Contact Us
News

This Week's LA Deal Sheet

Placeholder
Downtown Los Angeles

Gensler hired Bob Weis, formerly Walt Disney Imagineering president, to lead global immersive experience design for the firm, according to a release from Gensler. While at Disney, Weis led more than 200 major projects around the world with a capital value of more than $30B, including workplaces for Airbnb, The Coca-Cola Co., Marriott and Netflix; the Shanghai Tower; the first 100 Apple stores; and San Francisco International Airport.

In his new role at Gensler, Weis will work with the company's global leadership to create unique experiences for clients across industries. Weis will be based out of Gensler's office in Downtown Los Angeles.

PEOPLE

TruAmerica Multifamily has promoted Amir Eshkol to the newly created position of chief construction officer. Eshkol has been at TruAmerica since October 2013 and joined as the firm’s first construction project manager. Eshkol now oversees a team of 14 professionals across all construction and capital improvement projects in the company’s portfolio.

SALES

Rexford Industrial Realty bought an 83K SF creative office building in Irvine, paying seller Griffin Realty Trust $40M. The property is fully leased to a single tenant, apparel maker Fox Head. Griffin bought the property in 2013 for $27.25M. Newmark co-head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones, Bret Hardy and Ken White, and Director Brandon White represented the seller. 

***

The 82K SF, grocery-anchored Simi Valley Promenade sold for $19.6M. The seller was Woodland Hills-based Toibb Enterprises. Hanley Investment Group Executive Vice Presidents Bill Asher and Jeff Lefko, along with President Ed Hanley, represented the seller. The buyer, a private investor based in Chino Hills, was represented by BRC Advisors’ Avi Narang. 

***

In an off-market transaction, Tova Capital purchased a fully occupied 34.5K SF retail center close to downtown Long Beach for $6.2M. The property at 205-233 East Anaheim St. has two roughly 17K SF, one-story buildings, occupied by Trademark Brewing and a climbing gym. Both tenants are under long-term leases.  

***

A private family trust based in Los Angeles has sold a former Rite Aid at 12491 Valley View St. in Garden Grove for $5.3M. The buyer was MK Capital Partners GG. The property is an approximately 28K SF building, part of which is subleased to a local medical office. Beta Agency’s Richard Rizika and Adam Friedlander represented both the seller and the buyer.

LEASES

Scenic Expressions, an entertainment support company, signed a 299K SF lease at Saugus Station Industrial Center in Santa Clarita. The property at 25530-25765 Springbrook Ave. is owned by Texas-based Covington Group, which purchased the 1M SF property in October 2021 for roughly $109.7M, public records show. JLL’s Brent Weirick represented Scenic Expressions in the lease, while the landlord was represented by CBRE’s Craig Peters.

FINANCING

Ramsfield Hospitality Finance and funds managed by global alternative investment fund manager AB CarVal partnered to provide a $95.4M mortgage for the Los Angeles Marriott Burbank Airport hotel. The borrower is the hotel’s owner, AWH Partners, which bought the 488-room hotel in 2014, paying $109.1M, according to Commercial Observer.

***

The owner of the commercial building on Colorado Boulevard that houses the retail store Zara and two other buildings on State Street in Santa Barbara has refinanced the three-building portfolio for $20M. Gantry principal Mark Ritchie, Senior Director Amit Tyagi and associate Alicia Sabanero secured the 15-year loan for the owner, a private real estate investor. The lender was not disclosed.

***

IBorrow provided a $17.38M refinance loan on two midrenovation multifamily properties — one in Lawndale and the other in Oceanside. The bridge loan from iBorrow will be used to refinance the borrower’s existing debt and provide additional funds to complete full unit renovations and capital expenditure work, as well as lease-up.