This Week's LA Deal Sheet: New Movie Theater To Open In Former El Segundo ArcLight
A former ArcLight Cinemas location in El Segundo will reopen in the coming week as a CinemaWest Beach Cities.
The reopening follows renovations of the theater, which include new interiors, recliner seating and improved online ticketing and concessions, CinemaWest and landlord Continental Development Corp. announced in a release.
A 4DX theater, under construction in the CinemaWest now, will be complete in early March. These theaters feature motion seats that shake with the action in the movie and also include environmental effects like wind, rain and fog. In all, the theater has 16 auditoriums for moviegoers.
PEOPLE
Kidder Mathews hired Michael Morris as vice president in El Segundo. Morris specializes in net-lease investments and has advised clients nationwide. Morris has closed more than $350M in transactions over the past decade, representing a range of national retailers including Chick-fil-A, Starbucks, Chipotle, Wawa, Sherwin-Williams, Wendy’s, 7-Eleven, Taco Bell, O’Reilly Auto Parts and First Citizens Bank.
SALES
Gemdale USA sold 4500 Park Granada, a three-story, Class-A office building in Calabasas. Newmark announced the all-cash sale. The sale price was $69M, according to Commercial Observer.
Gemdale paid $79M for the office building three years ago, the firm announced at the time. It listed the property in March, asking $82M, The Real Deal reported at the time.
Newmark's Kevin Shannon, Ken White, Rob Hannan, Michael Moll, Laura Stumm and Alex Beaton represented the seller. Newmark also repped Gemdale in its 2021 purchase of the building.
The buyer was a joint venture between Cross Ocean Partners and Palisade Group, according to a release from Newmark.
***
Bolour Associates Inc. has completed the $23.9M sale of Cerro, a Class-A creative office building at 27401 Los Altos adjacent to the 5 Freeway in Mission Viejo. The buyer wasn't disclosed.
Bolour acquired the four-story, roughly 71K SF office building in 2018 and completed a multimillion-dollar renovation that modernized elevators and added a WiFi-enabled lobby and patio. Bolour also added speculative creative office suites at Cerro. Almost half of Cerro’s leases are with credit tenants, including Pulte Homes and the U.S. General Services Administration.
Almost 70% of Cerro tenants have leases through at least 2028, according to a release from Bolour. JLL's Blake Bokosky and Will Poulsen of JLL served as investment sales advisers. CBRE's Simon Dillon, Justin Hill and Reid Weaver are Cerro’s leasing brokers.
***
Westport Properties purchased a self-storage portfolio of two StorQuest Self Storage-managed properties at 17106 Avalon Blvd. in Carson and 2500 Campbell Place in Carlsbad. The portfolio totals nearly 271K SF and 2,284 units. It was approximately 90% occupied at the time of sale. The seller and the sale price weren't disclosed.
Cushman & Wakefield’s Greg Wells, Kevin Cuff, Luke Elliott and Mike Mele handled the transaction on behalf of the seller.
FINANCING
San Francisco-based Brilliant Corners secured nearly $30M in bond financing for the construction of a 78-unit, five-story affordable housing project in Alondra Park, an unincorporated community near Lawndale and Gardena in the South Bay.
The Los Angeles County Board of Supervisors this week approved the financing for the nonprofit developer to build the project at 3127 W. 147th St., according to Urbanize Los Angeles.
***
Gantry secured a $12.7M permanent loan to refinance the Warner Center Business Park at 5950 Canoga Ave. in Woodland Hills. The suburban office building is six stories tall with multiple tenants across approximately 94K SF. It is roughly 90% occupied, according to a release from Gantry.
Gantry's Tony Kaufmann and Alex Poulos with the firm’s San Francisco production office represented the borrower, an undisclosed private real estate investor. The fixed-rate loan was secured from one of Gantry’s correspondent insurance company lenders.
