This Week's LA Deal Sheet
The LA County Fire Department is moving into new digs at 1255 Corporate Center Drive in Monterey Park, thanks to a lease agreement worked out by Charles Dunn Co. Bisnow caught up with Charles Dunn Co senior managing director Linda Lee to get the details.
The LA County Fire Department paid $10.7M for a 10-year lease.
Linda says the LA County Fire Department is growing, and the 37k SF of office space in the building will provide a "large contiguous space that could accommodate the department’s growth."
Another attraction is the building's proximity to the LA County Fire Department's headquarters, according to Linda.
Equity Office Properties, the landlord, offered a high tenant improvement allowance, which the Fire Department requires. In exchange, the department signed a long-term lease, according to Linda.
This deal increased the building’s occupancy to 99%, Linda says.
Linda (above), along with Charles Dunn Co director Scott Unger (left) and senior managing director Bill Boyd (right) of the Tri-Cities office, repped the landlord.
The entire project, which consists of four buildings totaling 394k SF, is now over 95% occupied.
The department, which repped itself, is scheduled to move into its new space early next year.
LEASING
Avison Young and Voit Real Estate Services negotiated a 10-year, 11,427 SF lease for Ballast Point Tasting Room & Kitchen in Long Beach.
The site is at 110 North Marina, adjacent to the water at Alamitos Bay Landing.
It marks the San Diego brewer’s first LA location and its largest with seating for 670 customers.
Avison Young principal Keith Kropfl and associate Michael Ganz, along with Voit Real Estate Services' Jeff Chasin, repped Ballast Point and the landlord, Bancap Seaport Village.
NEW CONSTRUCTION
Construction was just completed on the Language Arts and Humanities Building at East Los Angeles College in Monterey Park.
The $55M, 135k SF, five-story complex was designed by HGA Architects and Engineers.
The new building provides flexible learning environments and areas for collaboration for students to help facilitate interdisciplinary communication on campus.
FINANCING
Dekel Capital arranged a $13M non-recourse bridge loan on a 14-level, Class-A parking structure in DTLA.
The loan was closed within 35 days after the completion of a market survey.
The parking garage at 240 West Venice Blvd in South Park was built 25 years ago by Maguire Investments.
It has 2,500 parking spaces, a helipad on the roof and 3,039 SF of retail space on the ground floor.
It is controlled via a leasehold with the LA Unified School District.
GRAND OPENING
Killefer Flammang Architects has completed Paloma Terrace, developed by the Retirement Housing Foundation.
The grand opening of the four-story project took place last week.
Paloma Terrace, at 5000 South Main St, will provide affordable housing in South LA and has 59 units designed for low-income families.
EXECUTIVE NEWS
Craig Kish (pictured above with his family in Hawaii) joined Newmark Grubb Knight Frank's El Segundo office as senior managing director.
Craig exclusively represents corporate user clients, providing them with occupancy solutions, connecting corporate strategy and operational needs with efficient utilization of various real estate types.
Previously, Craig was SVP at Cresa and an SVP at The Staubach Co.
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Jason Flashman has been tapped to lead sales for Century 21 Peak Commercial's new Brentwood office, along with his team, Flashman Investment Group, which specializes in multifamily and 1031 exchanges and portfolio sales.
Part of Peak Corporate Network, Century 21 Peak Commercial's new office is at 11990 San Vicente Blvd in Brentwood.
It is the second office set up exclusively for commercial real estate deals.
Previously, Jason and his team were at Keller Williams Commercial.
