This Week's LA Deal Sheet: 80K SF East Pasadena Office Lease

Landlord CFT NV Developments, a Nevada-based entity with connections to the co-founders of the Panda Restaurant Group and Panda Express, secured agreements for a new office lease and a renewal with two tenants totaling about 80K SF at its CFT Foothill Campus at 3465-3475 E. Foothill Blvd. in East Pasadena.

BYD North America, a major electric vehicle manufacturer based in China, signed the largest lease, a roughly 51K SF suite at the complex's 3465 building. Consulting and engineering firm Tetra Tech, a long-standing tenant, has renewed its lease of an approximately 28K SF suite at the 3475 building.

Colliers Senior Executive Vice President Shadd Walker and Executive Vice President Nico Vilgiate brokered the transactions on behalf of the landlord. BYD North America was represented by Savills Vice Chairman Luke Troedson, and Tetra Tech was represented by CBRE Vice Chairman Todd Doney.

PEOPLE 

Northmarq has announced the addition of Bryan Ley as managing director in the commercial investment sales division in Los Angeles. Based in Southern California, he will co-lead Northmarq’s newly formed national shopping center group, bringing expertise in multitenant retail and mixed-use assets. Ley comes to Northmarq after 17 years at JLL and its predecessor company. Ley has closed $14.7B in transactions over his career. 

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Cushman & Wakefield hired Adam Pastor as vice chair of its industrial advisory group. Based in Southern California, Pastor specializes in the structuring and execution of industrial portfolio sales, recapitalizations, joint venture equity and financing nationwide. Prior to Cushman & Wakefield, Pastor worked as a managing director for Eastdil Secured for 20 years. He has completed more than $180B in industrial transactions throughout his career.

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Redwood West hired veteran Orange County commercial real estate broker Curtis Ellmore to serve as managing director and co-brokerage lead and Dillon Knight to serve as senior vice president. The pair will specialize in working with Orange County companies on their office and industrial real estate needs.

Ellmore joins Redwood West from JLL, where he previously served as managing director.  Knight has over 10 years of experience, previously serving as a senior associate at JLL.  

SALES

CBRE announced the sale of a roughly 60K SF industrial property located at 28212-28230 Constellation Road in Valencia for $13.6M to Watercress Holdings. At the time of sale, approximately 23K SF sat vacant. The rest of the space is occupied by long-term tenants SCP Pool and Scooter’s Jungle. Watercress plans to complete significant investments in the property, including upgrades to the exterior, roof and common areas as well as a complete remodel of a vacant unit.

CBRE’s Sam Glendon represented the seller, 28230 Constellation LLC.

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Storm Properties Inc. acquired a Santa Ana industrial property for almost $6M. At 4320 W. First St. and 201 South Mountain View St., the site features an approximately 11K SF industrial building with a two-story office area. Storm Properties plans to market the vacant facility for lease. Key features of the building include power capability, ground-level loading and 16-foot ceiling clearance. The site also includes infrastructure for food-related operations and two commercial ice-making towers.

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Newmark arranged the sale of 15015 Valley View Ave., a 303K SF cold storage warehouse and distribution property in Santa Fe Springs.

Newmark's Andrew Briner, Jim Linn and Bret Hardy, Kevin Shannon, Aaron Banks and Luke Easton represented the seller, a Brookfield-backed fund. The buyer was net-lease REIT W. P. Carey.

The property is under renovation and will soon include a new refrigeration system. It is fully leased to United Natural Foods Inc. under a long-term contract.

LEASES

CBRE arranged a 53K SF lease for San Gabriel/Pomona Regional Center at The Campus at SGV in Irwindale. 

CBRE’s Natalie Bazarevitsch, Damon Feldmeth, Kevin Duffy, Jackie Benavidez and Sean O'Malley represented the landlord, MetLife. Savills’ Max Schneider represented the tenant.

San Gabriel/Pomona Regional Center, an organization working with and for individuals with developmental disabilities and their families, expanded its footprint in the San Gabriel Valley Region with this new lease, bringing its total occupied space to more than 150K SF across Pomona and Irwindale.

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Irvine Co.’s 2121 Avenue of the Stars in Century City has a new tenant, talent management company Artists First, which will occupy a full floor totaling about 23K SF. Move-in is scheduled for this month. As of March 31, 2121 Avenue of the Stars is 94% leased, according to a release from Irvine Co. 

FINANCING

North Palisade Partners secured $55M in refinancing for its new 3,039-unit self-storage facility at 1920 Randolph St. in Huntington Park. The loan was provided by Goldman Sachs Alternatives, according to a release from North Palisade. 

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JLL Capital Markets secured a $27.6M loan for Torrey Hills Center, a roughly 86K SF grocery-anchored neighborhood retail center in San Diego.

JLL worked on behalf of the borrower, an undisclosed national real estate investment and management firm, in arranging the 10-year fixed-rate loan through a correspondent insurance company.

Torrey Hills Center, at 4639-4653 Carmel Mountain Road, is in the Carmel Valley neighborhood. Built in 2005, the property is anchored by Vons and 98.4% leased to 26 tenants, including OrangeTheory Fitness, Starbucks and Wells Fargo.

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Priority Capital Advisory arranged a $22.8M cash-out bridge loan for Mosaika, a new 63-unit residential condo project at 904-906 S. New Hampshire Ave. in Koreatown. 

Mosaika was completed this year with financing from Tryperion Holdings. EGC Real Estate Group developed the property, where unit sales are underway. The eight-story building has one level of underground parking and features one- and two-bedroom units. There are 10 affordable units.