The LA Deal Sheet
Huntington Beach is getting new homeless housing.
The city of Huntington Beach has purchased a 0.78-acre multifamily development site in Huntington Beach for $2.97M, CBRE announced. The land at 17631 Cameron Lane will be used as a homeless navigation center, which will offer services and temporary shelter, The Daily Pilot reported. CBRE’s Dan Blackwell and George Felix represented the seller and the buyer.
The 174-bed center represents a significant step forward in the city's efforts to help its homeless population, Huntington Beach Mayor Lyn Semeta said in a statement. It will also satisfy the requirements of federal court settlements that stated that Orange County and several Southern California cities must have sufficient shelter beds for their homeless population before they can enforce laws that prohibit sleeping on streets and other public property.
Staley Point Capital and Bain Capital Real Estate agreed to acquire Freeway Drive, an 83K SF industrial property in Santa Fe Springs. There are more acquisitions to come for the joint venture, which said it plans to invest in a variety of infill properties across the region. The McMillan Team at Newmark Knight Frank represented the buyer.
CONSTRUCTION AND DEVELOPMENT
C.W. Driver Cos. completed construction on a $71.5M building on the California State University, Dominguez Hills campus. Designed by HGA Architects & Engineers, the 87K SF Science & Innovation Building features laboratories, a fabrication lab and outdoor workspace. C.W. Driver also led construction on Chapman University’s Keck Center for Science and Engineering, Loyola Marymount University’s Life Sciences Building and Biola University’s Center for Science, Technology & Health.
JLL has hired Rachael Lewis as a director in its Capital Markets Los Angeles office. Lewis will be responsible for the origination and execution of debt and equity transactions in the western United States. Lewis was formerly a vice president at an LA-area capital advisory firm.
Drew Sandler rejoined The Davies Group at George Smith Partners as vice president. Sandler began his career at The Davies Group in 2011. Prior to returning, he worked on the global real estate team at Boston Consulting Group, and as a real estate analyst at Andell Inc., a private investment firm based in Beverly Hills.