This Week's LA Deal Sheet
LaTerra Development appointed Erik Svensson as its chief operating officer. Svensson most recently served as senior vice president and investment officer in Southern California for Prologis. Prior to that, he was deputy chief operating officer at DWS/RREEF, held chief financial officer posts at BH Properties and Watt Cos., and spent 10 years at Public Storage where he oversaw the commercial real estate portfolio and closed over $4B in transactions.
PEOPLE
Fidelity Bancorp Funding has appointed Charlie Woo as president of its private lending group, Fidelity Bridge Loans. As president, Woo will be responsible for expanding the company’s bridge lending division. Woo most recently served as vice chairman in Wells Fargo’s Corporate and Investment Banking division.
SALES
North Palisade Partners purchased an almost 17-acre site at 1101 California St. in Redlands for $44.5M. The Inland Empire East property formerly housed a waterpark that closed in 2018 and is envisioned to be transformed into a modern Class-A warehouse distribution facility.
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Hanley Investment Group Real Estate Advisors completed the sale of Bristol Place, a 61K SF multitenant shopping center in Santa Ana. The sale price was $36.5M. Hanley Investment Group Executive Vice Presidents Matt Burnett and Kevin Fryman, along with President Ed Hanley, represented the seller, an affiliate of Colorado-based Cadence Capital Investments and Oakwood Real Estate Partners. The buyer, a private investor based in Newport Beach, California, was represented by Ron Duong of Marcus & Millichap in Irvine.
LEASES
Carson Cos. secured a long-term industrial tenant in Carson, finalizing a 61-month lease at 1550 Charles Willard St. with Industrial Parts Depot, the new tenant of the 83K SF facility. IPD is a major global distributor and manufacturer of heavy duty engine parts. It is part of the Storm Industries family.
The lease at Charles Willard Street is valued at $12.5M and represents a major expansion and relocation. IPD is moving from a 42K SF distribution center in Torrance, owned by Storm Industries. The Klabin Co.’s Matt Stringfellow and Courtney Bell represented IPD in the transaction. The Charles Willard Street landlord, Carson Cos., was represented by CBRE’s John Schumacher and Bret Quinlan.
CONSTRUCTION AND DEVELOPMENT
CapRock Partners completed Palomino Ranch Business Park Phase 1 and Saddle Ranch South, two new industrial developments in Norco. Together, the LEED Silver-certified industrial properties total more than 1M SF.
Palomino Ranch Business Park Phase 1 is the start of a three-phase development. When complete, Palomino Ranch will be the largest industrial development in Norco history, with about 2M SF across 24 buildings.
Saddle Ranch South is made up of three industrial buildings ranging in size from approximately 100K SF to 155K SF.
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Construction began on the San Juan Capistrano location of coworking provider TailoredSpace. The latest location of the West Covina-based company will be about 14K SF and open in September 2023. TailoredSpace has seven locations across Southern California.
FINANCING
JLL Capital Markets arranged financing for two assets in Beverly Hills. JLL secured the senior notes with Wintrust Financial for a roughly 92K SF mixed-use building at 9440 Santa Monica Blvd. and a newly constructed ultra-luxury apartment building located at 250 North Crescent Drive.
JLL worked on behalf of Maxxam Enterprises to secure the financing with Chicago-based Wintrust Financial Corp. The JLL Capital Markets Debt Advisory team representing Maxxam was led by Senior Director Matt Stewart, Director Alethia Halamandaris and analyst Jalynn Borders.
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Dallas-based Civitas Group closed on a senior construction loan to Blatteis & Schnur for the development of a 25K SF retail and creative office project at 1404-1408 Third Street Promenade in Santa Monica.
