This Week's LA Deal Sheet
Stockbridge has purchased The Bahay, the 200-unit Historic Filipinotown apartment complex completed in 2020. The seller wasn't disclosed, but Trammell Crow Residential was the last reported owner, and the property, under the name Alexan Bahay, still appears on its website. The sale price for the property at 330 West Westlake Ave. wasn't disclosed and doesn't yet appear on public records. Blake Rogers, Hunter Combs, Alexandra Caniglia and Javier Riviera with Walker & Dunlop represented the seller.
CIM Group bought multiple parcels — 1.6 acres in all — on and around 1000 North La Brea Ave., including property in both Los Angeles and West Hollywood. The property has been operating as a cement plant for over half a century. CIM Group principal and co-founder Shaul Kuba said the cement company is relocating and that CIM aims to redevelop the site “with new uses consistent with the needs of the community.” Property records don't yet reflect the sale.
Atlas Capital purchased a 5.4-acre industrial property slated for redevelopment in the South Bay for $39.7M. The property at 19401 South Vermont Ave. is zoned industrial but is occupied by 12 office buildings. Newmark co-Head of U.S. Capital Markets Kevin Shannon, Senior Managing Director Scott Schumacher and Executive Managing Director Ken White represented the seller, Harbor Gateway LLC, along with industrial specialists Executive Managing Directors Bret Hardy, Jim Linn and Andrew Briner, Vice Chairman John McMillan and Managing Director Danny Williams.
Bridge Industrial hired Greg Stumm as the director of acquisitions for the West region. Stumm was previously at Newmark, where he was a director in the industrial division. Stumm will head up the pursuit of new leads and underwrite acquisitions in LA, the Inland Empire, NorCal and Seattle.
JLL hired television agent Will Kircher as a senior associate in its Century City office. Kircher will focus on entertainment and media companies’ real estate needs, working with JLL’s entertainment and media team in LA. Before JLL, Kircher was with talent agency ICM Partners, where he spent the past eight years as an agent dealing with television and film writers and directors.
CONSTRUCTION AND DEVELOPMENT
The California Science Center in Exposition Park broke ground on its new Samuel Oschin Air and Space Center. The new addition will offer 100K SF for exhibits across three multilevel galleries. It will also be the home of the Space Shuttle Endeavour. ZGF provided architectural design for the new center, and MATT Construction handled construction.
Prime Data Centers is developing a new three-story, 261K SF data center in Vernon, its first in Southern California. The new facility will include dedicated office, storage and staging options, and secure parking. Prime expects completion as soon as late 2023. JLL’s Darren Eades handled the acquisition and served as a consultant, securing the power from the city of Vernon.
Local Development filed plans with the city of Los Angeles to build a seven-story, 136-unit apartment building at 5101-5125 West Pico Blvd. The Lahmon Architects-designed project will have a mix of studios and one-, two- and three-bedroom units. Thirteen units would be reserved for extremely low-income tenants.
Institutional Property Advisors arranged approximately $79.2M in acquisition financing for Evolve South Bay, a 300-unit, 25-building multifamily property at 285 East Amo Blvd. in Carson. The property opened in 2021. The financing was secured by IPA Executive Managing Director Brian Eisendrath and Senior Managing Director Cameron Chalfant, both based out of the Los Angeles office.