This Week's LA Deal Sheet
Beverly Hills' Markwood Enterprises is building a new 45,420 SF mixed-use project that will feature a fully automated parking system.
The project, at 11701 Santa Monica Blvd., will have a five-story residential and retail building, including an amenity rooftop garden space and 53 rental units.
Five of the units will be for very-low-income households.
The building will also have six live-work townhouses and 1,500 SF of ground-floor commercial space.
The automated parking and courtyard-style indoor/outdoor living help set this project apart, according to Markwood Enterprises Development Director Simon Aftalion.
The subterranean parking will include 82 parking spaces and 60 bicycle spaces.
Aftalion said the corner where the project sits, between Century City and Santa Monica, was ripe for future growth and development when Markwood Enterprises purchased the land a few years ago.
This stretch of town was not having a development renaissance then.
"It was just ripe for potential, and that corner needed to be brought to the standards of today that LA requires," Aftalion said.
Markwood Enterprises just completed the project’s entitlements.
R&A Architecture + Design is the architect of the project.
SALES
Vancouver's Pacific Reach Properties purchased Sherman Plaza, a two-building, 270K SF office complex on seven acres.
The deal marks Pacific Reach's first acquisition of a U.S. office complex.
The company owns and manages 1,750 apartment units, 640K SF of commercial space and 1,015 hotel rooms across LA, Phoenix, Toronto and Vancouver.
Newmark Knight Frank Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White, Senior Managing Director Rob Hannan and Managing Director Brad Burton represented the seller, Majestic Asset Management.
CBRE Senior Vice Presidents Troy Pollet and David Solomon also represented Majestic.
Pacific Reach Properties represented itself. Sklar Kirsh LLP founding partner Andrew Kirsh was Pacific Reach’s real estate counsel.
Universe Holdings spent $12.6M to purchase Nob Hill Towers in the Westlake.
Built in 1929, the 53-unit property is an Art Deco-era classic and features a mix of studio, one-, two- and three-bedroom units.
Universe plans to do a $917K reno, which will include modernizing the interiors with new flooring, appliance packages, counters, cabinets and other upgrades and updating exterior treatments with dramatic lighting, new paint, enhanced common areas and new landscape.
The company plans to convert the basement level to a business center and fitness area.
Colliers Executive Vice President Kitty Wallace represented the buyer and seller.
Marcus & Millichap brokered the sale of 5623 Meridian St., a 14-unit apartment property in Highland Park, for $3.27M.
The property has eight one-bedroom/one-bath and six two-bedroom/two-bath units.
There is also a laundry room, an open courtyard and parking for around 25 cars.
Marcus & Millichap Senior Vice President Barry Gordon and Senior Associate Justin Forman represented the seller, a limited liability company led by Josh Tomaszewski.
Gordon, Forman and Marcus & Millichap Associate Gage Manos secured and represented the buyer, Monem Corp.
EXECUTIVE NEWS
Matt Lougee has been named as Westwood Financial's new executive vice president.
Lougee will spearhead Westwood’s corporate strategy and facilitate financing for the firm’s retail investments.
He also will oversee capital formation and investor relations and negotiate JV partnerships.
Previously, Lougee was a senior vice president of finance at DDR Corp.
