This Week's LA Deal Sheet
NAI Capital Commercial has new leadership. The firm named Chris Jackson as its new CEO and Joseph Faulkner as its new president of brokerage. Since October 2020, both had been serving as co-CEOs for NAI Capital Commercial.
Faulkner’s new position will focus on recruiting and integrating new brokers and offices. Jackson’s role will involve overseeing strategic, financial and leadership for the company, including coordinating with the board of directors.
Under the guidance of Jackson, Faulkner and NAI Capital Commercial Chief Operating Officer Michele Stein, the company had its most profitable year ever in 2021, it said.
A grocery-anchored shopping center along Washington Boulevard in Historic South Central sold for nearly $44.8M, all cash. The corner property, which takes up a full city block at 408-530 East Washington Blvd., is 60% leased and is in a TOC Tier 3 zone, meaning it is eligible for special incentives for developers building housing on the site if they include affordable units. Eagle's Nest Property was the seller. The buyer was West Hollywood investor Reliable Properties. Marcus & Millichap First Vice President Orbell Ovaness and First Vice President of Investments Ara Rostamian represented the seller and procured the buyer.
LPC West and partner TriGate Capital LLC bought The Square on Main, a Class-A office campus in the city of Orange. The Square on Main offers almost 420K SF of commercial space and counts private and public businesses among its 13 current tenants. The campus is 96.5% leased. The property is made up of two 12-story buildings, one six-story building, two one-story buildings and a parking structure. The sale price wasn't disclosed, and property records don't yet reflect the sale.
A partnership of Transwestern Development Co., CalSTRS and Principal Real Estate Investors sold a Moorpark warehouse to American Realty Advisors for $50.7M. The sale closed in December, but Transwestern announced the deal on Friday, minus the identity of the buyer, according to The Real Deal. The warehouse is leased to Amazon. CBRE’s Barbara Perrier, Darla Longo and Bennett Robinson represented Transwestern in the deal.
Rexford locked in a new long-term tenant at 15650 Avalon Blvd. in Compton. Xchange Logistics Corp. will take up about 98K SF at the property as it expands in the LA area. The Klabin Co./CORFAC International’s Matt Stringfellow, Tyler Rollema and Courtney Bell, in partnership with Mike Meraz of Magnum Properties, represented Rexford Industrial in the 61-month lease. The transaction is valued at more than $15.4M, according to the Klabin Co./CORFAC. Xchange Logistics was represented by Daum Commercial’s Andrew Lara.
Trucking company Pacific Expressway inked a 111K SF lease for a cross-dock/distribution facility in Compton owned by PGIM Real Estate. The building at 220 West Victoria St. has drive-around access, dock and grade loading, and a 24-foot clear height. It also has nearly 15K SF of offices. Rusty Smith and Steve Bohannon with Cushman & Wakefield’s LA-South Bay office represented PGIM.
Gantry secured $38M in financing for a property at the corner of Rodeo Drive and Brighton Way in Beverly Hills. The property houses a roughly 18K SF retail structure where luxury brands, including Guess and Bulgari, have space. Gantry principal Andy Bratt with the company’s Irvine production office and Senior Director Amit Tyagi with the Los Angeles office secured the loan on behalf of the borrower, a family with a long history in real estate in this area of Beverly Hills.
THIS AND THAT
The Port of Los Angeles has decided to try and find a tenant for a one-time StarKist cannery on Terminal Island instead of demolishing it, the Los Angeles Daily News reported. The 8.6-acre site holds about 267K SF of warehouses, plus parking. Port officials are seeking “expressions of interest” for a lease and development agreement. Bids are due on April 7, according to the Daily News.