This Week's LA Deal Sheet

JPI broke ground on its Jefferson Monrovia complex in the San Gabriel Valley city of Monrovia. The 296-apartment project will rise five stories and hold studio, one- and two-bedroom floor plans. TCA Architects, structural engineer PBA Engineering and civil engineer Fuscoe Engineering are working with JPI to build the project. 

The Jefferson Monrovia sits just south of the Monrovia A Line light rail station and a short drive away from downtown Monrovia. First occupancy at Jefferson Monrovia is anticipated in early 2025.

PEOPLE

Cushman & Wakefield hired the investment sales team of Louay Alsadek and Maddie Mawby in San Diego. Led by Alsadek, the team brings decades of capital markets experience and expertise in the advisory and disposition of office and life sciences spaces across San Diego County. Alsadek joins C&W as vice chair, while Mawby is a senior director. 

Alsadek is a 36-year real estate veteran and has completed $7B of property dispositions during his 23-year brokerage career. Alsadek and Mawby’s team will focus primarily on life sciences and office property sales. They will report to Matt Chatham, Cushman & Wakefield’s region president for the West.

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Scott Silverstein has joined Kidder Mathews in the San Fernando Valley as a senior vice president. Before joining Kidder Mathews, Silverstein was with Lee & Associates for more than 20 years. Silverstein has completed over $1B in transactions for clients like GE Capital, Nomura USA/Japan and the state of California. 

SALES

Standard Communities purchased a six-property portfolio of apartments for $106.4M from Goldrich Kest. The portfolio contains 407 affordable apartments in Monterey Hills, Central LA, the San Fernando Valley and San Dimas. The deal was brokered by CBRE’s Southern California multifamily team of Dean Zander and Stew Weston, along with Tim Flint and James Flinn of the CBRE affordable housing group, on behalf of Goldrich Kest. 

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Longpoint Realty Partners bought a group of City of Industry warehouses for $80M, according to The Real Deal. The property at 1201 John Reed Court, called the John Reed Commerce Center, totals 275K SF, meaning the sale price works out to $290 per SF. A Cushman & Wakefield team led by Jeff Chiate and Jeff Cole brokered the sale. No loan documents were filed in connection with the purchase, according to TRD. 

LEASES

Boot Barn will take over an entire building at the Spectrum Terrace campus formerly leased by software companies Alteryx Inc. and Kajabi through subleases. The new space measures 116K SF and is 37% larger than the Western wear store’s current headquarters at the Lakeview Business Center. Boot Barn’s sublease runs through early 2027, when Alteryx and Kajabi’s subleases expire. 

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Silverstein Properties added three new tenants taking up a total of 40K SF at the U.S. Bank Tower in Downtown, Commercial Observer reported. Insurance brokerage Sompo International signed a 10-year, roughly 21K SF lease on the 51st floor. Law firm Akerman inked a multiyear, 13K SF lease for the whole 64th floor. Commercial property and casualty insurer Continental Casualty Co. signed a 10-year, 6K SF lease. Additional terms of the leases weren't disclosed. 

FINANCING

Little Tokyo Service Center closed on construction financing for an affordable shared housing pilot project at 823 Cleveland St. in Chinatown. The five-story multifamily building consists of 53 shared housing, or co-living, units. The 100% affordable project doesn't rely on public funds. It has been funded by a variety of private sources, including funds earmarked for shared and alternative affordable housing projects.

The property for the project was purchased using funding facilitated by the Affordable Housing Initiative, a special-purpose fund created by the United Way of Greater Los Angeles and Genesis LA. Funding sources include the California Community Foundation and Apple. 

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PGIM Real Estate provided $333M in floating-rate financing to GLP Capital Partners Inc. for the acquisition of three industrial properties in the Inland Empire. PGIM Real Estate provided two separate loans to GCP, including a $175M loan on a collection of newly delivered buildings and a separate $158M loan on two existing projects. Further details about the properties weren't disclosed.