This Week's LA Deal Sheet
Harbor Associates, in a joint venture with F&F Capital Group, acquired Highlands Corporate Center, a 211K SF, five-building office campus near San Diego.
Highlands Corporate Center sits at 12730-12738 High Bluff Drive in Del Mar Heights, 20 miles north of downtown San Diego.
The Class-A, multitenant campus was approximately 90% leased at the time of sale and was extensively renovated over the last several years. The property also has electric vehicle charging stations and private balconies off several of the upper-floor tenant suites.
Eastdil Secured’s Adam Edwards, Justin Shepherd and Bailey Bland advised the undisclosed seller.
PEOPLE
LaTerra Development named Ben Grosberg to spearhead capital raising and investor relations in support of LaTerra’s new strategy to buy existing multifamily and self-storage assets as well as develop from the ground up. Grosberg will focus on registered investment advisers and family office investors. Prior to joining Dekel, Grosberg worked at the Spotlight Group, one of Australia’s largest private high net worth family offices, where he managed the investment holdings of the group and helped grow its global investment portfolio to the U.S.
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Matthews Real Estate Investment Services has hired Scott Lifschultz as first vice president. Based in El Segundo, Lifschultz brings more than 30 years of retail leasing experience to Matthews. Before joining Matthews, Lifschultz founded SPL Realty Partners in Los Angeles. He has completed more than 1,000 lease transactions totaling more than 2M SF with an estimated value exceeding $2B.
SALES
Chartwell Real Estate Development bought the Park Pacific Shopping Center, a nearly 50K SF grocery-anchored retail center in Hermosa Beach at 1100 Pacific Coast Highway, for $27.8M. This is the first sale of the property since its development more than 50 years ago. The seller was an undisclosed private investor.
The center is anchored by a Trader Joe's and features a mix of national brands such as Starbucks, Five Below and Sally Beauty, alongside local businesses. JLL Capital Markets' Daniel Tyner, Gleb Lvovich and Geoff Tranchina represented Chartwell.
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Washington Capital Management sold a freestanding, roughly 116K SF industrial building in San Diego’s Otay Mesa. The single-tenant property at 2345 Britannia Blvd. is 100% leased and serves as the headquarters for Martin Furniture, a leading manufacturer of furniture for dining, office and entertainment. The property sold for approximately $23.5M to EQT Exeter. Cushman & Wakefield’s Bryce Aberg, Jeff Chiate, Jeffrey Cole, Matthew Leupold and Ryan Demarest of the firm’s national industrial advisory West group represented the seller.
FINANCING
Berkadia secured $73M in financing for the acquisition of Silva, a 221-unit, mid-rise apartment property in Los Angeles. Berkadia’s Allan Freedman, Ben Harris, Charlie Haggard, Kevin Mignogna and Michael Beach secured financing as the property received its temporary certificate of occupancy on behalf of a joint venture between Cityview and Wafra. Patrick McGlohn and Brian Gould of BerkadiaDC Metro also worked on the financing.
The floating-rate loan was financed through 3650 REIT and facilitated the acquisition of Silva at the receipt of the TCO. Cityview and Wafra are in lease-up at the property now.
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JLL Capital Markets arranged a $35M construction takeout refinance for Ocean Hills Senior Living, a 216-unit senior housing campus at 4500 Cannon Road in Oceanside. Working on behalf of Protea Capital Partners, JLL placed the five-year, fixed-rate loan with a regional bank. Ocean Hills Senior Living sits on a hilltop 3.5 miles from the ocean, at the north end of San Diego County.
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Calmwater Capital provided Rhino Investment Group with roughly $21M in short-term, first-mortgage debt for its acquisition of Cathedral City Marketplace, a 195K SF grocery-anchored retail center at 34091-34351 Date Palm Drive in the greater Palm Springs area.
Anchored by Kroger’s Food 4 Less, other tenants include Planet Fitness, DD’s Discounts, DJ’s Sports Bar and Subway. The 21-acre center also provides parking for more than 1,000 cars.
THIS AND THAT
The Link OC Apartments, a 406-unit luxury multifamily community in Anaheim, is now open. Western National Property Management will serve as property manager for the two-building, five-story apartment community. The property at 1075 N. Link is adjacent to the Anaheim Canyon Metrolink station and close to entertainment, restaurants, retail, parks and schools.
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Nonprofit healthcare provider Hoag is expanding into San Clemente. It will open a 20K SF facility in Plaza Pacifica at 993 Avenida Pico that will offer primary care, urgent care, obstetrics and gynecology, orthopedic and sports medicine, radiology and imaging services.
