This Week's LA Deal Sheet
San Diego-based Tower 16 Capital Partners acquired a two-property multifamily portfolio in Moreno Valley for $107.2M. The 504-unit portfolio was split between the 384-unit Sienna Pointe Apartments and the 120-unit Heacock Park Apartments.
Tower 16 plans nearly $10M in upgrades and renovations at both properties, including updates to the units and the addition of new clubhouses, gyms and updated pool areas. The properties were Tower 16’s fifth and sixth purchases in the Inland Empire.
The portfolio was acquired from a private seller in an off-market transaction. Tower 16 was represented by Brian Nelson of Colliers International alongside Nicole Parrish of Centurion Realty.
PEOPLE
Cushman & Wakefield appointed Tina West to senior managing director to lead the firm’s multifamily operations in the West region. West will be based in San Diego and will oversee the firm’s management portfolio of approximately 466 properties totaling over 91,000 apartment homes in Washington, Oregon, California, Nevada, Arizona and Texas.
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Allen Matkins announced Michael Kostecka has returned to the firm’s Los Angeles office as a partner. Kostecka was an associate at Allen Matkins from 2006 to 2012 and senior counsel from 2012 to 2014. His practice encompasses a broad range of real estate and construction transactions, including advising landlord and tenant clients, purchase and sale agreements, and managing all aspects of joint venture and preferred equity investment transactions for real estate investment firm clients.
SALES
A 100% leased, approximately 203K SF Class-A logistics facility at 7255 Rosemead Blvd. in Pico Rivera sold for $56.5M. The buyer was Century City-based Cohen Asset Management Inc. The seller was Stealth Holdings, which bought the property in 2004 for $12.33M.
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A 42K SF Encino office space at 17000 Ventura Blvd. has sold for $13.2M. Lee & Associates-LA North/Ventura principal and Managing Director Scott Romick and principal Darren Casamassima negotiated the sale for the seller. Lee & Associates-LA North/Ventura principal Jared Smits represented the buyer, 17000 Ventura, an LLC linked to Jamison Properties.
LEASES
DAUM Commercial Real Estate Services completed the long-term lease of a roughly 202K SF industrial building at 6000 Condor Drive in Ventura County’s Moorpark. DAUM worked on behalf of the lessor interest through Transwestern Development Co., which developed and manages the property. The industrial facility is leased to Amazon, according to DAUM Commercial Executive Vice President Bram White. White represented the lessor along with Don Thordarson of Donald J. Thordarson Inc.
CONSTRUCTION AND DEVELOPMENT
Studio T-Square 2 announced that the mixed-use Broadstone Promenade has broken ground and begun construction in downtown Long Beach. The eight-story building will hold 189 market-rate apartments, over 10K SF of retail and 268 parking spaces. Completion is estimated for June 2023.
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EGC Real Estate Group has begun construction on an eight-story, 63-unit apartment building in Koreatown at James M. Wood Boulevard and New Hampshire Avenue, Urbanize reports. The project is replacing a 1960s-era apartment building that was on the site. Completion is expected in 2023.
FINANCING
Gantry secured $24M of permanent financing for a three-story, 950-unit self-storage facility in South Gate. The existing facility is stabilized, and the property is currently undergoing an expansion, set for completion in Q2 2022. The loan has initial funding for the stabilized portion of the facility and construction financing.
The deal was one of four transactions totaling $120M of recent commercial mortgage financings in self-storage that Gantry announced, affecting nine assets across California, Arizona, Oregon and Washington.
