LA Deal Sheet
Birtcher Development has acquired a fully entitled 20-acre land parcel in the Inland Empire for the development of a 406,700 SF fulfillment and distribution center.
Birtcher purchased the site on Sixth Street between Lankershim and Sterling avenues in San Bernardino from a limited liability corporation called 6th Street for $17.6M.
CBRE’s Darla Longo, Barbara Perrier, Rebecca Perlmutter, Brett Hartzell, Eric Cox, Eloy Covarrubias, Jeff Fritch and Joe Werdein served as brokers on the acquisition.
“Given the logistics opportunities presented by the airport, convenient access to major trucking thoroughfares and excellent labor market, the demand for new, modern industrial space in the San Bernardino Airport submarket is incredibly high,” Birtcher Managing Director Brooke Birtcher Gustafson said in a news release.
The development comes during a time the Inland Empire is experiencing heavy demand and growth for industrial products. According to Kidder Mathews, the vacancy rate in San Bernardino is 3.9% as of the third quarter of 2019.
Gustafson credits the explosion of e-commerce for driving the demand for industrial products.
The soon-to-be-constructed fulfillment and distribution center will feature 40-foot clear heights, 65 dock high doors, 167 designated trailer stalls and 259 car parking spaces. Irvine-based HPA Architecture is designing the project.
Birtcher said it plans to break ground on the project in the spring.
SALES
In an off-market deal, Dordick Law Corp. has purchased an 8K SF mixed-use retail and flex-office building in Beverly Hills from Zina Sherman for $11.1M. The mixed-use retail and creative office property at 470 South Beverly Drive sits on a 12K SF lot and is poised for future development, according to the brokers. The personal injury law firm plans to move its practice to the building. CBRE’s Jonathan Farasat, Patrick Wade, Alex Kozakov and Matt Greenberg represented the buyer. First Property Realty Corp.’s Jeff Resnick and Andrew Gharibian represented the seller.
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Champion Real Estate has acquired a 42-unit multifamily community in Northridge from a private family trust for $14.85M. Built in 1985, the Valleywood Apartments at 17806 Lassen St. features six one-bedroom, one-bathroom units and 36 two-bedroom, two-bathroom units. A Champion subsidiary will begin a $2.3M renovation of the property that includes new countertops, flooring, cabinets, stainless steel appliances and washer/dryers for all units. Brokers of the deal were not disclosed.
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Excelera Investment has purchased a 26K SF office building in Newport Beach from True Family Enterprises for $12.3M. Built in 1983, the turnkey office building at 2260 University Drive sits on a half-acre lot. WindWater Real Estate represented the seller.
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In a 1031 exchange, a private family trust has acquired a single-tenant 180K SF office building in Anaheim from a JV of Hines and Oaktree Capital Management for $44M. Built in 2002, the office building at 3450 East Miraloma Ave. serves as the corporate headquarters of Pacific Sunwear of California. Newmark Knight Frank’s Paul Jones, Kevin Shannon, Brandon White, Sean Fulp, Ryan Plummer, Mark Schuessler and Matt Berres represented the sellers. Colliers International’s Michael Hartel represented the buyer.
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A private investor has purchased a seven-unit apartment building in Seal Beach from an undisclosed partnership for $3.45M. Built in 1970, the 8,100 SF three-story building at 1615 Electric Ave. features seven two-bedroom units. CBRE’s Dan Blackwell and Mike O’Neill represented the buyer and seller.
LEASES
The Los Angeles County Sheriff's Department has signed a lease with Sonnenblick Del Rio to occupy 106K SF of office space at the Norwalk Government Center at 12440 Imperial Hwy Retail Pharmacy Lab in Norwalk. The space will be used as a backup computer center for the department’s countywide operations. The Department of Social Services has also signed a lease with Sonnenblick Del Rio. It will occupy 58K SF of office space at the Norwalk Government Center. The names of the brokers involved were not disclosed.
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Six tenants have signed leases with DWS Group to occupy retail space at the Manhattan Village mixed-use retail center in Manhattan Beach. The tenants are Vans, Sweetgreen, Cyclebar, Coreology Fitness, Corepower Yoga and Sidecar Doughnuts. The retail space ranged in size from 1,147 SF to 3,500 SF. JLL’s Kristin Grove and Devin Klein represented the landlord.
FINANCING
On behalf of Golden Bee Properties, Pembrook Capital Management has closed on a $10.6M financing package for the acquisition and renovation of five properties totaling 105 units in Los Angeles. The money will be used for the acquisition a 25-unit multifamily property at 14949 Roscoe Blvd., a 22-unit apartment building at 825-833 East 108th St., a 17-unit apartment at 6121 Crenshaw Blvd., a 24-unit apartment at 6736-6800 West Blvd. and a 17-unit apartment at 14924 Roscoe Blvd. Golden Bee also plans to renovate the properties.
EXECUTIVE NEWS
Cox, Castle & Nicholson has promoted Cathy T. Moses to partner in its Orange County office. Moses joined Cox, Castle & Nicholson’s litigation team as senior counsel in 2017. Moses’ experience includes business and real estate litigation matters such as business torts, contracts, partnership disputes and employment litigation.
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CBRE has promoted Shaun Moothart to senior vice president with its capital markets debt and structure finance team. Moothart previously served as a first vice president. In his seven years with CBRE, Moothart has played a key role in the origination, underwriting and closing of debt and equity transactions valued in excess of $3B. In 2019 alone, his team closed 71 debt and equity transactions for institutional and family office investors, according to CBRE.
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C.W. Driver Cos. has promoted Jennifer Vasquez and Valerie Thornburg to oversee corporate communications, business development and marketing strategy. Vasquez is the vice president of business development and corporate communications. She has been with C.W. Driver for the past 15 years. In her new role, she will help guide the company’s marketing strategy and ensure business development goals are met. She will also be responsible for developing comprehensive annual business and marketing plans and overseeing the alignment of all corporate strategies. Thornburg is the director of marketing. As director, Thornburg will spearhead the firm’s multichannel marketing efforts to help build the firm’s brand awareness and reputation and be responsible for implementing strategic and tactical communications plans.
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Avison Young has appointed Chris Casey as principal. Based in the firm’s Orange County office, Casey will focus on raising debt and joint venture equity for office, industrial, retail, hotel and multifamily properties throughout the western United States. Prior to joining Avison, Casey served as a managing director of the Capital Markets Finance Group at JLL.
