The LA Deal Sheet
In one of Los Angeles’ largest hotel transactions, a JV of Westmont Hospitality Group and Square Mile Capital Management has acquired the DoubleTree Suites by Hilton Hotel Santa Monica for $154M.
Merion Realty Partners and Procaccianti Cos. sold the 206K SF, 253-room hotel at 1707 Fourth St. for about $608,700 per room, according to the Los Angeles Business Journal, citing records from CoStar Group.
The deal closed Sept. 28 and included 32K SF of office space and 10 apartments.
SALES
Cochise Capital of Los Angeles has purchased a 22-unit apartment complex in Long Beach from 131 Olive Street LLC for $4.7M. Built in 1922, the 12,150 SF Sea Side Villa at 445 East Third St. consists of studio and one-bedroom units. Stepp Commercial’s Robert Stepp and Michael Toveg represented the seller.
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A private buyer has purchased a 16-unit apartment building in Los Angeles from an undisclosed limited liability company for $2.6M. The property at 4062 South Muirfield Road is a mix of one-bedroom and two-bedroom units and 100% occupied. Marcus & Millichap’s Jason Tuvia represented the buyer and seller. Marcus & Millichap’s Jordan Epstein also represented the buyer.
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In a 1031 exchange, a private buyer has purchased an 18-unit apartment building in the Koreatown neighborhood of Los Angeles from an undisclosed limited liability company for $5.35M. Built in 1986, the building at 827 South Wilton Place consists of 18 one-bedroom, one-bathroom units. Marcus & Millichap’s Jason Tuvia represented the seller.
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An undisclosed personal trust has acquired an 18-unit multifamily property near downtown Los Angeles from an undisclosed limited liability company for $2.4M. The property at 122-132 East 28th St. consisted of three adjacent apartment buildings with 13 one-bedroom units and five two-bedroom units. Marcus & Millichap’s Jason Tuvia represented the seller. Marcus & Millichap’s Tuvia, Jordan Epstein and Janette Monfared represented the buyer.
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A private buyer has purchased a 10-unit apartment building in Brentwood from an undisclosed seller for $3.8M. The property is at 11667 Goshen Ave. Transwestern Multifamily Investment Services Group’s John Swartz and Josh Kaplan represented the buyer and seller.
In a 1031 exchange, a private investor has purchased a 2,420 SF retail building in San Pedro from a JV of Rich Development Enterprises and Paragon Commercial Group. The retail tenant at 350 South Gaffey St. is Del Taco, which signed a 20-year corporate guaranteed triple-net lease. Charles Dunn Co.’s Kyle Gulock represented the buyer. Highland Partners Corp. represented the seller.
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An undisclosed limited liability company has acquired a 32-unit apartment building in Tujunga from a private seller for $5M. Built in 1963, the property at 10121 Samoa Ave. consists of a mix of singles, one-bedroom and two-bedroom units. Marcus & Millichap’s Neema Abadian represented the buyer and seller.
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A private buyer has purchased a nine-unit apartment building in West Hollywood from an undisclosed seller for $4.2M. The property is at 925 North San Vicente Blvd. Transwestern Multifamily Investment Services Group’s John Swartz and Josh Kaplan represented the buyer and seller.
LEASES
Restaurant group Cocinas Y Calaveras LLC has signed a lease with JLL to occupy 7K SF of restaurant space at the Manhattan Village indoor/outdoor mall in Manhattan Beach. Terms of the deal were not disclosed. The group plans to open Mercado Manhattan Beach, a classic and contemporary Mexican cuisine restaurant. JLL’s Devin Klein and Kristin Grove represented JLL, which oversees management and leasing for the mixed-use destination on behalf of owner RREEF.
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Port Logistics Group has signed three five-year lease extensions with Majestic Realty Co. and Gateway Industrial Properties. In the first lease, Port Logistics will occupy 775K SF of warehouse and distribution space at Majestic Realty Co.’s industrial building at 108 South Mayo Ave. in the City of Industry. The other two leases, Port Logistics will occupy two 350K SF buildings at Gateway Industrial’s properties at 18175 and 18215 Rowland St. The financial terms of the deals were not disclosed. Savills Studley’s Jeff Cannon, Andrew Morrow and Joe Jones and NAI Partners’ John Simons represented Port Logistics in the three deals. Majestic Realty’s Kent Valley and Terry Baker represented Majestic. JLL’s Mike McCrary represented Gateway Industrial.
EXECUTIVE NEWS
Walker & Dunlop has hired Trevor Blood as vice president of its Capital Markets group. Blood, who will be based in Torrance, will be responsible for expanding the company’s national footprint. Previously, Blood served as a vice president at Pacific Southwest Realty Service.
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Julio Fuentes has joined Kosmont Realty as a managing director. Fuentes has 35 years of experience in the public sector and has experience working with communities. Fuentes previously served as a city manager and redevelopment executive director for the cities of Azusa, Pomona and Alhambra.
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Cushman & Wakefield has hired Rob Rubano as an executive managing director. Rubano will lead the company’s Investment Sales and the Equity, Debt & Structured Finance business and will be responsible for its growth on the West Coast. Previously, he served as a managing director at Eastdil Secured.
