This Week's LA Deal Sheet: San Diego Macy's Sells As Redevelopment Opportunity
A joint venture of Jofa Capital and BLT Enterprises bought a roughly 9-acre development site in San Diego that is home to a 185K SF Macy's the company intends to close.
JLL capital markets represented the private seller. The sale price was not disclosed and does not yet appear in public records.
The site at 1555 Camino De La Reina in San Diego’s Mission Valley area sits among high-volume retailers and new housing. The zoning for the property encourages mixed-use development.
JLL capital markets' investment and sales advisory team was led by Managing Director Daniel Tyner and Senior Managing Directors Gleb Lvovich and Geoff Tranchina.
PEOPLE
SDS Capital Group promoted Laura Baron to chief operations officer. Baron had previously been SDS Group’s chief financial officer. She joined SDS in 2009 as its vice president and controller. In her new role, Baron will oversee company-wide operations and enhance operational efficiency.
***
Sperry announced that Blake Trinh, Jamie Trang and Ken Payne are joining the firm as an affiliate under the name Sperry-Landmarq CRE. The new affiliate will be based in Garden Grove.
***
SRS Real Estate Partners has significantly expanded its capital markets group, adding ten new team members from the Irvine office of Berkeley Capital Advisors. Calvin Short, Aron Cline and Gary Chou will serve as executive vice presidents and managing principals. David Faris, Cortland Lioi and Zack Williams join as vice presidents. George Gomez, Thomas Feldman and Hoffman Moore are associates and Matthew Coates is a senior client services manager.
SALES
Bridge Logistics Properties acquired a 5.6-acre site at 4542 Dunham St. in Commerce for an undisclosed price. A 122K SF building on the property is vacant and will be marketed for lease. BLP intends to pursue entitlements for a new 127K SF distribution building.
***
CBRE’s Jeff Carr and Jonathan Carr represented the Nelson family trust in the $9M sale of an industrial building in Lake Forest to 25742 Atlantic Ocean LLC. Escrow closed in less than 30 days, according to CBRE.
The 23K SF industrial building was built in 2000 and features four ground-level doors and a large secured fenced-in yard. The property also includes 2.5K SF of office.
LEASES
Hyundai America Technical Center preleased nearly 92K SF at Dermody Properties’ LogistiCenter in Irvine. CBRE’s Ross Bourne, Keith Black and Nick Spatafore represented the landlord and developer.
***
California Smash - Pickleball and Social Club has signed a new lease for a 25K SF building at 815 N. Nash St. in El Segundo.
The club features nine indoor courts, a DJ, a dance floor and a full-service bar and restaurant.
JLL’s Gary Horwitz, Caroline Bethel and Kamil Agha represented California Smash in the lease. The landlord, Gretchen B Farrell Trust, was represented by Jim Sullivan and Andrew Hardin of Gateway Business Properties. The terms of the deal were not disclosed.
FINANCING
Walker & Dunlop capital markets and multifamily finance teams led by Justin Nelson and Craig West arranged a $73M bridge loan for Bell South Bay, a multifamily property in Inglewood, on behalf of Bell Partners. The loan was provided by accounts managed by KKR.
Bell South Bay was constructed at 11622 Aviation Blvd. in 2016. It features studio, one- and two-bedroom floorplans and amenities including a pool and gym.
THIS AND THAT
Project and cost management consultancy MGAC has acquired Stonemark Construction Management, a Los Angeles-based full-service construction management firm for high-end residences and luxury homes. The acquisition was effective Dec. 31.
CORRECTION, JAN. 27, 11 A.M. PT: A previous version of this story misstated the name of Dermody Properties’ LogistiCenter in Irvine. The story has been updated.
