The LA Deal Sheet
The U.S. Department of Housing and Urban Development has awarded $35M to the city of Los Angeles to help revitalize the Jordan Downs area of Watts.
The award is part of HUD's Choice Neighborhoods Initiative, a program that provides grants to help transform historically distressed neighborhoods.
Jordan Downs is one of four neighborhoods across the nation that received grants totaling $130M, according to HUD. The awardees are slated to develop a total of 3,641 mixed-income units in those neighborhoods.
“[The] Choice Neighborhoods awards will provide a transformational investment in these neighborhoods,” HUD Secretary Ben Carson said in a statement. “Even during the Coronavirus outbreak, HUD is continuing to direct support to those communities that need it most.”
Jordan Downs is one of the largest low-income public housing complexes in Los Angeles. The area has historically been rife with crime, drug use and gangs. But in recent years, the area has seen a revitalization. The Housing Authority of the City of Los Angeles, along with several developers, is currently redeveloping the area with a new retail center, apartments and infrastructure.
SALES
A private investor has purchased a 21-unit apartment building in Los Angeles from an undisclosed seller for $6.5M. The building at 8355 Blackburn Ave. is in the Beverly Grove neighborhood of Los Angeles. This was the first time the property was on the market since it was built 64 years ago, according to the brokers. Marcus & Millichap's Jordan Asheghian, Michael Sterman and Tony Azzi represented the seller and buyer.
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A private investor has purchased a 315K SF office building in Pasadena from a private seller for an undisclosed price. Known as the Bank of America building, the Class-A office asset sits on a 2.8-acre lot at 101 South Marengo Ave. JLL’s Michael Leggett, Andrew Harper, Will Poulsen and Patrick Church represented the seller.
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The owner of 43201 Zevo Drive has sold a 228K SF industrial building in Temecula to an undisclosed buyer for $29M. The building at 42301 Zevo Drive is currently occupied by Abbott Cardiovascular Systems. The sale marks the highest price per square foot for a building with more than 100K SF in Southwest Riverside County history, according to the brokers. Lee & Associates’ Scott Steward represented the buyer. Lee & Associates’ Alisa Lovas-Hopsiter represented the seller.
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A private investor has purchased a single-tenant retail building in Imperial Valley from Becker Development for $2.85M. Built in 2019, the 2.6K SF retail building with a drive-thru at 2033 North Imperial Ave. is occupied by a Starbucks. Hanley Investment Group Real Estate Advisors’ Bill Asher, Jeff Lefko and Ed Hanley represented the seller.
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Safariland has sold a 103K SF industrial building in Ontario to Dermody Properties for $12.9M. The building at 3120 East Mission Blvd. features 24-foot clearance height, a large truck court and 243 parking spaces. The building was vacant at the time of the sale. CBRE’s Barbara Perrier, Darla Longo and Dan De La Paz represented the buyer and seller.
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A private investor has purchased a 32K SF industrial building in Whittier from CEC Properties for $5.5M. Built in 1974, the building at 8155 Byron Road is situated on a 1.5-acre lot. Avison Young’s Chris Maling, David Maling and Paul Clark represented the seller.
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JLL has arranged the sale of two retail buildings totaling 13.6K SF for $4.77M. Happy Sky acquired an 8.1K SF retail building at 11732 Rosecrans Ave. from an undisclosed seller. Bliss Car Wash purchased a 1.13-acre site at 120 South Hacienda Blvd. from another undisclosed seller. JLL's Adam Friedlander represented both acquisition's buyers and sellers.
FINANCE
On behalf of an affiliate of E&S Ring, NorthMarq has arranged a $75M permanent refinance of a multifamily property in Costa Mesa. The Mediterranean Village at 2400 Harbor Blvd. is a 508-unit multifamily garden-style apartment complex. The transaction was structured with a 10-year term of interest-only payments with a fixed rate just shy of 3%. NorthMarq’s Nathan Prouty and Andy Slaton arranged the refinancing.
