This Week's LA Deal Sheet

URW sold its two Mission Valley shopping centers near San Diego for $290M, the San Diego Union-Tribune reported. 

Lowe and Real Capital Solutions acquired the 41-acre Westfield Mission Valley East mall at 1640 Camino del Rio North. Across the street, Sunbelt Investment Holdings purchased the 19.8-acre Westfield Mission Valley West center at 1072 Camino del Rio North. The average occupancy across the two properties was 71%, according to a release from URW.

URW has been making good on a larger plan to divest of its U.S. retail assets, as is apparent in the San Diego region. In December, URW sold The Village shopping center in Woodland Hills for $325M to the Kroenke Organization, helmed by Los Angeles Rams owner Sam Kroenke. In February, URW sold its leasehold for North County Mall in Escondido to Steerpoint Capital and Bridge Group Investments for $57M, the Union-Tribune reported.

PEOPLE

Gelt Venture Partners promoted Josh Satin to partner. Satin, who transitioned from a career in professional baseball to the finance industry, has played a pivotal role in over $1B of acquisitions since joining the Gelt team in 2016. Starting as an asset manager, he became the chief investment officer and now a partner. In his new role, Satin will continue to lead the firm's investment strategy, oversee equity raising for each acquisition and manage Gelt's debut multifamily and storage fund.

SALES

Cushman & Wakefield advised the sale of the Azusa Industrial Center, a 430K SF, three-building industrial project in Azusa. The multitenant property is 100% leased and was acquired by IDS Real Estate Group for $126M. Cushman & Wakefield’s Jeffrey Cole, Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg, Matt Leupold and Bryce Aberg of the firm’s National Industrial Investment Advisory Group in Southern California represented the undisclosed seller in the transaction. Phil Lombardo and Chris Tolles with Cushman & Wakefield also provided local market leasing expertise.

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JLL Capital Markets arranged the sale of 5630 Cerritos Ave., a 76K SF infill light industrial facility in Cypress. JLL represented the seller, Penwood Real Estate Investment Management, through its fifth value-added investment vehicle, Penwood Select Industrial Partners V L.P., and procured the buyer, Rexford Industrial.

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CBRE negotiated the sale of King’s Fish House, P.F. Chang’s and BJ’s Restaurant in Carlsbad, California, for a total of $23.5M. Each property, located along Paseo Del Norte, sold to separate buyers. CBRE’s Reg Kobzi, Michael Peterson, Joel Wilson, Philip Voorhees, Megan Lanni and Eric Shain represented the seller, California-based CPT/SC Title Holding Corp., in the transactions.

Creekside Shops purchased King’s Fish House at 5625 Paseo Del Norte for $10.3M.  

Located at 5621 Paseo Del Norte, P.F. Chang’s sold for $5.7M. BJ’s Restaurant at 5613 Paseo Del Norte sold for $7.5M to K Ishii Manhattan Ave LLC. Shaun Riley with Faris Lee Investments represented the buyer.

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DAUM Commercial Real Estate Services directed the sale of a 13.5-acre parcel of commercial land in the city of El Monte for $24M. The Lara Team, Nick Peukpiboon and Rudy Lara from the City of Industry office represented both buyer and seller in the transaction. The property at 2540 Rosemead Blvd. was formerly the home of the Starlite Drive-In movie theater built in the 1950s. 

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Pacific Urban Investors’ Structured Finance Group provided $150M in preferred equity to Archway Equities to facilitate the acquisition of The Paseos at Montclair, a 385-unit apartment complex in Montclair. Built in 2014, the garden-apartment style community features a unit-mix of studio, one-, two- and  three-bedroom townhomes built around a central park. Amenities at the complex include two resort-style pool areas with spas and cabanas, a gym, a conference center and an entertainment lounge.

FINANCING

Greystone and Affinius Capital closed a $135M mortgage loan for Rise Koreatown, a newly constructed, seven-story residential complex with 363 apartments and 47K SF of retail in Koreatown. The property was developed by Rescore Property Group, a private REIT and affiliate of Encore Capital Management. The financing was a $135M first mortgage senior loan and a $37M mezzanine loan provided by a pension fund.

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Gantry secured $18M to refinance two branded Southern California self-storage facilities totaling 1,634 rentable units. The single, cross-collateralized financing retired construction debt for the facility in Miramar and refinanced a pending maturity for a fully stabilized asset in Simi Valley. Gantry’s Peter Welsh, principal, and Bahman Mirhashemi, senior director, with the firm’s Los Angeles and Irvine production offices represented the borrower, a private investment sponsor. The 10-year life company loan features a fixed rate with 30-year amortization.

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Newmark arranged $55M in acquisition financing for Canvas Costa Mesa, a 553K SF, five-building office complex at 3070-3150 Bristol St. in Costa Mesa. Newmark Managing Director Brian Bowis secured the financing on behalf of the buyer, MGR Real Estate. Hankey Capital provided the loan to MGR to finance the acquisition.