This Week's LA Deal Sheet

JLL Capital Markets arranged $10.5M in construction takeout refinancing for Park Place at Jordan Downs, an 80-unit affordable housing development in Watts.

JLL secured the 17-year, fixed-rate Fannie Mae loan on behalf of Bridge Housing Corp. The loan will be serviced by JLL Real Estate Capital.

Built in 2022, Park Place is rent- and income-restricted, offering a mix of units that are available to households making 30% to 80% of area median income. 

The property is a part of the Housing Authority of the city of Los Angeles’ multibillion-dollar plan to redevelop Jordan Downs into a mixed-use and mixed-income development with homes, retail and green space. 

PEOPLE

CBRE has promoted Bennett Robinson to vice chair, the highest title ranking among producers at the firm. Robinson has been at CBRE for 35 years and is among the top five sales producers in the San Fernando Valley.

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Snyder Langston has appointed Jason Rich as its CEO, Lee Watkins as president and chief operating officer, and Jo-E Lopez as chief relationship officer. Watkins has been with the company since 2013; Lopez since 2006; and Rich has been at the company for more than two decades. 

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Newport Beach-based private investment firm Mark IV Capital has promoted its longtime president, Evan Slavik, to CEO following the retirement of former CEO Paul Cate. Mark IV Capital is developing the 4,300-acre Victory Logistics District near Reno and the 65-acre mixed-use project The District in Round Rock, Texas.

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Dunleer has hired Rob Chase as senior acquisitions associate. Chase will underwrite multifamily assets and participate throughout the entire acquisition and closing process. Before Dunleer, Chase was acquisitions associate at Tailwind Investment Group.

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Mat Gates has been appointed president of Erickson-Hall Construction Co. His appointment comes as the company transitions ownership to its employees, according to a release announcing the news.

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Bendetti has named Jon Moyer to its newly created role of director of acquisitions. Moyer will generate and evaluate investment opportunities on behalf of the firm. Before joining Bendetti, Moyer was vice president of acquisitions for CREDE, where he focused on acquisitions and due diligence for projects in Arizona, Hawaii, Nevada, Texas and Utah. 

SALES

Newport Beach-based investment firm Jupiter Holdings has sold a fully entitled, roughly 34-acre property in Menifee to Patrinely Group for approximately $61M. Called Scott Road Commerce Center Phase 2, the property is entitled for three industrial buildings at 33520, 33580 and 33540 Zeiders Road. 

Colliers Western Region Industrial Capital Markets Group’s Michael Kendall listed the property and represented Jupiter Holdings in the sale. Fellow Colliers Western Region Industrial Capital Markets Group members Gian Bruno and Kenny Patricia, along with Colliers Industrial’s Joey Jones and Tucker Hohenstein and Lee & Associates’ Gordon Mize, worked to execute the sale. 

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A CBRE Investment Management-sponsored fund purchased a portfolio of 14 self-storage assets with a total of 8,697 units in Los Angeles, The Inland Empire, San Diego and Salt Lake City. Under new ownership, they will operate under the StorQuest brand. The portfolio is 95% leased. Its sale price was not disclosed. The fund now owns 100 self-storage properties with 55,477 units across the U.S.

CBRE National Self Storage Advisory Group Vice Chairman Nick Walker represented the undisclosed seller. CBRE Large Loans division’s Tom Traynor and James Millon along with Talonvest arranged the financing.

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Westport Properties bought a 701-unit self-storage facility at 13555 Ramona Ave. in Chino. The property is 99.5% leased. The sale price was not disclosed, but public records indicate the sale, which closed in early February, was for $18.8M. The company will rebrand this facility under its US Storage Centers brand. US Storage Centers represented itself in the transaction.

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Level I Promotion has completed an all-cash sale of 21308 Pathfinder Road, a two-story, 16K SF office building in Diamond Bar, for $2.6M. Lee & Associates – Pasadena’s Jamie Harrison, Christopher Larimore and Vincent Molitor represented both the seller, Terrel Rinehart, and the buyer.

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Gerrity Group has sold its Buena Vista Marketplace, a nearly 92K SF grocery-anchored shopping center in Duarte, for $36.5M. Newmark Senior Managing Directors Rob Ippolito and Glenn Rudy and Vice Chairman Pete Bethea represented San Diego-based Gerrity Group. The buyer was not disclosed. 

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Alere Property Group has sold about 17 acres of industrially zoned land at 13592 Slover Ave. in Fontana for $38.9M. The site is entitled for two Class-A warehouse-distribution buildings up to 350K SF. Alere will develop the property in 2024 and put the buildings up for lease. NAI Capital Commercial’s Richard Lee, Nicholas Chang, Justin Kuehn and Sione Fua of the Lee Chang Kuehn Fua Group with NAI Capital Commercial’s Ontario office represented both the buyer, Alere Property Group, and the seller, CP Fontana.   

FINANCING

JLL Capital Markets arranged $24.9M in construction financing for the development of Rialto II, a 114K SF Class-A industrial development at 1910 West Renaissance Parkway in Rialto. JLL represented the borrower, Lovett Industrial, and secured a three-year, fixed-rate loan through American Realty Advisors. The JLL Capital Markets Debt Advisory team was led by Senior Director Peter Thompson, Director Samuel Godfrey and associate Jordan Leake.

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George Smith Partners announced the closing of $37.7M in bridge financing for the refinance of a 78-unit multifamily property at 410 Rossmore in Hancock Park. GSP secured the financing on behalf of ESI Ventures. MF1 Capital, a partnership between Berkshire Residential Investments and Limekiln Real Estate, provided the financing. The terms of the loan and other details of the transaction were not disclosed.

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MetroGroup Realty Finance secured a $10.6M bridge loan for a Trader Joe’s-anchored retail center at 26541 Aliso Creek Road in Aliso Viejo. The financing replaces a maturing CMBS loan that the firm arranged on behalf of the borrower in 2012. The interest-only loan has a 36-month term and is priced at a floating interest rate over the secured overnight financing rate.

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Marcus & Millichap Capital Corp. arranged a $4.6M refinance for a multitenant industrial property at 4903 Long Beach Ave. in Los Angeles. The single-story 33.4K SF warehouse was built in 1967. It is located near Downtown LA. The financing was secured by MMCC First Vice President Bradley Buzil. 

THIS AND THAT

Kidder Mathews has expanded into the San Fernando Valley with a new office at 15260 Ventura Blvd. in the City National Bank building in Sherman Oaks. In the last year, Kidder Mathews added nearly 100 new brokers across its 20 West Coast locations, including 43 in greater LA. Five new hires have joined the office in the Valley, along with nine brokers who have relocated from the firm’s other LA locations.

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LA-based real estate companies Sunstone Properties Trust and Two Tree Capital have restructured their companies to become Sunstone Two Tree. The new company will focus on acquiring, renovating and developing rental housing communities in high-growth markets. John Maddux, CEO of Sunstone Properties Trust, will serve as CEO of Sunstone Two Tree, while Scott Maddux, the CEO of Two Tree Capital, will serve as president of the new company.