This Week's LA Deal Sheet
Barry Manilow's longtime management company, Stiletto Entertainment, is singing a new tune after selling a creative warehouse in Inglewood. CBRE Group VP Izzy Eichenstein and associate Todd LaPlante brokered the sale of the 13,298 SF building in Inglewood on behalf of Stiletto Entertainment and Cruise Ship Entertainment.
Izzy (pictured above with his son) tells Bisnow although Stiletto Entertainment did not have any more use for the building at 8295 La Cienega Blvd, Inglewood is "rapidly gaining in popularity." The construction of the stadium for the LA Rams and the revamped Hollywood Park site made it a "very opportune" time for the sale, he says.
Stiletto Entertainment has since relocated to Culver City to gain more creative office space, Izzy says.
The building sits on an enclosed property, totaling 23,960 SF. About half of the building consists of office space.
The property was the headquarters for Stiletto Entertainment, which is headed by Garry Kief. The building was purchased more than 20 years ago.
Mike Diamond Plumbing, which bought the property, was attracted to its centralized location and proximity to both the West Side and the South Bay, according to Izzy.
Industry Partners Dan Pickart repped Mike Diamond Plumbing.
SALES
Regal Manor was just sold in Hawthorne for a record price of $25.82M.
It marks the first time the 44-year-old property has sold.
The garden-style, three-story multifamily property at 12530 Inglewood Blvd has 187 studio, one-bedroom and two-bedroom apartments.
The amenities include a swimming pool, courtyard and laundry facilities.
Marcus & Millichap associate Aaron Fierstein repped Regal Manor.
CBRE Capital Markets’ National Senior Housing team just sold a 19-property senior housing portfolio to Welltower Inc for $1.15B, or approximately $445k/unit.
The 2,590-unit senior housing portfolio includes a combination of assisted living, independent living and memory care units.
Eighteen of the communities are in California and include properties at 4061 Grand View Blvd and 2721 West Willow St in Burbank.
CBRE EVP Matthew Whitlock, along with partners EVP Lisa Widmier and vice chairman Aron Will, repped the sellers, affiliates of Vintage Senior Living and their private investor partners.
GRAND OPENING
The City of Baldwin Park and ROEM Corp celebrated the grand opening of Metro Village, a four-story, 70-unit, $27M community at 4428 East Ramona Blvd.
Metro Village is a mixed-use, affordable multifamily apartment community on a 1.01-acre site.
It offers one-, two- and three-bedroom apartments for families making 60% or less of the LA County median income.
The property also has 5,500 SF of retail space.
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GROUNDBREAKING
CBRE broke ground on a nine-building, 1.3M SF property, the IAC Commerce Center in Valencia.
The IAC Commerce Center is a master planned, 116-acre business park adjacent to the Valencia Commerce Center and approximately one mile northwest of the Interstate 5 and Highway 126 interchange.
CBRE EVP Craig Peters and EVP Doug Sonderegger are the leasing agents.
EXECUTIVE NEWS
Mark Paul (above) and Jeff McGuire, investment industry veterans with a combined 55 years of experience, have formed MJ Real Estate Investors, or MJRE, a company specializing in investing in commercial properties leased to state regulatory compliant operators in marijuana sales.
MJ Real Estate Investors has launched by purchasing five commercial properties.
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Allen Hubsch has joined Loeb & Loeb’s LA office as a partner in the real estate department.
Allen has more than 25 years of experience in transactional real estate law. Much of his experience has focused on clients in the entertainment, technology, energy and natural resources sectors, including infrastructure projects and water rights issues.
Previously, he practiced in the LA office of Hogan Lovells.
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Seefried Industrial Properties hired Scott Irwin as SVP of its Southern California office.
Scott’s primary goal will be to bring large projects like the Amazon Distribution Center to SoCal.
