This Week's LA Deal Sheet
Riot Games is set to sublease about 131K SF from The Beachbody Co. in Santa Monica, Commercial Observer reports. The office is at 3301 Exposition Blvd. in the Lantana Entertainment Media Campus, which is owned by Starwood Capital Group.
Riot Games’ approximately 284K SF headquarters is nearby, at Bundy and Centinela, the Los Angeles Times has reported.
PEOPLE
High Street Residential announced that Nick Moffa joined the firm as senior vice president in the SoCal/Newport Beach office. Moffa is responsible for overseeing the land acquisition and comprehensive management of multifamily developments in Orange and San Diego counties, and the Inland Empire and Las Vegas regions. Before HSR, Moffa served as vice president of development for AMLI Residential, where he oversaw and participated in multifamily development projects with over $1.3B in total investments.
SALES
Gelt purchased The Oasis Anaheim, a 312-unit apartment property at 3530 East La Palma Ave. in Anaheim. The sale price was $146.5M. The seller was a joint venture led by Redhill Realty Investors.
Built in 2009, the property’s two buildings feature a mix of lofts, townhomes, and one- and two-bedroom units. Sean Deasy, Ryan Fitzpatrick and Chelsea Jervis of JLL represented both sides in the transaction.
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The 100-unit Bristol Garden apartment complex at 340 South La Fayette Park Place sold for $25.5M. Marcus & Millichap's Rick Raymundo represented both the seller, The Bristol Garden LLC, and the buyer, The Current 340 LLC.
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Longfellow Real Estate Partners has acquired Centerpark Plaza in San Diego’s Sorrento Mesa. Longfellow, which announced the deal, didn't disclose the price of the 10-building deal, which totals 256K SF. Public records don't yet reflect the sale.
Eastdil Secured advised the seller of the plaza, Montana Avenue Capital Partners. Longfellow Real Estate Partners represented itself in the purchase.
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A roughly 67K SF Costa Mesa office property sold to local real estate investment firm Khoshbin Co. for $22M, CBRE announced. The buyer wants to occupy and renovate the property. It will eventually include a car museum, restaurant, coffee shop and creative office space.
Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and Justin Hill of CBRE represented the seller in the transaction. The buyer, identified only as a local real estate firm, was self-represented.
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The Balboa Fun Zone has sold to Chartwell Real Estate Development, which plans to restore and operate the beach staple. Cushman & Wakefield announced and brokered the sale. The seller was the children’s museum Discovery Cube. The price wasn't disclosed.
The Fun Zone at 600 East Bay Ave. sits along the Balboa Harbor and offers a boardwalk, Ferris wheel, marina, amusement park attractions, about 17K SF of mixed-use improvements and an underground parking garage.
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SGL Global sold six industrial flex buildings measuring 262K SF in Gardena at 1600 West 135th St., Cushman & Wakefield announced. The buyer is Overton Moore Properties. The site is fully leased to an aerospace tenant. The sale price was $35.1M.
Overton Moore plans to market the entire facility for lease after the sale closes, though it may also process entitlements for the development of two Class-A industrial manufacturing buildings on the site, replacing the structures there now.
A capital markets team led by Cushman & Wakefield’s Mike Condon Jr., Erica Finck, Bailey Dawson, Brittany Winn and McKenna Gaskill represented the seller.
CONSTRUCTION AND DEVELOPMENT
C.W. Driver Cos. announced the completion of a six-story mixed-use office and retail space for LeBeau Realty & Associates in downtown San Diego. The $34.8M project, along with the developer’s existing 20-story tower at 451 A St., make up Twenty by Six, a creative office center built to achieve LEED Silver certification. The project was designed by Gensler.
LEASES
Traditional Chinese medicine seller TS Emporium leased an approximately 22K SF retail space in San Gabriel at 5439 Rosemead Blvd. This is TS Emporium’s fifth space in the greater San Gabriel Valley area. The space is expected to open in mid-October.
CBRE’s Brian McDonald and Kelly Murphy represented the landlord, Smaldino Investments, in the transaction. The tenant was represented by CBRE’s Jason Chao and McDonald.
FINANCING
CIT Group announced that its real estate finance business served as sole lead arranger on a $41.6M loan for the acquisition and renovation of The Devonshire Apartments in Hemet. The 276-unit multifamily complex is being acquired by TIG Devonshire, which is managed by Tailwind Investment Group and Kairos Investment Management Co. The funds will be used on interior and exterior improvements.
