This Week's LA Deal Sheet
Greenbridge Finance, a subsidiary of Greenbridge Investment Partners, and Deutsche Bank co-originated a $150M refinance loan for The Reef, a 12-story building near LA Trade Technical College that holds about 800K SF of office and workspace for fashion, media and other creative businesses. The property was once targeted for an extensive redevelopment.
The Ben B. and Joyce E. Eisenberg Foundation sold a fully leased industrial park in North Hollywood for $37M. All proceeds go to charity. The roughly 140K SF Sherman Way Industrial Center spans five buildings and has tenants in the residential construction and home improvement business. The buyer was a joint venture between affiliates of Captiva Partners and Westbrook Partners.
David Hasbrouck, Lars Platt, Benjamin Cooper and Mitchell Neff of Cushman & Wakefield’s Capital Markets team represented the foundation. Cushman & Wakefield Senior Associate Paul Sims provided leasing advisory.
Foothill Credit Union sold an Arcadia building at 30 South First Ave. to Foothill Cardiology Group for $5.2M. The single-tenant office building measures around 12.7K SF, working out to $407 per SF. NAI Capital Commercial Senior Vice President Rene Soto with the Tenant Consulting Group and Executive Vice President Tina LaMonica of the Pasadena office represented the buyer.
Classic Deering Properties sold two Canoga Park industrial buildings in an off-market deal for $9.25M. The buildings total 35K SF. The property at 7886 Deering Ave. was purchased by Fortress Investment Group. Delphi Business Properties Executive Vice President David Hoffberg represented Classic Deering Properties. Nublock Partners’ Jonathan Lee and Roy Harel represented the buyer.
E-commerce fashion company Revolve finalized its 48K SF lease at Row DTLA, adjacent to the Arts District. The company leased 42K SF of office plus 6K SF in another building at the Row to use as a photo studio. Savills Corporate Managing Director Chris O’Connor represented Revolve in the lease. JLL’s Josh Wrobel, Jaclyn Ward and Cassie Trosclair represented landlord Atlas Capital.
Also at the Row, furniture company Joybird leased 20K SF at Row DTLA. The space will function as part HQ, part showroom for the online furniture brand. The company will move in next spring.
International law firm Gunderson Dettmer inked a lease for about 25K SF in the Arts District. The firm will take up the entirety of the two-story office building at 635 Mateo, a 1920s-era building built as the headquarters for Hills Brothers Coffee.
CONSTRUCTION AND DEVELOPMENT
Midwood Investment & Development has just announced plans to renovate the Bilak Building, an Art Deco commercial building across the street from MacArthur Park at Seventh and Alvarado streets. It is immediately next to the entrance to Westlake/MacArthur Park subway station. Avison Young’s Yansy Naranjo and Chase Gordon handle the leasing for the building.
Kidder Mathews hired Chris Riegel as senior vice president. Riegel is based in the El Segundo office and specializes in office sales and leasing in Southern California. Riegel was previously at Cresa Partners.