This Week's LA Deal Sheet

Legado at the Met, a 268-unit, Class-A multifamily project under construction in Santa Ana has secured $128M in construction-to-permanent financing. 

The financing comes from three separate lenders in three different tranches, according to Gantry, which secured the financing on behalf of the borrower. Gantry’s production team, led by principals George Mitsanas and Amit Tyagi, underwrote the complex financing with three of the firm’s correspondent life company lenders on behalf of the borrower Legado Cos. Gantry will service all three loans during construction and once they convert to permanent loans.

SALES

California Commercial Investment Group acquired a 19-acre site adjacent to the iconic Motion Picture & Television Fund campus in Woodland Hills, California, for $30M. CCIG will develop a luxury senior living community with approximately 300 units. Construction is scheduled to begin in 2026 with completion planned for 2028. JLL’s Bryan Lewitt represented the seller, Motion Picture & Television Fund. The buyer was represented by Michael Slater of CBRE.

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JLL Capital Markets announced today that it has closed the $24.3M sale of Tri-City Center, a 152K SF shopping center in San Bernardino. JLL represented the seller, Unilev Capital. DPI Retail acquired the asset. The fully occupied center is anchored by a 24-Hour Fitness and Curacao, with tenants including Pollo Campero, Poke Bar, Barber, Cantos Jewelers and Pet World. The JLL Retail Capital Markets team that represented the seller was led by Managing Director Bryan Ley and Senior Director Tim Kuruzar.

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Kennedy Wilson Brokerage sold two retail properties on the northwest and northeast corners of Melrose and Edinburgh avenues in Los Angeles for a total of $6.9M. The assets were sold by Kennedy Wilson President Ed Sachse and Assistant Vice Presidents Jaysen Chiaramonte and Jack Nathan on behalf of Quiet Lion in two separate transactions. 

One of the three buildings, at 8001 Melrose Ave., was sold to fashion brand Oh Polly, while 7975-7977 Melrose Ave. was sold to a local investor that plans to operate the asset as a leased investment.

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Marcus & Millichap’s Rick Raymundo, Jeff Louks and Brett Sanson listed and sold 5247 Corteen Place, a 32-unit multifamily property in Valley Village. The property generated six offers and the agents procured a buyer that would submit a noncontingent offer and closed escrow with new financing in only 28 days.

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West Harbor Capital announced the $16.5M acquisition of a 69K SF multitenant distribution facility located at 14313-14351 E. Bonelli St. in City of Industry. Lee & Associates’ Steffan Morris and Eric Parkhurst represented West Harbor Capital and CBRE’s Kent Stalwick represented the seller, Earl M. Hill LP. 

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Hanley Investment Group Real Estate Advisors  arranged the sale of a brand-new construction, single-tenant property occupied by a Raising Cane’s Chicken Fingers in Imperial Beach for $5.7M in an off-market transaction. 

Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the developer and seller, Palm Avenue 111 Partners. The buyer, a family trust based in Northern California, was represented by Scott Ketchum of Newport Beach.

LEASES

Avison Young negotiated an office lease with the county of Los Angeles totaling 17K SF in San Pedro.The lease is a 15-year commitment and encompasses the entire second floor of the two-story, 30K SF San Pedro Medical Arts building. The county entity will relocate from its nearby location on Seventh Street in San Pedro in late 2024. Avison Young principal Mark E. Mattis represented the owner of 1294 W. Sixth St. in San Pedro. The county of Los Angeles was represented by Dennis Smith and Jerry Porter of CRESA.  

THIS AND THAT

Sason completed a $2M renovation and repositioning at Canvas on Willow, a three-story office building totaling 121K SF in San Diego’s Scripps Ranch submarket. A new tenant lounge and fitness center as well as updated HVAC system and controls were part of the upgrades. JLL, which is handling leasing at the building, announced the completion.