private investor for $14.9M. Built in 1990 and renovated in 2016, the Gardena Plaza is a 55K SF retail property on 3.54 acres at 2305 West Rosecrans Ave. The retail strip has 18 tenants, including Green Farm Market, Subway and T-Mobile. SRS Real Estate Partners’ Investment Properties Group’s Matthew Mousavi and Patrick Luther represented the seller. Realty One Group’s Steven Doan represented the buyer.
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Weiss Development has sold a four-property retail portfolio in Northridge and Torrance for $35M to an undisclosed buyer described as a mix of private and institutional investors. The retail portfolio totals more than 65K SF. The exact locations were not disclosed. Newmark Knight Frank’s Bill Bauman, Kyle Miller and Dan Samulski represented the seller.
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CGI Strategies has purchased a 78-unit multifamily community in Los Feliz from an undisclosed seller for $20.15M. Built in 29173, the three-story Parkwood Apartments is at 4646 Los Feliz Blvd. CGI plans to modernize the building’s infrastructure and common areas as well as renovate units as they become vacant. The property was 94% leased at closing. Marcus & Millichap’s Tony Azzi represented the buyer and seller.
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Uhon Inc. has acquired a 177-unit multifamily property in El Monte from an unnamed real estate firm for an undisclosed price. Built in 1963, The Parker Apartments is a garden-style apartment property that sits on 4.3 acres at 4640 Arden Way in the San Gabriel Valley submarket of Los Angeles. CBRE’s Dean Zander, Stewart Weston and John Montakab represented the seller. Uhon represented itself. CBRE’s Brian Eisendrath and Cameron Chalfant arranged the financing for the buyer.
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A Los Angeles-based private trust has sold a 45-unit apartment building in Pasadena to an undisclosed buyer for $14M. The apartment building at 165 North Michigan Ave. features a mix of one-, two- and three-bedroom units. The property closed at a 3.45% cap rate. CBRE’s Priscilla Nee represented the seller.
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Black Creek Group has purchased a 95K SF industrial building in Santa Fe Springs from the Stadler Family Trust for $20.5M. The property sits on 5 acres at 12128 Burke St. The Klabin Co./CORFAC International's Todd Taugner, Courtney Bell, Max Farkas and Zach Middleton represented the buyer and seller.
LEASING
Legacy Transportation Services has signed a five-year, $1.2M lease with an undisclosed landlord to occupy a 20K SF industrial building at 6931-6935 Hermosa Circle in Buena Park. Torrance-based The Klabin Co./Corfac International’s Max Farkas, Zach Middleton, Travis Noack and Kimberly Noack represented Legacy. Voit Real Estate Services’ Mike Vernick, Morgan Hill and Michael Hefner represented the landlord.
FINANCING
On behalf of an undisclosed borrower, NorthMarq has secured the $10M refinance of Montana Avenue Retail, a 16K SF retail property at 1302-1316 Montana Ave. in Santa Monica. The permanent-fixed-rate loan was structured with a 10-year interest-only term. Northmarq’s David Blum secured the financing.
EXECUTIVE NEWS
Steinberg Hart has promoted Michael Miller from design director to design principal. Miller joined Steinberg Hart in 2016 as an associate principal. Since being with the company, Miller has collaborated on the design of several projects, including the Golden West College Library, West Valley Fox Center and Crafton Hills College Learning Resource Center.
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As part of its national expansion, RED Mortgage Capital, a division of ORIX Real Estate Capital, has hired Jim McArthur as director of multifamily originations at the company’s new Los Angeles office. McArthur will be responsible for leading the company’s new office in Los Angeles. Prior to joining RED, McArthur served as a senior vice president at JLL.
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Cody Cannon has joined Colliers International Group as executive managing director and market leader overseeing the greater Los Angeles region. Cannon will be responsible for advising investors, landlords and corporate users of the company’s full spectrum of commercial real estate services. Prior to joining Colliers, he served as a regional managing director for Marcus & Millichap.
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Casco Capital Management announced Elliot Shirwo has joined the organization as a principal. Shirwo has more than two decades of experience in real estate, finance, legal and multifamily office communities. Prior to joining Casco, Shirwo was founder and principal of BridgeCore Capital, a private bridge lender.
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Trammell Crow has promoted John Balestra to principal with the firm’s SoCal—Los Angeles Business Unit. Balestra will be responsible for sourcing and overseeing new industrial development and investment opportunities throughout the greater Los Angeles market. He previously served as a senior vice president. Balestra has 30 years of commercial real estate experience. He joined Trammell Crow in 2015.
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SRS Real Estate Partners has elected Matthew Mousavi to its board of members. As part of the board, Mousavi will work with management and participate in the governance and strategy of the company. Mousavi is the managing principal of the company's National Net Lease Group and Investment Properties Group. He joined SRS in 2016.
