THE DEAL SHEET; Singapore Firm to Buy US Bank Tower
MPG Office Trust entered into an agreement to sell the 72-story US Bank Tower and Westlawn Garage to an affiliate of Overseas Union Enterprise for nearly $368M. The deal,scheduled to close on June 28, will result innet proceeds of $103M. Holland & Knight's Susan Booth and Martin Miner is representing OUE, a Singapore-based diversified real estate owner and developer.
Spatz Industries bought two neighboring buildings totaling 29k SF in the Channel Islands Business Center in Oxnard for $2.3M. Lee & Associates-LA North/Ventura's John Ochoa and Grant Harris repped the buyer in both deals, and with Jeff Bethel of Lee & Associates-City of Industry they also repped Susanna Newton Campbell, the seller of 1450 Stellar Dr. CBRE's Paul Farry represented the seller of 1400 Stellar Dr, The Wynveldt Family Trust. Spatz bought the buildings (which will not be fastened together with a piece of white tape) across from its existing facility for future expansion.
Lee & Associates-ISG's Han Widjaja Chen repped the buyer and seller of 238 N Verdugo Rd in Glendale, an eight-unit apartment property that sold forjust over $1.4M. In addition, Hanrepped the sellers of415 N Holliston Ave, 16 units in Pasadena, which traded for $2.5M, and 14654 Rayen St, 20 units in Panorama City, which sold for just over $2M. Warren Berzack and Stephen Geiger of The Berzack Group at Lee & Associates-LA North/Ventura repped the buyer in the off-market deal.
Repping both sides, NAI Capitals Michael Rubin sold the former FilmCore Editing HQ inHollywood(849 Seward Ave) to a principal in Sunset Edit, a post-production company serving the film, TV and music video industries, for $2.2M. The deal included a 20-car parking lot on a separate parcel behind the building.
Terraces at the Lake, a 52-unit multifamily property in Van Nuys (16550 Vanowen St), was sold to a private capital investor for$9.2M. The non-rent controlled property attracted seven offers and sold at a 5.3% cap rate. Warren Berzack and Stephen Geiger of The Berzack Group at Lee & Associates-LA North/Ventura repped both sides. Berzack and Geiger also represented the buyer and seller in a 23-unit apartment sale, 4319 W Olive Ave and 4115 W Hood Ave in Burbank, for $5.8M.
Shannon Diversified Enterprises sold its 24k SF HQand industrial/office building in Ontario, 1190 N Del Rio St, to a private business owner for $2.3M. Colliers International's Brad Yates represented the seller; Lee & Associates repped the buyer.
Alimited liability company sold 7123Etiwanda Ave, a 30-unit apartment property in Reseda, to a first-time multifamily investorfor $2.9M cash. Marcus & Millichap's Neema Ahadian, Michael Hanassab, and Elliot Hassan had the listing. According to M&M, the price, which equates to $192/SF, represents a record for multifamily properties in Reseda.
Southern California Aviation, a long-term tenant at Southern California Logistics Centre, signed a one-year expansion lease for an additional 10k SF, while Vivint Solar signed a new 7,787 SF lease. Stirling Capital investments' director of asset services Anita Tuckerman handled lease negotiations. Cassidy Turley's Katie Bernheisel repped Vivint Solar.
Mesa West Capital's J asonBressler originateda $34M first mortgage for Brookfield Asset Management to refinance a two-building office complex totaling 299k SF in the Phoenix area. The buildings were part of a portfolio acquired from JP Morgan Chase, which occupies 90% of the complex. HFF's John Ahmed arranged the financing.
Eagle Group Finance provided $1.4M for theacquisition of a fully entitled half-acre parcel near Downtown LA. The borrower, a local private investor, plans a 60-unit multifamily development. The land, which includes anunderground parking garage,has been in receivership since 2011 when the construction lender foreclosed mid-construction. The two-year IO loan represents 50% of the acquisition costs, with the borrower bringing in new equity.
BFC SBA Lending closesd a 20-year SBA 504 loan for the $23.5M acquisition of a 173k SF industrial building in Downtown LA (1050 Stanford Ave). The garment manufacturing facility will be 60% owner-occupied for warehouse and showroom space.
Thorofare Capital funded $4M for theacquisition of Fairway Commons II, a 65k SF retail center in Roseville. The property, anchored by Big Lots and shadow-anchored byLowe's Home Improvement Center, was 54% leased at the time of funding.
Affordable Living for the Aging began construction on the Janet L. Witkin Center, a low-income seniors housing project in the Fairfax District (937 N Fairfax Ave) that's being built to LEED Gold standards. Designed by Killefer Flammang Architects on ateensy site, the four-story building features south-oriented units, two community rooms, a rooftop community garden, and a"front porch" patio linking it with the street.
Ramona Park Senior Apartments, a 61-unit affordable seniors housing project, broke ground at 3290 E Artesia Blvd in Long Beach. The developer is Palm Communities, partnered with nonprofit Western Community Housing. WNC provided $7M in low-income housing tax credit equity to build the $22.5M project.
It might've been a good idea for Caesar to avoid the Roman Senate on March 15, but no one wanted to avoid the new 42k SF Ashley Furniture HomeStore, which opened that day at the Eastland Center in West Covina. The Hodgdon Group renovated a former Babies R Us--its 15th conversion for Ashley. Hodgdon's HMC Construction handled all entitlements and served as the design-build contractor. KTGY Group was the architect.
Overton Moore Properties completed three Class-A bulk warehouse/distribution buildings totaling 1.4M SF in Fontana and Moreno Valley. OMP Fontana Logistics Center, a 420k SF distribution building in the Southwest Industrial Park, was sold at completion to Coaster Company of America for $29.6M. Lee & Associates' Tim Cronin represented the buyer, a furniture importer. Newmark Grubb Knight Frank represented OMP.
Dworsky Partners, which specializes in integrated acquisitions for companies in the building services industry, formed a partnership with R&J Hall Environmental Services to create an interiorscape division. Clients of the new Dworsky Interiorscape include Wells Fargo corporate facilities in Irvine and West Covina, the City of Cerritos, The Promenade at Howard Hughes Center, and Macy's Plaza in Downtown LA.
Brookfield Office Properties promoted Chris Dillavou to VP of leasing for its 4.3M SF SoCal portfolio. He joined the SoCal team in 2006 and has been involved in more than 1.4M SF of leases over the past two years.
Studley promoted Joshua Gorin to co-branch manager of its Downtown LA office. The SVP has been with the firm since 1997. In addition, Kyle Miller of Studley's national retail services group was named corporate managing director, and Laura Whelan was named a managing director with Studley's project management group.
Dustin Zachmeyer joined Griffin Capital as VP of due diligence, focused on coordinating due diligence for Griffin's investment products marketed through independent broker-dealers. He'll also spearhead the firm's research efforts.
Unispace, a commecial architectural design and construction firm,added severalleaders in the LA and San Francisco offices: Melani Atkinson, director of business development and client relations; Cammie Parrish Rago, director of design; Greg O'Connor, director of construction; Jarred Walker, director of project management; and Kristen Mays, creative director.
Have you filled out your brackets yet? Julie@bisnow.com.