This Week's LA Deal Sheet
American Realty Advisors is making a big move from Glendale to DTLA.
The firm, which has more than $8B in assets under management, is moving to the 49th floor of the City National Plaza building at 515 South Flower St.
The move will be advantageous to the company, placing it in the heart of DTLA's financial center, according to ARA CEO Stanley Iezman.
"DTLA is one of the key financial epicenters of Southern California, which is very desirable to employees and other businesses," Iezman said. "The synergies of this location are important to our human capital and the future growth of our firm both nationally and internationally."
He said the new location will allow the firm to be close to clients and attract new talent, including from nearby USC.
The new office will have open workspaces for team collaboration, state-of-the-art IT systems and expanded conference and meeting rooms.
The move is scheduled for June.
SALES
A private investor in LA just sold the Tustin View Apartments in Santa Ana for $22.37M.
The 84-unit apartment community is on a 2.83-acre site at 2010 Ponderosa St.
There were multiple offers for the property. The buyer was a private investor based in Northern California.
The 49-year-old property has a large, outdoor pool with a resort-like cabana, barbecue areas, two 24-hour laundry centers and a state-of-the-art fitness center.
The Mogharebi Group's Alex Mogharebi repped the seller.
NEW CONSTRUCTION
Bernards has completed the construction of G12, a multifamily project at 1200 South Grand Ave. in South Park.
Bernards was selected to build G12 based on the company’s track record as a specialist in successful mixed-use apartment and condominium projects.
The seven-story, more-than-456k SF, mixed-use G12 complex has 347 units and 19k SF of ground-floor retail and amenity space.
The apartments will range from studios and lofts to one- and two-bedroom units, built over two levels of underground parking.
Lifescapes International recently completed the landscape design for Trumark Urban’s TEN50, the new luxury 25-story high-rise with 151 luxury residences in DTLA.
TEN50, at 1050 South Grand Ave., features a private screening room, an ultra-modern fitness studio and drone delivery service.
Lifescapes designed the landscape environment for the project’s sixth floor outdoor terrace and pool deck known as “The Fifty,” which blurs the lines between indoor and outdoor living.
The design features resort-style amenities, including entertainment bars and fire tables.
It also incorporates 30 Japanese blueberry trees, which form a natural tree wall, and 1,000 shrubs.
LEASING
The Saywitz Co. negotiated two leases in Cerritos for Keller Williams and Para Plate Plastics Co., totaling $2.4M.
Keller Williams is expanding and extending its branch offices and administrative operations in the Cerritos Office Center III at 17785 Center Court Drive. The eight-year, 5k SF lease totals more than $1.4M.
The Saywitz Co. senior vice presidents Andrew Herron and Robert Ritschel repped Keller Williams.
CBRE Newport Beach's Matt Didier repped the landlord.
The second lease was for Para Plate Plastics Co. for its facilities at 15910 Shoemaker Ave. in Cerritos.
The 63-month renewal totals more than $1M.
The Saywitz Co.'s Robert Ritschel and Andrew Herron repped Para Plate Plastics Co.
Brandon Muller repped The Muller Co., the building’s ownership.
EXECUTIVE NEWS
Stepp Commercial has recruited Todd Hawke as vice president. He will focus on expanding multifamily investment sales in Long Beach.
Previously, Hawke worked at Triqor Group where he focused on multifamily apartment investment sales.
He has more than 16 years of industry experience.
