This Week's LA Deal Sheet
Avanath Capital Management, a private real estate investment manager, has closed its fourth discretionary fund with $760M in equity commitments, which is well above the fund’s original commitment target of $550M.
Avanath Chairman and CEO Daryl Carter said in a statement the fund is an investment vehicle that will be dedicated to affordable and workforce housing across the country, especially in underserved markets and communities of color. The fund is especially focused on investments in “supply-constrained markets with high barriers to entry that are poised for strong job, income, and economic growth.”
Cannabis industry-focused REIT Innovative Industrial Properties Inc. has secured a new tenant, Holistic Industries, in a long-term lease for an IIP-owned property just east of Downtown Los Angeles.
As part of the deal, Holistic will redevelop the property into a state-of-the-art facility for cannabis cultivation and production. IIP agreed to reimburse Holistic up to $11M for redevelopment of the property, which IIP purchased in 2019.
Kilroy Realty promoted three executives within the company. Tyler H. Rose, who served as chief financial officer, is now president. Michelle Ngo is now CFO, in addition to her previously held roles as senior vice president and treasurer. Eliott Trencher has been promoted to chief investment officer and senior vice president.
CBRE promoted Trevor Breaux to vice chairman, “the highest producer ranking at the firm.” Breaux is based in Newport Beach in Orange County and specializes in multifamily loan originations.
Cox, Castle & Nicholson announced Katherine Bissett has been made partner. Bissett is a commercial finance attorney representing lenders and borrowers on real estate finance and is based out of the Century City office.
A subsidiary of Griffin Capital Essential Asset REIT Inc. sold an approximately 207K SF office building in Simi Valley for $30M. The property is 100% net-leased to Bank of America. Griffin had purchased the building in 2015 for $28.4M, property records show.
The seller was represented by Newmark co-head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White, Rob Hannan and Sean Fulp, Senior Managing Director Laura Stumm and Managing Director Ryan Plummer. The buyer was Top Terraces Inc.
NAI Capital Commercial closed the sale of the 29K SF Hamburger Hamlet office building in Sherman Oaks. The sale price was $8M, or $280 per SF.
NAI Capital Commercial Executive Managing Director Michael Schiff represented the seller, 419 Van Nuys Building LLC, which had owned the building for more than five decades. The buyer was an undisclosed private investor represented by Brian Forster of Pacific Partners Commercial.
Stepp Commercial completed the $6.6M sale of a 22-unit Long Beach apartment property at 1518 East Third St. Stepp principal Robert Stepp and Senior Vice President Todd Hawke represented the seller, a local private investor. The buyer was a Long Beach-based private investor who made the purchase as part of a 1031 exchange.