The LA Deal Sheet
Tenants are lining up to fill CenterCal Properties' 2nd & PCH outdoor shopping mall in Long Beach.
Nineteen tenants have signed leases with CenterCal at the 230K SF retail center on 11 acres at 6400 East Pacific Coast Highway in Long Beach, according to the Long Beach Press Telegram.
CenterCal began construction on the site last year after razing the aging SeaPort Marina Hotel.
The tenants that have signed leases include Shake Shack, The Bungalow, Tocaya Organica, Mixt Greens, Sephora, Hawt Yoga, Ola Mexican Kitchen, Chase Bank, HSBC Bank, AT&T and Urban Outfitters.
A 45K SF Whole Foods Market and Café will anchor the retail center, according to the Press Telegram.
2nd & PCH is slated to open in October.
SALES
A private investor has purchased a duplex in West Hollywood from an undisclosed seller for $1.7M. Built in 1922, the 6,600 SF building at 1246 North Fuller Ave. sold at $852K per unit. Marcus & Millichap's Jordan Asheghian and Tony Azzi represented the buyer.
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PRES Cos. has purchased a 67K SF retail center in Corona from a private investor in an all-cash transaction for $11M. Built in 1991, the multi-tenant retail center at 2410 Wardlow Road was recently renovated, including a new roof, HVAC, updated landscaping and other renovations to the parking lot. Progressive Real Estate Partners’ Frank Vora represented the seller. Industrial Brokers’ Greg Ozimec represented the buyer.
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A private investor has purchased a 13,200 SF industrial building in Los Angeles from an undisclosed partnership for $10.25M. The property at 1910 East Washington Blvd. sits on 83,200 SF. The property is being leased to Avis/Budget car rental company. Marcus & Millichap's Michael C. Matter and Nicholas Phillips represented the seller.
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A private investor has purchased a two-building, six-unit apartment complex in Long Beach from an undisclosed seller for $1.77M. Built in 1955, the property at 1969 Cedar Ave. was recently renovated with on-site laundry, parking and air conditioning in all units. Stepp Commercial's Robert Stepp and Mark Witsken represented the seller.
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CMI Holdings purchased a 23,285 SF industrial building in Chino from a private family trust for $4.35M. The industrial building sits on 1.84 acres at 15142 Vista Del Rio Ave. SharpLine Commercial Partners' Kevin Herron represented the buyer. An undisclosed Lee & Associates broker represented the family trust.
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A private investor has purchased a 24-unit apartment property in Tarzana from an undisclosed buyer for $9.72M. The building at 18529 Calvert St. sold at a 4.53% cap rate. Marcus & Millichap's Filip Niculete and Glen Scher represented both the seller and buyer.
LEASES
Cosmetix West Inc. has signed a five-year, $2.5M lease with Fera International Corp. to occupy a 35K SF industrial building at 3521 Challenger St. in Torrance. The Klabin Co.’s Courtney Bell and Todd Taugner represented the landlord. CBRE’s Rob Flores and John Lane represented Cosmetix.
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Rutan & Tucker has signed a 12-year lease with Trammell Crow to occupy 72K SF of office space at The Boardwalk at 18565-18575 Jamboree Road in Irvine. Rutan & Tucker is relocating its headquarters from Costa Mesa to Irvine. Cushman & Wakefield’s Bob Thagard, Christopher Bosley, Ali Anderson, Sherry Cushman and Jason Ward, along with the company’s Legal Sector Advisory Group represented the tenant. Trammell Crow’s Dean Chandler, Justin Hill and Weston Chandler represented the landlord in-house.
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Sugarpill Cosmetics has signed a five-year lease with an undisclosed landlord to occupy a 10,500 SF industrial building at 646 North San Fernando Road in the Cypress Park neighborhood of Los Angeles. Financial terms of the deal were not disclosed. Avison Young's Andrew Berk and Chase Gordon represented Sugarpill. Pacific West Business Properties represented the landlord.
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InvestCloud has signed a lease expansion with Cohen Brothers Realty on the sixth floor of the Pacific Design Center's Green Building at 8687 Melrose Ave. in West Hollywood. Terms of the deal were not disclosed. The lease brings the company's total office space to 32,380 SF. InvestCloud originally signed a lease for 11K SF of office space in 2016 before signing a previous lease expansion of 14,170 SF. Cohen Brothers' Marc Horowitz represented the landlord.
EXECUTIVE NEWS
GPI Cos. has made two executive moves. GPI has appointed David Woodbury as director and hired Alex Akhtarzad as an acquisitions and development associate. Woodbury will focus on property acquisitions, development and asset management. Akhtarzad will be responsible for assisting in the evaluation and execution of new investment opportunities and supporting development activity across the firm. Prior to joining GPI, Woodbury served as an associate vice president at The CIM Group. Akhtarzad was a senior analyst at Colony Capital.
