This Week's LA Deal Sheet
Cushman & Wakefield negotiated the $18.05M sale of The Boulevard in West LA to 1449 Wellesley Ave LLC.
The single unoccupied three-story residential building, totaling 33K SF, is on a 23,500 SF parcel at 12301 Santa Monica Blvd.
The property was previously operated under the name Brentwood Manor.
The buyer, 1449 Wellesley Ave LLC, was interested in the property because of its location.
"The property is desirably located in West LA in a transforming area that has garnered a lot of spirited attention," Cushman & Wakefield director Kevin Nolen said.
Some of the new nearby projects include CIM Group’s new mixed-use development along Santa Monica Boulevard near South Barrington Avenue. There are more units planned by another private developer nearby.
"The ability to acquire a building with such open-ended zoning was also extremely attractive to the buyer," Nolen said.
It is not known what the property will be used for in the future.
Cushman & Wakefield executive director Tim Winslow and senior director Jason Kimmel, along with Nolen, repped the seller, a group of private investors based in Santa Monica. The buyer repped itself.
SALES
A 1920s 31-unit apartment community in Silver Lake sold for more than $9.65M, at $311K/unit and nearly $600/SF.
A private investor sold the property at 831 Sanborn Ave. The buyer, a well-capitalized private investor, purchased it as part of a 1031 tax deferred exchange.
The units were recently renovated and are fully occupied with newly signed leases.
Leading apartment adviser KW Commercial Rich Johns negotiated the deal.
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Bridge Point Fontana I, a 434K SF distribution building on a nearly 21-acre site, sold to 91st Avenue Investments LLC.
States Logistics Services, a related entity of 91st Avenue Investments, is the tenant in the building.
GoPlus Corp. leased the nearby Bridge Point Fontana II, a 445K SF distribution facility on a 20.8-acre site. Daum Commercial executive vice presidents Gus Andros and Rick John repped Bridge Development Partners in both deals.
Colliers International senior vice president Reid Wilbraham repped 91st Avenue Investments LLC.
GM Properties sales associate Tyler Portman and agent Miranda Ma repped GoPlus.
Allen Matkins managing partner Drew Emmel and partner Greg Clark negotiated the purchase and lease contracts on behalf of Bridge.
FINANCING
HFF arranged $28.7M in financing for the acquisition of a six-acre parcel that includes a 244K SF retail building occupied by Macy’s and a 1,550-space parking garage at the Westside Pavilion Mall in West LA.
HFF worked on behalf of the borrower, GPI Cos., to secure the two-year, fixed-rate loan through a life insurance company.
The property is part of Westside Pavilion. It is anchored by the 244K SF Macy’s at the intersection of Pico Boulevard and Overland Avenue.
HFF senior managing director Kevin MacKenzie, director Greg Brown, director Jeff Sause and associate Jamie Kline repped the borrower.
LEASING
DataDirect Networks leased industrial space totaling just under 90K SF in two buildings in Chatsworth.
The 36-month renewal at 9351 Deering Ave. and 9223 Deering Ave. totals in excess of $2.4M.
The industrial park has a center atrium and water features.
Lee & Associates-LA North/Ventura principal Scott Caswell executed the lease on behalf of the landlord, Northpark Industrial Center.
Cresa Partners broker Rick Pearson repped DDN.
JLL and IDS Real Estate Group negotiated 49K SF office leases with Henkel and Dentsu Aegis Network/Carat at C3, a 283K SF, seven-story vertical creative office campus at 5800 Bristol Parkway at Culver Pointe in Culver City.
The property is under development.
The leases bring C3 to 35% leased prior to building completion.
IDS Real Estate Group, in a JV with a fund managed by PNC Realty Investors, is handling the development, leasing and management of C3.
Designed by Gensler, the campus offers floor plates from 33K SF to 48K SF with high ceilings from 13 feet to 25 feet.
The on-site amenities include a private fitness center, an open courtyard with an outdoor kitchen, gourmet food trucks, a conference center, bocce courts, a dog park and an amphitheater.
JLL international director Carl Muhlstein and senior vice president Hayley Blockley, along with IDS Real Estate Group senior vice presidents Dave Saeta and Rob Fuelling, repped the landlord, BIT Culver City Creative Office LLC, in both leases.
Henkel was repped by CBRE executive vice presidents Alex Hayden, Travis Boyd, senior vice president Rob Waller and first vice president Patrick Amos.
Dentsu Aegis Network/Carat was repped by Cushman & Wakefield vice president Katie Bernhisel and associate Dillon Moscone.
EXECUTIVE NEWS
Watson Land Co. appointed Jeffrey Jennison as its new CEO.
Jennison has been the company's president since 2014. The previous CEO, Bruce Choate, retired in March.
Jennison first joined the company 17 years ago as vice president of asset management and was also previously the chief operating officer.
Allen Matkins added real estate partner O'Malley Miller to its LA office.
Miller is joining the real estate department, where he advises institutional investors, developers and lenders on matters related to real estate finance, acquisitions and sales, land use and CEQA issues, development and operating agreements, workouts and other sophisticated real estate transactions.
He also represents business enterprises and institutions and their real property assets.
Most recently, Miller was a partner and head of the real estate practice at Munger Tolles & Olson LLP.
