The LA Deal Sheet
A prime oceanfront property in Santa Monica has traded.
Goldman Sachs has purchased the ground-leased land fee position at 1733 Ocean Ave. in Santa Monica from Starpoint Properties for $65M.
The property encompasses 0.8 acres a block away from the Pacific Ocean and a five-minute walk from the Santa Monica Pier and Third Street Promenade shopping district.
Madison Partners' Bob Safai represented the seller.
SALES
1057 S Western LLC has purchased a 76-unit apartment building in Los Angeles from Prana Growth Fund 1 L.P. for $12.56M. The Western Arms apartment is a rent-controlled property at 1057 South Western Ave. in the Koreatown neighborhood of Los Angeles. Lee & Associates’ Cole Martens and Cory Stehr represented the buyer and seller.
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A Los Angeles-based family trust has sold two apartment buildings in Santa Monica to two private investors in separate transactions. The first property, a three-story, 22-unit apartment built in 1972, is at 1115 14th St. The property sold for $11.7M. The second property is a two-story, 21-unit apartment building built in 1957 at 855 Sixth St. The property sold for $8.88M. Stepp Commercial’s Kimberly R. Stepp and Darin Beebower represented the seller. Stepp also represented the two individual buyers, who were both Los Angeles-based private investors.
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An affiliate of AEW Global Real Estate Investment Management Services has purchased Sycamore Plaza, a 78K SF shopping center in Upland, from GPI Cos. for an undisclosed price. On the border of Upland and Claremont, the 10-acre property is fully leased with anchors including a Starbucks, a Whole Foods 365 Market and a CVS Pharmacy. CBRE’s Philip Voorhees represented the buyer and seller.
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A private investor has acquired a 29-unit apartment building in Northridge from an undisclosed foreign investor for $6.95M. The University Gardens apartment building is at 8762 Etiwanda Ave., about a mile away from California State University, Northridge. Marcus & Millichap’s Paul H. Darrow, Gregory S. Harris, Kevin Green and Joe Grabiec represented the seller.
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In an off-market deal, Ventura Investment Co. has purchased a seven-unit apartment building in Oxnard from an undisclosed seller for $3.5M. Built in 1974, the beachfront apartment is at 5151 Neptune Square. Lee & Associates’ John Battle and Matt Benwitt represented the buyer and seller.
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A private investor has purchased a 12-unit apartment building in West Hollywood from an undisclosed seller for $5.1M. The apartment at 1214 North Clark St. sold for $452/SF and $425K/unit. Marcus & Millichap’s Sam Liberow represented the buyer and seller.
LEASES
Insomniac Games has signed a five-year lease renewal with Worthe Real Estate Group to continue occupying 42K SF of office space at Burbank’s Media Studios campus at 2255 North Ontario St. in Burbank. Financial terms of the deal were not disclosed. CBRE’s Todd Doney, Doug Marlow, Ryan Pettersen and Juliana Sampson represented the landlord. Savills Studley’s Matt Brainard represented Insomniac Games.
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Precision molding firm Idea Tooling & Engineering has signed a three-year, $600K lease with South Main Street Investments to occupy 25,045 SF of industrial space at 13915-13917 South Main St. in Gardena. The Klabin Co.’s Matt Stringfellow, Courtney Bell and Tyler Rollema represented South Main Street Investments. Voit Real Estate Services’ Sean McDonald and Brian McLoughlin represented Idea Tooling & Engineering.
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Pigeon Textile Corp. has signed a five-year, $1.1M lease with South Main Street Investments to occupy 23,625 SF of industrial space at 13915-13917 South Main St. in Gardena. The Klabin Co.’s Matt Stringfellow, Courtney Bell and Tyler Rollema represented South Main Street Investments. Coldwell Banker Commercial’s Kevin Kim represented Pigeon Textile.
EXECUTIVE NEWS
CBRE has named Chalvis Evans managing director of the company’s Los Angeles North region. Evans will oversee 160 CBRE employees in offices in Glendale, Woodland Hills and Oxnard. Evans will be responsible for driving the region’s overall strategy and oversee its occupier and investor leasing, investment sales, debt and structured finance, property management and valuations across all property types for its LA North-area offices. Evans first joined CBRE in 2015 as senior vice president with a focus on investment sales and tenant representation. Prior to joining the firm, Evans served as a senior vice president for Coldwell Banker Commercial in the Pasadena office.
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Construction industry veteran Tom Donohue joins Suffolk as its new president and general manager for Los Angeles. Donohue will be responsible for providing strategic direction and leading Suffolk’s operations in Los Angeles. His responsibilities include delivering the company’s build smart brand promise, strengthening relationships with clients and trade partners and positioning the company for future growth and expansion in the region. Prior to Suffolk, Donohue served as a vice president and general manager at Turner Construction.
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Bixby Land Co.’s board of directors has promoted Executive Vice President and Chief Acquisitions Officer Mike Severson to the firm’s new chief investment officer. Since joining Bixby in 2006, Severson has played a pivotal role in growing the company’s portfolio, overseeing the acquisition of over 6M SF of property. Prior to joining Bixby, Severson served as director and portfolio manager for The RREEF Funds.
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Sabal Capital Partners has named Keith Kiecker as a production manager. With 20 years of experience in the field, Kiecker will support the company’s Freddie Mac Targeted Affordable Housing Program. Prior to joining the company, he served as multifamily solutions director at PACE Equity.
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CBRE has hired William Drewes as managing director of the company’s valuation and advisory services in Los Angeles. Drewes will report to Eric Stucky, senior managing director of valuation and advisory services for CBRE’s Southern California, Arizona and Hawaii region. Prior to joining CBRE, Drewes served as valuation services director at Colliers International. In his 30 years in the industry, Drewes has appraised several notable properties, including the 900K SF Beaudry Center and the Pike Redevelopment in downtown Long Beach.
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Savills Studley has promoted Corey Davidson and Josh Gorin to the role of vice chairman. Prior to being promoted, Davidson served as Savills' executive managing director. Davidson first joined Savills in 2001 and is based in the company’s West Los Angeles office. Gorin serves as the company’s downtown Los Angeles office lead, where he is responsible for operations, recruitment, training and local development initiatives. Gorin’s expertise is in portfolio representation, complex headquarters assignments and investment sales. Gorin joined Savills in 1997.
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Thorofare Capital has hired Daniel Pavlinik as a director of originations. With 15 years of experience, Pavlinik will be responsible for sourcing, structuring and closing opportunistic, value-add and core-plus commercial mortgages across the company’s multistrategy platform. Pavlinik will focus primarily on the Pacific Northwest market. Prior to joining Thorofare, Pavlinik served as an executive vice president at A10 Capital.
