The LA Deal Sheet
Irvine-based real estate developer FivePoint has donated $1M to the University of Southern California Sol Price School of Public Policy.
The gift will support real estate faculty recruitment, student scholarships and the creation of "interdisciplinary disruptive dialogues" with the USC Lusk Center of Real Estate to discuss and create a new vision for sustainable communities of the future, according to a news release.
FivePoint Chairman and CEO Emile Haddad, who also serves as chairman of the USC Lusk Center for Real Estate’s Advisory Board, said the gift is an investment in the future of the real estate industry.
“This is an investment in a partnership with one of the premier schools of public policy in the country," Haddad said. "It is a partnership that will invite the leaders in the industry to collaborate with leading educators to create the vision of sustainable communities, balancing environmental justice and social equity.”
SALES
LCL Capital Investments has purchased a 20-unit apartment in Reseda from Mdda for $5.3M. Built in 1987, the Camelot Apartments at 8151 Reseda Blvd. is a 19K SF apartment building featuring mostly two-bedroom and two-bathroom units. The property sold at a 4.57% cap rate. CBRE’s Laurie Lustig-Bower and Kadie Presley Wilson represented the buyer and seller.
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An unnamed home health care agency has acquired a 20,500 SF office building in Woodland Hills from Jones Plaza for $5.8M. Constructed in 1987, the three-story building at 22141 Ventura Blvd. features private balconies, a new roof and a renovated lobby. Lee & Associates’ Scott Romick and Jay Rubin represented the seller. JLL’s Richard Bright represented the buyer.
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A private investor has purchased a newly constructed 2,910 SF retail center in Baldwin Park from an undisclosed seller for $4M. A 7-Eleven store and gas station will occupy the center at 13853 Garvey Ave. when it opens later this year. Hanley Investment Group’s Jeremy McChesney and Andrew Sprowl represented the seller. Universal Capital Investments’ Elias Donay represented the buyer.
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A private investor has purchased a 14-unit apartment building in Riverside from an undisclosed seller for $2.08M. The Tilton Ave. Apartments at 5748 Tilton Ave. is a 6,900 SF property featuring all one-bedroom, one-bathroom units. CBRE’s Cray Carlson and Nick Mercurio represented the buyer and seller.
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A private family trust has purchased a 122K SF retail portion of the Foothill Ranch Towne Center in Lake Forest from Foothill Ranch for $22.25M. The Foothill Ranch Towne Center at 36532 Towne Center Drive is a 1M SF regional retail center anchored by Walmart and Target. Five tenants including At Home Furnishings occupies the sold portion of the retail center. Newmark Knight Frank’s Pete Bethea, Rob Ippolito and Glenn Rudy represented the seller.
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An undisclosed limited liability company has purchased a 7K SF restaurant building in Sun Valley from Fay Stalmer for $3.7M. Built in 1968, the building at 8431 Sunland Blvd. is a former Acapulco restaurant. Marcus & Millichap’s Brandon Michaels represented the buyer and seller.
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Marin Simgo has purchased a 50K SF office campus in Thousand Oaks from Marin Corp. Center for $9.25M. The Marin Corporate Center at 501-509 Marin St. is a two-story office complex. The center is 50% occupied. Lee & Associates’ Jay Rubin and Scott Silverstein represented the buyer. Rubin and Silverstein also represented Marin Simgo in the leasing of the property.
LEASES
Be Fit Modern Pilates has signed a lease with South Coast Plaza to occupy 1,200 SF of retail space at 3420, a seven-story 69K SF mixed-use building at the corner of Bristol Street and Sunflower Avenue in Costa Mesa. Cushman & Wakefield’s Jennifer Pelino, Brian Booth, Rick Kaplan and Robert Lambert represented the landlord. CBRE’s Jamie Rogers represented the tenant.
EXECUTIVE NEWS
Skanska has promoted Brett Bockmann from west region director of Project Controls to vice president of finance. Bockmann will work out of the company’s Riverside location. Bockmann will be responsible for managing the company’s West Coast finance team. He joined Skanska in 2002.
