The LA Deal Sheet
An 806K SF industrial building that currently houses a Bob's Discount Furniture has sold for $97.7M.
Exeter Property Group acquired the Class-A distribution building at 6227 Cajon Blvd. in San Bernardino from an undisclosed seller. The property sits on a 41-acre lot next to several freeways.
JLL’s Bo Mills, Mark Detmer and Ryan Sitov, along with Insignia PMG's Scott Schwartz, represented the seller.
"This listing represented the opportunity for an investor to acquire a building with a long-term lease to a strong tenant in the largest industrial market in the world,” Detmer said in a news release."The buyer was attracted to the stability of the property, tenant’s commitment to the area and potential for future development growth."
SALES
Province Group has purchased a 12.83-acre mixed-use development site in Simi Valley from LNR Partners for $18.5M. The 271K SF property at 3039-3041 Cochran St. is a former Farmers Insurance headquarters. The property will be converted into a multifamily development with street-level retail. CBRE's Gary Stache, Melinda Russell, Mark Shaffer and Matthew Heyn represented the buyer and seller.
***
A private investor has purchased a 13,760 SF retail building in Lancaster from The Niki Group and Wood Investment Cos. for $6M. The property consists of two multi-tenant buildings at 1721 East Avenue J and at 44421 20th St. East. The buildings are 100% leased to several retailers, including AT&T, Papa John’s, Panda Express and GameStop. Hanley Investment Group Real Estate Advisors' Eric Wohl, Ed Hanley and Andrew Cunningham represented the seller. Realtex's James Chin represented the buyer.
***
Urban Stearns, a mixed-use and multifamily developer, has acquired a 30K SF development site in San Pedro from Harbor Shoreline for $3.9M. The site at 111 North Harbor Blvd. is designated as an opportunity zone and qualifies for the city of Los Angeles' Transit Oriented Communities Affordable Housing program. CBRE's Laurie Lustig-Bower and Kadie Presley Wilson represented the buyer and seller.
***
Aho LLC has purchased a 16,800 SF office building in West Los Angeles from Optimus Properties for $11.9M. The property at 864 South Robertson Blvd. was renovated and upgraded last year. Newmark Knight Frank's Steven Salas, Daniel Chiprut and Britney Kagawa represented the seller.
***
In a 1031 exchange, an undisclosed buyer described as an Asian Pacific-based company has purchased a 290K SF retail shopping center in Moreno Valley from Brixton Capital for $51M. The Towngate Center at 12625 Frederick St. is 95% leased to tenants including TJ Maxx/Home Goods, BevMo, Ross Dress for Less, Dollar Tree, ULTA, Regency Theatres, Planet Fitness, Chipotle and Wells Fargo Bank. CBRE's Phillip D. Voorhees and the company's National Retail Partners-West represented the seller.
***
SBH Real Estate Group has sold a 14K SF retail property in Burbank to a private investor for $7.8M. Harbor Freight currently occupies the property at 822 South San Fernando Blvd. JLL's Adam Friedlander and Kien Tsoi represented SBH. CBRE's Jeff Gerlach represented the buyer.
LEASES
Coworking company Work Well Win has signed a lease with Lincoln Property to occupy a 25,300 SF creative office campus at Flight at Tustin Legacy at Flight Way and Barranca Parkway in Tustin. Terms of the deal were not disclosed. This is the coworking company's second location in California. The other location is in Santa Monica. CBRE's Carter Haslam represented Work Well Win. CBRE's Matt Didier, Jennifer Whittington and David Dowd represented Lincoln Property.
***
Impex Gls has signed a seven-year, $6M lease with Alere Property Group to occupy a 71,800 SF industrial building at 19440 South Dominguez Hills Drive in Rancho Dominguez. The Klabin Co.'s David Grote and Todd Taugner represented the landlord. Priming Capital Commercial Real Estate Services' Daniel Jung represented Impex.
***
Digital Brand Architects has signed a lease with Charles S. Cohen to occupy an additional 6,300 SF of office space on the 10th floor of the Pacific Design Center's RedBuilding at 8687 Melrose Ave. in West Hollywood. Terms of the deal were not disclosed. Last year, Digital Brand signed a lease to occupy 13,200 SF on the 15th floor of the same building. Cohen Brothers Realty Corp.'s Marc Horowitz represented the landlord.
***
CommonGrounds Workplace has signed a 13-year lease with an undisclosed landlord to occupy 46K SF of office space at 915 Wilshire Blvd. in downtown Los Angeles. Lincoln Property Group's Kent S. Handleman and Douglas J. Brown represented the owner. SREA Advisory's Jim Suber and Newmark Knight Frank's Gibran Begum represented CommonGrounds.
EXECUTIVE NEWS
Newmark Knight Frank has named Matt Berres as executive managing director in its Newport Beach office. Berres specializes in the sale, purchase and recapitalization of net lease property and will be working with the firm's capital markets team. Prior to Newmark Knight Frank, Berres served as a managing director at JLL's Net Lease Property Group.
OTHER NEWS
R.D. Olson Construction raised more than $80K to benefit the Pediatric Cancer Research Foundation at the company's annual charity golf tournament at the Oak Creek Golf Club in Irvine.
“We’re honored to support the amazing work performed by PCRF and help fund future cutting-edge research, education and lifesaving advancements for children with cancer,” R.D. Olson President Bill Wilhelm said in a news release. “Our annual event brings the industry together for a fun-filled day of golfing and networking while allowing us to make a difference for the many children and families impacted by childhood cancers.”
***
Cox, Castle & Nicholson's in-house rock band, Castle of Rock, rocked out at the 8th Annual Law Rocks Los Angeles, a fundraising concert series held at the Whisky A Go Go in Los Angeles. The event raised more than $178K for the United Friends of the Children, a nonprofit dedicated to bettering the lives of foster children and supporting foster youth in their journey to self-sufficiency.
