This Week's LA Deal Sheet
BLT Enterprises bought seven industrial and creative office properties for $130M. The properties are scattered throughout Los Angeles, Orange and San Diego counties.
They total 270K SF. The properties are 621 Hawaii St. in El Segundo, 7748 Industry Ave. in Pico Rivera, 2901 Thornton Ave. in Burbank, 6368 and 6374 Arizona Circle in LA, 3539 Howard Way in Costa Mesa and 1 Viper Way in Vista.
PEOPLE
CBRE hired Erik Edwards in its San Diego office as a senior vice president with the company’s debt and structured finance group. Edwards will partner with Senior Vice President Norm Sangalang in CBRE’s national manufactured housing and RV resorts specialty practice to build the company’s manufactured housing communities platform and provide financing for investors and landlords working in that industry.
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CBRE announced that Allison Marcus joined its debt and structured finance team as a vice president in Los Angeles. Marcus arranges financing for all major commercial real estate property types and specialty types, including data centers, cold storage facilities and super-regional malls. Marcus was with Goldman Sachs’ real estate finance and investment banking group, where she was a senior leader on a 15-person West Coast team.
SALES
Intercontinental Real Estate and MG Properties bought the 178-unit apartment community The Lexington Apartments in Agoura Hills, California, for $87.3M. The apartment complex at 30856 Agoura Road was owned by The Ezralow Co., Commercial Observer reported. Ezralow renovated all units in the 1986-built complex over the last five years.
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A private local investor has purchased 5752 Oberlin Drive, a 17K SF office building in San Diego’s Sorrento Mesa neighborhood, for $5.25M. The sales price translates to roughly $305 per SF. CBRE’s Matt Pourcho, Anthony DeLorenzo, Matt Harris and Scott Kincaid represented the seller. The buyer was represented by CBRE’s Ted Jacobs, Hunter Rowe and Matt Carlson.
CONSTRUCTION AND DEVELOPMENT
Omni Logistics opened a new logistics facility in Torrance, California, in the South Bay. Measuring approximately 252K SF, the building has 42 dock doors, more than 10,000 pallet positions and is close to major freeways.
LEASES
The owners of the under-construction Tapo Canyon Commerce Center in Simi Valley leased about 136K SF to an undisclosed tenant. The terms of the lease weren't disclosed. Stream Realty Partners and QuadReal Property Group are developing the five-building, 343K SF campus. Newmark Vice Chairman John DeGrinis, Executive Managing Director Patrick DuRoss and Senior Managing Director Jeff Abraham were the exclusive leasing advisers for the project and represented development partners.
THIS AND THAT
Chicago Title National Commercial Services California launched its new nationwide Chicago Title Hospitality Group led by hotel industry veteran Steven L. Senft as vice president, national sales. Senft’s hospitality experience spans more than 24 years and includes hotel ownership, management and operations, financial analysis, sourcing equity, strategic planning, and hotel acquisitions and dispositions.
