This Week's LA Deal Sheet
Great Central Transport, a major third-party logistics company, has leased more than 340K SF in two separate but adjacent Compton properties.
Great Central Transport inked a 61-month lease for a 144K SF industrial building at 921 Artesia Blvd. The Klabin Co.’s Frank Schulz and Nick Buss represented GCT in the transaction. This warehouse was previously a DHL distribution facility. It is owned by J.P. Morgan Asset Management, which was represented by CBRE’s John Schumacher.
GCT also signed a lease for 601-615 West Walnut St., a 200K SF building nearby. Schulz and Buss represented GCT here as well. The building is owned by Prologis, which was represented by Schulz and his partners David Prior and Todd Taugner, also of The Klabin Co.
PEOPLE
Newmark hired Tony Malk as executive managing director. Malk specializes in institutional-grade hotel and resort property transactions, including investment advisory and equity placements with a predominant focus on the West Coast. Malk will be based in the firm’s Century City office. Prior to Newmark, Malk was at Hodges Ward Elliot, where he led the West Coast hotel practice.
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Kidder Mathews hired Josh Luchs to the firm’s Century City office as executive vice president. Before joining Kidder Mathews, he was a senior vice president with CBRE in Beverly Hills. Luchs has nearly 15 years of industry experience, with a focus on multifamily.
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Hybridge Capital Management hired Martin Kulli as a partner of real estate development. Kulli will oversee all aspects of real estate development from acquisition and entitlement to lease-up and sales. Prior to coming to Hybridge, Kulli worked at Olten Development, a company he founded in 2013.
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Cityview has hired Oliver Baker as its director of development. Baker was previously at CIM Group, where he served as vice president of development. In his new role, Baker manages the development process for Cityview’s ground-up projects, including due diligence for acquisitions as well as design, coordination, permitting and construction.
SALES
Waterton bought the 406-unit Veranda La Mesa apartments at 5353 Baltimore Drive in the San Diego suburb of La Mesa. This is Waterton’s first San Diego-area purchase. The sale price was not disclosed and public records do not yet reflect the transaction.
JLL Capital Markets arranged the sale and the acquisition financing for the asset. The JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Darcy Miramontes and Senior Director Kip Malo. Senior Managing Director Danny Kaufman, Senior Director Jamie Kline and Senior Director Zane Sweet led the JLL Capital Markets Debt Advisory team that represented the borrower.
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An undisclosed seller has sold a 131K SF distribution facility at 5959 Santa Fe St. in San Diego for $46.3M. CBRE's Matt Carlson, Hunter Rowe, Sean Williams, Roger Carlson and the company's National Partners West team members Barbara Perrier and Joe Cesta represented the seller in the transaction. The buyer, LBA Logistics, represented itself.
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An undisclosed private investor sold a six-unit townhouse-style property at 1814 Ninth St. in Santa Monica for $2.65M. The property sold at a 2.6% cap rate, with a rental upside of more than 80%, according to Stepp Commercial, which represented the seller. The buyer was a private Los Angeles-based investor.
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CBRE's Private Capital Partners’ Matt Pourcho and Anthony DeLorenzo, along with Louay Alsadek of Colliers, represented Camino DRN Owner LLC in the $21.5M sale of 3838 Camino Del Rio N, a 95K SF renovated office building in San Diego. The buyer was Bitwise at State Center, an out-of-town 1031 exchange buyer.
LEASES
David Chang’s media company, Majordomo Media, is opening a 10K SF studio in Row DTLA, Atlas Capital’s adaptive reuse project where the Arts District meets Skid Row. The company will make digital and audio content for streaming and social platforms in the new space, as well as host events.
FINANCING
George Smith Partners closed two loans totaling $39.4M in acquisition financing for a roughly 224K SF, five-building office campus in Laguna Hills. Three of the buildings received $24.8M of nonrecourse, seven-year, fixed-rate CMBS debt for their acquisition. Those properties are 84% leased. The remaining two buildings are 79% leased with upcoming tenant rollover and received $14.6M of nonrecourse, 75% loan-to-value bridge financing.
