This Week's LA Deal Sheet: Beverly Boulevard Retail, Office Row Up For Sale

The retail and office properties fronting Beverly Boulevard between Sweetzer and Harper avenues have been put up for sale by the family office that has owned them for more than four decades.

The Beverly Grove buildings are being marketed as a redevelopment opportunity by an Avison Young team of Peter Sherman, Chris Bonbright and Eric Moore. 

The 0.65-acre parcel contains three buildings with 27K SF of office and retail space and runs from 8230 to 8256 Beverly Blvd. on the south side of the street. It is a half mile east of the Beverly Center and about a mile west of the Grove on Beverly Boulevard. The properties are unpriced, “with the seller seeking the best offer with a swift closing,” according to a release from Avison Young. 

PEOPLE

Dedeaux Properties promoted Chief Investment Officer Matt Evans to president. Evans will continue to serve as CIO as he assumes his new role. Evans joined Dedeaux in 2016 and played a key role in the acquisition of $1.1B of commercial real estate assets. Prior to Dedeaux, Evans led the asset management and capital markets activities of GE Real Estate’s wholly owned office portfolio, among other clients. 

Dedeaux also appointed Chief Operating Officer Alon Kraft as chief financial officer. Kraft will perform the duties of both roles. Kraft has more than 30 years of commercial real estate experience, managing various aspects of asset and portfolio teams. Prior to joining Dedeaux, Kraft held roles at Lowe Enterprises in Los Angeles. 

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Newmark hired Josh Hayes and David Noblitt as senior managing directors based in the firm’s Ontario office. The two specialize in big-box supply chain logistics and the leasing, sales and development of industrial properties in the Inland Empire.

Hayes has been involved in selling or leasing more than 38M SF of industrial properties and 3,670 acres totaling more than $3.5B in transaction value. Noblitt has completed more than $2B in transactions with clients including Brookfield, Clarion, Seefried, Hillwood, Proficiency Capital, Shea Properties and Trammell Crow Co.

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Kidder Mathews hired Senior Vice President Jon Mitchell and senior associate Xavier Hendricks in Orange County. Mitchell brings 29 years of experience in multifamily investment sales, having closed more than 400 transactions totaling more than $2B.

Before joining Kidder Mathews, he led a multifamily team at Cushman & Wakefield as a senior director and spent 24 years at Marcus & Millichap in Orange County. Hendricks specializes in multifamily investments across Orange County and San Diego County and has six years of experience in the industry.  

SALES

Cushman & Wakefield represented J+R Group in the sale of 2525 Main St., a 143K SF office property in Irvine. The Orange County Airport-area property was nearly 98% leased to nine tenants when it sold for $37.6M to Pacific Tree Capital, an Orange County-based private owner.

The property’s sale price works out to roughly $262 per SF. Prior to the sale, J+R Group had invested capital in common areas, tenant spaces, a new six-story parking garage and securing residential entitlements on excess land.

Cushman & Wakefield’s Jeffrey Cole, Nico Napolitano, Kevin Nolen, Jason Kimmel and Kristen Schottmiller with the firm’s Southern California offices represented J+R Group.  

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NAI Capital Commercial Executive Vice Presidents Chad Gahr and David Young completed the off-market sale of a 30K SF industrial building at 13030 Raymer St. in North Hollywood to an owner-user for $9.8M. 

Gahr and Young represented the seller, 13030 Raymer LLC. The buyer, Tiptop Restoration Inc., was represented by Daniel O’Neil and Parker Jones of Rancho Realty Group. 

The industrial building will become Tiptop’s new corporate headquarters and offers additional warehouse, storage and distribution space.

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SunCal has sold 119 single-family lots on 19.75 acres in Palm Springs at its master-planned community Escena Palm Springs to homebuilder Toll Brothers. 

This transaction is the latest between SunCal and Toll Brothers, which in December 2024 opened its 40-home luxury for-sale community, Nola at Escena.

Escena is a gated master-planned community that includes a Jack Nicklaus-designed 18-hole golf course, a 16K SF clubhouse with a public restaurant, a dog park and more than 280 acres of open space.  

This is the third transaction in Escena since SunCal acquired the project in April 2022, part of a strategic SunCal investment focused on the Coachella Valley.

FINANCING

Northmarq Managing Director and Senior Vice President Zalmi Klyne arranged a total of $64.7M in financing for seven affordable housing properties in Van Nuys, North Hills, Panorama City and Gardena. The properties were all naturally occurring affordable housing assets that benefited from a partial property tax exemption. Together, they hold 596 units. 

Northmarq arranged 76% loan-to-cost acquisition financing on behalf of the borrower, an undisclosed private owner based in Moorpark. The fixed-rate transaction was priced in the high 5% range and structured with interest-only payments.

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Northmarq’s Los Angeles debt and equity team led by Zalmi Klyne arranged roughly $18M in financing for a two-property, 69-unit multifamily portfolio in Los Angeles and West Hollywood. Financing was secured on behalf of two California-based owners through a bank. The transactions were structured with 30-year terms.

“The bank demonstrated confidence in the property’s strength, underwriting based on $6,000 monthly rents — a testament to the high demand in the area,” according to a release from Northmarq.