If you don't see images, click here to view
Story Ideas  .  Events 
Facebook Twitter LinkedIn More...
 
To ensure delivery, please add newsletter@bisnow.com to your address book, learn how
Real Estate Bisnow
The largest commercial real estate publication in the United States.
   
January 10, 2012 
 
 
The Deal Sheet

Don't miss our LA State of the Market. Wednesday, Jan. 25. Four Seasons. Sign up today!

 
The Swig Co bought 617 W Seventh St, a 12-story, 218k SF office building in Downtown LA, from a JV sponsored by Alliance Commercial Partners. This marks the company’s second SoCal acquisition in 90 days.
 

Originally built in the 1920s as the Union Oil Co’s world HQ and upgraded in 2001, the building blends historic architectural elements (gold leaf paneling) with modern infrastructure and amenities (game tables and basketball court). Tenants include the international design firm Perkins + Will, consulting engineers Glumac, software developer Cyberdefender, and the Chicago School of Psychology. A Walgreens pharmacy occupies the ground floor. Grubb & Ellis’ Richard Plummer, Andrew Harper, Michael Ross, and Gibran Begum repped the seller. In October, Swig purchased the 595 N Colorado office building in Pasadena.

SALES

Sun Life Assurance Co bought a 101k SF office building at 10351 Santa Monica Blvd in West LA from a JV of Cambra Realty and Angelo Gordon for $39.5M or $391/SF. Madison Partners’ Bob Safai and Matt Case repped the sellers. The JV purchased the property in 2008 and upgraded or replaced all building systems, remodeled the lobby, and leased the ground-floor retail space to the newly opened SmithHouse restaurant.

***

AG Net Lease Fund II, an affiliate of Angelo, Gordon & Co, bought a 192k SF office building at 2031 E Mariposa Ave in El Segundo from Kilroy Realty Corp for $45M. The building is 100% triple-net leased to Mattel Inc through 2026. JLL’s Bob Prendergast, Lynn LaChapelle, and Baker Morphy led the JLL team on the transaction, with Sam Foster providing market and leasing guidance.

***

CT Realty Investors and Behringer Harvard sold Archibald Business Center, a 231k SF, Class-A corporate HQ distribution center at 2021 S Archibald Ave in Ontario, to Beauty 21 Cosmetics for $15M. JLL’s Ruben Goodsell, Peter McWilliams, and Mike McCrary repped the seller while Lee & Associates repped the buyer. CT and Behringer bought the property in August 2010 in an off-market transaction with Bixby Land Co.

***

Federal Realty Investment Trust bought a controlling interest in Plaza El Segundo, a 381k SF retail property in El Segundo, for $8.5M cash and assumption of a pro-rata share of an existing $175M mortgage. Federal will receive about $75% of the property’s cash flow. The trust also bought a 100% interest in an adjacent, unimproved 8.1-acre parcel with 70k SF of existing entitlements for just under $16M. Located at the NE corner of Sepulveda Blvd and Rosecrans Ave, Plaza El Segundo consists of a community shopping center, a lifestyle center, and an area with small shops and boutiques.

***

Providence Mission Foothills bought the 52k SF Mission Foothills Professional Building, 20532 El Toro Rd in Mission Viejo, from special servicer Orix Capital Markets for $6.5M. Voit Real Estate Services’ Dan Vittone, Alan Pekarcik, and Tim Walker repped the seller, while CBRE’s Stan Tomer repped the buyer.

***

A local investor bought a 15k SF building, 15106 Hawthorne Blvd in Lawndale, to build a medical building housing a dental practice. The seller is a private family trust. Coldwell Banker Commercial WESTMAC’s William Althouse and T.C. Macker repped both sides in the $870k deal.

***

A private family trust sold a 1,793 SF building at 13901 Hawthorne Blvd in Hawthorne to a local investor for $510k. The building is a former Enterprise Rent-A-Car site but was delivered vacant at the close of escrow, according to Coldwell Banker Commercial WESTMAC’s William Althouse, who repped the seller along with T.C. Macker. The listing team worked with CL Realty’s Jeff Sakin to rep the buyer.

***

 

A private investor sold a 1,480 SF building at 8647 W Pico Blvd in LA to a local investor for $525k. The building is leased to a neighboring restaurant as an off-site commercial kitchen. Coldwell Banker Commercial WESTMAC’s William Althouse and T.C. Macker repped the seller, while Ariela Investment Group’s Edith Abedi reped the buyer.

***
 

Lyncor Commercial Corp bought a 2,800k SF office/warehouse building, 9834 River St in Lakeside, from Abell Family Trust for $342k. Cassidy Turley BRE Commercial’s Kerry Schimpf repped both sides, with Realty Source California’s Nancy Foley also repping the seller, and Cassidy Turley’s Ken Ruppert and Cameron Czubernat also repping the buyer.

