This Week's LA Deal Sheet
Just a few months after foreclosing on a 2.3-acre Playa del Rey multifamily development site, TPG Real Estate Capital has sold it.
Kajima USA, the U.S. arm of the Tokyo-based construction firm, bought the site and the completed 176-unit complex on it for $56M, The Real Deal reported. TPG paid $29.9M for the property at 6733 S. Sepulveda Blvd. at a foreclosure auction in October, TRD reported.
PEOPLE
JPMorgan Chase hired Robert Prouty as an executive director on its agency lending team based in Irvine. Prouty’s responsibilities include sourcing Fannie Mae, Freddie Mac and bridge loans from institutional and middle-market clients across the West Coast.
Prouty comes to JPMorgan from Colliers Mortgage, where he served as a senior vice president for the Southwest region. Prior to Colliers, he held roles at Barings Multifamily Capital, KeyBank, Red Capital Group and Credit Suisse. Prouty will report to Head of Agency Production John Hofmann.
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Irvine-based Kairos Investment Management Co. hired Jesse McDonald as senior investment director of real estate credit and Hyosung Kang as investment director.
In his role with Kairos, Kang will source and underwrite opportunistic acquisitions. Before joining Kairos, Kang was senior director of acquisitions at Benedict Canyon Equities. While with BCE, he led the acquisition and execution of over $2.5B in multifamily properties of more than 10,000 units.
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Savills hired Eric Nelson as executive managing director in its Los Angeles office. In his role, Nelson will focus on capital market transactions, including sourcing debt and equity capital. Before coming to Savills, Nelson was a principal of Tower Lane Capital where he managed all aspects of the investment process. Nelson has been involved in more than $25B of commercial real estate transactions while holding executive roles at institutions such as JPMorgan, Natixis and Credit Suisse.
SALES
The Fox Village Theatre at 945 Broxton Ave. and 10959 Weyburn Ave. in Westwood Village sold to an investor group helmed by film director Ivan Reitman.
Newmark Senior Managing Director Steven Salas, Vice Chairman Bill Bauman and Executive Managing Director Kyle Miller represented the undisclosed sellers in the transaction.
Fox Village Theatre spans a combined building area of roughly 25K SF, including the 17K SF theater and about 7K SF of retail. The sale price wasn't disclosed, but reports said the property was expected to fetch about $12M.
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A 32-unit apartment complex in Koreatown sold to an undisclosed private investor for $6.4M, an average of $198K per unit. NAI Capital Commercial Executive Vice President Kevin Kawaoka represented the buyer. The Catalina Tropics apartment complex at 455 South Catalina St. contains 17 studio units, 13 one-bedroom and one-bathroom units, and two two-bedroom, two-bathroom units.
LEASES
H Global Commerce Inc., an international commercial glass sourcing company, leased 5401 E. Jurupa St. in Ontario, a roughly 143K SF industrial development in the Inland Empire West submarket. H Global will occupy 100% of the property as of March. Stream Realty Partners Executive Vice Presidents Stefan Pastor and Brad Yates represented building ownership. H Global was represented in lease negotiations by CBRE’s Andrew Chaffee, Wes Jones and James Toomarian.
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Costa Mesa’s Paseo 17, formerly known as Plaza Sereno, has added four new tenants to its lineup: homewares vendor Slow Goods, fitness tenant Pürre Boutique, florist French Buckets and venue Parlour 17. The property at 243 E. 17th St. serves Costa Mesa and Newport Beach. The property underwent an extensive remodel under the ownership and management of Burnham Ward Properties.
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Orange County has signed a long-term lease to occupy approximately 70K SF at Drawbridge Realty’s 1700 E. St. Andrew Place in Santa Ana. The county is expected to move in the summer after its improvements have been completed.
Ross Bourne and Chip Wright of CBRE represented Drawbridge Realty. Wade Clark and Joe Bevan of JLL represented Orange County. The lease was signed in late December but was announced this week by Drawbridge.
FINANCING
Gantry secured a $12.8M permanent loan to fund the recapitalization of a 99K SF grocery-anchored retail property in the Citrus Landing retail center. The five-year loan was provided by an undisclosed correspondent life company lender.
The center at 7200 Arlington Ave. in Riverside is anchored by Stater Bros., AutoZone and Ross. It also includes six retail pads on separate legal parcels that host a mix of national fast-food tenants, a local credit union and a car wash.
Gantry principals Braden Turnbull and George Mitsanas and associate Austin Ridge in the El Segundo production office secured the financing on behalf of the borrower, an undisclosed private real estate entity.
