This Week's LA Deal Sheet
In a deal years in the making, Lee & Associates-LA North/Ventura secured a 45k SF lease to bring LA Fitness to Agoura Hills. We spoke with Lee & Associates principal Grant Fulkerson about the deal, which lands the fitness center in a build-to-suit facility at 29431 Agoura Rd built by Westlake Village-based Selleck Development Group.
Grant (with his family) and Lee & Associates principal Mike Tingus repped property owner and developer Selleck Development Group. Grant tells Bisnow the project took years because they had to ensure it met the expectations of city officials as well as local residents. Some of the considerations included the setback of the building and the size of the freeway signage to ensure the development would not negatively impact the community. Bringing LA Fitness to the area marks a milestone because Agoura Hills doesn’t have a full-service fitness facility, Grant says.
FINANCING
Capital markets adviser Quantum Capital Partners, on behalf of The Robhana Group, secured $15.5M in short-term debt to refi the 50,598 SF Variety Arts Center (940 Figueroa St) near LA Live in DTLA.
Quantum arranged a new loan to refinance the existing debt and provide capital in order to renovate the building's interior and exterior. Sydney, Australia's Hillsong Church, which has locations in 12 countries, will relocate to The Variety Arts Center after the renovations are completed. Hillsong Church has been holding regular services at The Belasco Theater since 2014. The prime-based floating-rate loan has an initial term of two years with extension options.
SALES
Charles Dunn Co completed the sale of a four-story, 52-unit non-rent controlled multi-residential property in WeHo (1320 N Sierra Bonita Ave) for $18.5M. The property consists of 23 two-bedroom units, 12 one-bedroom units and 17 studios. There is a swimming pool, a spa and a fitness center. Charles Dunn senior managing director Hamid Soroudi repped the seller, 27th/Pico Boulevard LP. Charles Dunn's Travis Greene repped the buyer, 1320 North Sierra Bonita Apartments LLC.
***
A total of 34 units (7111 Ramsgate) in Westchester were bought for $12.3M in an all-cash deal. RE/MAX Commercial's Jon Taksa and Robert Renshaw repped the buyer, Westchester House LLC. RE/MAX Commercial & Investment Realty also repped the seller, RCK Properties.
***
Oak Villa Properties acquired a 16-unit multifamily property (9502 Oak St) for $3M in Bellflower. The property has one-bedroom units with below-market rents. RE/MAX Commercial & Investment Realty's Nick Petrosian and Juan Cardenas repped the buyer and seller, a private trust.
LEASING
Colliers International negotiated Industrial Properties Trust’s $27.9M acquisition of a leased-investment property in San Bernardino (4472 Georgia Blvd) from McLane Suneast, a wholly owned subsidiary of Berkshire Hathaway. The 297,458 SF building is a regional logistics center, and McLane Suneast will lease back the building for seven years initially. The building includes 34k SF of office space. Colliers’ SVP Mark Zorn and executive managing director Bret Hardy repped Industrial Properties Trust. Colliers’ Zorn and Irvine-based executive managing director Rick Putnam repped McLane Suneast.
***
The architectural, landscape and urban design firm Studio One Eleven just opened its new DTLA office at The Bloc, one of its design projects. The new creative office space overlooks The Bloc on Seventh Street. Studio One Eleven is based in Long Beach.
EXECUTIVE NEWS
KTGY Architecture + Planning principal Manny Gonzalez (shown above with his wife, Marti, in Venice) was elevated to the College of Fellows of the American Institute of Architects for his contributions to the 55-plus housing industry. Manny has worked on designs for senior housing in California, Oregon, Arizona, Pennsylvania, Georgia and Florida. He was named the inaugural 2016 NAHB 55+ Associate of the Year last month by the NAHB 55+ Housing Industry Council as well.
Gerald Eggleston joined Colliers International's DTLA office as SVP. The veteran broker will work with the firm’s national data center team, focusing on tenant representation and office building leasing. Eggleston began his career as a specialist in tenant representation and office leasing. He also helped market the 801 Tower; the Citigroup Center and the 1055 West Seventh Street Building.
***
Managing directors Rob Shiels and David O’Neil have joined Greystone Real Estate Advisors. Both men will help clients with comprehensive advisory services for multifamily sales and lending. Rob was previously a senior associate at Colliers International. David was also previously at Colliers International as an associate and spent a decade working at Brown Brothers Harriman & Co in the company's Boston, New York and London offices.
