The LA Deal Sheet
A JV of Trammell Crow and Clarion Partners has closed escrow on a 137-acre site for The Center at Needham Ranch in Santa Clarita.
The JV has been developing The Center at Needham Ranch, a master-planned, 252-acre industrial development in the northern part of Los Angeles County, since 2017.
The development team broke ground on the first phase of the industrial project in late 2017 and is concluding construction on Phase 1, which is composed of 900K SF of Class-A industrial space spanning six buildings that range from 70K to 210K SF, according to a news release.
With the recent close of escrow, construction for the second phase will begin this summer. Officials said the Phase 2 site is fully entitled for up to 2.5M SF of commercial/industrial space and provides the ability for build-to-suit development of up to 500K SF for manufacturing, logistics, e-commerce or entertainment/media campus development.
Last year, Illumination Dynamics became the first tenant to sign a lease at the Center at Needham Ranch.
“We are pleased to have closed escrow on the second and final phase of land for our state-of-the art industrial park,” Trammell Crow principal John Balestra said in a news release. “As one of the largest undeveloped fully entitled industrial development sites in Southern California, we are looking forward to proceeding with the second and final phase of this long-planned development.”
Oltman’s Construction Co. is serving as the general contractor. HPA is the architect. Alliance Land Planning & Engineering is the civil engineer. CBRE’s Craig Peters and Doug Sonderegger are the leasing agents for the property.
Red Mountain Retail Group has acquired a 23K SF retail building in Costa Mesa from a private investor for an undisclosed price. The retail building occupied by Ace Hardware sits on a 105K SF lot at 2666 Harbor Blvd. Ace Hardware notified the owner that it would not renew its lease, which expired in the end of April. Red Mountain jumped on the site and plans to redevelop it. Matthews Real Estate Investment Services’ Bill Pedersen, Michael Pakravan and Matthew Sundberg arranged the transaction.
In a 1031 exchange, a private investor has purchased an eight-unit multifamily property in Highland Park from Dunleer for $3.2M. Built in 1921, the Cottage Club is a rental community consisting of eight stand-alone cottages with one-bedroom and one-bathroom at 336 North Avenue 57. Compass Real Estate’s Jenny Morant represented the buyer. Compass Real Estate’s Dario Svidler, Morgan McMulin and Patrick Barakat represented Dunleer.
Westcore Alpha AC has purchased a 65K SF warehouse in Temecula from Diaz RE Holdings for $10.8M. Westcore plans to renovate the building at 27731 Diaz Road and market it to tenants looking for flexible industrial space. Colliers International’s Brad Yates and Stefan Pastor represented Westcore.
Brookfield Property Group has acquired a portfolio of seven single-tenant industrial properties from Loewenberg Corp. for $24.8M. The multistate industrial portfolio totaled about 80K SF with properties located in Arizona, California, Colorado, Nevada and Texas. All seven properties are currently operated as equipment yards with small industrial buildings on-site and fully leased to Penhall Corp. Colliers International’s Michael Kendall, Greig Lagomarsino and Gian Bruno represented the seller in the transaction. The buyer was self-represented.
Centurion Fuchigami International has purchased a 14.6Kfeatu SF medical office building in Moreno Valley from a private investor for $7M. The single story building at 22555 Alessandro Blvd. is 100% leased. DaVita is one of the tenants. CBRE’s Sammy Cemo, Gary Stache, Anthony DeLorenzo, Doug Mack and Bryan Johnson represented the seller. Berkshire Hathaway’s Terry Okuyama represented the buyer.
A private investor has purchased a 24-unit multifamily property in Loma Linda from an undisclosed seller for $6.3M. Built in 1968, the University Palms at 25356 Cole St. features 24 two-bedroom and one-bath units. CBRE’s Cray Carlson represented the seller. CBRE’s Eric Chen and Blake Torgerson represented the buyer.
Dale Robin Johnson Lime has acquired a 24,600 SF retail center in Anaheim from a private investor for $5.6M. Built in 1976, Orangethorpe Plaza at 1741 North Kellogg Drive is anchored by a Stater Bros. NAI Capital’s Laurence Saper represented the seller.
Rexford Industrial has purchased a 120K SF industrial building in Commerce from a private investor for $21M. The single-tenant industrial building sits on a 5.1-acre lot at 6687 Flotilla St. Color Image Apparel currently occupies the building. CBRE’s Jeff Stephens, Jack Mergenthaler and Evan Crawford represented the seller. Rexford represented itself.
A private investor has purchased a seven-unit apartment building in the Pico-Robertson neighborhood of Los Angeles from an undisclosed seller for $3.7M. The property at 1426 South Wooster St. sold at a price of $535K a unit. Marcus & Millichap’s Sam Liberow represented the buyer.
LPC West, the West Coast arm of Lincoln Property Co., has hired Omar Rawi as an executive vice president. Rawi will spearhead a team to drive LPC West’s expansion into the mixed-use sector in the West Coast markets, including the San Francisco Bay area, Seattle, Portland, Los Angeles, Orange County and San Diego. Prior to joining LPC West, Rawi served as the senior director of development at Greystar.
Marcus & Millichap has promoted Eli Appel from senior associate to first vice president investments. Appel focuses on midsized and large apartment buildings throughout Southern California, reaching Los Angeles and its bedroom communities from the Inland Empire through the South Bay. He joined Marcus & Millichap in 2013 after graduating from UCLA.
CapRock Partners has promoted Taylor Arnett from vice president of acquisitions to first vice president, acquisitions. Arnett joined the firm in 2014. Arnett supervises CapRock’s acquisition efforts in Southern California and Southern Nevada. In his new role, Arnett will continue to spearhead the company’s expansion into new Western U.S. markets, including Salt Lake City and Sacramento. Prior to joining CapRock, he served as an acquisitions manager for Asset Management Consultants.
Aseem Tandon has joined Colliers International as a senior vice president of national hospitality services. Tandon specializes in the representation of sellers and buyers of hospitality properties across the U.S. Prior to joining Colliers, Tandon served as a hospitality specialist and director at Marcus & Millichap.