This Week's LA Deal Sheet
L'Oreal has moved into its new headquarters to Hackman Capital Partners' 888 North Douglas in El Segundo, California. The new offices allow L'Oreal to consolidate a number of brands under one roof, the company announced. The 100K SF HQ is part of a larger campus where Beyond Meat will also set up shop.
L’Oréal has operated on a hybrid work schedule with employees coming in two days a week since 2020, the company said in a statement about the new headquarters. The property is home to Beyond Meat's 281K SF headquarters and was once manufacturing and warehouse space for Northrop Grumman.
Dedeaux Properties sold a 205K SF building it developed at 100 Walnut Ave. in Perris, California. Avison Young principals Cody Lerner and Stan Nowak represented Dedeaux in the sale. The buyer was not disclosed but was described as a private investor from Southern California. Carol Taubman of Westgate Industrial Properties represented the buyer. The sale price was not disclosed and the sale is not yet reflected in public records.
Vectra Management Group sold a three-story Hermosa Beach, California, office building for $19.5M. The property at 2200 Pacific Coast Highway is about 38K SF and was 75% leased at the time of sale. The buyer was C3 Development Group. Newmark Private Capital Group Vice Chairman Sean Fulp and Managing Directors Ryan Plummer and Mark Schuessler, with Executive Managing Directors Geoff Ludwig and Eric Lastition represented Vectra.
A three-property, 116-unit multifamily portfolio in Azusa, California, traded hands for $33.6M. Azusa Riviera Holdings, Azusa Rainbow Holdings and 1345 San Gabriel Holdings sold the portfolio to Azusa 116 Assets. The seller is linked to Paladin Realty, and the buyer is connected to Barker Pacific Group, Commercial Observer reported. CBRE’s Eric Chen and Joyce Goldstein represented both sides in the transaction.
CONSTRUCTION AND DEVELOPMENT
NewMark Merrill Cos. will break ground this month on Rialto Village, a 96K SF retail project anchored by Sprouts, Burlington, Ulta and Five Below. CBRE’s Brian McDonald and Walter Pagel are working with NewMark Merrill’s Greg Giacopuzzi on leasing, with the property 97% leased.
Veterans Village of Carson officially opened this week. The affordable and supportive housing complex holds 51 apartments for U.S. veterans and their families. The Village will provide on-site case management and supportive services to residents through veterans-service provider U.S. Vets. Thomas Safran & Associates developed the project in collaboration with the city of Carson.
Independent advertising agency Zambezi signed a new 10K SF lease at 3520 Hayden Ave. in Culver City, California's Conjunctive Points creative office complex. The new office will be the agency's headquarters. JLL’s Gabe Brown and Micheal Geller represented the landlord, Laurie Samitaur Smith of Samitaur Constructs. Savills' Bobby Cavaiola and Matt Brainard represented Zambezi.
Atlas Freight Forwarding renewed its lease on almost 100K SF of warehouse space in San Diego's Otay Mesa. The extension of the lease has a total consideration of about $7M. The warehouse is in the Piper Ranch Logistics Center, owned by Ares Industrial Management. Colliers' Chris Holder, Mark Lewkowitz and Will Holder brokered the deal for Atlas Freight.