This Week's LA Deal Sheet
Two fully leased industrial buildings in Vista, near San Diego, sold for $24.5M to an undisclosed Santa Monica-based buyer.
A 58K SF building at 2210 Oak Ridge Way and a 53K SF property at 2325 Cousteau Court sit on more than 6 acres. The Class-A buildings are leased to Solatube International, a designer and manufacturer of daylighting and ventilation products.
CBRE Investment Properties’ Matt Pourcho, Anthony DeLorenzo and Matt Harris, as well as CBRE’s Dennis Visser and Weston Yahn, represented the seller, Oak Ridge Vista, in the transaction. The buyer, Atlantic SPC Acquisitions Holdings III, an LLC linked to Staley Point Capital, according to public records, was self-represented. CBRE reported the sale.
PEOPLE
Colliers hired life sciences and office leasing professionals Chris High, Steve Bruce and Conor Evans away from Newmark to join the firm’s San Diego brokerage.
High and Bruce join Colliers as vice chairs and co-leads of the Southwest life sciences practice. Evans joins Colliers as a vice president. Together, the team has almost 48 years of industry experience. During their eight years at Newmark, the trio completed over $1B in deal volume across 547 transactions.
SALES
Decron Properties has sold a 376-unit apartment complex in the Ventura County’s Moorpark for $133M. AEW Capital Management bought the complex, Ranch at Moorpark, The Real Deal reported. The sale of the asset at 51 Majestic Court came to about $354K per unit.
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Kennedy Wilson Brokerage sold Beverly Palm Plaza, an approximately 11K SF retail center at the corner of Olympic Boulevard and Palm Drive in Beverly Hills for $12.5M. The property was sold by President Ed Sachse and Assistant Vice Presidents Kyle Fishburn and Jack Nathan on behalf of DSC America Inc.
The fully leased neighborhood retail center at 9150-9198 Olympic Blvd. was marketed as a generational trophy asset in a high barrier-to-entry market, according to Kennedy Wilson. Beverly Palm Plaza sold at $1K per SF, 7.8% above CoStar’s average modeled market price, KW said.
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CBRE sold a seven-unit multifamily property in Anaheim to a private investor for $2.5M, or $360K per unit. The 7K SF apartment building at 406 E. South St. sits on a 9K SF lot. The apartment complex features private patios, garage parking and a newly installed fire sprinkler system.
CBRE Executive Vice President Dan Blackwell and Associate Amanda Fielder represented the buyer, based in Orange County. The seller was from Alameda County.
FINANCING
CBRE secured $36.4M in post-acquisition financing for TRC Retail to recapitalize its purchase of a nearly 116K SF Target-anchored center in La Cañada Flintridge.
The La Cañada Flintridge Town Center in Los Angeles County is 96.7% occupied by a mix of national and local retailers and restaurants including HomeGoods, Panera Bread, Habit Burger and Taylor's, a local steakhouse.
Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell, Nick Santangelo and Jim Korinek with CBRE's debt and structured finance team assisted in securing the seven-year, full-term interest-only loan on behalf of TRC.
THIS AND THAT
Max Benjamin Partners, a real estate advisory firm providing capital solutions to developers and investors, acquired StackSource, a tech-based brokerage platform specializing in providing debt and equity financing for real estate loans. Terms of the deal were not disclosed.
