The LA Deal Sheet
New York-based Urbanspace will operate the Regency Centers’ Culver Public Market project in Culver City.
Founded in London in 1972, Urbanspace specializes in creating public markets and food halls. The company has several London and New York locations but the 26K SF Culver Public Market will be its first foray in California.
“Over the past 40 years, with every environment we’ve built — permanent and pop-up — Urbanspace has taken the most important cues from our creative pool of chefs and makers,” Urbanspace President Eldon Scott said in a news release. “We’re thrilled to be partnering with some of the most talented chefs in Los Angeles and providing them with the ultimate stage to do what they do best — serve delicious food, beverages and theater with this great, new destination in Culver City."
Terms of the deal were not disclosed.
Regency Centers is developing the Culver Public Market at Washington Boulevard and Centinela Avenue and is slated to break ground later this year with plans to open in early 2020.
SALES
A Los Angeles-based private investor has purchased a 1,486 SF retail building in Los Angeles from a Phoenix-based developer for $3.54M. Built in 2017, the retail building with a drive-thru at 1789 West Jefferson Blvd. is being leased to Starbucks. The sale price represented a cap rate of 3.82%. Hanley Investment Group Real Estate Advisors’ Bill Asher, Jeremy McChesney and Jeff Lefko represented the seller and buyer.
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Greenbridge Investment Partners has purchased Six25 Fair Oaks creative office building in Pasadena from Genton Cockrum Partners for $31M. The three-story, 92,547 SF Class-A building at 625 Fair Oaks Ave. was built in 1987. Genton Cockrum Partners purchased the building in 2014 for $20M and repositioned it with creative office components. CBRE’s Chalvis Evans represented the buyer and seller.
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Curson 1 LLC has purchased a 12-unit multifamily property in West Hollywood from an undisclosed seller for $3.5M. The property is at 1000 North Curson Ave. Marcus & Millichap’s Sam Liberow represented the buyer and seller.
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ERRO LLC has purchased a 19-unit multifamily property in Los Angeles from Fairfax Properties LLC for $6.7M. The property at 1400 North Fairfax Ave. sold with a cap rate of 3.38%. Marcus & Millichap’s Sam Liberow and Matt Ziegler represented the buyer and seller.
LEASES
Ivanhoé Cambridge and Callahan Capital Properties have chosen Cushman & Wakefield as the exclusive office and retail leasing firm for the 446,023 SF PacMutual creative campus in Los Angeles. The campus at 523 West Sixth St. in the central business district of downtown Los Angeles is made up of three interconnected buildings: the Sentry Building, Clock Building and Carriage House. Cushman & Wakefield’s John Eichler, Andrew Tashjian, Pete Collins and Tyler Stark will represent the landlord in the office leasing; Matthew Fainchtein and Carter Magnin will handle the retail leasing.
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San Francisco-based Flexport signed a lease with landlord Prism Realty Corp. to fully occupy a recently developed 136,685 SF industrial facility in Compton. Terms of the deal were not disclosed. Built in 2017, the facility sits on 6.7 acres at 1420 North McKinley Ave. Cushman & Wakefield’s Rusty Smith represented the tenant.
CORRECTION, JUNE 14, 9:50 A.M. PT: A previous version of this story named two landlords for 1420 North McKinley Ave. Prism Realty Corp. is the sole landlord. The story has been updated.
