This Week's LA Deal Sheet
CBRE hired four leading North County San Diego brokers away from Cushman & Wakefield. Matty Sundberg and Michael Mahoney join as senior vice presidents, while Justin Halenza and Bob Cowman join as first vice presidents. The four specialize in leasing and selling office space, research and development space and corporate headquarters specifically in San Diego’s North County.
The group is widely regarded as the top team in office activity throughout North County over the last year. CBRE’s research found that the region totals over 11M SF and is expected to grow as tech and life sciences companies move in.
PEOPLE
Marcus & Millichap Capital Corp. hired William Lanting as managing director in its Long Beach office. Lanting will be responsible for originating commercial debt and equity transactions across various property types. Before coming to MMCC, Lanting served as a commercial real estate loan originator with several Southern California-based lenders, including Thorofare Capital. Most recently, Lanting served as chief production officer at District Capital.
SALES
The sale of the former Marymount California University campus in Rancho Palos Verdes to University of California, Los Angeles for $80M has closed. Cushman & Wakefield announced that the firm has represented UCLA under the advisory of the University of California Board of Regents. The sale includes about 24.5 acres of developed campus and vacant land in Rancho Palos Verdes plus a neighboring vacant 86-unit student apartment complex situated on about 11 acres in San Pedro.
Berkadia Senior Managing Director Adrienne Barr and Senior Director Steffan Braunlich represented Marymount. A team from Cushman & Wakefield led by Mike Condon Jr. and Kimberly Brown along with McKenna Gaskill, Erica Finck, Jacob Kovner and Connor Martin represented UCLA. Berkadia Managing Director Keith Rosso secured $20M in short-term financing from JMB Capital Partners Lending to facilitate the sale, which went under contract in September.
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MCA Realty sold the Struck Business Park, an approximately 43K SF two-building industrial park at 1523 and 1547 West Struck Ave. in Orange for $13.5M. They buyer was a private investor. MCA Realty acquired the business park for $9.5M in August 2021. The sale marks the second disposition for the firm’s $50M Industrial Growth Fund. Voit Real Estate Services’ Michael Hefner, Hayden Socci and Tom Terry represented MCA Realty in this transaction. The undisclosed buyer was represented by Voit Real Estate Services’ Michael Vernick.
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The Sunset Laurel Apartments at 1545 North Laurel Ave. in LA sold for $11M. Kidder Mathews Senior Vice President Robin D. Ossenbeck represented the seller, N. Laurel, Villa C, LP. The buyer was 1545 N. Laurel Avenue C, LP. Constructed in 1958, the 28-unit building sits two lots north of the city of West Hollywood and in walking distance of the Sunset Strip.
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A two-story office building and its adjacent parking lot at 6423-6427 Wilshire Blvd. sold for approximately $12M. The roughly 17K SF building sits on less than half an acre. It was bought by 6425 Wilshire Boulevard LLC, an individual investor, as a development opportunity. The property sits on Wilshire Boulevard between La Jolla Avenue and San Vicente Boulevard.
Kennedy Wilson Brokerage Executive Vice President Lee Shapiro and associate Jaysen Chiaramonte represented the seller, 6423 Wilshire Boulevard LLC.
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A Costa Mesa multifamily community sold for $7.25M. The buyer of the fully occupied property is an Orange County-based private investor. The seller was not disclosed. The property at 221½ - 233 Avocado St. was built in 1954 and 1986. The 1.14-acre site includes a mix of two-bedroom townhomes and studio, one- and two-bedroom apartments. The property has the potential for accessory dwelling units. The Mogharebi Group Senior Vice President Brett Bayless worked with Senior Vice President Ben Ketel to represent the seller.
FINANCING
Tishman Speyer secured New York-based Basis Investment Group as an equity partner in the Santa Monica Collection, a portfolio of eight development sites across nearly 3 acres in downtown Santa Monica. BIG, a minority- and woman-owned commercial real estate investment manager, committed $30M — 11% of the total equity — to the development.
The Santa Monica Collection will contain 617 apartments, 116 of which will be designated as affordable, and approximately 31K SF of retail. Tishman Speyer has already secured entitlements and plans to start work on the first four buildings in early 2023 with construction on the remaining four beginning the following year.
