This Week's LA Deal Sheet
A long-vacant San Pedro courthouse is slated to be demolished Wednesday to make way for a mixed-use development including market-rate and affordable housing, ground-floor retail space and open space.
Developer Genton Cockrum Partners was selected in 2018 to build the new, eight-story building with the housing and retail components; MVE + Partners is the architect. The courthouse has been vacant since 2013 and the new project is expected to take two years to build.
African American Real Estate Professionals has named Cushman & Wakefield Managing Director Kimberly Brown as president, succeeding the late William Yarbro. Other leadership appointments include Avison Young Investment Management Principal Troy Jenkins as vice president and Barings Real Estate Managing Director of West Region Asset Management Ben Green to its Board of Directors. The Advisory Board also added CBRE First Vice President Jamie Brooks.
Nixon Peabody LLP appointed Sonia Nayak as managing partner of the firm’s LA office. In addition to her new role, Nayak will continue to focus on Nixon Peabody’s Community Development Finance group where she specializes in real estate development and financing, namely leveraging real estate financing tools to make private capital available for community development projects.
CBRE brokered an approximately 70K SF industrial lease in Valencia to LA North Studios, an independent full-service film and television studio. The building at 28525 Witherspoon Parkway sits on roughly 5.4 acres and was previously the corporate headquarters for MechanixWear Gloves. It will be renovated for film and television soundstages and will include production support and office space.
Outdoor apparel company 5.11 Inc. is relocating from Irvine to a 40K SF office space at Canvas, a creative office campus in Costa Mesa. Newmark Executive Managing Director Jay Nugent, Senior Managing Director Drew Netherton and Managing Directors Richard Sung and Andrew Robben represented the landlord, EQ Office. JLL’s Louis Tomaselli and Scott Wetzel represented 5.11 Inc.
Bellwether Enterprise Real Estate Capital has arranged a $90M permanent placement loan for the financing of 1133 Hope, a high-rise apartment complex at 1133 South Hope St. Senior Vice Presidents Stephen Perricone and Thomas Mazlo in BWE’s Philadelphia office originated the loan on behalf of the undisclosed borrower. The 28-story, 208-unit property is about two years old.
BLDG Partners and the California Municipal Finance Authority acquired the 306-unit Enclave Apartments at 13801 Paramount Blvd. in Paramount through the CMFA’s Essential Housing Program. The project will be converted to moderate-income housing, with rents lowered for those making 80% to 120% of the area median income. The acquisition, valued at $128.5M, is BLDG and CMFA’s second such purchase this year.
The bakery chain Paris Baguette purchased an approximately 54K SF, three-story office building at 3330 Harbor Blvd. in Costa Mesa to be used as its new West Coast regional office. CBRE arranged the $16.6M sale for the chain, which operates its U.S. headquarters in New Jersey. Simon Mattox, Bill Durslag, Kyle Woods, Joe Amecangelo, Carol Trapani and Taylor Friend of CBRE represented the buyer in the deal. The seller was Caslo Development Inc.
The 107-unit Rolling Hills Apartment Homes in Torrance has sold for $49.5M, or roughly $462,850 per unit. Marcus & Millichap’s Tyler Leeson, Kevin King, Nick Kazemi and Matthew Kipp, along with Institutional Property Advisors’ Joseph Grabiec, Kevin Green and Greg Harris represented the seller, a private investor, and the buyer, another private investor.
San Francisco-based Swift Real Estate Partners purchased Reframe Studios in Atwater Village at 4561 Colorado Blvd. The adaptive reuse office and soundstage was previously an industrial property, and IT has two buildings. One is leased for 12 years to Fremantle, a production company. The second is vacant and will be repositioned into a new production studio space slated to reopen in 2023.
The city of Thousand Oaks has purchased a former school site for $10M with plans to repurpose it into moderate-income housing. Lee & Associates LA North/Ventura’s President Mike Tingus and principal Jared Smits negotiated the sale of 384 Erbes Road. The site was previously owned by The Hillcrest Christian School, which purchased a larger property to meet increased demand.