This Week's LA Deal Sheet
Fremantle has signed a 12-year lease for 43K SF at Reframe Studios in Atwater Village. The media company produces American Idol, The Price Is Right and other live, unscripted shows.
A joint venture between Captiva Partners, Avalon Investment Co. and a private investor purchased the property at 4561 Colorado Blvd. last year. The campus offers 189K SF in total, and about 145K SF is still available at the property.
Captiva bought an industrial property in Burbank in March, paying $11M. Captiva is also building a 100K SF adaptive reuse office campus in Glendale that is expected to be complete later this year.
CBRE announced the lease, and Doug Marlow and Juliana Sampson represented Captiva Partners. Fremantle was represented by Ray Howden at Cresa.
FINANCING
Parkview Financial has provided a $29M construction loan to Greenpointe Development for a mixed-use project on Crenshaw Boulevard in South LA. The project will bring 124 apartments and 6K SF of retail space along the street to 4242 Crenshaw Blvd. The site is occupied now by commercial properties that will be demolished. Construction is expected to be complete in October 2022. This is Parkview’s third LA-area loan with the developer.
SALES
Hyundai Motor America purchased a renovated 90K SF creative office property in El Segundo for $70M, Commercial Observer reported. The seller of the property at 2221 Park Place in the Continental Development Park was a partnership between Kyle Ransford of El Segundo-based Cardinal Investments and Platform Ventures, which acquired the property two years ago, paying $31M.
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LPC West, in a joint venture with a real estate fund advised by Crow Holdings Capital, has purchased vacant land on Airway Road, just north of the U.S.-Mexico border in San Diego’s Otay Mesa submarket. LPC West plans a ground-up industrial campus on the site with two buildings totaling 195K SF and outdoor amenity areas totaling 2K SF. The purchase price wasn't disclosed.
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Worldwide Material Handling purchased a newly built, approximately 135K SF Class-A industrial building in San Bernardino at 549 East Central for $21.5M. The building was developed and sold by Hillwood Investment Properties. Cushman & Wakefield’s Tim Pimentel, Chuck Belden, Brice Larson and Kyle Kehner represented WMH in the deal. Bill Heim and Alex Heim with Lee & Associates represented the seller.
CONSTRUCTION AND DEVELOPMENT
Studio One Eleven announced it will lead the design of an adaptive reuse project that will transform a historic Long Beach building into a new home and training center for Centro CHA, a Long Beach nonprofit aiming to lift up the Latino community. The group’s new Business and Workforce Skills-Training Center will provide apprenticeships and new employment opportunities in technology, hospitality, retail, and transportation and logistics.
Studio One Eleven is designing the project at 1850-1862 Atlantic Ave., as well as an adjacent addition. The project is expected to open in 2023.
PEOPLE
LPA Design Studios has hired Isabel Mandujano as its new director of laboratory planning. She will support the Irvine-based firm’s work in life sciences facilities for corporate, pharmaceutical and biotechnology clients. Before LPA, Mandujano served as senior laboratory planner at an integrated firm specializing in the biotechnology, pharmaceutical, manufacturing, and food and beverage sectors.
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Stream Realty Partners has named Marty Pupil partner at the company. Pupil joined Stream’s Greater LA office in 2018. Stream said that since joining the firm, Pupil added numerous service lines and new markets, including the Inland Empire. Pupil is currently executive managing director and oversees operations for the greater LA and Orange County offices.
