The LA Deal Sheet
After a career that spans four decades, longtime commercial real estate veteran Ray Wirta is retiring from his position as corporate president of The Irvine Co.
Wirta, 75, spent nine years with The Irvine Co., where he was owner Donald Bren's No. 2 ranked executive. Wirta guided and oversaw the company's massive real estate portfolio that includes master-planned communities, office buildings, retail centers, resort and multifamily apartments.
“This has been the business experience of my life," Wirta said in a news release. "I was given the opportunity to serve with the finest real estate talent in the world and guided by a chairman with a vision and energy to execute the master plan that this company created over 60 years ago. The Company is in great condition with a bright future ahead.”
Irvine Chairman Bren said: “Ray has provided steady and strategic guidance to the Company during a tremendous period of growth.
“I thank him for his dedication and his friendship and I wish him well in his retirement from the company."
Prior to joining The Irvine Co., Wirta was CEO at The Koll Co., a chairman at CBRE Group, founded RichUncles.com and worked as senior vice president of World Savings & Loan in San Francisco and president of Bank of America’s Premises Corp.
An Irvine Co. spokesman did not disclose who would replace Wirta as corporate president.
SALES
Space Investment Partners has acquired a 58K SF mixed-use retail and office property in Costa Mesa from an undisclosed seller for $24.5M. Built in 1980, the Back Bay Center at 2651–2675 Irvine Ave. has tenants such as Irvine Ranch Market, Burn Bootcamp and Pop Lash. The center is 98% leased. Space Investment plans to invest in the center’s renovation. Redwood West’s John Pomer and Ben Gott represented Space Investment. HFF’s Greg Brown, Peter Thompson and Kevin MacKenzie handled the financing.
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In a 1031 exchange, SAFCO Capital Corp. has purchased a 53,262 SF shopping center in South Gate from Catellus Development Corp. for $29.5M. Built in 2017, the Crossroads @ Firestone sits on 5.9 acres at 5802-5840 Firestone Blvd. Aldi grocery store anchors the shopping center; other tenants include AT&T, Bank of America, Jersey Mike’s Subs and Sherwin-Williams. Hanley Investment Group’s Ed Hanley represented the buyer and seller. Crosbie Gilner Schiffman Southard & Swanson’s David Swartz provided legal counsel for the buyer.
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Valley View Cinemas has acquired a 30K SF retail property in Garden Grove from an undisclosed seller for $8.5M. The building at 12141 Valley View Blvd. was previously an AMF bowling center. Valley View Cinemas, which owns an adjacent movie theater on the same lot, plans to redevelop and remodel the building. CBRE’s Joe Miller represented the buyer. The seller was self-represented.
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A private investor has purchased a 36-unit apartment building in Hollywood from an undisclosed seller for $12.4M. Sunset Formosa is a 36-unit apartment at 1522 North Formosa Ave. The property features a mix of studios, one- and two-bedroom units. Stepp Commercial’s Darin Beebower represented the buyer and seller.
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In an off-market transaction, a private investor has purchased a 15,433 SF retail building in Orange from Said Shokrian for $4.9M. Jo-Ann Fabrics had occupied the retail building at 1620 North Tustin St. CBRE’s Nathan Holthouser and James LeHigh represented the buyer and seller.
EXECUTIVE NEWS
Suffolk has hired commercial real estate veteran Mark Turner as its new chief operating officer. Turner, who has 35 years of industry experience, will be responsible for providing operational guidance and leadership on the company’s construction operations and projects in Los Angeles and Southern California. Prior to joining Suffolk, Turner served as director of operations and vice president at Lendlease Construction.
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Tangram appointed Mark Coxon as sales director for the company’s technology division. Coxon will be responsible for supporting the growth of the new division. Prior to joining Tangram, Coxon served as a regional sales manager at Barco.
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Walker & Dunlop has hired Christine Pratt as vice president of the company’s new loans team. Pratt will be responsible for overseeing origination and loan review. She joins Vice President Larry Wilemon and Deputy Chief Underwriter Chris Montes on the firm’s new small loans team. Prior to joining Walker & Dunlop, Pratt served as a production manager at PGIM Real Estate Finance.
