The LA Deal Sheet
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As a sign of the growing demand for industrial space in Los Angeles, Jerich USA, an affiliate of Jerich International, has signed a lease with the Watson Land Co. that essentially doubles its industrial footprint to 215K SF at the Watson Industrial Center in Carson.
The terms of the deal were not disclosed.
Jerich occupies a 107,322 SF warehouse building at 1113 East 230th St. The new lease allowed the company to expand into an adjacent 107,525 SF warehouse building at 1165 East 230th St.
Cushman & Wakefield’s Jeff Morgan and Dirk Hrobsky represented Jerich.
“Jerich had an immediate requirement to expand its Los Angeles terminal strategically positioned near the Ports of Los Angeles and Long Beach, and the neighboring building provided an ideal opportunity to accommodate the company’s services growth before it even became vacant — demand is very strong for these buildings,” Morgan said in a news release.
The most recent Cushman & Wakefield study reported the Carson, Compton and Rancho Dominguez industrial submarket ended the first quarter with a 1.7% vacancy.
Carson housed the majority of the largest new lease transactions in the South Bay region during the first quarter, helping drive its total submarket leasing activity to nearly 1.7M SF to open 2018, according to the news release.
The deal was the second major industrial transaction in Carson for Cushman & Wakefield.
CCL Tube signed a 10-year lease with the Watson Land Co. to remain in its 101K SF manufacturing facility at 2250 East 220th St. in Carson. The financial terms of that deal were not disclosed.
Cushman & Wakefield’s Jeff Morgan represented CCL Tube.
9300 Wilshire LLC has purchased the leasehold interest of a Class-A office building in Beverly Hills from Hudson Pacific Properties for an undisclosed price. Built in 1965, the six-story office building at 9300 Wilshire Blvd. has 62,661 rentable SF and sits on 0.38 acres. Madison Partners’ Bob Safai, Matt Case and Brad Schlaak represented Hudson Pacific Properties.
Kennedy Wilson has purchased a 23K SF office building in Beverly Hills from a private family trust for a reported $34.25M, according to The Real Deal. The four-story building is at 136 South El Camino Drive. Madison Partners’ Bob Safai, Matt Case, Chris DuMont and Brent Bissell represented the seller.
Production company EIKON Group has signed a 10-year $8.1M lease with landlord SSV Properties to occupy 20K SF of flex office space at 2777 North Ontario St. The postproduction company is known for its work in “Blade Runner 2049” and “Spider Man: Homecoming.” Colliers International’s Nico Vilgiate and Kyle Stanich represented the tenant and landlord.
As part of George Smith Partners’ expansion, the company announced it has hired Antonio Hachem as a principal. Hachem has more than 10 years of experience and is an expert in structured finance and complex transactions. Prior to joining George Smith Partners, Hachem served as a partner with Pacific Southwest Realty Services, where he arranged more than $450M in financing.
Center Street Lending has promoted Dan Baruch to CEO. Baruch previously served as president of the firm. Baruch will be responsible for overseeing the day-to-day operations and strategic direction of the company. Baruch has more than 25 years of experience in real estate lending and has previously held several executive positions at W. J. Bradley Mortgage Capital and Banc of Manhattan Capital.
Brad Wilmot has joined CBRE’s Capital Markets’ Debt and Structured Finance team as an executive vice president. With more than 25 years of experience in originating, structuring and closing loans across all major asset classes, Wilmot will enhance CBRE’s presence in the large commercial loan space, focusing on institutional and middle-market clients. Prior to joining CBRE, Wilmot served as a regional director of Goldman Sachs real estate finance group.
CORRECTION, APRIL 25, 1:59 P.M. PT: A previous version of this story had the wrong buyer name listed for 9300 Wilshire Blvd. The buyer was 9300 Wilshire LLC. The story has been updated.