This Week's LA Deal Sheet
The Larchmont Mercantile, a 100-year-old adaptively reused building in Larchmont Village, announced new tenants coming to some of the property’s 14 storefronts along this pedestrian-friendly section of Larchmont Boulevard. The owners of the Gensler-designed mercantile, development firm Christina Development Corp., has inked deals with Hawaii-based Holey Grail Donuts and skincare brand Skin Laundry. Christina purchased the property at 124 ½ - 148 North Larchmont Blvd. in 2018 with plans to reinvigorate it.
CBRE announced Rosie Cooper has joined the firm as first vice president, focusing on the multifamily land segment in Southern California. Prior to CBRE, Cooper was at real estate investment and development company JPI, where she was executive vice president and regional managing partner. Cooper will be based in San Diego and will team up with multifamily investment sales professionals Stew Weston, Dean Zander and Kevin Mulhern.
Foremost Corporate sold a Class-A office building in Pomona for $28.1M to The Korda Group, Newmark announced. The price tag for the property at 901 Corporate Center Drive works out to about $291 per SF. Foremost bought the building in December 2017, paying $11.8M. The building is fully leased to tax service provider Lereta. Newmark co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones, Ken White and Brunson Howard, and Director Brandon White represented Foremost Corporate. Newmark Director Andrey Mindirgasov represented The Korda Group.
Lincoln Property Co. sold a freshly renovated Class-A last-mile distribution building in San Diego’s Kearny Mesa for $64.3M — more than double than the $30.3M Lincoln Property paid when it bought the facility in 2019, public records show. After purchasing the 1980s-built property, Lincoln Property “completed significant capital improvements and repositioning of the asset,” according to Cushman & Wakefield, which advised Lincoln Property in the disposition sale. The single-tenant facility is 100% leased to a global Fortune 50 e-commerce company. Records indicate that tenant is PepsiCo.
MBK Rental Living sold a 330-unit, Class-A apartment building in the Riverside County city of Menifee for $156M, or approximately $472.7K per unit. MG Properties Group bought the complex, Artesa at Menifee Town Center, which opened in February 2020.
Home furnishings store Arhaus has signed a roughly 21K SF lease at the Westfield Topanga shopping center, the mall's owners, Unibail Rodamco Westfield announced. The showroom will open in summer 2022. The entire Westfield Topanga is undergoing renovations and an expansion that involves turning a former big-box store into entertainment space with food and beverage options.
USC renewed its 127K SF office lease in Marina del Rey for 10 years, the LA Business Journal reported. The space is at the Marina Towers, which is owned by Brookfield Property Partners, The Goldrich Group and Jordinia Operations. Cresa principal Howard Feuerstein represented USC in the lease. L.A. Realty Partners’ Rick Buckley and Tyler Thurow represented Brookfield, The Goldrich Group and Jordinia.
THIS AND THAT
A new hotel in Beverly Grove, Short Stories Hotel, is slated to open next winter and is accepting online reservations for dates beginning February 2022. The 66-room boutique hotel is replacing the former Farmer’s Daughter Hotel across from The Grove. The hotel is developed and will be operated by Grifka Group’s Leo Grifka and will offer a full-service bar and restaurant, a courtyard lounge, a pool and event space.
CONSTRUCTION AND DEVELOPMENT
Architecture firm Steinberg Hart has announced that Relevant Group’s tommie Hollywood hotel will open in early December. The 212-room, nine-story hotel will have a restaurant by chef Wes Avila and a rooftop lounge and pool. The hotel is on Selma Avenue just north of Sunset Boulevard, near two other Relevant Group projects — the Dream Hotel and the Citizen News building.
Berkadia closed the refinancing of the 671-room Town & Country Resort in San Diego. Berkadia Managing Director Scott Hall and Senior Director Aaron Lapping secured the $148M loan through Värde Partners for a partnership between Lowe and Atlas Hotels, which was the borrower.