This Week's LA Deal Sheet
Thor Equities Group acquired 2575 El Presidio, a Carson warehouse, for $30M. The 196K SF structure sits on a 6-acre site at 2575 El Presidio. The property was fully leased to textile and fabric manufacturer Texollini at the time of sale.
Thor Equities touted the property’s location, which is close to the Port of Los Angeles and highways that connect to the greater LA metro area. The firm has a logistics portfolio spanning 3.84M SF globally, but this is its first West Coast acquisition, the group announced.
HR&A Advisors’ Andrea Batista Schlesinger has been promoted to managing partner of HR&A’s Los Angeles office. Paul J. Silvern, who has served as partner in charge of HR&A’s Los Angeles office since 2007, will remain an active partner at the firm and support Batista Schlesinger in her new leadership position. Batista Schlesinger and her inclusive cities practice work to realize equity and justice through equitable economic development and systemic change.
Haven Capital has hired Hal Pohl as head of West Coast acquisitions. In his new LA-based role, Pohl will oversee Haven Capital’s deal origination activities as the firm expands its ground lease platform nationally. Pohl will also lead a team of investment advisory and financing professionals working with owners and operators to recapitalize their properties through ground lease structures.
Avanath Capital Management acquired senior housing community Overlook at Anaheim Hills for $87.5M. The 261-unit mixed-income senior apartment complex was the second senior housing development acquisition Avanath has made in Orange County in less than 90 days. Vacancy at the Overlook has averaged 2.51% from 2017 to 2019 and 1.68% over the last 12 months, according to Avanath.
Champion Real Estate Co. announced it acquired a 100-unit, 346-bed student housing community near Cal State University Fullerton, paying just over $44.4M. The property at 2000 Oxford Ave. in Fullerton is called Oxford North but will be rebranded as University Village Fullerton and undergo comprehensive renovations to common areas and units.
Warner Center Business Park in Woodland Hills sold to a private local investor for $13.4M, CBRE announced. The approximately 53K SF multi-tenant office property was 93.2% leased at the time of sale and features 200 parking spaces. CBRE’s Fred Aframian and Ryan Lin represented the buyer. The seller, a private investor, was represented by an undisclosed firm.
Lee & Associates - LA North/Ventura completed a lease for a 50K SF, one-story industrial building in Thousand Oaks. The building will be occupied by K1 Speed, the world’s largest electric indoor karting operator. Lee & Associates - LA North/Ventura President Mike Tingus and principal Grant Fulkerson represented the landlord, BM Properties. Lee & Associates - Riverside Vice President Rocky Moran represented K1 Speed in the deal, which has an aggregate value of roughly $7.5M on a 10-year lease term.
Colliers announced that it brokered a 190K SF lease for a just-completed logistics facility in Fontana. Colliers’ Kevin McKenna and Greg Merrill represented project developer Molto Properties in the seven-year lease agreement with Sell Below Cost USA. Molto partnered with LDC Industrial Realty to develop and construct the building.
Clean Energy Fuels Corp. has extended the term on its 49K SF Class-A office headquarters at MacArthur Court in Newport Beach. The company occupies two-and-a-half floors in the 15-story high-rise, which is owned by The Irvine Co. Rick Kaplan, Patrick Ryan and Chon Kantikovit with Cushman & Wakefield’s Irvine office represented Clean Energy Fuels.
JLL announced that omnichannel customer acquisition company System1 signed a sublease for approximately 29K SF at 4235 Redwood, a roughly 50K SF building in Marina del Rey. System1 will be relocating its headquarters to the Marina del Rey space from Venice. JLL’s Gary Horwitz, Kamil Agha and Blake Searles represented System1. The sublessor was represented by Cresa.
Madison Realty Capital announced that it provided a $110M loan to a joint venture between Harridge Development, Silverpeak Real Estate Partners and an affiliate of Cerberus Capital Management for single-family home lots at 27812 South Western Ave. in San Pedro. The sponsorship group bought the lots in 2018 and has since completed the development of infrastructure and roads to prepare the site to be sold to national homebuilders. Maverick Commercial Properties’ Adi Chugh advised the sponsorship group on the transaction.
CORRECTION, APRIL 26, 10:12 A.M. PT: A previous version of the Deal Sheet featured the wrong title of Haven Capital's Hal Pohl. He is head of West Coast acquisitions, not West Coast director. The story has been updated.