This Week's LA Deal Sheet
IDS Real Estate Group purchased the 63-acre Irwindale Speedway site with plans to redevelop it. There were no brokers involved and the listing price was unavailable, CoStar reported. The industrial developer plans to build a roughly 1.4-acre industrial and commercial business park, CoStar said, citing city of Irwindale documents. The Speedway is a venue for racing and other live events.
Lovett Industrial bought 13 acres of land in the San Bernardino County city of Highland. It’s the Houston-based firm’s first project in Southern California. Lovett will develop a 285K SF industrial building on the site at the corner of Palm Avenue and Meines Street. Entitlement is in progress with construction expected to begin in Q4 2023. Austin Hill, Tyler Plata and Holden Edmondson at Lee & Associates Ontario are marketing and leasing the site.
Homebuilder Brandywine Homes purchased a series of properties in El Monte, California, on which it plans to build 39 townhomes. The deal included a roughly 69K SF land assemblage and a 1031 exchange for an approximately 22K SF medical office building. The sellers were Universal Development and YKL Real Estate. The sale price for the assemblage totaled $6.2M. NAI Capital Commercial Vice President Steven Berman and associate Marcos Villagomez represented both the seller and the buyer.
The Valley Central shopping center in Lancaster, California, sold to an undisclosed buyer for $45.25M. The approximately 376K SF center at 44400 Valley Central Way was 68% occupied when it traded hands, with tenants including Marshalls, Staples, Michaels and 99¢ Only Stores. Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the undisclosed seller.
A local investor sold a 44-room Days Inn by Wyndham hotel in Anaheim for $8.6M. The hotel is next to Disneyland. The hotel at 1030 West Ball Road is walking distance to the park and to Downtown Disney. Public records indicate the owner is Anaheim-based Patsiko Inc. and the buyer is Sunstone Anaheim Owner LLC.
An undisclosed e-commerce logistics company signed a 60.5K SF lease at a Vernon, California, warehouse owned by a real estate fund managed by Ares Management. JLL’s Jon Reno, Trevor Gale, Mark Vanis and Sage Segal represented the landlord. According to a marketing brochure for the site, the lease square footage represents the full freestanding building at 2000 East 49th St. in Vernon. The space will be used for e-commerce and logistics, JLL said.
CONSTRUCTION AND DEVELOPMENT
Hines and partner USAA Real Estate started construction on the first phase of their 200-acre Riverwalk San Diego project. The Riverwalk will be a transit-oriented, mixed-use development and its first phase will include 900 residential rental units, ranging from studios to townhomes, plus retail, green space, and traffic and pedestrian upgrades to existing infrastructure. Completion is expected in early 2025.