Hotel Renovation Locks In $103M: The Los Angeles Deal Sheet
National Core secured $103M in financing for the Ontario Airport Hotel and Conference Center in Ontario, which is undergoing a repositioning and renovation.
JLL represented National Core, the property owner and borrower, to secure the financing with J.P. Morgan as the bond underwriter and GreenRock Capital as the commercial property assessed clean energy program administrator.
The $103M package consists of $26M in tax-exempt C-PACE bonds and $77M in tax-exempt mortgage revenue bonds, all underwritten by J.P. Morgan and placed with municipal bond investors.
Financing proceeds will support the redevelopment of the existing 309-room hotel into a 295-room Hyatt Regency. The renovation is designed by Gensler.
The JLL Capital Markets team representing the borrower included Marc Schillinger, Keaton Yellin, Ace Sudah and Cameron Sepahi. FGS Realty Advisors assisted the sponsor.
PEOPLE
Marcus & Millichap hired Michael Puline as senior managing director and national director of its retail division. Puline will guide the growth of retail divisions at Marcus & Millichap and Institutional Property Advisors and lead the company’s retail advisory teams.
Prior to joining Marcus & Millichap, Puline held a senior leadership role with a Blackstone portfolio company, where he led national retailer strategy for a $9B, 19M SF retail portfolio.
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EisnerAmper has hired Gregory Chin as a partner in its transaction advisory services practice and the partner in charge of the cannabis and hemp group.
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Transwestern hired Clark Neuhoff as regional partner in the firm’s development group. Based in Southern California, Neuhoff will lead development efforts across the West region, with a focus on sourcing and executing industrial opportunities. Neuhoff comes to Transwestern from Alere Property Group, where he served as chief development officer.
SALES
Colliers announced the sale of Sophia Hollywood, a Class-A, 28‑unit, 40K SF apartment community at 1759 N. Gower St. Colliers’ Kitty Wallace exclusively marketed and brokered the deal on behalf of the private seller, which sold the asset for approximately $16M, the highest price per unit in Hollywood in more than three years, according to a Colliers release.
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Economos DeWolf closed an off-market acquisition of two industrial buildings at 115 and 117 N. Standard Ave. in Santa Ana for $6.1M.
The buildings total approximately 32K SF on 1.4 acres, with the purchase price working out to approximately $193 per SF. Economos DeWolf represented the unnamed buyer.
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JLL Capital Markets closed the sale of a 366K SF industrial portfolio in the San Gabriel Valley and Orange County. The portfolio was split between two buyers: EQT Real Estate and Berkeley Partners. JLL represented the unnamed seller in both transactions. Sales prices weren’t disclosed.
The JLL Capital Markets team consisted of Patrick Nally, Ryan Spradling, Evan Moran, Makenna Peter and Shae Vomund.
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B.A.G. Investments Inc. has purchased Parc at 5, a 104-unit garden-style apartment community in North Downey, for an undisclosed price. Colliers’ Shane Shafer represented the seller, Parc at 5 Downey LLC.
LEASES
Stockbridge Capital Group has signed a tenant to a 5.2-acre industrial outdoor storage site in Rialto. The tenant is an unnamed national construction and civil engineering company.
Daum Commercial Real Estate Services’ Gus Andros and Sojka-Nikkel Commercial Realty’s Jerry Gillman represented the tenant in the transaction. Juan Gutierrez, Shy Assar, Ian Ozimec and Braden Sprenger of Voit Real Estate Services represented the landlord.
CONSTRUCTION AND DEVELOPMENT
Lendlease and joint venture partner Aware Super have opened Habitat, a mixed-use project next to the Expo/La Cienega station.
The two-building project features apartments, creative office space and retail space around an acre of open space.
The 12-story residential building at 3411 S. La Cienega Blvd., Habitat Residence, holds 260 studio, one- and two-bedroom apartment floor plans, plus penthouses on the top two floors.
Next to Habitat Residences is the six-story, 260K SF creative office building, featuring 40K SF to 50K SF floor plates, 14-foot floor-to-floor heights and private terraces. The office building also includes approximately 3K SF of ground-floor retail space.
