This Week's LA Deal Sheet

A JV of Lincoln Property Co and Linwood Ventures sold Sunset & PCH, an oceanfront office campus in the Pacific Palisades area, to Brickman for $53M or $511/SF.

Located at the intersection of two of SoCal's most iconic thoroughfares, the property (17383 Sunset Blvd) consists of three low-rise buildings totaling nearly 103k SF with landscaped courtyards and seating areas. The campus is home to the Bay Club (formerly the Spectrum Athletic Club), with additional firms such as OneWest Bank, Maui & Sons and Red Bull Global Rallycross rounding out the tenant roster. Madison Partners' Bob Safai, Matt Case and Brad Schlaak repped the seller. The firm also arranged bridge financing with Wells Fargo for the buyer, a national real estate equity firm out of NYC. The property last sold in July 2013 for $36.7M. Bob represented both parties in that sale.

SALES

Why are Colliers International's Jeff Abraham and Rexford Industrial Realty's Patrick Schlehuber, Howard Schwimmer and Max Kaizer smiling? Could be because Rexford just bought the 23-unit Hueneme Road Industrial Center in Oxnard for $9.6M, marking the first time since the complex was built 30 years ago that it has changed hands. Colliers repped both Rexford and the seller, a private family trust. Jeff, who served as principal broker, says each of the center's 3,600 SF units has its own private, fenced concrete yard, which has been a major draw for tenants—not many SoCal industrial parks can boast this amenity for smaller industrial units. Additionally, the center offers proximity to the deep-water Port of Hueneme as well as direct access to the Ventura Freeway (US 101) and PCH.

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Riverside One LP sold Zevo Distribution Center, a 262k SF industrial facility in Temecula (41995 Zevo Dr) for $11.7M. The buyer’s company, Glass Werks, will occupy approximately 115k SF, according to Jim Nadal of Lee & Associates Temecula Valley, who repped the seller along with DTZ San Diego's Bryce Aberg. Glass Werks, a commercial and architectural glass fabricator, is expected to occupy the building in 2016. The remainder of Zevo Distribution Center (not to be confused with Devo Distribution Center—start up the forklift and whip it around) is leased to Professional Hospital Supply.

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Tillman Pink Jr. and Miriam E. Pink bought 1046 E 4th St in Long Beach, a 51k SF nursing home, from an undisclosed seller for $8.2M. Becky Blair of Coldwell Banker Commercial Blair Westmac and CBRE's Bryan Lewitt and Chris Isloa repped the seller.

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Pasadena-based Mission Real Estate Group sold a 14-unit apartment property in Long Beach (1275 E Second St) for $2.8M cash or $200k/unit. Berkadia's Bruce Furniss negotiated the deal, which involved a new buyer in the market area and an aggressive 3.8% cap. Located a mile and a half from the Aquarium of the Pacific, the 1956-vintage property is separately metered and fully occupied. The buyer, 1275 2nd Street Waterford LLC of Irvine, plans to spend $20k per unit on upgrades and common-area improvements.

LEASES

Multiquip Inc, a diversified manufacturer, signed a five-year lease to expand straight into a Compton industrial facility. The Klabin Co/CORFAC International's David Grote repped landlord SK Properties Management in the deal, which is valued at $1.2M for more than 28k SF. Harry Okula of DAUM Commercial and Robert Okula of Okula Commercial repped the tenant, which makes and supplies products for the construction, industrial, telecom, government, entertainment, and oil/gas exploration markets. The Compton facility (300 W Carob St) will be used primarily to rebuild diesel powered generators.

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Hyperloop Technologies inked a $4.8M lease on a nearly 38k SF creative office campus in Downtown LA's Arts District. The repositioned industrial buildings at 2145-2161 Sacramento St and 2136-2159 Bay St will serve as Hyperloop's corporate HQ. Heger Industrial's Tom Williams and Andrew Recko repped the tenant.

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The Salvation Army leased more than 20k SF of retail space in West Covina (2330 S Azusa Ave) for a thrift store. Dan Goldberg of Centers Business Management repped the landlord, Golden Heights Investments LLC.

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SAWS LLC signed a 20-year, $1M-plus ground lease in Murrieta to open the first Dunkin' Donuts location in the southern Inland Empire. The 2,200 SF store is expected to open in November in the Murrieta Town Center East shopping center. Bo Havlik of Lee & Associates-North San Diego County, the franchisee's acting real estate manager, repped Dunkin' Donuts. The brokerage firm notes the doughnut store will be well-positioned on the "morning side traffic flow" heading to I-215 and offer a drive-thru, the better for commuters to get their morning coffee fix. Scott Forest of WestMar Commercial Brokerage repped the landlord, AI Hoa Investment.

CONSTRUCTION/DEVELOPMENT

CT Realty has launched construction on CT Sycamore Center, a five-building, 230k SF industrial complex in Riverside's 1,400-acre Sycamore Canyon Business Park. The Class-A project is the first development for a $120M JV formed last year between CT and Prudential Real Estate Investors to build for-sale industrial buildings throughout SoCal. CT Sycamore Center is being built on just over 13 acres near the I-215/60 freeway interchange. Ranging from 36k to 53k SF, these are the business park's first ground-up industrial buildings since 2008, taking place on one of the few sites it has left for industrial development. CT EVP Keith Ross expects the buildings to be completed by Q1. Marketing is being handled by Voit's Frank Geraci and Juan Gutierrez.

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Planet Home Living released the first phase of PRISM, a collection of 15 single-family detached homes in Eagle Rock. Designed by KTGY Architecture + Planning, the urban project (4359 Toland Way) is walking distance to stores and restaurants and less than a mile from Occidental College. According to KTGY principal Alan Scales, the development was built under the LA Small Lot Ordinance and the detached homes are a mere eight inches apart. This creates fee-simple ownership rather than condo air space ownership, avoiding costly HOAs. The homes will have a small, private yard on the first level and a private deck on the second level.

Rob Maguire is moving to develop his Van Nuys Airport properties, tapping Craig M. Walker (above) to handle leasing and development for MaguireJet. For the past 14 years, the veteran aviation exec, consultant and pilot served as VP of operations and development for Castle & Cooke Aviation, as well as director of aviation for sister company Dole Foods. MaguireJet currently has the largest entitled undeveloped sites at Van Nuys Airport, including 575k SF of hangar and office space and 600k SF of ramp, tarmac and parking.