This Week's LA Deal Sheet
Stevenson Ranch Plaza in Santa Clarita, a 187,035 SF shopping center anchored by Ralph's, just sold for $72.5M.
InvenTrust, a self-managed REIT, purchased the property from a local private investor.
Ed (pictured with his son, Brendan, in Cabo San Lucas) says the seller recognized this property was an "excellent fit for an institutional buyer" interested in acquiring a "top-notch retail center in a market with superior demographics."
The seller wanted to capitalize on the current market conditions, according to Ed.
Chris says Stevenson Ranch Plaza "met the parameters for InvenTrust Properties’ acquisition strategy," which include it being in a market with "projected income and population growth."
It helped that the property is close to three other InvenTrust centers in LA.
As a result, InvenTrust Properties will be able to apply "our strategic knowledge of the market to property leasing and operations," Chris says.
The 120-unit apartment community was built in 1971 and has a mix of one-bedroom floor plans.
California Landmark Group plans to embark on a $4M capital improvement program over the next several years, including renovating the building’s exterior, pool area and clubhouse. There will be new stone countertops, cabinetry, flooring, lighting and other interior improvements.
Marcus & Millichap SVP of investments Stewart Weston repped California Landmark Group.
Legacy Partners, in a partnership with Griffin Capital and Silverpeak Real Estate Partners, just closed the ground lease on a 2.81-acre parcel in Monrovia, adjacent to the new Monrovia Station.
MODA at Monrovia Station will have 261 apartments.
MODA at Monrovia Station will feature state-of-the-art appliances, a clubhouse, a fitness center and a game room.
There will be outdoor living spaces, two landscaped courtyards, kitchens, barbecue areas, fire pits and a 4k SF rooftop terrace.
It is expected to be completed in early 2018.
Global Agri-Trade Corp just bought a new 62,482 SF industrial building in unincorporated LA County (15500 S Avalon Blvd). Panattoni Development Co developed the property.
Newmark Grubb Knight Frank managing director Christopher Beck and senior managing director Ryan Harding repped Global Agri-Trade, a JV between Bhatt Holdings and the Nagel family.
Panattoni Development repped itself. The purchase price was not disclosed.
Commercenter Newport is a 47,460 SF building, multi-tenant office campus in the Airport Area of Newport Beach. The floor to ceiling window line, expansive ceiling heights and opportunities for private and community collaboration areas were a major attraction.
Bridge Development Partners just purchased 19.86 acres of land to build a 429,840 SF building (825 South Ajax Ave) in City of Industry.
The Class-A building will feature state-of-the-art specifications, including a 36-foot-clear ceiling height, an estimated 5% office finish and 480 parking spaces.
The building is scheduled to be completed by October.
KTGY Architecture + Planning announced Timber in Newark, CA, built by homebuilder Trumark Homes and designed by KTGY, received top honors at the 2016 Building Industry Association Bay Area Excellence in Home Building Awards earlier this month.
Timber received the “Multi-Product Community of the Year” and “Best Architectural Design – Multi-Family” Awards.
The community also received an award for “Best Signage.”
The new community consists of 80 for-sale townhomes at Canopy at Timber (pictured above). Canopy’s 1,540 SF townhomes include three bedrooms with a bathroom off each bedroom. The largest townhouse option, at 2,026 SF, has four bedrooms and three and a half bathrooms.
Shade at Timber (pictured above) consists of 84 for-sale single-family detached homes with six different floor plans.
Timber marked the first new development in Newark in more than a decade.