This Week's LA Deal Sheet
Colliers International negotiated the $69.5M sale of Gateway Village Shopping Center in Santa Clarita in an off-market deal.
The 12-year-old neighborhood center is at 28207-28313 Newhall Ranch Road. It is 95% occupied.
Colliers International senior vice president Donald Ellis said it was important for both companies to close the deal on the high-profile property now, which he and the Colliers team worked hard to accomplish.
"It’s our job to achieve our clients’ objectives in the most efficient, effective and proficient manner possible," Ellis said.
Santa Clarita is ranked 21st in terms of retail sales out of the 480 incorporated cities in California, according to Ellis.
The 153,686 SF center's anchor tenants include LA Fitness, Smart & Final Extra, Coffee Bean & Tea, The Habit, US Bank and Lindora Medical.
Colliers International executive vice president Michelle Schierberl and Ellis brought together the center’s owner, Newport Beach's JH Real Estate Partners, and the buyer, Long Beach's Galois Group, a private investment group.
SALES
NGKF Capital Markets brokered the sale of Los Angeles Corporate Center, a four-building office campus in Monterey Park.
The buildings are at 900, 1000, 1200 and 1255 Corporate Center Drive. The four buildings encompass 394,524 SF of Class-A office space.
The property is 95% occupied. Tenants include the State of California, LA County, State Compensation Insurance Fund, Synermed and AT&T.
NGKF Capital Markets executive managing director of the Western Region Sean Fulp, West Coast capital markets president Kevin Shannon, Ken White and Brunson Howard repped the seller, Equity Office Properties.
The buyer was Beverly Hills-based Omninet Capital.
LEASING
Best Buy Co. signed a 10-year lease for 479,310 SF, the remaining space at Brickyard South Bay in Compton.
Clarion Partners owns the property, which was developed by Trammell Crow.
United Parcel Service in September last year penciled a 10-year, 521,816 SF lease at the site.
The Brickyard's two Class-A, LEED Gold-certified buildings are at 1701 North Central Ave. and 1430 North McKinley Ave. and have about 577 parking spaces.
CBRE executive vice presidents Bret Quinlan and John Schumacher are the leasing agents for the Brickyard. Colliers International senior executive vice president Steve Belliti repped Best Buy.
Elkins Kalt Weintraub Reuben Gartside LLP partner Ray Friedman repped Clarion Partners.
NEW CONSTRUCTION
Champion Real Estate began construction on a 30K SF Sprouts Farmers Market at 655 South Grand Ave. in Glendora.
Champion Real Estate bought the vacant former grocery store last year.
The firm is investing $32M in the reconfiguration and repositioning of the existing 85,615 SF property into a smaller 70,500 SF Sprouts-anchored neighborhood shopping center.
There are two new retail pads in the existing parking field and additional retail.
The project is expected to be completed in July.
The redeveloped center will include national, credit tenants.
Glendora fits the Sprouts demographic profile perfectly, according to Champion Real Estate executive vice president Chris Wilson.
"This community has residents with high income and education, which translates to prioritizing healthy grocery choices," Wilson said.
The center has received commitments for 93% of the space, including Marshalls and Coffee Bean and Tea Leaf.
JLL senior vice president Shauna Mattis, senior associate Elizabeth Hewson and associate Blake Kaplan are handling the leasing.
The grand opening of Sprouts is scheduled for May 18.
NEW RENO
R.D. Olson Construction just completed extensive renovations at the Kimpton Hotel Palomar Los Angeles Beverly Hills.
The firm worked with Ajax Consulting, Melzer Deckert & Ruder Architects and interior designer Dawson Design Associates in the reno of the 17K SF Westwood hotel, including the lobby, bar, ballroom, patio and restaurant, Double Take.
The reno was finished in 12 weeks. The newly renovated lobby has a custom-built 10-foot circular steel fireplace, custom lighting and white oak paneling.
The hotel bar and restaurant now have leather furniture, exposed ceilings and rich oak accents.
The firm also designed a game room, a ballroom and an outdoor entertainment area.
