This Week's LA Deal Sheet
Retail Design Collaborative and Studio One Eleven's new 34,300 SF creative office space in downtown Long Beach was just unveiled.
The retail area between Long Beach Boulevard and Pine Avenue from 3rd to 6th streets, currently known as City Place, is intentionally being unnamed.
Instead, the area will be allowed to self-identify with no official name to better become integrated into downtown Long Beach as it evolves, Shooshani Developers managing member Tony Shooshani said.
The creative office project marks the first phase of the revitalization of the former City Place shopping center.
The firms repurposed a former Nordstrom Rack.
The new offices have just one private office for human resources, and open, collaborative space to be used by teams of employees.
There are also breakout rooms that act as collaborative pods for meetings, and a mezzanine wraps the perimeter of the interior space, creating a “bridgewalk” overlook with lounges, workspaces and pin-up zones.
A kitchen, open work clusters, idea lounges, a community room, a material library, a shower and lockers, and outdoor patios are also part of the design.
"The design leverages the city’s grid within the former shopping center’s footprint and will allow the area to self-identify as a multifaceted destination offering a variety of mixed-use services, including professional, residential, retail and restaurants that will serve residents and visitors alike," Shooshani said.
Additional plans for the redevelopment include two new outdoor dining parklets on 4th Street and Pine Avenue and seven new retail options and restaurants.
Construction of a new 20-unit mixed-use urban development also is scheduled.
The new office is in the 350K SF pedestrian-oriented shopping center off 3rd Street and Promenade North.
NEW CONSTRUCTION
Meta Housing Corp. completed the 5400 Hollywood Family Apartments, a 40-unit mixed-use affordable apartment community in East Hollywood for $21.6M.
The five-story apartment building, at 1655 North Serrano Ave., will provide affordable housing for local residents. It has one-, two- and three-bedroom floor plans.
The apartment community offers best-in-class amenities, including a rooftop deck equipped with barbecue and children’s play areas, large community spaces, and a clubhouse and computer room. It was built above 3,485 SF of commercial space.
It was constructed to LEED Gold certification standards.
LEASING
Avison Young negotiated three new leases totaling 18,649 SF at the newly renovated historic Woolworth building in downtown Glendale.
The leases include two ground-floor restaurants, the 2,865 SF 85°C Bakery Cafe and The Halal Guys' 2,284 SF space.
Shared office workspaces tenant Regus occupies the entire 13,750 SF second floor. All three just opened.
Existing tenant AT&T takes up 3,500 SF.
The 44K SF property is at 201 North Brand Blvd. and was built in the 1920s. It became a Woolworth store when it was remodeled in 1942.
The building was placed on the Glendale Register of Historic Resources 18 years ago.
Avison Young principal Mark Evanoff, vice president Andrew Berk and associate Chase Gordon repped landlords Gustavo Spoliansky and Loretta Scherer, partners in LA's Bow Truss Capital.
FINANCING
Pembrook Capital Management provided a $7.57M first mortgage loan to complete the development of Alondra Villas, a 29-unit townhouse development at 950 West Alondra Blvd. in Compton.
Neighborhood Housing Services of LA County bought the partially completed project approximately 18 months ago from the City of Compton.
The Pembrook loan will allow NHS to complete the construction of the project over the next nine months and sell the units to low- and medium-income buyers.
SALES
Berkadia brokered the $20.5M sale of Plaza at Lafayette Apartments at 401 South Lafayette Park Place.
The buyer was Placentia's Platinum Acquisitions. There were multiple qualified offers for the property.
Plaza at Lafayette has one- and two-bedroom apartments with an average of 876 SF. Amenities include an open central courtyard with barbecue area and lounge seating, laundry facilities and a leasing center with an attached fitness center.
Berkadia managing director Vince Norris exclusively listed the property for the seller and original developer, Upside Investments.
EXECUTIVE NEWS
Marketing specialist Mary Tamaki joined Avison Young's downtown LA office.
She is the new vice president of marketing and communications for the firm's Southern California region.
Previously, she was vice president of business development marketing for JLL.
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C.W. Driver Cos. promoted project executive Paul Ruig to vice president of the greater LA region.
Ruig will work with project owners and architects to oversee construction projects from pre-construction and planning phases to final project delivery.
He will develop new business opportunities, focusing on hospitality, commercial, education, entertainment and studio work.
Previously, Ruig was a construction manager at Whiting-Turner Contracting Co. and construction coordinator at Sony Entertainment and Columbia TriStar Television.
