You're never too old to exercise the more creative right side of your brain, as the seniors housing experts at Meta Housing Corp have found. The company just completed its third arts-focused seniors community: the $70M Long Beach Senior Arts Colony.
The 200-unit, transit-oriented affordable community was designed to include spaces where residents can participate in free, professional-level arts activities
, according to Meta president John Huskey
. The project includes an art gallery, 99-seat performance theater, art and dance studios
, digital media room, and grand piano salon. In addition, free art classes are conducted on site by Meta's long-time partner, EngAGE. The concept draws on research showing that the arts can have a positive impact
on the health of older individuals, he says. The project, located along Long Beach's light rail line, was developed in partnership with Century Housing Corp
, which provided acquisition financing.SALES
Lee & Associates closed the $17M sale of a 203k SF industrial building in the City of Commerce (1935-1965 Tubeway Ave). Jack Cline and Jeff Bethel repped the buyer, the Ryzman Family Trust, while Michael Tsaparian repped seller Ronald Bauer, trustee of the Ronald Bauer Living Trust.
, a 14-unit apartment building in Long Beach (154-160 Bennett and 4312-4316 Second St) changed hands to a private, out-of-state investor for just over $3.3M or nearly $239k/unit. The all-cash sale price was $150k above asking price
, according to Hendricks-Berkadia's Robert Stepp
, who repped the seller, a Houston-based LLC. The deal was difficult to close in part because the property is operated as an apartment building but zoned as a motel
, he adds. RE/MAX's Steve Lampe
and Sharon Anderson
repped the buyer.
Marcus & Millichap's Jeff Louks represented a private investor in the sale of a 75-unit apartment community in Hollywood (1134 N Sycamoe Ave) for $14M or more than $186k/unit.
Xenon Investment Corp bought a 10-unit building in LA (9025 W Third St), directly adjacent to the Four Seasons Hotel in Beverly Hills, from a family trust for just under $2.5M. The property was sold off market, according to KW Commercial's Adam Zunder, who repped the buyer along with Triad Realty's Dario Svidler.
Jomex LLC, a major Mexican distiller and brewer, bought a 43k-plus SF building in LA (4101 Whiteside St) from Moris and Janet Herscowitz for $1.9M. Heger Industrial's William Joseph repped the sellers, while Timothy Owens and Associates' Timothy Owens repped the buyer. The transaction includes a lease-option to purchase.
Lynx Professional Grills
leased a 123k SF building in Downey (7300 Flores St) for a consolidation and expansion
. The company, which makes high-end outdoor grills and kitchen products, is relocating from 78k SF in two facilities in Commerce. Cushman & Wakefield's John McMillan
, Jeff Sanita
, and Timothy Wallace
repped Lynx, which plans to grow its workforce to 250 employees in the new location. Fremont Associates' Eric Knirk
repped the landlord, FDC Partners Rancho LP
Ventura capital firm UpFront Ventures (formerly known as GRP Partners) signed a 10-year lease for nearly 13k SF at The Telephone Building, 1314 17th St in downtown Santa Monica. The firm, which is relocating from Century City, will occupy the top floor of the six-story building and have exclusive use of the rooftop deck, one of the City's largest. Industry Partners' Jim Jacobsen repped landlord PacShore Partners, which bought the building earlier this year from Verizon. Industry LTD is managing a $5.4M renovation and repositioning of the Art Deco building, which was constructed in 1937 and served as the Western HQ of Associated Telephone Co, a holding company for GTE.
Brandlogic Inc leased a 40k SF showroom and office building., 7101 Telegraph Rd in Montebello. Heger Industrial's Thomas Williams and William Morrison repped the tenant, while CBRE's Greg Stanton and John Hillman and JLL's Paul Sablock repped landlord Suali Investments.
International Medication Systems leased a 72k SF building in South El Monte (1710-1720 Santa Anita Ave and 1727 N Tyler Ave) from Gale Jenkins Industrial Properties. Heger Industrial's Robert Thornburgh and Thomas Holland repped the landlord, while Jack Owen represented the tenant.
Karlin Real Estate Lending provided $20M in financing to Austin-based World Class Capital Group to acquire 3030 Andrita St, a 109k SF broadcast and post-production facility in LA. The former industrial and office complex was converted into a plug-and-play, high-definition media facility in 2002 and is 100% occupied by Encompass Digital Media.
George Smith Partners' Bryan Shaffer arranged the $8.5M cash out refi for a retail/SRO property in LA that's transitioning from transient tenants to a longer-term leased model. The mini-perm replaced an acquisition and rehab loan GSP placed in September 2011. Challenges included the fact that few capital providers understand SRO properties and a negative stigma stemming from the previous management.
Pembrook Capital Management
closed just under $5.3M
in mezz financing for Universal Lofts
, a nine-building, 67-unit complex near Universal Studios in LA. The project (3450 Cahuenga Blvd West), which was built in 2008 under LA's Live/Work Ordinance
, is 95% occupied by renters. The borrower intends to sell two-thirds of the units as condos
George Smith Partners' Shahin Yazdi arranged nearly $3.2M in non-recourse acquisition financing for a 55-unit multifamily building in the Mid-Wilshire district.
Offers are due today on one of Downtown's last fully entitled development sites. Located in the burgeoning South Park Entertainment District, the land (1050 S Grand Ave) is entitled for up to a 22-story, 151-unit multifamily, condo or hotel project. Colliers' Mark Tarczynski, Tim Grizzell, and Adam Tischer have the listing.
DLA Piper Los Angeles managing partner Mike Meyer
is not just a star real estate leasing attorney
, but (if it's not evident) a baseball nut
. But wait, you ain't seen nothing. This is just his Century City
office, which we snapped yesterday
. His downtown office memorabilia collection is twice as big
. And we're not the only voyeur: A's, White Sox, and Cards manager Tony La Russa
has visited three times
Also yesterday, we visited CBRE LA westside chief Jim Kruse
, who runs the CB office in Century City (one of eight in the LA and OC region). His 50 brokers
and 42 support staff enjoy this sleek Gensler-designed 9th floor overlooking the city, a hybrid
of tech-like open areas
(with perimeter "huddle rooms
") and polished wood paneling
befitting a profession that even today, within sight of the beach, sometimes wears ties
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