The LA Deal Sheet
A 16K SF vacant commercial lot in Beverly Hills has sold for $130M.
A JV of SHVO, Bilgili Group and Deutsche Finance has acquired 9200 Wilshire Blvd., a vacant lot adjacent to Beverly Hill's famed Golden Triangle area from New Pacific Realty Corp.
The JV said it plans to develop a seven-story, 54-unit luxury mid-rise building above 6,650 SF of retail. The site is already fully entitled as a residential and retail development site.
"We are thrilled to add 9200 Wilshire to our portfolio of luxury assets in prime locations," SHVO Chairman Michael Shvo said in a news release. "Our new residential concept will offer the highest quality of living and amenities, providing extreme value for those seeking something truly extraordinary in Beverly Hills."
Deutsche Finance Managing Partner Jason Lucas said the new luxury development will be one-of-a-kind.
"We are focused on investing in prime sites in key markets with the best teams," Lucas said in the release. "There is enormous demand in Beverly Hills for this type of luxury offering, but extremely limited supply."
The proposed development will feature 54 luxury units in a mid-rise building with a glass exterior. Amenities will include a rooftop pool, a central courtyard and ground-floor retail.
Bayerische Versorgungskammer, one of the largest institutional investors in Germany and among the top 10 pension funds in Europe, is one of the investors in the project. Lotus Capital Partners arranged a $51M acquisition loan from California based Acore Capital, according to the news release.
This is the third joint venture between SHVO, Bilgili Group and Deutsche Finance.
The group recently purchased the historic Raleigh Hotel property in Miami, and in 2018, acquired the office portion of 685 Fifth Ave., which is now being converted into luxury Mandarin Oriental Residences.
A JV of Ideal Capital Group and Aegon Real Assets US has purchased a 105-unit apartment property in Redondo Beach from Stockbridge Capital Group for an undisclosed amount. The Novella Redondo is an 82,200 SF apartment community at 616 Esplanade St. The property experienced heavy water damage during a storm in October that resulted in an 80% vacancy. The buyer plans extensive renovations and upgrades to unit interiors and common areas, according to the brokers. CBRE’s Dean Zander, Stewart Weston and John Montakab represented the seller and buyers.
A group of private investors has purchased a 3K SF retail building in San Bernardino from the KCS Co. for $2.35M. The 1.2-acre property at 16060 Jurupa Ave. consists of a brand-new 7-Eleven convenience store and a gas station. Hanley Investment Group’s Bill Asher and Jeff Lefko, along with Lee & Associates’ Jon Friesen and Jeff Stanley, represented the seller. Darvishian Investment Group's Pasha Darvishian represented the buyer.
A JV of TruAmerica Multifamily and an undisclosed institutional partner has acquired a two-property apartment portfolio totaling 608 units in Las Vegas and Atlanta for $96.8M. The properties include the 368-unit Vintage Pointe in Las Vegas and the 240-unit Sweetwater Creek in Atlanta.
A private limited liability company has purchased an 18-unit apartment complex in Los Angeles from an undisclosed seller for $6.5M. Built in 1984, the complex is at 1900 Silver Lake Blvd. and 94% occupied. Marcus & Millichap's Jason Tuvia represented the buyer and seller.
Gelt has purchased the Cedar Run Apartments in Denver from Maxx Properties for $62M. Built in 1970, the 384-unit apartment community sits on 14 acres at 888 South Oneida St. The property features nine buildings with 24 one-bedroom units and 144 two-bedroom units with an average size of 846 SF. The community also features a 27K SF clubhouse, racquetball courts, an indoor pool, a fitness center, courtyards, barbecue areas and conference rooms. Newmark Knight Frank's Terrance Hunt and Shane Ozment represented the seller. Newmark Knight Frank's Mitch Clarfield and Ryan Greer provided the 10-year, full-term interest-only debt at 70% loan-to-value and a 4.2% rate through Freddie Mac’s Green-Up program.
Grocery Outlet, Planet Fitness and Goodwill have signed three separate leases with Continuum Analytics to occupy a total of 46,448 SF of retail space at Fullerton Square at 104-174 North Raymond Ave. CBRE's Barclay Harty, Andy Buie and Motti Farag represented the landlord.
The Pacific Partners Investment Team has joined Colliers International. The five-member brokerage team is led by First Vice President Edward Pan. The team also includes Vice Presidents David Lin and Jeff Lin, as well as Associate Vice President Jason Lin and Senior Associate Richard Wang. The team will specialize in multifamily and retail investment properties and trans-Pacific investments in the greater Los Angeles region.
Allen Matkins has elected Ariel Shaeps, Elizabeth J. Wilgenburg and Paul Nash as partners. Shaeps and Wilgenburg are based in the firm's Century City office. Shaeps is one of the firm's lead construction attorneys. He specializes in complex commercial and residential development. Wilgenburg's practice includes both lease transactions as well as acquisitions and dispositions. Nash is based in San Francisco and has some clients in Southern California.
Savills has added JP Roach as a senior managing director in the firm’s Orange County office. Roach specializes in complex lease transactions across a variety of industry sectors, including technology, medical device and business services. Prior to joining Savills, Roach served as a senior vice president with Hughes Marino’s Orange County office.
R&A Architecture and Design has promoted Lindsay Green to be the fourth principal of the firm. Green joined the firm as studio director of interiors in 2017. Green will continue to oversee and project manage some of the firm’s projects, including the Cayton Children’s Museum and the AVA LA Arts District that is breaking ground this summer.
Hayden Eaves has joined Avison Young as a principal. Eaves will continue to focus on assisting local and regional financial institutions with meeting their occupancy requirements, as well as representing landlords in the leasing and disposition of commercial property. Prior to joining Avison Young, Eaves served as a senior vice president with Colliers International in Los Angeles.
Thorofare Capital has hired Denis Barreto Jr. as director of credit based out of the firm’s corporate office in Los Angeles. Barreto has more than 12 years of experience in underwriting commercial real estate investments, including equity, debt and structured finance transactions to Thorofare's multi-strategy platform. Prior to joining Thorofare, Barreto served as vice president of Fifteen Group Capital.