This Week's LA Deal Sheet
Major LA commercial landlord Jamison has locked down the creative agency and production company Gnet as a tenant for 17K SF of its Miracle Mile Tower on Wilshire Boulevard.
Jamison agreed to build out the top floor of the 22-story, 222K SF tower and part of another floor with private offices, meeting spaces and studios as part of the long-term lease, the company said in a statement. Renovations were already underway on the property's lobby, common areas and exterior.
The Miracle Mile Tower's location, just west of La Brea Avenue, is across the street from where Helms Bakery owner Walter N. Marks Inc. is planning a 42-story residential tower and two blocks away from a future Wilshire/La Brea station on the extension of the Purple Line subway.
It is also less than a mile from Fairfax Avenue, where the Academy Museum of Motion Pictures is under construction and a new building for the Los Angeles County Museum of Art is in the works.
Ben Silver, Jeffrey Resnick and Greg Astor of First Property Realty Corp. represented Jamison in the leasing. Mike Arnold of NAI Capital represented Gnet.
CONSTRUCTION AND DEVELOPMENT
Brookfield Residential and Lennar’s The Groves in Whittier — one of the largest urban master plans in Southern California — has opened and welcomed its first residents to the for-sale homes in the project. The 75-acre Groves contains 561 houses, 189 apartments, 150K SF of retail, parks and open space.
The retail is expected to open in 2021, and the apartments, which are under construction, will open in 2022. The redevelopment site was originally a state juvenile school; four of its historic buildings will be preserved for use by the community.
Privately held real estate firm Legacy Partners formed a joint venture with DWS to build a five-story, 264K SF apartment community in Santa Ana. Called 651 Sunflower, the apartments will be a mix of 226 studios and one- and two-bedroom residences. The complex is expected to open in 2023. Berkadia secured DWS as the joint venture partner and construction lender for Legacy Partners.
JLL Hotels & Hospitality has promoted Mike Huth to executive vice president of Hotels Debt Capital Markets, a new role created to continue supporting the growing demand and opportunity set for the debt side of business, JLL said. Huth will help lead JLL’s hotel investment banking strategy and oversee deal execution.
Multifamily developer/owner/operator Anton DevCo has appointed Luke Daniels to the role of president for the company’s new Southern California division. Daniels will manage all aspects of the business, including site selection and acquisition, securing project entitlements, project design and project capitalization.
Stepp Commercial completed a $3.75M sale of a vacant, 8.75K SF parcel in an opportunity zone in Hollywood. The site at 5717 Carlton Way is fully entitled for Fifty-Seven 17, a 39-unit apartment building. Stepp Commercial Senior Vice President Mark Ventre and Executive Vice President Darin Beebower represented the seller, a Los Angeles-based developer that specializes in entitling and assembling land. The buyer, also an LA-based developer, was represented by Ivan Marchetti of Revel Real Estate.
BLT Enterprises has acquired a two-building creative office property in West LA for $9.29M. The property at 2256 Barry Ave. measures approximately 16K SF, is fully leased, and is walking distance to the Expo Line light rail’s Expo/Bundy station as well as the 10 and 405 freeways.