This Week's LA Deal Sheet
Meridian acquired the medical office building in October 2017 and has invested more than $2M into upgrades, including fully modernizing the building, which was built in 1983, and bringing it up to Class-A standards.
The sale price was not disclosed. The buyer, an unnamed publicly traded REIT that focuses on owning, managing, acquiring and developing outpatient medical facilities throughout the U.S., was represented by Colliers International’s John Wadsworth and Aaron Phillips. JLL Managing Directors Evan Kovac and Andrew Milne represented Meridian.
San Diego-based Tower 16 Capital Partners sold The District at Grand Terrace, a 352-unit apartment project in Colton, for $88M. The Inland Empire property was originally purchased in 2019 for approximately $63M. Tower 16 spent $2.6M in capital improvements on the property, including interior unit renovations. The buyer was MG Properties Group.
Transwestern Real Estate Services brokered the acquisition of a 117K SF data center at 444 North Nash St. in El Segundo. Kevin Moore, John Skalla, Todd Smith and Andrew Marcus of Transwestern’s Data Center Services group represented the confidential buyer. The property is a single-story, Class-A industrial data center facility
CBRE announced the sale of a 24K SF industrial facility to Tera McHugh and John McHugh, owners of Versatile Systems Inc., a Valencia-based company specializing in the design, manufacture and installation of Cal/OSHA-compliant fall protection systems. The property at 28258 Avenue Stanford in the Valencia Industrial Center is on one of the few freeway-fronting industrial lots in the city. CBRE’s Craig Peters and Sam Glendon represented the seller, 28258 Avenue Stanford LLC. Lee & Associates’ Patrick Reddy represented the buyer.
Lee & Associates-LA North/Ventura negotiated the sale of a two-story office building in Valencia. The 24K SF building at 25050 Avenue Kearny sold for $6M. Lee & Associates-LA North/Ventura principal Darren Casamassima represented the buyer, A. Golden Enterprises. Spectrum Commercial Real Estate Inc. represented the seller, Rebel Professional Center.
Stepp Commercial completed the approximately $5.74M sale of a historic 25-unit apartment property located at 330 Cedar Ave. in Long Beach’s West Gateway area. Stepp Commercial principal Robert Stepp and Senior Vice President Michael Toveg represented the seller, a Long Beach-based private investor. The buyer was a Los Angeles-based private investor. The price per unit was approximately $229K.
DJM announced its recapitalization of Newport Beach’s Lido Marina Village, a 116K SF waterfront boutique retail and office property, with a $46.5M loan from Prime Finance. In addition to $24.5M in new equity from Arc Capital Partners, the recapitalization will be used to pay off an existing loan and complete property renovations. Financing was arranged by George Smith Partners principal Steven Bram, Senior Vice President David Pascale and Vice President Patrick O’Donnell. Equity was managed by JLL Managing Directors, Capital Markets Bryan Ley and Geoff Tranchina.
Orange County-based AO Architects announced the promotions of five new partners and three principals. The company’s new partners are Eric Aubort, Tom Bergerson, Richard Clarke IV, Bruce Greenfield and Jason Rupp. New principals are Stuart Beck, Keith Minnie and Trevor Morales.
The NorthMarq Beverly Hills office announced the promotion of Zalmi Klyne to senior vice president. In his new role, Klyne will continue to originate debt and equity, leveraging NorthMarq’s relationships with Fannie Mae, Freddie Mac, correspondent life insurance companies, banks and credit unions, CMBS lenders and a variety of equity sources.
CONSTRUCTION AND DEVELOPMENT
The West Hollywood Community Housing Corp. broke ground on a 41-unit, 100% affordable residential building in Pico-Union. The new building, named Mariposa Lily, is designed by HED and will provide 40 units of affordable and permanent supportive housing, with one additional manager’s apartment. It will rise on a small vacant lot south of Koreatown.