This Week's LA Deal Sheet
Sam Nazarian's SBE, in partnership with Fountain Life, will open a new “six-star luxury life longevity, preventative medical/wellness experience” in Century City at the Century Plaza. Fountain Life also has locations in Florida, Texas and New York.
The name of the new wellness venture was not disclosed, but it will open by the end of this year, according to a release from Century Plaza. The unnamed tenant will take 12.5K SF, roughly 13.5% of the commercial space at Century Plaza, which also includes the approximately 700-key Fairmont hotel and a condo tower.
PEOPLE
CBRE has hired a Berkadia multifamily investment sales team led by Rachel Parsons and Derrek Ostrzyzek. The team will work on the sale of institutional apartment communities and multifamily development and equity raises in Southern California. The team has completed nearly $7B in multifamily deals since 2018.
SALES
Dornin Investment Group acquired an approximately $60M nonperforming loan off-market. The loan is secured by a 250K SF, San Diego-area industrial park and was acquired through $41.9M note-on-note financing from Calmwater Capital.
***
SoCal Industrial, a joint venture of Birtcher Anderson Davis & Associates and Belay Investment Group, sold the Arrow Pines Business Park in San Dimas to private investor Arrow SD LLC for $9.23M. The property at 210 and 260 West Arrow Highway and 440 South Cataract Ave. is made up of three buildings ranging from just over 11K SF to about 16.5K SF and is 82.2% occupied, CBRE said in a release.
CBRE Investment Properties’ Mark Shaffer, Anthony DeLorenzo, Gerand Poutier and Dylan Rutigliano arranged the sale of the approximately 44K SF industrial business park for the seller.
***
Hanley Investment Group Real Estate Advisors completed the sale of Stevenson Ranch Plaza in Santa Clarita. The roughly 30K SF neighborhood shopping center contains a mix of education, service and restaurant uses, anchored by Tutor Time.
The seller, Catalyst Real Estate, was represented by Hanley Investment Group’s Kevin Fryman, Ed Hanley, Sean Cox and Alexander Moore. The buyer, an unnamed Los Angeles-based private investor, was represented by Edmond Bina of Beverly Hills-based EMB Properties.
CONSTRUCTION AND DEVELOPMENT
Mitsui Fudosan America's 50-story Downtown apartment tower received the green light from Los Angeles City Council. The project, called 8th Grand & Hope, would replace a parking garage and surface parking lot at 754 South Hope St. with a high-rise of nearly 600 apartments ranging from studio units to three-bedrooms.
FINANCING
Machine Investment Group and Taconic Capital Advisors locked down $90.4M in Commercial Property Assessed Clean Energy, or C-PACE, financing for Hyatt hotels in Hollywood, Commercial Observer reported. The financing comes about a year after the two companies, formerly lenders on the property, took the hotels back through foreclosure. The Tommie and Thompson hotels are both adjacent to the intersection of Selma and Wilcox Avenues in Hollywood and were developed by Relevant Group.
***
Priority Capital Advisory arranged $35M in debt financing to refinance a 400K SF West Hollywood project planned by Faring. The project, called Robertson Lane, would contain hotel and retail space. The financing was provided by Centennial Bank. PCA President Zachary Streit arranged the financing.
***
Bolour Associates Inc. provided a $21.6M, 24-month senior loan to refinance Kanvas LA, a new apartment building in Koreatown. The loan allows the sponsor, EGC Real Estate Group, to exit construction financing, return equity to investors, secure final approvals and start lease-up. Zachary Streit of Priority Capital Advisors arranged the deal, Commercial Observer reported.
