This Week's LA Deal Sheet
Santa Monica College has a new $15.1M home for its technology, network and telecommunications departments, thanks to Bernards.
The firm also is building a $77.4M student services building, designed by Morris Architects, on the campus.
The new, three-story student services building will house all departments related to student services, including Calworks, financial aid, admissions and records, enrollment development, disabled students programs and services, and counseling.
It will have four atriums, a 313-seat auditorium and three-level, 500-stall subterranean parking with bike storage.
Bernards SVP Rick Fochtman tells Bisnow the project requires builders have "specific experience" in collaborating with the community college and its stakeholders.
Rick says a "keen working knowledge of the best-suited local, specialty trade contractors" is also important.
The new student services building will be a one-stop shop for students' campus needs while providing a place where they can unwind, according to Bernards SVP Steve Burdo.
The student services building is scheduled to be finished in January 2019.
The IT building (above) is LEED Gold certified and includes a 14k SF addition and a reno of the college's existing 11k SF building.
The overall project involved an addition to the existing library/media center to support technology-related functions and provide access and reconfiguration capabilities to the existing IT facility.
SALES
Stepp Commercial sold a fully occupied seven-unit property adjacent to The Grove for $2.79M. The deal closed at a cap rate of 3.6%.
The two-story property, at 156-160 South Hayworth Ave, has a three-bedroom penthouse with an elevator, one three-bedroom unit, two two-bedroom units and three one-bedroom units.
Stepp Commercial principal Kimberly Roberts Stepp repped the buyer, a private investor from Los Angeles.
The seller was a family trust in LA.
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CBRE Group sold a 38,266 SF development site in DTLA's Arts District to Onni Group.
Onni bought the lot from Core Development Group for an undisclosed amount in an off-market deal. Philip Rahimzadeh heads Core Development Group.
CBRE SVPs Brandon Gill, Brandon Burns and Jae Yoo repped Core Development in the deal and in its original purchase of the site two years ago.
Avison Young sold the Wilcox Townhome Apartments in Hollywood for $13.8M.
The 26-unit building at 920 North Wilcox Ave consists of 25 two-bedroom units and one studio.
There is a business center, a fitness center and outdoor-living spaces on the 26-year-old property.
Avison Young principal Peter Sherman repped the seller, Sierra Wilcox LLC.
Sperry Van Ness repped the buyer, Pepper Lane Properties.
Beverly Hills' Kennedy Wilson sold several multifamily properties, totaling $363M.
They include The Grove, a 331-unit apartment community in San Jose for $96M; and a $175M refinance of Bella Vista at Hilltop (above), a 1,008-unit apartment complex in the San Francisco Bay Area.
The 28-year-old Bella Vista at Hilltop was refinanced with a new $175M 10-year fixed-rate loan at 3.5% from Fannie Mae, interest-only for the entire term.
The loan’s interest rate was locked in September.
Previously, the Bella Vista property had two loans, totaling $126M at an average interest rate of 4.6%, of which $91M was due to mature in June of next year.
Marcus & Millichap affiliate Azzi Advisors sold a five-unit, rent-controlled apartment building at 914 North Hayworth Ave in West Hollywood in an all-cash deal for $305k/unit and approximately $577/SF.
Three of the property's units are vacant, which will allow the buyer to start an immediate reno.
The property is on a 6,664 SF lot and has one studio unit, three one-bedroom/one-bathroom units, and one two-bedroom, one-bathroom unit.
Azzi Advisors' Tony Azzi and Jordan Asheghian repped the seller.
Nourmand & Associates' Sarah Bell repped the buyer.
EXECUTIVE NEWS
Jon Lange joined JLL Capital Markets as SVP. He will be based in the DTLA office.
Jon began working with JLL nine years ago as a tenant representation broker in Phoenix and was the firm’s youngest winner of the Top Achiever award.
Previously, Jon worked as an associate VP for CIM Group.
He is a graduate of the Wharton MBA program at the University of Pennsylvania.
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David Oh has joined the architecture and design firm Perkins+Will, where he will lead the firm’s science and technology practice area.
Previously, David directed science, technology and workplace at Little Diversified Architectural Consulting.
