This Week's LA Deal Sheet
The Idea Factory, a $2.5M project at 123 Lomita St. in El Segundo, is on schedule to finish next month, according to developer Brett Drogmund.
Brett Drogmund and his son, Asher
One of the highlights of the project will be the building's outdoor, shared creative space, called SkyPark. Drogmund said SkyPark is the largest outdoor floating sundeck in the area.
It will consist of game tables, swings, a putting green and a barbecue area. Happy hours will be hosted at SkyPark when the building opens, according to Drogmund.
"We are allowing tenants to customize their units as we complete construction and giving them a $10k completion credit," Drogmund said.
The project has two remaining 3,800 SF units for lease.
The creative campus was designed by E.B.E. Associates Inc. building designer Edel Vera and is being built by JCG Construction.
The Idea Factory is being developed by Propeller Properties, where Drogmund is a principal.
It is being leased by RE/MAX associates Matt Crabbs and Bill Ruane.
CORRECTION, FEB. 9, 9:59 A.M. PT: A previous version of this story had the wrong square footage for the two remaining units for lease. The story has been updated.
SALES
2727 6th Street, a three-story, 31-unit apartment building with ocean views in Santa Monica's Ocean Park just sold for $17.42M, or $562,097/unit.
The 47-year-old building sits on a more than one-half-acre corner hilltop lot.
The unit mix consists of 17 one-bedroom/one-bath units and 14 two-bedroom/one-bath apartments.
There are also a swimming pool, a rooftop deck, a laundry facility and gated parking.
Marcus & Millichap first vice president of investments Richard Ringer repped the seller, an affiliate of Hill Street Realty, and procured the buyer, a privately held company.
Cypress Equity Investments just sold a 78-unit, two-property portfolio for $13.87M.
The 44-unit Burke, at 9212 Burke St. in Pico Rivera, sold for $7.55M.
The 34-unit Woodruff property, at 16275 Woodruff Ave. in Bellflower, sold for around $6.3M.
Strattford Capital bought Woodruff, and NNC Apartment Ventures bought Burke.
Berkadia senior managing director Dean Zander, partner Brent Sprenkle and director Mark Ventre repped the seller.
LEASING
Pixelogic Media Partners and Hula Media Services are leasing more than 37,400 SF in the heart of the Burbank Media District at the six-story, 4000 Alameda Building.
The leases total nearly $12M.
Pixelogic Media Partners leased the ground-floor offices for approximately 10 years at a value of $7,582,477.
The 16,683 SF lease includes part of the space formerly occupied by Santa Monica Video. It includes edit bays that will provide residual value to Pixelogic. The lease includes a large space that will be converted into screening rooms and will have two separate entrances off the lobby and dedicated parking for clients.
Hula Media Services will house post-production technology services in the new location. Hula leased 20,743 SF, or the entire sixth floor, for more than five years. The value of the lease was around $4.4M.
Colliers International executive vice president Nico Vilgiate and senior associate Kyle Stanich repped the San Juan Capistrano-based owner, Alameda Enterprise Inc., in both deals.
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CBRE Group facilitated the signing of a new, $8.25M, 20k SF lease in Marina Del Rey by San Francisco's Upload Inc., a company focused on providing workspace and education for the virtual reality industry.
The Marina Business Center, at 4505 Glencoe Ave., is a creative office development with high ceilings, a mezzanine and various outdoor meeting areas.
Upload’s expansion into the L.A. area marks the company’s first in the Southern California market.
CBRE first vice president Garrett Ellis and associate Carter Haslam repped the tenant, with the support of CBRE vice chairman Jeff Pion and associate Shay Bolton.
NGKF senior managing director Christopher Strickfaden and Hankey Investments president Scott Dobbins repped the landlord, Marina Business Center LLC.
Lance Hosey
EXECUTIVE NEWS
Lance Hosey, FAIA, LEED Fellow, joined Harley Ellis Devereaux as Architecture + Design Leader.
Hosey will lead design efforts for the firm's San Diego office and lead the firm's initiatives for design excellence.
Hosey is the former chair of the LEED Advisory Committee and has served on the U.S. Green Building Council Social Equity Working Group.
Previously, Hosey was a design director with William McDonough + Partners.
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Lucas Allen and Will McCabe have been promoted by iBorrow. Allen is now vice president of corporate development, and McCabe becomes vice president of loan originations.
Before the promotions, Allen was iBorrow’s director of loan originations, and McCabe served as the firm's loan coordinator/investment associate.
Previously, Allen worked as Rodeo Capital Inc.'s director of sales.
McCabe was employed at a hospitality-oriented real estate development firm.
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JLL hired Kristin Grove as a vice president of national retail leasing based in L.A.
Grove will support JLL’s investor clients by overseeing the leasing efforts and merchandising strategy for their retail space on the West Coast.
Most recently, Grove was the director of leasing for General Growth Properties.
