This Week's LA Deal Sheet
JLL Capital Markets arranged the sale of an industrial property at 4982 Hallmark Parkway in San Bernardino.
The Class-A facility was built in 2018 and spans 340K SF. It is fully leased to two tenants, according to JLL. The sale price wasn't disclosed and isn't yet reflected in public records.
JLL represented the sellers, Bixby Land Co. and a global investment manager, which previous reporting indicates is AXA Investment Managers - Real Assets. The partnership purchased the building in 2019 for approximately $33.3M, public records show.
JLL also procured the buyer, Dalfen Industrial.
The JLL Capital Markets investment sales and advisory team was led by Senior Managing Directors Mark Detmer and Patrick Nally. The JLL Capital Markets debt advisory team was led by Executive Managing Director Kevin Mackenzie and Senior Managing Director Brian Torp. The Inland Empire markets team was led by Executive Managing Directors Mike McCrary and Patrick Wood.
PEOPLE
JLL hired 16-year Los Angeles industry veteran and urban street retail expert Matthew Fainchtein as managing director. Fainchtein will work with tenants and landlords on their leasing and investment needs, focusing on Beverly Hills, West Hollywood, Santa Monica, Studio City, Hollywood, Malibu and the greater Los Angeles area. He will also lead the firm’s urban high street retail leasing practice throughout Los Angeles.
Fainchtein worked for a boutique retail brokerage firm before making the jump to JLL. Before that, he spent nine years at Cushman & Wakefield, according to his LinkedIn page.
SALES
Community Preservation Partners acquired and plans to renovate Canoga Park Apartments, a 14-unit affordable housing community in Canoga Park. The property’s affordability was set to expire in March 2026. CPP will deepen existing affordability and preserve it for 20 more years under a renewed Housing Assistance Payment contract and 55 years under the new California Tax Credit Regulatory Agreement, to be implemented post-renovation. CPP’s total development investment in the property is roughly $11.4M, including the $6M purchase price.
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CBRE’s Eric Chen, Kevin Sin and Blake Torgerson represented the buyer and seller in the $7.8M sale of the Potomac Apartments, a 34-unit multifamily property in Riverside. The sale price translates to nearly $228K per unit. The property has studio, one- and two-bedroom units averaging 626 SF. Its amenities include patios, laundry and covered parking.
CONSTRUCTION AND DEVELOPMENT
Goodman began construction on Building One of Goodman Commerce Center Long Beach, a 500K SF project slated for completion by the end of this year. Goodman is positioning the project at 2401 E. Wardlow Road in Long Beach as “ideally suited for space tech, aerospace, manufacturing, e-commerce, last-mile distribution, and warehousing.”
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R.D. Olson Construction broke ground on a new 238K SF, seven-story affordable apartment complex for Meta Housing in Woodland Hills. The project was fast-tracked using LA Mayor Karen Bass’ Executive Directive 1. The first phase of the project at 21300 W. Oxnard St. will create 173 units ranging from 620 SF studios to 1,300 SF three-bedroom apartments. Completion is expected in fall 2025.
FINANCING
BWE closed a nearly $12.3M bridge loan to finance the acquisition and redevelopment of a 28K SF strip retail property in Rancho Palos Verdes. The loan features a 75% loan-to-cost ratio and includes an $8.5M holdback to complete the full rehab of the property, which is anchored by O’Reilly’s and is 67% pre-leased.
BWE Senior Vice President Mike Guterman in BWE’s Los Angeles office originated the loan from Calmwater Capital on behalf of West Hive Capital.
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Beverly Hills-based Bolour Associates Inc. provided more than $20M in debt financing for the redevelopment of three Southern California retail projects. The sites — 700 Santa Monica Blvd., 1200 Vine St. and 5240 Lankershim Blvd. — will deliver 375 new apartment units following redevelopment by Grubb Properties.
