This Week's LA Deal Sheet
DJM and PGIM received approval for their planned revamp of Huntington Beach’s Bella Terra retail center.
The plans for the shopping center include demolishing a 149K SF building housing a Burlington Coat Factory and an adjacent 33K SF retail building. A new, six-story mixed-use building with 300 residential units over 25K SF of ground-floor retail will take its place.
DJM and PGIM expect to begin construction by the end of next year.
PEOPLE
Birtcher Development has hired Holly Fessler as director of asset and property management and Lindsey Mansker as director of development.
Fessler will manage and maintain Birtcher’s portfolio, including strategic planning, operational oversight, leasing and tenant relations. Fessler previously served as Irvine Co.’s senior manager of operations.
In her new role, Mansker will work in the company’s entitlement and construction division, managing spec industrial development opportunities in Southern California. Prior to joining Birtcher, Mansker founded and ran her own entitlement and project management consulting firm.
LEASES
Coworking operator Premier Workspaces signed a 10-year lease at Barker Pacific Group’s 301 North Lake Ave. for a 16.7K SF, sixth-floor space with 74 private offices, meeting rooms and a common area. Premier was represented by Robert Rush of U.S. Realty Group. The building is now 86% occupied.
SALES
RNA-based therapeutics company Ionis Pharmaceuticals sold its San Diego headquarters at 2850, 2855 and 2859 Gazelle Court to Oxford Properties Group for $258M in a sale-leaseback deal. CBRE’s Matthew Carlson, Hunter Rowe, Todd Tydlaska and the firm’s Boston Consulting team, Anthony Hayes and Jared Pimm, represented Ionis.
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Alliant Strategic Investments sold its Village Green Apartment Homes, a 184-unit affordable housing property in San Bernardino, for $33M. The buyer was Security Properties, based in Washington. Berkadia Irvine Managing Director Bruce Furniss represented the seller.
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Sentre sold a 64K SF creative office property in the San Diego-area city of Rancho Bernardo for $27.44M. The buyer was not disclosed and public records don’t yet reflect the sale. The property is in “a prime location for the technology, defense and expanding life sciences sectors,” according to CBRE, whose Matt Carlson, Hunter Rowe, Matt Pourcho, Anthony DeLorenzo and Camille Doan represented the seller.
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Lincoln Property Co. and a Crow Holdings Capital-advised real estate fund sold Kearny Mesa Logistics Center, a roughly 300K SF distribution facility in San Diego. Broker Newmark did not disclose the buyer or the sale price, but public records show the buyer was Third Avenue Investments LLC and the property sold for $162.1M. Newmark co-Head, U.S. Capital Markets Kevin Shannon and Executive Managing Directors Andrew Briner, Bret Hardy, Jim Linn, Brunson Howard and Ken White represented the sellers.
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SRS Real Estate Partners’ Investment Properties Group completed the $9.8M sale of Marguerite Plaza, a 25K SF multitenant retail property at 28892 Marguerite Parkway in Mission Viejo. The seller was an undisclosed Southern California-based private group of investors, and the buyer was a locally based private investor represented by Richard Kim with Compass.
