DJM Capital Sells Mission Viejo Shopping Center For $51M: The Los Angeles Deal Sheet
DJM Capital sold the Gateway Center, a 97%-occupied retail center at 23972-24042 Alicia Parkway in Mission Viejo, for $51M.
The 79K SF South Orange County property features national credit tenants including Chase and Starbucks. The buyer was Asana Partners. JLL's Gleb Lvovich, Geoff Tranchina and Daniel Tyner represented the seller.
PEOPLE
RDC has named Yu Wang D’Arcy as retail design director of the firm’s store planning work group. D’Arcy will be responsible for directing the design process for the group’s retailer clients. D’Arcy brings more than 10 years of experience in luxury retail design and development. Her most recent roles included associate of Montalba Architects and design director at LVMH’s DFS Group.
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Kidder Mathews hired Jonathan Steier as vice president in the firm’s Sherman Oaks office. Steier brings more than 25 years of experience specializing in retail leasing and investment sales in greater Los Angeles, with a focus on the San Fernando Valley.
Steier has facilitated nearly $100M in real estate sales and completed more than 400 leases involving local retailers and national brands.
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Kidder Mathews has hired Kevin Held as senior vice president in its San Diego office. Held brings more than 25 years of experience in net lease investment sales and retail real estate and has been involved in more than $3B in net-leased investment sales transactions.
Held's background includes retail leasing, landlord and national tenant representation, investment sales, and direct ownership and development. He has personally owned and developed properties for several national retailers, including 7-Eleven, McDonald’s and Rite Aid.
SALES
Serrano Development sold Lumia, a mixed-use multifamily community at 850 N. Azusa Ave. in Azusa, to Lumia Azusa LLC for $53M. CBRE’s Chris Tresp, Derrek Ostrzyzek, Rachel Parsons, Mike Murphy and Kenji Thomas represented Serrano Development. Completed in 2024, Lumia features 127 apartments and 9K SF of street-level retail.
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Tryperion Holdings, in partnership with a joint venture between Crescent Coast Partners and Stos Partners, closed on Terraces, a 206K SF, Class-A office building in San Diego’s Kearny Mesa submarket. The six-story property at 5887 Copley Drive was acquired for $30M in an all-cash transaction.
The new ownership group will make a suite of capital improvements, beginning with enhancements to common areas and the vacant suites. The building features covered parking via a multistory parking structure and numerous amenities, including a full-service café, a fitness center with showers, outdoor terraces on the third through sixth floors, a putting green and a sports court.
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CBRE facilitated the $12.4M sale of a 45K SF office portfolio at 24 and 26 Centerpointe Drive in La Palma. The portfolio contains two single-story office/flex buildings in a landscaped campus setting.
CBRE's Anthony DeLorenzo, Sammy Cemo and Bryan Johnson represented the undisclosed institutional seller. An unnamed local 1031 private investor acquired the property. The sale price works out to $275 per SF, or a 7.6% Year 1 cap rate, according to CBRE.
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Daum Commercial Real Estate Services directed the $30.5M acquisition of a 112K SF property with a warehouse building and a two-story office building in the eastern San Gabriel Valley city of San Dimas.
Daum’s Eric Burney and Josh Burney represented the buyer, owner-user HiRel Connectors Inc. HiRel has more than 300 skilled employees who will occupy this facility.
CONSTRUCTION AND DEVELOPMENT
Cityview and Stockbridge announced the completion of Apollo, a 265-unit multifamily community at 12888 Crenshaw Blvd. in Gardena. Now leasing, Apollo is in a rapidly growing area of the South Bay near major aerospace, automotive and tech employers including SpaceX, the Tesla Design Center and Ring.
The property features a mix of studio, one-bedroom and two-bedroom floor plans. Amenities include a pool and spa terrace, an outdoor game deck and an indoor sports simulator.
Cityview and Stockbridge partnered with Westport Construction, AC Martin, Nadia Geller Designs and MJS Landscape Architecture on the project.
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CIM Group opened Coro, a 168-unit, six-story apartment community at 3045 Crenshaw Blvd. in West Adams. Of the 168 apartments, 17 are designated affordable. The development also holds 40K SF of ground-floor retail.
The apartments are built on the site of the former West Angeles Church of God in Christ.
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Multifamily developer JPI has broken ground on Portico, a 272-unit mixed-use development in Long Beach. The company held a groundbreaking ceremony to celebrate the $150M project, breaking ground on the first phase of a 900-unit master plan to redevelop the Mosaic shopping center, formerly known as City Place Long Beach. The mixed-use project is scheduled for completion in June 2028.
FINANCING
JLL Capital Markets secured $107M in acquisition financing with a $5M operating reserve for a redevelopment project in Brea. JLL represented the principal, Dwight Manley, in arranging financing from funds managed by affiliates of Fortress Investment Group. JLL Capital Markets’ debt advisory team representing the borrower was led by Matt Stewart, Kellan Liem, Serge Sarkissian, John Rankin and Kyle White.
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Bolour Associates provided a $13M, 24-month refinance loan for a single-tenant, two-story research and development building in San Diego through its affiliate BA Debt Fund LLC.
The financing supports the asset’s upcoming loan maturity and provides funds for immediate upgrades to accommodate a full-building lease. The property at 6680 Cobra Way spans 35K SF and can accommodate wet lab, R&D and related functions.
