This Week's LA Deal Sheet
CitizenM’s new 315-room, 11-story hotel in Downtown LA is open.
The hotel at Spring and Fourth was built using modular construction. CitizenM worked with lifestyle hotel developer BLVD Hospitality and construction firm M. A. Mortenson Co. to deliver the property.
Downtown's newest lifestyle hotel joins the Hoxton, on Broadway near 11th Street, and the Proper Hotel, which is slated to open this summer. Rooms at the citizenM start at $109 per night.
Dekel Capital hired Mike Easter as the managing director for its new San Diego office. Easter is the first to hold the position. Prior to joining LA-based Dekel Capital, Easter served as vice president of capital markets for JPI and was charged with sourcing, structuring and negotiating debt and equity in connection with more than $300M in construction starts annually.
Kap Malik joins MVE + Partners’ executive leadership team as principal and director of hospitality, mixed-use and aviation sectors. Malik previously served as partner and principal/studio director at Gensler, overseeing the 54-story tower for The Ritz-Carlton Residences and JW Marriott at LA Live in Downtown LA and the Shore Hotel in Santa Monica, among others.
Trez Capital has added Darryl Myrose as managing director of the real estate bridge financing program based in Los Angeles. Myrose will work under the direction of Managing Director and Head of U.S. Capital Markets and Bridge Lending Darren Esser. In his new post, Myrose will originate commercial real estate loans for multifamily, hospitality, industrial and office industries primarily on the West Coast and throughout the western U.S., including Texas, with a focus on expanding the firm’s bridge lending program across the U.S.
ASB Real Estate Investments announced it acquired a 521-unit Rancho Cucamonga garden apartment complex in a joint venture with Western National Group. The price tag for the transaction was $227M. ASB made the investment on behalf of its Allegiance Fund, a $7.4B core investment vehicle. The seller was Mesirow Institutional Real Estate Direct Investments. The Inland Empire property, called the Solamonte, is 98.5% occupied.
The $81M sale of the Norwalk multifamily housing property Solterra at Civic Center has closed, JLL announced. JLL marketed the 192-unit, value-add property on behalf of the owners, RedHill Realty Investors, Shelter Asset Management and Tokyu Land Corp. The buyer wasn't disclosed. Public records don't yet reflect the transaction.
The JLL Capital Markets investment sales team that represented the sellers was led by Senior Managing Director Sean Deasy, Managing Director Peter Yorck, and Directors Nick Lavin and Chelsea Jarvis.
Drawbridge Realty has sold 6650 Nancy Ridge, an approximately 24K SF lab building in the heart of San Diego’s Sorrento Mesa, for $15.9M. The buyer was Miramar Capital, a privately held real estate investment platform.
JLL Capital Markets Managing Director Nick Psyllos, along with JLL’s Grant Schoneman and Chad Urie, represented Drawbridge Realty. JLL Capital Markets Director Olga Walsh arranged acquisition financing for the buyer. Drawbridge purchased the vacant property out of bankruptcy in 2013, paying about $2M.
A 42-unit multifamily property in South Pasadena sold to a private investor for $14.95M, CBRE announced. CBRE’s Eric Chen, Joyce Goldstein and Simon Dillon represented the seller, also a private investor. The property at 1760 State St. sits on an acre in the Raymond Hill area of South Pasadena.
CONSTRUCTION AND DEVELOPMENT
Bridge Industrial has the completed redevelopment of a former asphalt refinery into Bridge Point Long Beach, a 415K SF, Class-A industrial facility in Long Beach. Because the site required extensive environmental remediation, Bridge removed multiple tons of oil tanks and steel throughout its demolition and cleanup before installing an environmental remediation system that it says will continue to ameliorate the property over time.
Bridge acquired the property at 2400 East Artesia Blvd. in 2018, paying $19.4M, and announced plans for the project in 2019, Commercial Observer reported at the time.
BLT Enterprises secured a 10-year lease for its approximately 41K SF industrial building at 17466 Daimler St. in Irvine. BLT acquired the property in Q3 2020. The tenant, Glidewell Dental Ceramics, is an industry leader in providing dental lab products and services.
Grant Labounty and Justin Smith of Lee & Associates represented BLT Enterprises in the roughly $6M transaction. Allison Schneider Kelly of CBRE represented Glidewell.