Santa Monica Offices To Become School: The Los Angeles Deal Sheet
A 100K SF office and medical building at 2701 Ocean Park Blvd. in Santa Monica sold to an undisclosed school.
The school will relocate to the property and operate it as a new campus. The office building was more than 70% vacant at the time of sale. Public records show the building was owned by an entity connected to Jade Enterprises’ David Taban.
Colliers’ Sean Fulp, Mark Schuessler, Todd Tydlaska, Jordan Garcia and Blake Hammerstein marketed the property and facilitated the transaction on behalf of the undisclosed seller. Tim Dornin and Scott Rigsby of Industry Partners and Dan Pickart of Newmark represented the undisclosed buyer.
PEOPLE
CIM Group hired Asa Yapa as a managing director in investments with a primary focus on the net lease space. Yapa brings more than 20 years of experience in net-leased properties. She joins CIM's real estate equity team, which manages core, value-add and net lease strategies across multiple property types. Yapa joins CIM from Eastdil Secured, where she was the director of single-tenant and structured products.
SALES
The Bascom Group spent $53M on Castlewood Park, a 183-unit apartment property in Buena Park. The sales price works out to $290K per unit. The property at 6968 Campus Drive includes two swimming pools, on-site laundry, garages, carports and surface parking spaces. The average floor plan is just over 1K SF.
Institutional Property Advisors’ Kevin Green, Joseph Grabiec and Gregory Harris represented the unnamed seller. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of IPA Capital Markets arranged acquisition financing.
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Prime Residential purchased a Miracle Mile apartment development for $51.3M. The sale price of the 132-unit Palm Court Apartments works out to $388K per unit.
Marcus & Millichap’s Jeff Louks, Gayle Factor and Elliot Sabag represented the undisclosed seller, a private investor. The same team, plus Matt Ziegler of Marcus & Millichap, procured the buyer.
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Marcus & Millichap’s Rick Raymundo announced the sale of 12325 Chandler Blvd., a 33-unit apartment project in Valley Village. The property sold for $8.3M, or more than $250K per unit. The sale price was roughly 98% of the asking price, according to Raymundo.
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WareSpace and New York-based private equity firm Jadian Capital bought a 90,500 SF industrial distribution facility in Carson for $23M. Daum’s Michael Collins, Dustin Hullinger and Jack Stone represented the seller, JTL Corp., which used the property as its corporate headquarters.
WareSpace specializes in owning, operating and developing smaller warehouse spaces and will reposition the asset to serve as a coworking warehouse space for up to 120 small-business users.
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CIM Group acquired Domain WeHo, a 166-unit apartment complex in West Hollywood, in partnership with Hulic Co. The seven-story apartment property at 7141 Santa Monica Blvd. has 9,100 SF of ground-floor retail and sits just west of La Brea Avenue. The property opened in fall 2017. A sales price wasn’t disclosed, and public records don’t yet reflect the sale.
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Zenith Insurance Co. sold a 2.7-acre corner parcel with a 35K SF building at 21155 Califa St., also known as 5909 Variel Ave., in Warner Center to Elysian Housing and Capstone Equities for an undisclosed amount. The new owners plan to redevelop the property with approximately 316 units of affordable housing in one-to-three-bedroom floor plans and parking for more than 300 vehicles.
Lee & Associates LA North/Ventura’s John Battle, Eugene Kim, Scott Romick and Jay Rubin represented the seller.
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Marcus & Millichap facilitated the sale of The Flat, a 205-unit multifamily property just west of Downtown, for an undisclosed amount. Originally built in 1968, the property has undergone renovations and includes a controlled-access entry system, a resident lounge, upgraded laundry rooms, new windows and a package receiving system. The buyer and seller weren’t disclosed.
FINANCING
Newmark arranged the sale and financing of Crystal View Apartments, a 402-unit mixed-income apartment complex in Garden Grove. The financing was a 10-year, interest-only, fixed-rate loan originated under Freddie Mac's Multifamily Targeted Affordable Housing program. The buyer is a joint venture between Southern California-based Eagle Real Estate Partners and The Vistria Group.
Newmark’s Jonathan Merhaut and Geoff Boler represented the seller, Bridge Investment Group. Newmark's Ian McIntire and Lee Redmond arranged the financing on behalf of the undisclosed borrower.
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Northmarq’s San Diego debt and equity team led by Conor Freeman and Aaron Beck arranged a $34M refinance of Northwoods Apartments, a 324-unit garden-style apartment complex at 1662 W. Arrow Highway in Upland.
Northmarq arranged the permanent fixed financing on behalf of the borrower through the firm’s relationship with Freddie Mac. The loan is structured on a 10-year term with full-term interest-only payments.
