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The LA Deal Sheet

A joint venture of IRA Capital and an undisclosed capital partner from the Middle East have shelled out $73.5M on a 160K SF office campus in Aliso Viejo.

The JV led by the Orange County-based private equity firm acquired the Element from a JV of CrossHarbor Capital and Waterford Property Co.

Element is a 160K SF corporate campus in Aliso Viejo
Element is a 160K SF corporate campus in Aliso Viejo

Medical technology and pharma company Glaukos Corp. currently occupies the site. Glaukos signed a 13-year lease last year to occupy the campus and purchased excess land for future development and expansion.

Newmark Knight Frank's Kevin Shannon, Paul Jones, Ken White and Brandon White represented the seller.

“The buyer was attracted to Glaukos’ long-term stability, credit and commitment to the campus," Jones said in a news release. "This transaction marks the only office transaction of this size to close in Orange County since the COVID-19 pandemic.”

SALES

In an all-cash deal, a private investor has purchased a 10-unit apartment building in Sherman Oaks from an undisclosed seller for $3.35M. Built in 1957, the building at 4334 Mammoth Ave. sold at a 5.56% cap rate. Marcus & Millichap's Arash Memary, Filip Niculete and Glen Scher brokered the transaction.

FINANCING

On behalf of a JV led by Hines, JLL Capital Markets has arranged a $182M refinancing for the Intersect, a four-building, mid-rise, Class-A office campus totaling 452K SF at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave. in Irvine.

MetLife Investment Management provided the three-year, interest-only financing. The proceeds of the loan will fund future leasing at the property and retire the existing loan that the same JLL team arranged for the borrower in 2018, according to JLL officials. JLL's Kevin MacKenzie, John Chun and Nick Lench arranged the financing.

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On behalf of an undisclosed borrower, Berkadia has secured $11M in financing of a student housing property in Westwood. Built in 2014, the Ophir Terrace at 11090 Ophir Drive is within walking distance to UCLA. The 10-year fixed Fannie Mae Student Housing cash-out refinance was full-term interest-only, according to Berkadia officials. Berkadia's Charles Christensen, Vincent Punzi and Lowell Takahashi secured the financing.

28820 Chase Place at IAC Commerce Center
Industrial buildings at 28820 Chase Place at the IAC Commerce Center in Valencia

LEASES

An undisclosed tenant has signed a lease with IAC Properties to occupy a 155,680 SF industrial building at 28820 Chase Place at the IAC Commerce Center in Valencia. Terms of the deal were not disclosed. The undisclosed tenant plans to use this location as a regional distribution center, which is set to open in July 2020, according to the brokers. Newmark Knight Frank's John DeGrinis, Jeff Abraham and Patrick DuRoss represented the landlord.

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Hurtt Family Health Clinic has signed a long-term $5.4M lease with Welltower to occupy a 13,680 SF medical office space at the Foothill Regional Medical Center at 14642 Newport Ave. in Tustin. This will be Hurtt Family Health Clinic's fourth clinic site. NAI Capital's Sonya Dopp-Grech represented the landlord. 

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Toolots has signed a lease with KKR Alpha Industries to occupy a 436K SF warehouse distribution facility at 17783 Indian St. in Moreno Valley. Kidder Mathews' Robert Feathers and Brian Bennett represented Toolots.

NAIOP SoCal CEO Tim Jemal
NAIOP SoCal CEO Tim Jemal

EXECUTIVE NEWS

The Southern California chapter of NAIOP has appointed Tim Jemal as its first CEO. Jemal will serve as a spokesperson for the chapter representing its more than 1,000 members across Orange, Riverside and Los Angeles counties and its sponsors.

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Retail specialist Ron Duong and his team of five investment professionals have rejoined Marcus & Millichap. The team will be based in Newport Beach. Duong will serve as a senior vice president of investments responsible for the disposition and acquisition of multi-tenant retail and net-lease properties. Joining Duong are Craig Elster, Ben Carlile, Johnny Le and Mie Takenaka. 

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Premiere Design + Build Group has named Steven Gabbert principal and Southwest market leader. Gabbert, who joined Premier in 2015 and helped lead the launch of the firm’s Southern California office, will oversee the construction of a variety of projects, including multifamily residential buildings, universities, medical centers, workspaces, and luxury resorts and spas. Gabbert most recently served as executive vice president, Southwest market leader.

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Sands Investment Group has promoted Chris Naylon from broker to sales manager in its Santa Monica office. Naylon will focus on coaching, supporting and recruiting brokers as Sands expands its California presence and continues to grow its team. Naylon joined Sands in 2013.