This Week's LA Deal Sheet

JLL hired office leasing expert Marin Turney as an executive vice president. Turney will specialize in representing office owners and tenants in Los Angeles County. Turney returns to JLL after working as a vice president of leasing at Brookfield Properties, where she was responsible for leasing in the firm’s 10.5M SF Downtown office portfolio. Prior to Brookfield, Turney was a broker for JLL in Los Angeles from 2008 to 2013.

SALES

MDH Partners acquired the Harvill Logistics Center in Perris, California. The 334K SF industrial building is leased to a global healthcare company. MDH Partners’ Managing Director Georga Rowe and Vice President of Acquisitions Houston Hawley sourced the deal and led the acquisition process. The seller and the sale price were not disclosed. Property records do not yet reflect the latest sale. The building was developed by the Rockefeller Group and completed in 2021. It sold that year to a joint venture of CH Realty Partners and Blumenfeld Development Group for $57.5M.

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Kidder Mathews’ Michael Monempour and David Saghian represented an undisclosed private investor selling an eight-unit apartment property at 4737 Kester Ave. in Sherman Oaks. The property traded hands for $3.6M, or $450K per unit, a record price for a rent-controlled apartment building in the 91403 ZIP code, according to the brokerage. 

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CBRE arranged the sale of a 17-unit multifamily property at 13931-13951 Illinois St. in Westminster. The sale price was $6M, translating to about $353K per unit and $415 per SF. CBRE Executive Vice President Dan Blackwell and Senior Associate Andrew Boukather represented the seller, an undisclosed out-of-state private real estate investor. CBRE also represented the Orange County-based buyers in the transaction.  

LEASES

McCarthy Building Cos. is expanding in the San Diego market with a 30K SF lease for office space at Carmel Valley’s One Paseo, a new 23.6-acre mixed-use campus at 12830 El Camino Real. JLL’s Nicole Winters, Shawn Lorentzen and Scott Wetzel represented McCarthy in the transaction.

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Lee & Associates brokers Jeff Coburn and Shaun McCullough represented the landlord, Airway Office Park LLC, in a 10-year lease with Swing Set Productions for nearly 11K SF of creative office in Long Beach’s Airway Office Park at 3816 Stineman Court. Swing Set is a creative production studio relocating from Huntington Beach. Swing Set was represented by Michael Shuken of Savills. The value of the lease is approximately $5M.

FINANCING

Bandon Capital Advisors arranged a loan transaction of $11.5M for the refinance of a 3.11-acre covered-land industrial site with space for industrial outdoor storage in Costa Mesa and secured $5M in financing for two single-tenant industrial assets in Burbank and Pico Rivera for its client, BLT Enterprises. The properties that were financed are 3539 Howard Way in Costa Mesa, 2901 Thornton Ave. in Burbank and 7748 Industry Ave. in Pico Rivera.

THIS AND THAT

BH Properties launched a new investment initiative into affordable housing with the goal of ultimately building a $1B portfolio.  The new initiative will be led by veteran affordable housing executive Bill Stoll, who joined BH Properties as managing director. The new platform will focus on Low-Income Housing Tax Credits, Section 8 and age-restricted housing. Stoll spent 14 years at Steadfast Cos. prior to joining BH.