This Week's LA Deal Sheet
JRK Property Holdings Inc. acquired The Harrison Glendale, a 164-unit mixed-use multifamily property in downtown Glendale, in an off-market transaction for $90.7M. The property features a 15K SF CVS pharmacy at street level and 239 underground parking spots and was 96% leased at closing.
The units in the building are studios, one-bedroom and two-bedroom floor plans between 600 and 1.2K SF. Resident amenities include a pool and spa, a rooftop deck, a dog run and a two-level workout space.
CBRE Executive Vice Presidents Dean Zander and Stew Weston and Senior Associate Chris Tresp represented the seller, identified only as a Las Vegas-based developer. Public records indicate the seller was connected to The Molasky Group.
A partnership between Turnbridge Equities and Waterford Property Co., along with Monument Square Investment Group, has acquired the retail, office and mixed-use development City Place Long Beach in downtown Long Beach. The group acquired the loan on the property in late 2020, but this week reached an agreement to take over ownership. They see the acquisition as “an opportunity to reimagine City Place as a vibrant, mixed-use district,” according to a release for the deal. A price was not disclosed.
Standard Cos.’ affordable housing division, Standard Communities, led a public-private partnership to acquire the Foothill Villas Apartments, a 100% affordable community with 239 units across 37 residential buildings on a 22-acre site in San Bernardino. The transaction was in partnership with the U.S. Department of Housing and Urban Development and the nonprofit Housing On Merit. This transaction will extend the affordability of Foothill Villas for the long term and has a total capitalization of $97M.
Harbor Associates LLC partnered with Singerman Real Estate to acquire off-market the roughly 300K SF Summit IV office campus in Aliso Viejo off-market. Harbor plans to begin renovations immediately, with a focus on health and wellness and additions including a new lobby and restroom and corridor updates. The Class-A office was 80% leased at the time of sale. The terms were not disclosed.
Stirling Capital Investments LLC announced the sale of a 66K SF commercial facility at Southern California Logistics Airport in Victorville, California. The buyer is Exquadrum Inc., a High Desert-based defense contractor. Exquadrum will use the property at 13313 Sabre Blvd. as its headquarters. Exquadrum paid $4.3M for its new HQ.
George Smith Partners arranged $45.6M in bridge financing on behalf of DJM Capital for the recapitalization of Lido Marina Village in Newport Beach. The property is a 106K SF waterfront retail and office property on the city’s Balboa Peninsula that includes Orange County’s only Nobu and Malibu Farms locations. Financing was arranged by George Smith Partners principal Steve Bram, Senior Vice President David Pascale and Vice President Patrick O’Donnell.
CONSTRUCTION AND DEVELOPMENT
USA Properties Fund has begun construction on two Simi Valley apartment complexes with a total of 311 units in Simi Valley. At nearly 13 acres, the development will include 212 market-rate apartments and a 99-unit affordable senior community for residents 62 and up making 50% to 70% of the area median income (approximately $45K and $63K, according to the project release).
The Area Housing Authority of the County of Ventura County contributed a $3.5M subsidy for the senior apartment component of the project. The new development will rise on the former Rancho Simi Recreation and Park District’s headquarters at 1692 Sycamore Drive.