The LA Deal Sheet
Developer Leo Pustilnikov has acquired the AES Redondo Beach Power Plant for an undisclosed amount.
The power plant, which is being used as a backup generator, sits on a 51-acre parcel at 1100 North Harbor Drive. The developer plans to build a mixed-use development with offices, hotel and retail, according to reports.
Any new development plans would need to be approved by the city. The site is currently zoned as industrial.
The sale includes provisions for up to 25 acres of open space and it provides the city of Redondo Beach with an option to purchase up to 15 acres in the future if the power plant can remain open until Dec. 31, 2023.
Newmark Knight Frank’s Kevin Shannon and CBRE’s Laurie Lustig-Bower brokered the sale.
Columbia Property Trust has sold a 260K SF office campus in Pasadena to an undisclosed buyer for $78M. The Pasadena Corporate Park is a three-building office complex at 3475 East Foothill Blvd. The center is 94% leased. Tetra Tech is one of the primary tenants at the property. The brokers of the deal were not disclosed.
A private investor has purchased a 32.2K SF office building in Temecula from Jeffstar for $5.1M. The multi-tenant office building is at 27710 Jefferson Ave. Lee & Associates’ Mary Piper, Sheri Shoemaker and Mike Hanna represented the seller. SRW Commercial represented the buyer.
Blatteis & Schnur has purchased a 5K SF retail property in the Melrose District of Los Angeles from an undisclosed seller for $20.6M, according to Commercial Property Executive. The retail property at 8532 Melrose Ave. is leased to Lululemon and Joe & The Juice. Kidder Mathews’ Tanel Harunzade, Darrell Levonian and Brittney McCarthy represented the seller. Imperial Capital represented Blatteis & Schnur.
A private investor has purchased a 1.8K SF retail property in Twentynine Palms from Fountainhead Development for $3.1M. The single-tenant property with a drive-thru at 73690 Twentynine Palms Highway is currently occupied by a Starbucks. Hanley Investment Group's Bill Asher and Jeff Lefko represented the seller. RE/MAX Commercial's Taesoo Eo and Shirley Kim represented the buyer.
Manhattan Real Estate Holdings has purchased a 59K SF medical office building in Huntington Beach from Vibe Boutique Office Properties for $20M. The Bella Terra Medical Plaza is a four-story off-campus medical office building at 7677 Center Ave. JLL's Derek Landry, Bob Prendergast, Sach Kirpalani and Lynn LaChapelle, along with the JLL Healthcare team of Kellie Hill, Chris Isola and Bryan Lewitt represented the seller.
Savills has hired Michael Soto as research director, Southern California region. Soto will be based in the company’s Los Angeles office and be part of its national research team. Soto will be responsible for providing and supporting the SoCal region’s brokerage teams with timely market research, economic insight, comparative analytics and other data. Prior to joining Savills, Soto served as a research manager at Transwestern.
Timothy Smallwood has rejoined MVE + Partners as a senior associate partner and the firm’s new director of institutional services. Smallwood will be responsible for expanding the company's institutional architecture and design studio across Southern California and beyond. Smallwood was previously with MVE from 2000 to 2006.