This Week's LA Deal Sheet
JLL arranged a $115M financing for The Ventana Luxury Apartments in Playa Vista.
The 405-unit apartment complex at 7225 and 6565 Crescent Park was built in 2007 and offers studios to three-bedroom units. The average unit size is 1,049 SF.
JLL worked on behalf of the borrower, Barings Real Estate, and secured a cash-neutral, five-year interest-only loan from PGIM Real Estate. The JLL Capital Markets debt advisory team was led by Senior Managing Director Chris Drew, Managing Director Annie Rice, Managing Director Brandon Smith and Director Gyasi Edmondson.
SALES
Rexford Industrial Realty bought the former Miller brewing plant in Irwindale, paying $120M, LA Business First reported. Rexford told LABF the property is leased to Pabst partner City Brewing Co. with an eight-year lease that has long-term extension options. The facility was previously owned by Molson Coors and by Pabst.
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Hanley Investment Group Real Estate Advisors brokered the acquisition of five retail parcels from Paragon Commercial Group in Riverside. The parcels are at Citrus Landing, a remodeled and fully occupied 125K SF grocery-anchored shopping center. Hanley Investment Group Executive Vice President Kevin Fryman and President Ed Hanley represented the 1031 exchange buyers, private investors from San Diego and Newport Beach. Paragon Commercial Group was represented by Reza Investment Group Inc. of Irvine. A sale price wasn't disclosed.
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NAI Capital Commercial represented the buyer and seller in the $6.75M sale of a 20-unit apartment building in Valley Glen. Executive Vice President Kevin Kawaoka represented the buyer, an undisclosed private investor. Senior Vice President Michael Vara represented the seller, Greenbush Villa LLC, in the transaction. The sale price comes to $337K per unit.
Vara and Kawaoka are with NAI Capital’s multifamily services group. The property at 13426 Vanowen St. was built in 2005 and was originally designed as condominiums.
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A private Orange County investor has sold an eight-unit apartment building in Laguna Beach to another private Orange County-based investor for $3M — a sale price of $908 per SF and $384K per unit.
CBRE Executive Vice President Dan Blackwell and First Vice President Mike O'Neill represented the seller. This is the first time the property has been available for sale in over five decades. The apartment building is at 525 Catalina St., just a few blocks from Laguna’s main beach and downtown.
CONSTRUCTION AND DEVELOPMENT
Newmark Merrill Cos. officially opened Rialto Village, a 96K SF grocery-anchored shopping center in Rialto. The new shopping center is 100% leased to tenants including Sprouts Farmers Market, Burlington and In-N-Out Burger, with Ulta, Five Below, Mochinut and others expected to open in the coming months.
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Cityview completed The Parker, a 123-unit mixed-use project in Pico-Robertson on LA’s Westside. Built to LEED Silver standards, The Parker features studio, one- and two-bedroom apartments, including 13 affordable units, and 4K SF of retail. Cityview partnered with WPIC Construction, AC Martin, Nadia Geller Design and Labib Funk + Associates on the project.
