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This Week's LA Deal Sheet

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La Placita Cinco in Santa Ana

La Placita Cinco, a TCA Architects-designed mixed-use project, has opened in Santa Ana. The new retail and residential development involved the renovation of two existing low-rise retail buildings and the ground-up construction of a four-story residential building at the corner of the property, replacing a gas station.

The residential building includes 51 affordable apartments for households making 30% to 60% of the area median income. TCA designed the project on behalf of Community Development Partners.

PEOPLE

Real estate lending firm Parkview Financial has named Ted Jung chief credit officer. Jung, who will be based out of the firm’s Los Angeles headquarters, will serve as the head of Parkview’s underwriting team and provide credit oversight for the firm. Jung previously served as the director of new loan origination and head of underwriting at Guggenheim Partners in Santa Monica.

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LA-based affordable housing developer Meta Housing Corp. has expanded its leadership team, promoting Taylor Rasmussen and Loren Messeri to vice presidents of development. Both Rasmussen and Messeri previously served as directors of development at Meta.

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1301 Dove St. in Newport Beach

SALES

A 10-story office building spanning 215K SF at 1301 Dove St. in Newport Beach has sold in an off-market transaction for $64M, or $298 per SF. The buyer was a joint venture between Ocean West Capital Partners and Rockwood Capital. Newmark co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones, Brunson Howard and Ken White and Director Brandon White represented the seller, McCarthy Cook & Co., according to Connect CRE and McCarthy’s website. Public records indicate McCarthy paid just under $72.3M for the building in 2015. 

The buyer was looking for the opportunity to acquire a value-add Class-A office building with a Newport Beach address, according to a release from Newmark announcing the sale. 

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Waterford Property Co., in partnership with the California Statewide Community Development Authority, has acquired Theo, a 105-unit apartment complex at 289 North El Molino Ave. in Pasadena for $67M. Waterford and the CSCDA will convert the property to moderate-income housing, which they have done with several properties throughout SoCal. Average rent per unit at Theo is now $3,562, but with new rent restrictions through the moderate-income program, the average rent will be lowered to $2,860.

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Pendulum Property Partners and Long Wharf Capital purchased a 111K SF, four-story office property adjacent to Culver City in an off-market transaction for $55.95M. The building at 3000 Robertson — about a half-mile up the street from offices for Apple, HBO and Amazon Studios — is leased to tenants including WeWork and Kaiser Permanente. 

CBRE’s Mike Longo, Todd Tydlaska, Sean Sullivan and Greg Grant represented the seller, Watt Properties and Edge Principal Advisors. Public records indicate the seller purchased the property in 2015 for $26.7M. 

The CBRE team also procured acquisition financing for the buyer from a regional bank. 

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Hanley Investment Group Real Estate Advisors arranged the off-market sale of a nearly 20K SF CVS-anchored retail center in Monrovia for $11.95M. The shopping center is fully occupied, with tenants including Bank of America and Children 1st Pediatric Group.

Hanley Executive Vice Presidents Jeff Lefko and Bill Asher represented the buyer, a private investor based in Monrovia. The seller was Newport Beach-based Lake Development, which originally developed the property about two decades ago. 

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The Torrance Medical Plaza, a multi-tenant, 24K SF medical office building at 19000 Hawthorne Blvd. in Torrance, has sold for $6.1M. 

The four-story property sits at the corner of Hawthorne Boulevard and West 190th Street, with tenants including the Orthopedic Institute Medical Group and Total Family Dentistry. 

Avison Young principals David Maling, Chris Maling and Patrick Barnes represented the seller, a California-based private investor, as well as the buyer, Tripod Investment. Tripod is a physician group and it plans to be a tenant at the property.

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718 South Hill St. in Downtown LA

FINANCING

George Smith Partners principal and co-founder Steve Bram and his team at GSP arranged for roughly $16.4M in permanent financing for a newly stabilized, seven-story office building in Downtown LA’s Historic Core. The property is at 718 South Hill St., where owners Bow West Capital have been working to open a marijuana-focused office property

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Berkadia secured a joint venture partner for Toll Brothers Apartment Living — the rental division of Toll Brothers — for the development of Rafferty, a new 218-unit multifamily rental community in Santa Ana. The property is also in an opportunity zone. 

Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital identified the joint venture partner — Arlington, Virginia-based EJF Capital LLC — and helped structure the deal.

The project is being financed through $31.7M in joint venture equity from EJF Capital, along with a $66M loan facility from Santander Bank N.A., arranged by Toll Brothers’ in-house Finance Department. Construction is expected to be complete in 2024.

LEASES

StringKing leased a freestanding 74.7K SF manufacturing and distribution facility in Carson, Cushman & Wakefield announced. The building at 1005 East Artesia Blvd. was originally developed in 1972 but underwent comprehensive renovations this year. 

StringKing was largely a sports equipment and custom manufacturer. It pivoted during the coronavirus pandemic to make face masks and other personal protective equipment for hospitals and the general public alike. The new Carson facility will help it meet its added manufacturing and distribution needs.

Rusty Smith, Eric Daschbach and Courtney Curtis in Cushman & Wakefield’s LA-South Bay office represented the tenant in the transaction. David Bales, Remington Moses and Andy Gage with Lee & Associates represented the landlord.