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Rexford Industrial Realty sold a 136K SF industrial property at 1500 S. Raymond Ave. in Fullerton to Terra Industrial for roughly $50.2M.
Terra had previously been operating out of two facilities totaling more than 180K SF, “which presented operational inefficiencies and increased long-term occupancy costs,” according to a release from Cushman & Wakefield, which worked on the deal.
A Cushman & Wakefield team of Kevin Turner and Jiselle Roberson represented the buyer. Cushman & Wakefield’s Randy Ellison, Brett Lockwood, Kyle McGillen and Andrew Ryan represented Rexford.
PEOPLE
Newmark hired Justin Rappel as a senior managing director, according to ConnectCRE. Rappel will be based in Newmark's El Segundo office, where he will focus on institutional industrial investment sales and joint venture equity placement.
Rappel has more than 15 years of commercial real estate experience in brokerage, acquisitions, development and asset management.
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Kidder Mathews has hired Mac Hall to join the Solomon healthcare advisory team, based in the firm’s Century City office.
The Solomon healthcare advisory team serves the western U.S. and Texas, specializing in healthcare real estate brokerage, with a focus on the veterinary, dental and medical sectors. Hall comes to Kidder Mathews from Accenture, where he was a client engagement manager specializing in marketing and advertising.
SALES
Marcus & Millichap announced the sale of the Knott-Orange Apartments, a 35-unit multifamily property in Anaheim. The 32,300 SF property sits on 1.25 acres at 515 S. Knott Ave. The property sold for $9.7M, or $275,714 per unit.
The sale was the fourth from the same seller, which owns a multifamily portfolio in the greater Anaheim area and is seeking to rebalance its holdings through 1031 exchanges, the brokerage said in a press release.
Marcus & Millichap’s Nick Kazemi, Tyler Leeson, Matt Kipp and Drew Holden had the exclusive listing to market the property on behalf of the seller, a family that had owned and operated it for more than 30 years. The team also procured the buyer, an undisclosed Southern California-based property management company.
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CBRE facilitated the $14.3M sale of a 56K SF office property at 20 Centerpointe Drive in La Palma. The sale price translates to $255 per SF. The single-story property sits on approximately 3.6 acres, was built in 1988 and includes approximately 194 parking spaces. At the time of sale, the building was approximately 84% leased to tenants including Convergint Technologies, ISEC Inc. and Telecare Corp.
A local private investor acquired the property in a 1031 exchange.
CBRE’s Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Jackson Marlow represented the unnamed institutional seller.
FINANCING
Gantry secured a $31M permanent refinance for the Valley Central Shoppes at 44410–44690 Valley Central Way in Lancaster. The 174K SF center is a component of a master-planned retail power center cluster and shadow-anchored by a Walmart Super Center and a Food 4 Less grocer.
Gantry’s Tony Kaufmann, Jake Davis and Ramza Zeiter with the firm’s San Francisco production office represented the borrower, an unnamed private real estate investor. The 10-year, fixed-rate, nonrecourse loan was secured from one of Gantry’s insurance company correspondents. Gantry will service the loan for the lender.
THIS AND THAT
Architecture and planning firm MVE + Partners is relocating its Los Angeles operations to larger offices at The Bloc, in downtown's Financial District. The new location provides 60% more capacity than the firm’s previous space. MVE also announced 17 promotions, including five new principals: Luis Estrada, Paul Kearney, Raymond Albanesi, Tim Beuchat and Joe McClyde.
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Legacy Partners has begun leasing at Mill House, a 346-apartment complex at 2510 S. Euclid Ave. in Ontario. Legacy Partners built the project in partnership with DWS Group.
Mill House holds 346 studio, one- and two-bedroom apartments ranging from 620 SF to 1,280 SF. Initial occupancy is anticipated in December, with construction anticipated to be fully complete in April.
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