The LA Deal Sheet
A coworking company and a tech-focused real estate company are growing their footprints in Pasadena.
Coworking company Spaces and brokerage firm Compass have signed leases with landlord BIT Playhouse Plaza to occupy a total of 71K SF of office space at the Playhouse Plaza office building in Pasadena.
Financial terms of the deals were not disclosed. CBRE’s Todd Doney and Ryan Pettersen represented the landlord.
Spaces signed a 10-year lease for 48,831 SF. The coworking company’s office space will be split at the Playhouse Plaza — 9,427 SF of the ground floor and 38,359 SF on the second floor. This is Spaces’ ninth location in Los Angeles, bringing the company’s total footprint in the region to 323K SF. CBRE’s Matt Heyn represented Spaces.
Compass is expanding its space at the Playhouse from 12K SF to 22K SF. Savills Studley’s David Gordon represented Compass.
Built in 2015, Playhouse Plaza is a five-story, Class-A building at 680 East Colorado Blvd. The building is 97% occupied.
“This property offers tenants the highest quality space in the Pasadena market with its mixed-use design and unparalleled access to surrounding amenities, restaurants, fitness clubs and entertainment venues,” Doney said in a news release.
SALES
BKM Capital Partners has acquired an industrial portfolio totaling 27 buildings and 448,573 SF across California and Arizona from Global Logistics Properties for $73M. The three properties in California are the Fullerton Business Center at 4010-4080 North Palm St. in Fullerton, Ramona Business Center at 12901-13177 Ramona Blvd. in Irwindale and Mowry Business Center at 39975-38995 Cherry St. in Newark. The fourth property in the portfolio is the Baseline Business Center at 230-245 Baseline Road in Tempe, Arizona. The portfolio is 87% leased. JLL’s Mark Detmer, Bo Mills and Ryan Sitov represented Global Logistics. BKM represented itself.
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An unnamed institutional company has purchased a 28-unit multifamily building in West Los Angeles from a private seller for $7.1M. The apartment building is at 9714-9720 Regent St. in the Palms neighborhood of West Los Angeles. Matthews' Real Estate Services' Kyle Mirrafati represented the buyer and seller.
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Quantum Electronic Payments has purchased a 14,900 SF office building in Anaheim from a private seller for an undisclosed price. The two-story office building is at 8185 East Kaiser Blvd. in Anaheim Hills. Stream Realty Partners' Mike Adams and Scott Bellizzi represented the buyer and seller.
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Cardinal Development Co. has acquired a 23,100 SF industrial property in Orange from AutoZone for $4.27M. The property is at 975 North Eckhoff St. CBRE's Keith Greer represented the buyer. JLL's Bart Reinhard represented the seller.
LEASES
Coworking company Spaces has signed a lease with CBRE to occupy 69K SF of office space at the Water Garden office building in Santa Monica. CBRE manages and leases the Water Garden, which is owned by institutional investors advised by JP Morgan Asset Management. The property is at 1620 26 St. in Santa Monica. Terms of the deal were not disclosed. CBRE’s Daniel Rainer represented Spaces. CBRE’s Amanda Calof, Patti Gilbert and Pat McRoskey represented the landlord.
EXECUTIVE NEWS
CO Architects, a Los Angeles-based architectural company, has promoted Arnold Swanborn to design principal and Parini Mehta and Phillip White to associate principal. Tanner Clapham and Jorge Colón were promoted to senior associate. CO Architects also has named 12 new associates: Esther Chao, Rachel Jordan, Tighe Lanning, Fallon Lebedowicz, Andrés Lin-Shiu, Parmis Malek, Sussan Movassagh, Stephen O’Brien, Justin Owens, Minya Radenkovich, Samuel Ridge and Liz Wheeler.
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Kosmont Cos. announced three executive moves:
Ken K. Hira has been promoted from senior vice president to president. Hira first joined Kosmont in 2008. He is a well-known volunteer leader of the International Council of Shopping Centers and serves as the co-chair of the ICSC P3 Retail Advisory Board.
Robert Valenti has joined as a senior project analyst. Valenti will be responsible for supporting public and private sector clients with market and economic analysis, strategic planning and real estate development advisory. He previously worked as a policy analyst for Rhode Island’s Office of Management and Budget.
Chris McDermott has joined Kosmont as a project analyst. He will focus on real estate, economic and financial analysis, development projects and market analysis.
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Bob Restrick has joined Sabal Capital Partners as managing director and head of the company’s commercial real estate lending division. Restrick will be responsible for overseeing the company’s new CRE loan program. Prior to Sabal, Restrick served as the group head of Walker & Dunlop’s investment management business.
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Jennifer A. White has been named a partner at Pircher, Nichols & Meeks. White focuses on complex commercial real estate transactions and represents private and institutional investors, real estate funds and opportunity funds. White first joined the law firm in 2010 as an associate.
