This Week's LA Deal Sheet
Waterton bought the 736-unit Ontario apartment complex Terracina for an undisclosed price and is rebranding it as Citrine Hills.
The property at 3303 South Archibald Ave. sits on 41.3 acres. The complex has 288 one-bedroom, 128 two-bedroom/one-bathroom and 320 two-bedroom/two-bathroom apartments, with the average unit measuring 874 SF.
Rents in the Inland Empire were up to $1,941 in the first three months of this year, a 17.4% rise over the same time the previous year.
PEOPLE
Avenue5 Residential hired Tazia Moore as its senior vice president of Southern California operations. Moore will oversee 30 multifamily assets and 7,000 units in Los Angeles, Orange County, San Diego and the Inland Empire. Prior to Avenue5, Moore was senior director for Southern California at Cushman & Wakefield.
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Kidder Mathews has hired Mark Butcher as senior vice president and market leader for asset services in Greater Los Angeles, Orange County and San Diego. Butcher will direct property teams, client development and quality control. Prior to Kidder Mathews, Butcher was the market leader for Alexandria Real Estate Equities’ San Diego Asset Service division.
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Kidder Mathews has promoted John Anthony to managing director of its Downtown Los Angeles office. Anthony specializes in selling and leasing office properties in the LA area. Anthony and his team — including Chris Steck, Chris Giordano and Phil Taggart — have completed more than 1,250 transactions totaling more than $2B in value.
LEASES
Landmark Theatres has entered into a long-term lease for the Playhouse 7 movie theater in Pasadena. The seven-screen, 1,300-seat theater at 673 East Colorado Blvd. is operating as a Laemmle. It will become a Landmark this summer.
The landlord is GD Realty. Laemmle sold the building in 2020 in a sale-leaseback deal. JLL Senior Managing Director Scott Burns and JLL Executive Vice President Richard Bright assisted Landmark Theatres in the lease.
CONSTRUCTION AND DEVELOPMENT
Studio One Eleven and partner design firm RDC Interiors announced the opening of the headquarters of Laserfiche in Long Beach. The building’s upper floor is cantilevered to shade the lower floors and windows are minimized on the west facade to reduce heat gain. Multiple outdoor decks offer outdoor workspace options. Laserfiche has been headquartered in Long Beach since 2001.
FINANCING
Gantry secured a $24M bridge loan refinancing the Village at Moorpark, a 129K SF retail center in Moorpark, California. The property includes essential and destination retailers, including an Amazon Fresh.
SALES
MG Properties bought Evolve South Bay in Carson from MBK Rental Living. The 300-unit, Class-A apartment community at 285 East Del Amo Blvd. opened during the coronavirus pandemic and completed lease-up in 12 months. This is the third multifamily transaction between the two companies. The price was not disclosed and public records do not yet reflect the transaction.
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An affiliate of Rockwood Capital purchased a 250-unit complex in Costa Mesa from Legacy Partners. The complex, 580 Anton, holds a mix of studio, and one- and two-bedroom units. 580 Anton opened in 2018. The purchase price was not disclosed and public records do not yet reflect the sale.
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A 37.6K SF warehouse in North Hollywood has sold for $14.3M, or $380 per SF, to a creative studio. NAI Capital Executive Vice President Adam Comora completed the sale and represented the buyer, Happy Place Stages. The property at 5446-5450 Satsuma Ave. was built in the 1950s and renovated in 2017.
