The LA Deal Sheet
A former amusement park in the Inland Empire will soon transform into an industrial development.
Bridge Development Partners acquired the Scandia Family Fun Park in Ontario earlier this year and plans to construct two industrial buildings totaling 268K SF on the 11.9-acre site.
Bridge Development purchased the theme park at 1155 South Wanamaker Ave. from Scandia Recreation Centers for $19M, according to commercial real estate data company Reonomy.
NAI Capital’s Nicholas Chang represented Bridge.
The Bridge Point Ontario will feature a 178K SF building with 32-foot clear height, a 155-foot truck court, 10K SF of office space, 23 exterior docks, six striped trailer positions and a 99-car surface parking lot. The other building will consist of 90K SF, 32-foot clear height, a 137-foot truck court, 8K SF of office space and parking for 56 cars.
“The Bridge Point Ontario acquisition marks the launch of Bridge’s next wave of Inland Empire development,” Bridge Development Vice President of Acquisitions Greg Woolway said in a news release. “This project adds to our 8.5M SF California development pipeline which encompasses assets in Los Angeles and Orange Counties, the Inland Empire and the Bay Area.”
The Scandia Family Fun Park has been a popular family-owned theme park servicing residents in the Inland Empire region for 27 years.
The park closed for good earlier this year upon the sale to Bridge Development. The theme park’s other two locations in Victorville and Sacramento will remain open, according to the Daily Bulletin.
Bridge Development officials said Bridge Point Ontario should deliver by the second quarter of 2020.
SALES
Afton Properties has purchased a 132-unit senior housing apartment property in Lancaster from Aurora Village L.P. for $8.6M. The Aurora Village Apartments is a low-income senior housing building that features a mix of one- and two-bedroom units on a 3.4-acre site at 43862 15th St. West. Lee & Associates’ Matt Benwitt represented the seller. Re/Max Commercial’s Edward Mulflur represented the buyer.
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In an off-market deal, Wiseman Residential has purchased a 10-unit multifamily property with an additional 5,400 SF building in West Hollywood from a private seller for $3.02M. The buyer plans to build an additional 20 units on the vacant building at 10751 Missouri Ave., according to the broker. Kidder Mathews’ Michael Monempour represented the buyer and seller.
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A private investor has purchased a 39K SF office building in Sherman Oaks from RDP Investments for $11.6M. The four-story, Class-A office building at 12925 Riverside Drive traded for $298/SF. Lee & Associates’ Stacy Vierheilig-Fraser and Coldwell Banker Commercial WESTMAC’s Scott L. Gertz represented the seller. Savills' Michael Shuken represented the buyer.
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Smith Spokane has purchased an 11-unit apartment building in the Beverly Grove neighborhood of Los Angeles from Bentley Place for $3.9M. The property at 315 South Hamel Road sold for $658/SF. Kidder Mathews’ Michael Monempour represented the seller.
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Said Shokrian has purchased a 21,300 SF retail property in Huntington Beach from a private seller for $8.6M. The property at 16889-16929 Beach Blvd. was 100% occupied and presents a mix of tenants, including KILO Strength Society, Gracia Barra, Lotus Chinese Eatery and The Girl Cave. CBRE’s Nathan Holthouser and Tram Church represented the buyer and seller.
LEASES
Cedars-Sinai, a nonprofit medical center, has signed a lease with Charles S. Cohen to occupy an additional 30K SF of office space at the Pacific Design Center in West Hollywood. Terms of the deal were not disclosed. Cedars-Sinai’s administrative offices now occupy more than 100K SF at PDC. Cohen Brothers Realty Corp.’s Marc Horowitz represented the landlord. CBRE’s Todd Doney represented Cedars-Sinai.
FINANCING
On behalf of a private investor, SRS Real Estate Partners’ has secured a $6.5M loan for the acquisition of Mimi’s Plaza, a 30,800 SF multi-tenant retail center in Tustin. SRS’ Debt & Equity team of Ben Townsend and Matt Marlin structured the nonrecourse, five-year loan. The interest rate was fixed at 4.65% and the loan was amortized over 30 years, according to the news release. Built in 1990, Mimi’s Plaza is a three-building retail property on 2.39 acres at 13911, 13931 and 13951 Carroll Way.
GROUNDBREAKING
A JV of LPC West and AMLI Residential have broken ground on a mixed-use project at 100 West Walnut St. on the former Parson Corp. property in Pasadena. Harley Ellis Devereaux and SOM planned and designed the mixed-use development that will feature 400 apartments, a 200K SF office and 15K SF of retail. Morley Builders is the general contractor. The building is slated to be completed by August 2021.
EXECUTIVE NEWS
Industry veterans Mark Bridge, Michael Whitaker, CJ Arehart, Gary Gong and Amanda Fitzpatrick have joined Cushman & Wakefield. Bridge will serve as managing director; Whitaker, Arehart and Gong will work as associates; and Fitzpatrick as a brokerage coordinator. The capital markets team will specialize in the disposition and acquisition of multifamily investments in Orange County and Southern California. The team will be based in Cushman & Wakefield’s Irvine office. The multifamily team came from Marcus & Millichap.
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IDI Logistics has hired Brandon Dickens and Aaron Scherer as vice president of capital development and director of construction, respectively. Both Dickens and Scherer will be based out of the company’s Los Angeles office. Dickens will be responsible for expanding the company, increasing source deals and deploying capital. Scherer’s responsibilities include management of all entitlement, construction and related aspects of the development process for land, building, acquisitions and tenant improvements. Prior to joining IDI, Dickens served as a senior vice president of development at Simply Self Storage. Scherer previously served as a senior project manager at Premier Design.
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Vantis Capital Advisors has hired Brenden Felix and Kevin Fitzpatrick as vice president and operations manager, respectively. Felix will take a lead role selling multifamily real estate. Fitzpatrick will be part of the company’s management team and analyze and improve organizational processes while working to improve quality, productivity and efficiency. Prior to joining Vantis, Felix served as a senior investment associate at Colliers International. Fitzpatrick joins Vantis from CBRE.
