This Week's LA Deal Sheet
Kate Mantilini in Woodland Hills, the San Fernando Valley outpost of the former famous Beverly Hills restaurant, may have closed three years ago, but it is gaining new life as CBRE's new Woodland Hills office.
The 10K SF office has address-free seating, indoor-outdoor workspaces and offers concierge services. It is also paperless.
At 5921 Owensmouth Ave., in the middle of Warner Center Towers, the office has an open-floor design, floor-to-ceiling retractable windows and a 1,500 SF outdoor working space.
CBRE was attracted to being in such a hot area, according to CBRE Managing Director for the LA North Region David Josker.
“The Woodland Hills area has been undergoing a tremendous and exciting evolution," Josker said. "Particularly, the Warner Center has incredible growth potential over the next 10 to 15 years with all the office and multifamily development planned. Add Westfield’s plans, and you’re looking at one of the biggest growth markets in the Greater LA area. As a firm, we wanted to make sure we are right in the middle of that."
The office is part of CBRE's Workplace360 plan.
Josker said the offices are like showrooms for CBRE's clients.
"They demonstrate that we are creative out-of-the-box thinkers, that we know what to do with unusual spaces, and that we are invested in providing exciting and amenity-rich environments to our employees,” Josker said.
A total of 58 employees will be housed in the new office.
SALES
Newmark Knight Frank has completed the $59M sale of an eight-story, Class-A creative office building totaling 189,109 SF at 207 Goode Ave. in Glendale.
Built in 2009, 207 Goode Ave. is on a one-acre parcel.
It is 76% occupied by four tenants: Avery Dennison, Whole Foods, Canon and Equinox Fitness.
The building is LEED Gold certified and has creative office tenant improvements, and column-free floor plates.
NKF’s Capital Markets President, West Coast Kevin Shannon, Senior Managing Director Rob Hannan and Managing Director Michael Moll repped the seller, Lincoln Property and Morgan Stanley.
The buyer, Credit Suisse, was self-represented.
Avison Young brokered the $13.4M sale of The Hillpointe, a 30-unit apartment property in the Hollywood Hills neighborhood of Los Angeles.
The transaction closed at nearly $450K/unit.
The property, at 2330 North Cahuenga Blvd., was built 30 years ago.
The Hillpointe includes 12 one-bedroom units and 18 two-bedroom units, 55 parking spaces, a gym, a business center and a community laundry room.
Avison Young principal Peter Sherman repped the seller, Inco Monterra LLC of Beverly Hills, and the buyer, Woodland Hills-based Sussex Capital Group.
Hanley Investment Group Real Estate Advisors completed the sale of a single-tenant net-lease retail investment occupied by LA Fitness in Montebello. The price was not disclosed.
The 29-year-old, 42,946 SF building is on three acres at 2222 West Beverly Blvd. in Montebello.
The location has a 28-year operating history as a health club, with LA Fitness taking over a former Bally's and recently executing a new long-term lease extension.
Hanley Investment Group had multiple offers and selected a highly qualified all-cash buyer that closed in 45 days.
Hanley Investment Group Executive Vice President Bill Asher and President Ed Hanley repped the seller, a private partnership based in Orange County. The buyer, which repped itself, was a publicly traded REIT.
FINANCING
A $6M deal to refinance Robertson Plaza, a 17,568 SF multi‐tenant strip retail property with two ground‐leased fast food pads just closed.
The property was built in 1984 and has maintained over 95% occupancy over the past 10 years.
The 1.16‐acre retail property has 18 tenants and has been owned by and operated for more than a decade by the borrower, a private real estate investor.
The retail plaza is close to the Culver City Expo Line Station.
PSRS principal Mike Davis arranged a 10‐year, non‐recourse loan with a life insurance company.
LEASING
JLL repped Waters Kraus & Paul in a lease renewal for 17K SF of office space within Pacific Corporate Towers, a 1.6M SF office complex at 100, 200 and 222 North Sepulveda Blvd. in El Segundo.
Waters Kraus & Paul uses the space for its regional offices.
JLL Managing Director Gary Horwitz and Vice President Kamil Agha repped Waters Kraus & Paul.
The landlord, the General Motors Pension Fund, was repped by CBRE Executive Vice President John Ayoob and Sales Associate Erin Grannis.
EXECUTIVE NEWS
Sean Rosebrugh joined Steinberg as a strategic leader based in its LA office.
As principal and higher education practice leader, Rosebrugh will guide aspects of the higher education design team at Steinberg.
Previosuly, he was at DLR Group and Ayers Saint Gross.
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Westwood Financial is expanding its executive leadership team with the addition of Stuart Brackenridge as senior vice president of acquisitions.
Brackenridge had positions in both acquisitions and development at Regency Centers for 20 years.
There he was responsible for sourcing, underwriting and closing core grocery-anchored retail centers across the nation.
He will divide his time between Westwood’s Dallas and LA offices.
