This Week's LA Deal Sheet
915 Wilshire was recently renovated and was 90% leased at the time of sale with 30 various tenants, including professional and financial services, entertainment, insurance, law, health care and government.
The buyer was Deka Immobilien, a Germany-based global real estate investment company.
CBRE announced the $57.5M sale of Koreatown shopping center the California Marketplace to a private investment company. The three-story shopping center at 450 South Western Ave. is anchored by a Korean supermarket and features upper-level food stalls. The market is roughly 86% leased.
Columbia Pacific Advisors provided a $52.5M loan to the buyer, Jake Sharp Capital, to acquire the shopping center out of a bankruptcy auction sale and to keep it operating until the asset stabilizes.
Rexford Industrial Realty spent $110.6M in separate transactions to acquire properties in Vernon and Santa Fe Springs. Rexford bought a nearly 464.5K SF, six-building Vernon portfolio for $93.8M. It also picked up an outdoor storage yard on Greenstone Venue in Santa Fe Springs for $16.8M. Rexford targeted both properties for their use meeting last-mile distribution and logistics demands.
CBRE announced the $63.75M sale of Solare, a 240-unit multifamily property in Santa Ana. The buyer, Advanced Real Estate, was represented by CBRE’s Stewart Weston, Dean Zander and John Montakab, along with Marcus & Millichap’s Tyler Leeson. The 194K SF complex was built in 1987 and renovated in 2014. Advanced Real Estate plans a $10M value-add program for the complex.
Newmark announced the $15.9M sale of Paramount Business Park, an approximately 63K SF, two-building, multi-tenant industrial project in Paramount. The buyer was SAFCO Capital Corp. Newmark represented the seller, Marcus Adams Properties and Excelsior Partners. The transaction was led by Newmark’s Private Capital Group, Managing Director Ryan Plummer, Executive Managing Director Sean Fulp and Director Mark Schuessler, with support from co-Head, U.S. Capital Markets Kevin Shannon.
CIM Group sold a recently completed 153-unit apartment building in West Los Angeles. The building is at 1500 South Granville Ave. The terms of the sale and the buyer were not disclosed.
NorthMarq hired Alex Kane as vice president in its Los Angeles office. Kane will be responsible for the origination of debt and equity across all major asset classes and will work from NorthMarq’s Los Angeles and Newport Beach offices. Kane has more than 10 years of experience, closing more than $2B in commercial real estate transactions. Kane came to NorthMarq from JLL’s Los Angeles office, where he was a director in the capital markets finance group.
CBRE announced a $22M financing for Campus 56, a 51K SF office redevelopment project on Centinela Avenue in West Los Angeles. CBRE Capital Markets’ Debt & Structured Finance team, led by Mike Walker and Brad Zampa, arranged the floating-rate loan on behalf of Embarcadero Capital Partners. Sean Sullivan, Todd Tydlaska, Mike Longo and Greg Grant assisted with execution. Rialto Capital Management was the lender on the transaction.
CONSTRUCTION AND DEVELOPMENT
The University of California, Riverside announced that it has completed the development of Dundee Residence Hall and Glasgow Residential Restaurant on its campus. JLL’s Project and Development Services group, led by Osvaldo Diaz, oversaw project management services, including design, procurement and construction management on behalf of UCR.
Stream Realty Partners announced the Alder Commerce Center has broken ground in the Inland Empire city of Bloomington. Stream anticipates delivery of the 175K SF industrial development in Q3 2021. The project will feature 21 loading docks, 180-foot truck court depth, 32-foot ceiling heights, and parking for 113 cars and 37 trailers.