The LA Deal Sheet
A seven-property apartment portfolio in a Los Angeles suburb recently sold for $79M.
As part of its investment strategy to acquire multifamily properties under 100 units, Raintree Partners has closed on a collection of smaller multifamily properties totaling 231 units in Glendale. The seller was a private investor.
“Over the past several years, we’ve successfully amassed economies of scale in select submarkets through targeting multifamily properties under 100 units,” Raintree Director of Acquisitions Ian Couwenberg said in a news release. “This has allowed us to optimize management efficiency and build a portfolio of properties in the best urban submarkets of Los Angeles, which we could not penetrate by focusing exclusively on larger assets.”
The seven-multifamily communities are:
· Stanley Oaks Apartments, an 80-unit complex at 1435 Stanley Ave.
· Everett Apartments, an eight-unit building at 138 North Everett St.
· Wilson Apartments, a 14-unit community at 1458-1462 East Wilson Ave.
· Justin Oaks Apartments, a 54-unit property at 1133 Justin Ave.
· Chestnut Apartments, a 33-unit community at 120 West Chestnut St.
· Galleria Pointe Apartments, a 22-unit building at 1140 North Columbus Ave.
· Burchett Apartments, a 20-unit community at 314-320 West Burchett St.
The Mogharebi Group’s Alex Mogharebi and Otto Ozen represented the seller. Wells Fargo provided the acquisition financing.
SALES
Harbor Group International is investing $3.25M in preferred equity in Casa Real, a 60-unit multifamily property, in West Hollywood. An affiliate of Concord Capital Partners is slated to acquire the four-story, 42,600 SF building at 1354 North Harper Ave. from an undisclosed seller for $17M. Built in 1930, Casa Real features 37 studio and 23 one-bedroom apartments. Upon closing, Concord plans to invest another $2.6M in capital improvements for the property. The brokers of the deal were not disclosed.
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West Coast Steel & Processing U.S.A., doing business as SteelCo USA, has acquired a 68,175 SF industrial building in Chino from a private investor for $10.7M. The property at 13900 Sycamore Way is a manufacturing facility and will serve as SteelCo USA’s sixth facility in the Inland Empire. Cushman & Wakefield’s Tim Pimentel, Chuck Belden and Kyle Kehner represented SteelCo. Lee & Associates’ David Nguyen and Colliers International’s Brad Yates represented the seller.
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A private investor has purchased the ground lease of a single-tenant 12K SF retail property in Garden Grove from an undisclosed seller for $3.37M. Joe’s Crab Shack currently occupies the property at 12011 Harbor Blvd. SRS Real Estate Partners’ Patrick Luther and Matthew Mousavi represented the seller and buyer.
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Barker Pacific Group has purchased a three-property self-storage portfolio totaling 335K SF and 2,253 units in the Inland Empire from Aim All Storage for an undisclosed amount. The Aim All Storage portfolio includes properties at 11215 Indiana Ave. in Riverside, at 25093 Bay Ave. in Moreno Valley and at 859 Desert Lawn Drive in Beaumont. CBRE’s Nick Walker and Trevor Roberts represented the seller. CBRE’s Brad Wilmot and Ben Wagner facilitated the loan on behalf of the buyer.
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A private investor has purchased two retail buildings totaling 16,500 SF in Mission Viejo from Pacific Castle for $12.95M. Built in 1977, the retail buildings are part of the Avery Center at 28601 to 28621 Marguerite Parkway. SRS Real Estate Partners’ Patrick Luther and Matthew Mousavi represented the seller. Lee & Associates’ John Martin represented the buyer.
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Stos Partners has sold a two-story, 50,600 SF office building in San Dimas to an undisclosed trade union for $9.06M. Stos originally acquired the property at 650 West Cienega in 2017 for $5M. The trade union plans to use the facility as an owner-user, according to Stos. Newmark Knight Frank’s Taylor Ing represented Stos. Cushman & Wakefield’s Brandon Burns represented the buyer.
LEASES
WelbeHealth has signed a lease with Meridian to occupy 14,200 SF of office space at Cotton Medical Center, a 115K SF medical office complex at 50 Alessandro Place and 50 Bellefontaine St. in Pasadena. Terms of the deal were not disclosed. CBRE’s Angie Weber and Dana Nialis represented Meridian. Colliers International’s Erica Frey represented WelbeHealth.
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Big Bus has signed a five-year, $2.6M lease with Crossroads Trust to occupy a 50K SF industrial building at 720 Jessie St. in San Fernando. Big Bus is an operator of sightseeing tours. The Klabin Co./CORFAC International’s Mike Ouellette represented Big Bus. JLL’s Paul Sablock and Brent Weirick represented the landlord.
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E-commerce company Zappos has signed a lease with Atlas Capital Group to occupy 5,500 SF of office space at Row DTLA in downtown Los Angeles. Terms of the deal were not disclosed. The office space will house Zappos’ marketing team.
FINANCING
On behalf of an undisclosed borrower, NorthMarq has arranged the $4.15M refinance of Hancock Office Plaza, a 41,478 SF office building at 1290 North Hancock St. in Anaheim. NorthMarq’s Joe Giordani arranged the refinancing. The refinance was done through a credit union and structured with a five-year term on a 25-year amortization schedule.
EXECUTIVE NEWS
Paul Park has joined Hughes Marino as a senior vice president. Park will be responsible for representing tenants and corporate users of commercial space regionally and nationally. Prior to joining Hughes Marino, Park served as a senior vice president at JLL.
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Josh Cunningham has joined Kidder Mathews as a vice president. He will focus on retail, office and mixed-use investment properties in South Orange County. Before joining Kidder Mathews, Cunningham was a director with Newmark Knight Frank in Newport Beach.
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Layton Construction has appointed Boone Hellmann to its board of directors. Hellmann will offer his insights on construction and major developments to the company. Hellman has 30 years of experience from the owner’s side. He has helped select and administer billions of dollars’ worth of construction projects. Hellmann currently consults for design professionals and contractors through his firm, Hellmann Consulting Group. He recently retired from the University of California, San Diego, after serving as the associate vice chancellor for facilities design and construction and the campus architect.
