Grubb Properties Buys Hollywood Apartments: The LA Deal Sheet

Grubb Properties announced it purchased 5550 Hollywood Blvd., a 2017-built apartment complex. The transaction marks Grubb’s first acquisition of an existing community in the market, it said in a press release. 

The seven-story building, known as The Fifty Five Fifty Apartments, holds 280 studio and one-, two- and three-bedroom units with an average size of 739 SF. Amenities include a gym and yoga studio, a pool, two outdoor courtyards, a resident lounge and coworking spaces. The property also includes 12K SF of ground-floor retail.

PCCP partnered with Grubb Properties on the acquisition, the terms of which weren't disclosed. 

Walton Street Capital originated the loan for an undisclosed amount to PCCP and Grubb Properties. Cushman & Wakefield represented the seller, which property records and previous reporting indicate was the Vanbarton Group. 

PEOPLE

IHP Capital Partners hired Evan Morgan to oversee a portion of its expanding for-sale housing portfolio. Evan was previously with Foremost Pacific Group, where he led the asset management function for a portfolio of 1,700 units of purpose-built single-family rental housing. 

Morgan brings 15 years of real estate investment and asset management experience to IHP, where his duties will include scaling the firm's asset management platforms and supporting its investment performance.

SALES

Hanley Investment Group Real Estate Advisors arranged the $7M sale of a newly constructed, single-tenant property occupied by a 7-Eleven, a Laredo Taco Co. quick-service restaurant and 12 fuel pumps in Chino. The property is in The Preserve, a master-planned community. 

Hanley Investment Group's Jeremy McChesney and Andrew Sprowl represented the developer and seller, Ledo Capital Group of Los Angeles. The buyer, a private investor from San Diego, was represented by Adam Bloom of Lee & Associates San Diego.

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CBRE announced the $7.4M sale of the 18-unit Yorktown Apartments at 7701 Yorktown Ave. in Huntington Beach, marking the property’s first time on the market in more than 30 years. The property closed in 66 days and sold for 97% of the list price, equating to $411K per unit and $465 per SF.

CBRE’s Dan Blackwell and Mike O’Neill represented the Newport Beach-based private seller, who was in a 1031 exchange, and the all-cash private buyer, also from Newport Beach.

LEASES

Amanecer Community Counseling Service signed a long-term lease renewal and expansion totaling approximately 30K SF at 1200 Wilshire Blvd. in City West. The nonprofit will occupy two floors with a lease extending through 2030. Colliers' Nathan Pellow and Michael Naoumovitch represented Amanecer in the transaction. The owner, an affiliate of Sharp Capital, was represented by CBRE's Taylor Watson and Paul Ayoob.

CONSTRUCTION AND DEVELOPMENT

Stream Realty Partners broke ground on 101 Logistics Center, a 738K SF, four-building Class-A industrial development in Oxnard. Offering access to the Port of Hueneme and major freeways from 2721 and 2921 Sakioka Drive as well as 1611 and 1711 Synergy Circle, the project has flexible building sizes ranging from 109K SF to 309K SF.

The development is being led by Stream's Nick Kreuter, Andrew Warren and Scott Sowanick. Leasing efforts are being spearheaded by Newmark’s John DeGrinis, Patrick DuRoss, Jeff Abraham and Javier Galvan.

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Marcus & Millichap Capital Corp. arranged $9.4M in financing for a retail property at 420 S. Alvarado St. in Los Angeles that is occupied by Ross Dress for Less.

MMCC's Bradley Buzil secured the financing with a national bank on behalf of a private client. The borrower, facing a loan maturity, secured a 10-year, fixed-rate loan. The nonrecourse loan’s terms include an interest rate just under 6.6% with a 65% loan-to-value ratio.

THIS AND THAT

Museum of Ice Cream will return to Los Angeles with its inaugural ground-up destination at 5252 W. Adams Blvd. in West Adams. The pop-up first came to the city in 2017. The new location is in an under-construction building being developed by CIM Group. The building features approximately 23K SF over three stories.