This Week's LA Deal Sheet
Shops On Hill in Pasadena just sold for about $13.4M.
CBRE senior associate Alex Vasquez tells Bisnow the property offers more than meets the eye.
The property at 1383 Washington Blvd has two buildings that total about 32,685 SF.
Greenbridge Investment Partners wanted to sell the property because it had completed repositioning plans that began more than three years ago.
As a result of the sale, the firm will now plan to take the proceeds and reinvest into other projects, says Alex (pictured above with his wife, Veronica).
The property is unique because it is nestled in the "captive historical neighborhoods of Bungalow Heaven and Historic Highlands," Alex tells Bisnow.
Alex says it takes up two corners of the intersection and offers "daily-use retailers" to the neighborhood.
The buyer plans to continue the "improvement and stabilization of the property," according to Alex.
Alex, CBRE first VP Ken McLeod and associate Tim Kuruzar repped the buyer and the seller.
SALES
Marcus & Millichap sold 5715 Mesmer Ave, a 13,326 SF office building in Playa Vista, for $12.3M, or $923/SF.
Marcus & Millichap first VP of investments Brandon Michaels and associate John Lally repped the seller, a building contractor who built the property a decade ago and used it as a showroom and business office.
The property is a high-end office building with solar panels, two full kitchens, steel-and-glass rolling doors and an open floor plan.
Cushman & Wakefield sold the 15-year-old Arclight Hollywood Parking Structure, reportedly the city’s largest public/private parking structure, for $50M to Robertson Properties Group.
At the corner of Vine Street and Sunset Boulevard in Hollywood, the seven-level Class-A parking facility is on more than four acres and has 1,721 parking spaces.
The Arclight Hollywood Parking Structure was offered for public sale in conjunction with the liquidation of 50 assets held by CRA/LA, a Designated Local Authority and successor to The Redevelopment Agency of the City of LA.
Cushman & Wakefield vice chairman Marc Renard, senior
director Manfred Schaub and associate director Jimmy Chai of the firm’s Downtown LA office are the exclusive seller agent for the entire portfolio and repped the seller in the disposition.
FINANCING
Bellwether Enterprise Real Estate Capital closed a $22.7M refinance loan for the 3787 East 11th St apartment community in Long Beach.
Bellwether Enterprise arranged the financing through Fannie Mae.
The 32-year-old complex has 18 three-story residential buildings with 156 units.
It consists of studio, one-bedroom and two-bedroom townhomes.
The apartments have vaulted ceilings with fans and walk-in closets.
The 2.81-acre property also has a clubhouse, a swimming pool and a spa.
Bellwether Enterprise SVP Jason Krupoff and SVP Doug Taylor arranged the loan for the partnership.
They delivered a 10-year, fixed-rate loan with only full-term interest-only through the Fannie Mae Green Rewards program.
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Calmwater Capital provided $19.82M to 723 EHD LLC for the acquisition and lease-up of Shamrock Center, a 98k SF retail center at 723-727 East Huntington Drive in Monrovia.
The credit facility consists of a $9M senior term loan to buy the property and $10.82M in additional potential funding for future leasing and tenant improvements.
The one-story retail center was approximately 90% vacant at the time of acquisition due in large part to the loss of its anchor tenant, an approximately 70k SF Albertson’s.
LEASING
Olive Hill Group has leased half of the fifth floor at its recently acquired creative office campus at 200-300 Corporate Pointe in Culver City to Ipsos Insight, a subsidiary of the Paris consulting firm Ipsos.
The new lease brings the building's occupancy up to 92%.
Ipsos Insight will lease 11k SF of the building for the next 7.5 years.
DataScience, Paychex and Shiseido Cosmetic are also tenants in the building.
JLL's Brian Niehaus repped Ipsos Insight in the $3.1M lease.
GROUNDBREAKING
Uncommon has just broken ground for “24,” a new 24-acre residential, office and retail campus in Chatsworth.
Uncommon will have 660 contemporary, luxury residences, 255k SF of creative office space, retail, a yoga studio, a preschool, restaurants and several acres of open, greenspace.
The development plan includes the adaptive reuse of the former LA Times printing press building.
24 will be the new corporate headquarters of MGA Entertainment.
Killefer Flammang Architects is designing the project.
EXECUTIVE NEWS
Jesse Garson Zarouk (above) has joined CBRE Capital Markets’ Debt & Structured Finance team as EVP. He will be based in the firm’s El Segundo office. Previously, Jesse was managing director at Cantor Commercial Real Estate in LA.
He also spent six years at Credit Suisse in its Real Estate Finance and Securitization group, working in both New York and LA.
