This Week's LA Deal Sheet
Hoping to capitalize on the increasing popularity of DTLA, a Georgia Street lot has just hit the market.
Currently a three-story, 32-unit apartment building sits on the lot at 916 Georgia St., which is next to the JW Marriott expansion, between LA Live and the Metropolis, according to Concord Real Estate senior vice president of investments Guillermo Ma.
The deal is being pitched off-market.
The owner believes it is a good time to sell to a developer due to the development boom, especially in South Park, Ma said.
TRG Investments owner Reuben Robin is asking for more than $8M for the property, which could be redeveloped or rehabbed.
It last sold about four years ago, according to Ma.
SALES
V.C.I. Corp. sold a 157,225 SF building in El Segundo for $52M in an off-market deal.
The vacant, seven-story, Class-A building is at 2300 East Imperial Ave.
It sits on 4.57 acres and was built 53 years ago and renovated in 2000 with new common areas and a parking structure added.
Cushman & Wakefield senior directors Chris Sinfield and Tom Sheets repped the seller.
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Plaza de Escobar, a retail center in Sherman Oaks, just sold to a private investor for $7M. The buyer was in a 1031 exchange.
The 12,938 SF center is at 13307 Moorpark St. and is anchored by a 7-Eleven store that has been a tenant there for 20 years.
Lee & Associates-LA North/Ventura principal Cory Stehr and associate Cole Martens repped the buyer, DRMG LLC.
The seller, Health-Dan Properties LLC, repped itself.
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A newly formed JV of New Standard Equities and an affiliate of Brixton Capital bought Arbor Terrace, a 276-unit multifamily community in Port Orchard, Wash., from Sea 1800 Sydney Avenue LP for $38.15M.
Arbor Terrace is the second acquisition in the area in less than two months and third in Kitsap County in the past year for LA's NSE, a real estate investment and management company.
Sklar Kirsh LLP co-founder Andrew Kirsh and head of the real estate practice at the LA-based law firm repped the buyer and brought the JV together.
CBRE’s Capital Markets Group led by vice chairman Brian Eisendrath arranged a $30.15M loan from Freddie Mac.
Glendale Plaza, a 24-story trophy office tower in Glendale, just sold to DivcoWest.
The sale price was $179M, according to market sources.
The 547,300 SF Class-A office tower is at 655 North Central Ave. The building is approximately 95% leased to 19 tenants that are primarily entertainment and financial services firms.
The LEED Platinum-certified property was built 18 years ago and has an eight-story adjacent parking structure.
The CBRE Capital Markets team of executive vice president Sean Sullivan, executive vice president Todd Tydlaska and vice president Michael Longo repped the seller.
CBRE executive vice president Brad Zampa procured financing for the buyer.
CBRE executive vice president Doug Marlow and first vice president Scott Crawshaw acted as the leasing market experts.
NEW CONSTRUCTION
California Landmark Group and Cayton Capital just completed R3, a $30M loft-style project with 67 apartments and more than 5K SF of creative office space.
It is at 4091 Redwood Ave. in the Marina del Rey Arts District.
R3 offers a mix of one- and two-bedroom apartments, ranging from 685 SF to 1,655 SF.
There are also a rooftop pool and lounge, a state-of-the-art fitness center, and a Zen yoga garden with complimentary yoga sessions by a certified instructor.
Roughly 35% of the units were leased within 30 days of opening.
EXECUTIVE NEWS
A new boutique commercial real estate brokerage firm, SharpLine Commercial Partners, officially launched Monday.
Its headquarters is in DTLA, and it caters to owners, investors and occupiers in retail and industrial properties.
Barbara Armendariz, a former vice president at CBRE, is SharpLine's president and founder.
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Jeremy Michaelson has joined iBorrow as vice president of originations.
Michaelson's years of experience in the real estate industry include underwriting and closing multimillion-dollar transactions and project development and property management.
Michaelson will work with the firm’s borrowers to develop and structure loans based on the needs and objectives of the borrowers.
Previously, he was director of loan origination at Post Investment Group | Park West Financial.
