Sawtelle Affordable Project That Used ED 1 Sells For $16.7M: The Los Angeles Deal Sheet
Generation Real Estate Partners and Eris Development sold a 44-unit Sawtelle project developed under Executive Directive 1, Mayor Karen Bass’ effort to streamline permitting for 100% affordable housing. The property sold for $16.7M, or more than $379,500 per unit, to the Housing Authority of the City of Los Angeles, public records show.
The development at 11418 Missouri Ave. was one of the first ED 1 projects to break ground and was completed in 2025. It contains a rooftop amenity space, solar panels, on-site laundry and bicycle storage. Colliers’ Kitty Wallace and Andrew Eberhard facilitated the transaction on behalf of the sellers.
PEOPLE
NAI Capital Commercial has hired David Maling as executive vice president, based in the firm's Pasadena office. Maling brings more than 35 years of industry experience and a track record of more than $3B in closed transactions.
A former court-appointed receiver and asset manager for real estate-owned assets, Maling works with lenders across the country on foreclosure dispositions and 1031 exchanges across all product types. He also maintains a large agency leasing business. Prior to joining NAI Capital Commercial, Maling was a principal at Avison Young's Downtown Los Angeles office.
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Marcus & Millichap has rehired Aaron Fierstein as senior director of investments. Fierstein has more than 28 years of experience, specializing in multifamily sales, acquisitions and 1031 exchanges, and has facilitated more than $600M in property transactions in Southern California.
SALES
JLL completed the $31.5M sale of The Shops at Parkway Plaza in El Cajon for a private, unnamed seller. The grocery-anchored retail center at 149 Fletcher Parkway is approximately 122K SF.
A JLL team representing the seller was led by Daniel Tyner, Geoff Tranchina and Gleb Lvovich. The buyer was an undisclosed family office based in Texas.
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CBRE has closed the $11M sale of a former Farmers & Merchants Bank branch at 10422 Garden Grove Blvd. in Garden Grove. At more than $1,125 per SF, it is among the highest per-SF sales prices in the submarket, according to CBRE.
CBRE’s Cameran Lindee and Greg Sullivan led the assignment for the seller, Farmers & Merchants Bank.
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CBRE facilitated the sale of a 25K SF office building at 526 W. Las Tunas Drive in San Gabriel. The property was acquired by the nonprofit Chinatown Service Center for $8.2M.
CBRE’s Mark Shaffer, Anthony DeLorenzo and Dylan Rutigliano represented the seller, 211 LA, with CBRE’s Natalie Bazarevitsch and Jackie Benavidez representing Chinatown Service Center.
Originally developed in 1955 as a regional bank branch, the two-story office building offers drive-around surface parking.
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CBRE facilitated the $3.7M sale of a multitenant retail property at 8781 Cuyamaca St. and 9822 Buena Vista Ave. in Santee. At the time of sale, the property was approximately 90% occupied and featured a diverse mix of neighborhood-serving tenants. The 16K SF neighborhood shopping center was sold by affiliates of Calbay Development to the Burggraf Family Trust.
CBRE’s Reg Kobzi, Michael Peterson and Lane Robertson represented the seller in the transaction. The buyer was represented by William Strocco Jr. of St. Rocco Properties Inc.
FINANCING
JLL arranged a $33.5M refinance for a Class-A, single-tenant industrial building at 15959 Piuma Ave. in Cerritos. The 178K SF project was developed and is owned by Karney Properties.
JLL worked on behalf of borrower Karney Properties to secure a fixed-rate loan through Nationwide. The JLL team was led by Matt Stewart, Mark Wintner and Jacob Michael.
THIS AND THAT
NewMark Merrill Cos. has signed leases with 11 new tenants for a 30-acre, 297K SF shopping center in Victorville. Ross Dress For Less, Better Buzz Coffee, Quick Quack Carwash, 7-Eleven, Luna Grill, Pamper Me Nail Salon and others have signed on for Desert Sky Plaza II, which is scheduled to break ground in July.
The shopping center will rise at the southeast corner of Roy Rogers Drive and Amargosa Road. The 11 announced tenants will join previously announced new anchors Target, Burlington and Five Below. Desert Sky Plaza II is expected to open in the fall of 2027.
