This Week's LA Deal Sheet
Tejon Ranch Co. and Majestic Realty Co. secured a lease with RectorSeal, a manufacturer of HVAC and plumbing products. RectorSeal will occupy 240K SF in a 480K SF industrial facility that Tejon Ranch Co. and Majestic Realty opened in 2017.
JLL’s Mike McCrary, Mac Hewett, Brent Weirick and Peter McWilliams were the listing brokers for the lease. Walt Chenoweth and Sean Sullivan with Voit Real Estate Services represented RectorSeal.
Kidder Mathews’ Josh Luchs has been promoted to managing director of the firm’s San Fernando Valley office. Luchs is a top producer with over 15 years of experience in commercial real estate with a specialty in greater LA multifamily properties.
Before joining Kidder Mathews as executive vice president in 2022, Luchs was a senior vice president with CBRE in Beverly Hills. He has closed over 200 transactions totaling more than $500M in the last decade.
JLL rehired Anthony Marten as a principal and healthcare division sales lead for its solutions development team. Marten returns from Cushman & Wakefield, where he was an executive vice president with its enterprise solutions team.
In this new role, Marten is responsible for developing sales strategies and strengthening relationships with clients’ executive teams. Marten began his commercial real estate career with JLL in 1998 and worked in various roles across sectors including healthcare, life sciences, financial services and manufacturing until 2007.
CBRE arranged the sale of 3215 and 3225 Executive Ridge in Vista to Old Grove LLC, a 1031 exchange buyer. The San Diego-area buildings total approximately 102K SF and are triple-net-leased. The sale price of $29.4M works out to $287 per SF.
CBRE Investment Properties’ Matt Pourcho, Anthony DeLorenzo and Matt Harris, alongside CBRE's Roger Carlson and Blake Wilson, represented the seller, DXW LLC, in the transaction. James DeRegt from Lee & Associates represented the buyer.
3225 Executive Ridge was built in 2004 to serve as the corporate headquarters for BioFilm Inc., a manufacturer and distributor of healthcare products. Two years after the building’s completion, 3215 Executive Ridge was built for additional warehouse and distribution needs. The firm will continue to occupy the property.
JLL arranged the sale of the WelbeHealth Long Beach Center, a nearly 16K SF facility for Program of All-Inclusive Care for the Elderly, or PACE, in Long Beach. JLL worked on behalf of the seller, Turner Impact Capital, and procured the buyer.
The WelbeHealth Long Beach Center at 1220 E. Fourth St. is fully leased to WelbeHealth, one of the fastest-growing operators of PACE facilities in the U.S. PACE provides comprehensive medical and social services to elderly individuals who are eligible for nursing home-level care but wish to continue living in their own homes.
The facility underwent extensive renovations in 2019 and offers a range of medical specialties, including primary, wound, dental, cardiology and dementia care, as well as a rehabilitation gym, salon, family conference room, laundry facilities and an outdoor garden.
The JLL medical properties group advisory team was led by Directors Matt DiCesare and Jeffrey Cicurel and Senior Managing Directors Andrew Milne and John Chun.
CONSTRUCTION AND DEVELOPMENT
McCarthy Building Cos. broke ground on the second phase of the $285M, 424K SF North District Student Housing Development at the University of California, Riverside. This project will house students from UCR and Riverside Community College District.
The project will hold 429 apartment units ranging from one to four bedrooms. The units will have kitchen and living room spaces along with amenities such as high-speed WiFi, air conditioning, designated study areas and common areas including new recreation fields and a park designed for both academic focus and social engagement.