This Week's LA Deal Sheet
A CBRE Global Investors-sponsored fund has acquired an approximately 396K SF mixed-use industrial facility in Irvine known as Irvine Crossing, the company announced.
CBRE did not disclose the terms of the deal, but public records available through Reonomy show that the sale closed in early June for $180.75M.
The property at 17836 Gillette Ave. holds a data center and a last-mile distribution center. The data center measures about 193K SF and is leased “as a powered shell” to Cyxtera Systems, according to the company’s website. The 202.5K SF logistics warehouse, which is associated with the address 17871 Von Karman Ave., is leased by a major e-commerce company, CBRE said. It is a site where Amazon is known to have a fulfillment center, and a Google Street View of the parking lot for the property shows Amazon-branded vehicles and workers in Amazon uniforms milling around.
PEOPLE
Skanska announced it has hired Megan Moloughney as vice president of development to support its commercial development operations across LA. Moloughney will guide project teams through the execution of Skanska Commercial Development’s regional strategy, including conceptual design, permitting, pre-construction and construction activities, leasing, operations and recapitalization.
SALES
The Olive Ridge Resort apartment complex in Pomona has sold to HGI for $46.8M. The apartment complex at 2261 Valley Blvd. contains 220 units and is right next to the 71 Freeway, near its interchange with the 10 and 57 freeways. NorthMarq SoCal Multifamily Managing Director Shane Shafer and Associate Quinn Breslin completed the sale.
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Berkadia announced the sale of 720 South Normandie Ave. and 709 South Mariposa Ave., two multifamily properties totaling 101 units in Koreatown. An adjacent development site, approved for 44 units, at 715 South Mariposa was included in the sale. The properties sold for $23.625M and were 95% occupied at the time of the sale. Of the total transaction price, $3M was for the development site. Berkadia El Segundo Senior Managing Director Brent Sprenkle led the transaction on behalf of the buyer, Prana Investments, and the seller, Jamison.
CONSTRUCTION AND DEVELOPMENT
888 Douglas, the El Segundo creative office complex that will house the headquarters of Beyond Meat and L’Oreal USA, is now complete. The four-building site formerly owned by aerospace and defense company Northrop Grumman has been renovated into creative offices with the aid of architecture firm Gensler and construction assistance from Cumming.
LEASES
Tesla has signed a lease for Alere Property Group's 322K SF warehouse at 19640 Cajon Blvd. in San Bernardino, the developer announced. The building, which was completed in 2020, will serve as Tesla's West Coast distribution hub for car parts, solar panels, its solar battery storage Powerwall and other Tesla products.
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The high-end grocery store Erewhon has signed on to a new location at Hackman Capital Partners’ Culver Steps development, Commercial Observer reported. The lease is for just over 14K SF in the 120K SF development. The new market is expected to open in mid-2022. It will be the market’s ninth location in LA, CO reported. Other tenants in the development include Amazon, which is taking up all of the roughly 80K SF of the office space in the project.
THIS AND THAT
The former Watercourt at Bunker Hill's California Plaza has officially reopened as The Yard. The transformations of the space began in 2019. The signature water feature was removed and backfilled with landscaping, outdoor furniture and potted plants, creating more seating and usable space. The new layout also allows audiences to come more than 40 feet closer to the stage — an important feature for the space, which hosts a long-running outdoor concert series.
The Yard was redesigned by Gensler and renovated by Plaza Commons Inc., which is made up of members from Rising Realty Partners, owners and managers of 1 Cal Plaza; CIM Group, owners of City National 2 CAL; and the Omni Hotel, all of which surround California Plaza.
