This Week's LA Deal Sheet
LA-based independent game developer Unbroken Studios has inked a new lease at 2120 Park Place in El Segundo, owned by Intercontinental Group. Unbroken will move into its new 16K SF space in Q1 2022, according to Cresa Los Angeles.
Cresa principals Greg Lovett and Ray Howden represented Unbroken in the transaction and assisted with site selection. Lovett and Howden’s team specializes in representing video game publishers and developers with their real estate needs. Unbroken’s new space will receive a full interior redesign and will host the company’s 90-person development team.
Standard Real Estate Investments has hired Shubhra Jha as a principal, heading investment strategy and research for the firm. She will sit on the firm’s investment committee. Before Standard, Jha spent more than 17 years at CBRE Global Investors as a senior director and team leader for the Americas investment research team.
New York-based LIVWRK and Arts District property owner Daniel Kotzer have teamed up and acquired a two-building property at 800-810 Traction Ave. in the Arts District for roughly $20M, Cushman & Wakefield announced. Their plan is to renovate the buildings for offices and possible ground-floor retail use. Kotzer is the owner of the Arts District filming hub Willow Studios; LIVWRK almost purchased the Baldwin Hills Crenshaw Plaza mall. A Cushman & Wakefield team of Mike Condon Jr., McKenna Gaskill and Brittany Winn are representing the partnership and have been retained to lease the project.
JLL arranged the $37.5M sale and acquisition loan for the Inland Empire shopping center Marketplace Beaumont, a roughly 188K SF shopping center anchored by Aldi, Ross, Best Buy, Petco and Bed Bath & Beyond. JLL worked with the buyer, Solana Beach-based Brixton Capital, to source the transaction and structure the loan for the center, which sits on about 51 acres. The seller was a private family trust that developed the center.
A five-building, roughly 80K SF industrial portfolio in Pacoima sold to Chase Partners for $16.3M, Newmark announced. The seller was a private local family that had owned the property for more than three decades. Newmark Executive Managing Director John DeGrinis and Senior Managing Directors Patrick DuRoss and Jeff Abraham represented both sides in the transaction. The properties are 100% occupied.
Kawa Capital Management has partnered with private investment company CL Hotels LLC to acquire the 11-story, 110-room Curio Collection Hilton hotel in La Jolla. The hotel’s location in La Jolla was a key driver for the acquisition, as was the renewal of a franchise agreement with Hilton for 20 years, according to Kawa. Kawa and CL Hotels plan to spend $5M to $6M on improvements to the property’s guest rooms, lobby and pool areas, as well as the restaurant and top-floor meeting space.
CONSTRUCTION AND DEVELOPMENT
West Coast Cold Storage announced it is building a 127K SF cold storage facility in Jurupa Valley. The project should be ready to open before the end of the year. ARCO National Construction is building the project. The facility will feature 70K SF of cold storage space and 50K SF of cooler space.
Construction on the 278-unit, 19-story permanent supportive housing project Weingart Tower has kicked off at 555 South Crocker St. in Skid Row. The tower replaces a surface parking lot near Sixth and San Pedro streets. The nonprofit, supportive services provider Weingart Center, teamed up with Chelsea Investment Corp. to develop the project.
Mandri Capital has closed on $14.15M in combined financing on behalf of Axis Development for the acquisition and renovation of a Santa Monica property at 927 Ocean Ave. The funding included a debt fund bridge loan, preferred equity, and a JV equity partner, providing 97% of the total project capitalization in all, Mandri said. Following the restoration and renovation planned for the building, it will hold 20 luxury apartment units with ocean views.
THIS AND THAT
LPA Design Studios announced it has completed the headquarters for Traffik, a global marketing firm based in Irvine. The two-story, 22K SF workplace is located in an outdoor shopping center, in a space originally intended for a steakhouse and sandwiched between retailers. The build-out retained aspects of the space’s previous retail life, offering passers-by views into the firm’s glass-enclosed podcast studio and main conference room.