This Week's LA Deal Sheet
The Eagle Rock Plaza mall has sold to Eastern Real Estate and Atlas Capital Group, and a shake-up could be in its future.
“There is tremendous opportunity to reposition this property in line with today’s evolving retail landscape,” representatives for the new owners said in a statement to L.A. Biz, which first reported the sale. “Eagle Rock Plaza will remain a hub that serves the needs of the community for years to come.”
The mall opened in the early 1970s. Anchor tenants now include Target and the supermarket Seafood City.
Newmark Capital Markets, led by Bill Bauman and Kyle Miller, represented the seller in the transaction. The terms of the sale were not disclosed, but when the mall hit the market in December 2019, experts thought it could sell for more than $100M, Commercial Observer reported.
Arc Capital Partners has hired Chris Cowan as managing director. Cowan will be based in the Los Angeles office and will be responsible for acquisitions. Prior to joining Arc, Cowan was a partner at ViaWest Group, where he led the company’s expansion into California. Cowan has also held leadership positions in development and investment management at CIM Group and AvalonBay.
Waterford Property Co., in partnership with the California Statewide Communities Development Authority, announced it made two Pasadena acquisitions as part of an innovative moderate-income housing finance program created in 2020 by CSCDA. Waterford and the CSCDA acquired the Residences at Westgate on Green Street for $237M and The Hudson on Hudson Avenue for $98.1M.
Waterford and the CSCDA are able to lower rents for qualified new residents making between 80% and 120% of the area median income. Current tenants who qualify can participate in the program during lease renewals. This is the sixth property the partnership has purchased through this program.
Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented both parties in the transaction for the Residences at Westgate. Blake Rogers, Hunter Combs, Alexandra Caniglia and Javier Rivera from Walker & Dunlop represented both parties for The Hudson transaction.
Kilroy Realty is in escrow on a San Diego property at 2045 Pacific Highway for $42M, the company announced. Kilroy plans to develop as much as 275K SF of office space on the property in the Little Italy neighborhood of downtown San Diego. The site is adjacent to 2100 Ketner, another Kilroy-owned development where the company recently built 220K SF of office and retail space.
Miramar Capital sold the Saddleback Professional Center to Healthcare Realty for $24.6M. Stream Realty Partners, which represented Miramar, announced the sale. The 73K SF medical office building at 24012 Calle De La Plata in Laguna Hills was renovated by Miramar, which also streamlined the building’s parking structure. Stream Senior Vice President Mike Adams and associate Morgan Adams represented Miramar Capital in the transaction and will continue to oversee leasing at the property.
CONSTRUCTION AND DEVELOPMENT
Watt Cos. announced it has wrapped up a $15M renovation of the ground-floor common space at Watt Plaza in Century City. The upgrade to the 23-story office complex included adding a new entrance to the property that will connect to the Purple Line Metro extension’s forthcoming Century City station, which is under construction. Other additions to the common area included doubling the square footage and adding conference rooms and lounge areas. The Purple Line’s Century City station is expected to open for service in 2025.
Development is underway at 1656 South Cucamonga, a Class-A spec industrial warehouse from Alere Property Group measuring more than 200K SF. The facility in Ontario will feature 40-foot clear heights and about 5K SF of two-story office space, bringing Alere's portfolio to over 30M SF of industrial space in Southern California.
Lowe’s 2130 Violet Street has topped out, the company announced. The roughly 113K SF, nine-story office building is rising in the Arts District, with completion slated for early 2022. The building features a 3K SF rooftop deck, 3,400 SF of ground-floor retail and 275 parking spots across four levels of parking.
The building was designed by Ware Malcomb. Swinerton is the general contractor. Cushman & Wakefield’s Mike Condon Jr., Pete Collins, Scott Menkus and Brittany Winn are managing leasing.