This Week's LA Deal Sheet
Video game company Electronic Arts has signed a 10-year lease for 58K SF at Continental Development Corp. and Mar Ventures Inc.’s Del Rey office campus. EA's new Del Rey space will serve as the new headquarters of its LA studio, previously located in Playa Vista.
The three-building campus Del Rey, which shares its name with the neighborhood where it is located, features two-story buildings totaling just over 162K SF. The development was just completed this fall.
Each building has private balconies, patios and access to a shared courtyard, garden and fireplace area. CBRE’s Jeff Pion, Drew Pion and Michelle Esquivel-Hall represented the owners. JLL represented EA.
SALES
Rexford Industrial Realty acquired the four-building industrial complex in Whittier and a three-tenant industrial property in Sylmar for $339.2M.
The Whittier property, Gateway Pointe Industrial Campus, is almost 1M SF of Class-A industrial space that Rexford said is in a prime position for last-mile, e-commerce-oriented tenants. The Sylmar property, 13943-13955 Balboa Blvd., is also Class-A industrial space, but is fully leased out.
Rexford Industrial Realty was represented by Kenneth S. Fields, Patricia Hong and Amy E. Rice of Greenberg Glusker.
A five-property multifamily portfolio in Southern California sold to private real estate investment firm Raintree Partners for $142M, an average of just under $258K per unit. The properties are located in Camarillo, Canoga Park, Glendale and Hollywood. CBRE Executive Vice Presidents Dean Zander and Stewart Weston and First Vice President John Montakab represented the seller, a Southern California family that had owned the properties for 34 years.
LEASES
DrinkPAK, an alcoholic and non-alcoholic beverage manufacturer, has signed a seven-year, 172K SF lease for Building 2 at Trammell Crow and Clarion Partners’ Needham Ranch industrial park in Santa Clarita. The building will be transformed into a facility that will accommodate a number of operational services in one location, including filling, packaging and distribution. It is slated for completion in the spring of 2021.
CONSTRUCTION AND DEVELOPMENT
Owner Invesco Real Estate and its development partners Steelwave and 5_Ronin have completed the base build on the first phase of construction at the adaptive reuse of a former LA Times newsroom, printing press and distribution facility in Costa Mesa.
When complete, the Press will offer 381K SF of creative office space and 51K SF of retail space. Newmark Senior Managing Directors Jay Nugent and George Thomson are handling the office leasing for the project.