LEASES

Dongell Lawrence Finney LLP signed a 10-year lease for the entire 45th floor (19k SF) of the AON Tower, 707 Wilshire Blvd in Downtown LA. Grubb & Ellis’ Sean O’Leary and Jim Jandro repped the tenant, along with Dongell Lawrence’s Richard Dongell and John Lawrence. DLA Piper’s Michael Meyer served as the tenant’s legal counsel. JLL’s John McAniff and Tim Miller collaborated with landlord 707 Wilshire Fee LLC’s Andy Fishburn.

***

Best, Best & Krieger signed a 35k SF lease in Citrus Tower, about 25% of the six-story office building that’s under construction in Downtown Riverside. The 10-year deal is valued at $14.4M. Lee & Associates’ Rich Erickson, Dave Mudge, and Tom Pierik repped landlord Regional Properties Inc, while Studley’s Aaron Wright and Andy Lustgarten repped the tenant. Scheduled for completion in April, Citrus Tower (3390 University Ave) is the only office building currently under construction in Riverside or San Bernardino counties.

***

Dal-Tile signed three lease renewals totaling more than 114k SF at 2051-2091 E Howell St and 1541 & 1600 S Page Court in Anaheim. The locations serve as the firm’s regional wholesale distribution point for ceramic tile and stone slabs, as well as a high-end gallery showroom. JLL’s Garrick Shupe repped Dal-Tile, while landlord DSA Properties was represented by Karney Management.

***

Nordstrom will open a 34k SF Nordstrom Rack this fall at Edinger Plaza in Huntington Beach. The center is owned and managed by Watt Cos, with leasing handled by Wilson Commercial Real

Estate. This will be OC’s fifth Nordstrom Rack.

FINANCINGS

 

George Smith Partners’ Steve Bram and David Pascale arranged $16M in construction financing for DJM Capital Partners. The

15-month term, IO, full-recourse loan (priced at LIBOR + 3.75% with no floor) will allow DJM to create a big-box retail pad for Costco Wholesale Corp at Bella Terra Shopping Center in Huntington Beach. The construction included demolition of a 120k SF former Montgomery Ward’s and an 80k SF former Mervyn’s, as well as infrastructure work. DJM is also building a 467-unit apartment complex adjacent to the center which has been presold to UDR. According to Bram, this is the 11th financing that GSP has arranged for DJM over the past decade.

***

Johnson Capital’s James Chapman and Sean Barry arranged a $2.9M refi loan secured by a luxury, seven-unit multifamily property in Santa Monica. The property at Broadway and 16th St was developed by a private, Santa Monica-based investor. The loan was provided by CapitalSource Bank, a correspondent lender of Johnson Capital.

***

EXECUTIVE NEWS

HFF hired Mike McCann as a managing director in Orange County, where he’ll focus on investment sale and JV equity deals for industrial and office properties in SoCal and the Western US. Mike most recently was a principal in Adanac Realty Advisors. Other stints include ING Clarion Partners, Kennedy Associates Real Estate Counsel, Birtcher Property Services, and Bentall Development.

***

Carlos Vigon joined Grubb & Ellis’ West LA office as SVP of investment services. He’s a member of Grubb’s Financial Services Asset Management and Multi Housing groups. Carlos comes from Wilshire Holdings, a private equity firm he founded in 2000 that focused on large-scale national value-added REO and note assets.

PROPERTY MANAGEMENT

Vestar was awarded the property management for Buena Park Downtown, a 1.1M SF retail complex at La Palma and Stanton avenues in Buena Park, by New York-based Coventry Real Estate Partners. The complex consists of a 794k SF enclosed mall, a 208k SF open-air community center, and a 133k SF open-air entertainment center.

BUSINESS

On Friday, Grubb & Ellis’ common stock began trading on the OTCQB market under the symbol “GRBE.” The company says it will appeal a decision by the New York Stock Exchange to suspend its stock from trading on the NYSE because it has fallen below continued listing standards.

 
Off to a good start in the new year? Let us know: Julie@bisnow.com.
 
 
 
 
Carr Workplaces
 
JLL (LegalZoom) LA
 
Bisnow LA SOM
 
Arent Fox Barcode LA
 
Bisnow Events3
 
Reznick Insights LA
 
Microsoft (Share)
 
Bisnow Puppy LA
 
CONTACT EDITORIAL                             CONTACT ADVERTISING                              CONTACT GENERAL INFO

 

This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2010, Bisnow on Business, Inc., 1817 M St., NW, Washington, DC 20036. All rights reserved.

Real Estate Bisnow Sent Using iContact