This Week's LA Deal Sheet
CBRE Capital Markets has hired Lawrence Britvan as president and vice chairman of institutional hotels and debt. Britvan will focus on financing solutions for commercial real estate sponsors and lenders. He will be based in LA and New York City.
Britvan comes to CBRE from Hodges Ward Elliott, where he was group head of capital markets since 2016. He was involved in more than $6B in capital markets activity in 2021.
A new strategic capital markets advisory firm, Way Capital, has launched in Century City. It was founded by Malcolm Davies and Zachary Streit, both formerly of George Smith Partners. Davies and Streit will both be managing partners at the firm. Way Capital will specialize in complex financings for entrepreneurial and institutional commercial real estate sponsors.
Parkview Financial acquired a Brentwood building at 11440 San Vicente Blvd. for $19M. The building is three stories and measures about 24K SF. The property will serve as Parkview’s new headquarters. It will occupy the second floor of the multitenant property.
Two industrial properties in North Hollywood sold for a combined $21.4M. The properties were a two-building property at 6850 Vineland Ave. and a one-building property at 13401 Saticoy. Vineland Group Holdings owned the Vineland property and sold it to an LLC connected to LaTerra Development, and 13401 Saticoy was sold by Pine Investment Partners LLC to 625 South Pacific Avenue LLC.
Lee & Associates LA North/Ventura principals Scott Caswell and Erica Balin represented the buyer and seller in the sale of the Vineland property, as well as representing the seller in the Saticoy transaction. CBRE's Greg Barsamian represented the buyer of 13401 Saticoy.
LBA Realty entered into a joint venture with Blackstone Real Estate Income Trust to recapitalize its One Culver campus in Culver City for more than $500M, Commercial Observer reported. The complex at 10000 Washington Blvd. offers 325K SF of offices, three soundstages and 15K SF of commercial space. Newmark advised on the joint venture.
CONSTRUCTION AND DEVELOPMENT
CapRock Partners has started the first wave of construction on Palomino Ranch, the largest industrial project in Norco history. When complete, Palomino Ranch will encompass roughly 2M SF across 24 buildings. The first phase will include 700K SF across eight buildings on 44 acres. Like all of CapRock’s new ground-up construction projects, this will meet LEED certification standards.
Massive Japanese grocery chain Mitsuwa has inked a roughly 10K SF, 10-year lease in Northridge. The space at 8940 Tampa Ave. previously housed a Pier 1 Imports store. Kennedy Wilson Brokerage senior associate Kyle Fishburn represented the landlord.