Institutional Property Advisors arranged the sale of Paragon at Old Town, a 163-unit apartment complex with approximately 6K SF of ground-floor retail in Old Town Monrovia. The property sold for approximately $87.3M, or $535K SF per unit.
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IPA’s Joseph Grabiec, Kevin Green and Gregory Harris represented the seller, Sequoia Equities, and procured the buyer, SCS Development Co. The sale is one of only two Los Angeles County multifamily assets of 150 units or more and the only one outside of West LA to trade for over $500K per unit in the last 12 months, according to Green.
PEOPLE
Stotan Industrial has opened an El Segundo office and hired Will McPhee as vice president and market officer of California. In his role, McPhee will be responsible for leading the firm’s West Coast investments, targeting Southern California, Phoenix, Salt Lake City, Las Vegas and Reno, Nevada. Prior to Stotan, McPhee was a vice president at Overton Moore Properties where he oversaw acquisitions, entitlements and leasing across the Inland Empire, Nevada and Utah.
SALES
Cityview and alternative investment manager Wafra acquired Silva, a hilltop 221-unit, Class-A multifamily community at the border of East Hollywood and Historic Filipinotown. Silva is currently unleased and recently received its temporary certificate of occupancy. Cityview and Wafra will lease the community as construction is finalized and the certificate of occupancy is obtained.
Cityview and Wafra announced the acquisition but did not disclose the seller or sale price. Public records do not yet reflect the sale, but the developer most recently associated with the project was Gemdale USA. Public records indicate the property had $61M in debt from Bank OZK that is slated to expire in October 2025.
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Grand + Nash, a renovated 168K SF creative office campus at 2160 E. Grand Ave. in El Segundo, sold to Mattel for $59.2M.
Newmark’s Kevin Shannon, Ken White, Michael Moll, Bill Bloodgood, Geoff Ludwig, Eric Lastition, Eric Adams, Alex Bergeson and Aly Polo represented the seller, New York Life Real Estate Investors.
SteelWave and Barrings handed the keys back to the building in February, GlobeSt. reported at the time. The duo bought the building in 2019 for roughly $64M and borrowed approximately $70M to renovate it.
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The Klabin Co./CORFAC International negotiated the $10.2M purchase of an industrial investment complex at 16925-16927 Main St. in Carson. The transaction is for two concrete tilt-up buildings featuring units totaling nearly 42K SF on almost two acres.
The Klabin Co.’s Matt Stringfellow and Tyler Rollema represented the buyer, Dunbar Real Estate Investment Management. The seller was the MacLeaod Family Trust, represented by Mark and Patrick Granger of The Granger Co.
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Marcus & Millichap’s Rick Raymundo and Ben Savoy along with David Leibowitz of Investment Real Estate Associates, listed and sold 13071-13073 San Fernando Road in Sylmar for $4.2M. The 26-unit property was built in 1986 and is not subject to Los Angeles rent control. The all-cash purchase closed in just 15 days.
FINANCING
JLL Capital Markets arranged $35.8M in financing in two separate transactions for 1650 Adams Ave., a 12K SF medical property in Costa Mesa and 480 Fourth Ave., a 64K SF medical property in Chula Vista.
JLL represented the borrower, the Turner Healthcare Facilities Funds, in both transactions. A $6.7M, three-year loan was arranged through a regional bank for the Adams Avenue property and a $29M, seven-year loan was placed through a national healthcare lender for the Fourth Avenue property.
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Gantry secured a $21.4M construction takeout loan for a two-building creative office project at 3520-3524 & 3512-3516 Schaefer St. in Culver City. The borrower was identified in a press release as “a private real estate investment and development firm based in West Los Angeles” but was not named. Santa Monica-based Redcar Limited lists these projects on its website.
The Class-A buildings span 35K rentable SF with 18-foot ceilings, open floor plans and landscaped exteriors with gathering spaces.
Gantry’s Tony Kaufmann and Andrew Ferguson with the firm’s San Francisco production office represented the borrower. The financing was provided by one of Gantry’s correspondent insurance company lenders and features a fixed rate with a three-year initial term and 30-year amortization.
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Juda Penini, vice president of Northmarq’s Los Angeles Debt and Equity team, secured a $13.5M refinance of a low-rise mixed-use complex community in Granada Hills. The property features restaurant and retail space and 54 apartments.
Northmarq arranged financing on behalf of the borrower, a Southern California-based developer, through a correspondent relationship with a credit union. The transaction was structured on a nine-year term with a 30-year amortization schedule.
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