This Week's LA Deal Sheet
Stockbridge and Dedeaux Properties sold a three-property, 1M SF industrial outdoor storage portfolio in San Bernardino and Rialto. The buyer and sale price weren't disclosed by JLL, whose capital markets team arranged the sale and procured the buyer. Public records don't yet reflect the sale.
The properties are at 446 S.Yucca Ave. in Rialto and 1066 N. Tippecanoe Ave. and 1938 W. Fifth St. in San Bernardino. The three assets are minutes from major freeways, rail yards and multiple international airports.
The JLL Capital Markets team was led by Senior Managing Director Mark Detmer, Senior Director Evan Moran and Director Chad Solomon. Executive Managing Directors Patrick Wood and Louis Tomaselli served as the local market contacts. JLL also assisted with the procurement of the financing, led by Managing Director Brian Halpern and Vice President Jason Rosin.
PEOPLE
Northmarq has hired three multifamily investment brokers from Berkadia. Ed Rosen and John Chu, who joined as managing directors, and Tyler Sinks, who joined as a senior vice president, are now part of Northmarq’s multifamily investment sales platform in San Diego. The team will help expand the company’s multifamily advisory business throughout Southern California.
***
Sweetgreen appointed Rossann Williams as the company’s chief operating officer, effective Feb. 5. In addition to operations, Williams will oversee real estate and development and supply chain for the company. Williams joins Sweetgreen from Starbucks, where she was an executive vice president and president of retail for North America.
***
American Realty Advisors has named Kirk Helgeson president of the firm. Helgeson will continue to serve as the firm’s chief investment officer, chairman of its investment committee and leader of the firm’s value-add real estate strategy. Helgeson replaces Scott Darling in the role of president. Darling will focus his efforts on ARA’s core fund, for which he is co-portfolio manager. Darling will also continue to serve on the firm’s leadership and investment committees.
SALES
Rick Raymundo, Orbell Ovaness, Ara Rostamian and Aren Ohanian of Marcus & Millichap listed and sold a gas station in Riverside for $10.3M. The sale price covers the value of both the real estate and the business itself, which includes the gas station, convenience store and express car wash at the property.
The Marcus & Millichap brokerage team represented both the buyer and seller, neither of which were disclosed. The gas station at 2278 Main St. spans more than an acre and includes buildings constructed in 2012 as well as a large plot of vacant land.
***
Steel Peak acquired a four-building, 12K SF industrial outdoor storage property on 2.5 acres in El Cajon for $6.3M. The firm paid cash with an institutional equity partner for the property at 1324 Magnolia Ave. Cameron Czubernat and Kerry Schimpf with Commercial Properties Group represented the seller, a family trust.
LEASES
Axiom Retail Advisors announced a 15K SF retail lease for DSW in the Lincoln & Rose Shopping Center at 201 Lincoln Blvd. in Venice. Stephanie Skrbin and Lea Clay Park of Axiom, along with Newmark Managing Director Bryan Norcott, represented the landlord, Combined Properties. Combined Properties Senior Vice President Nadia Gilmore negotiated the lease transaction on behalf of the landlord. Details of the lease weren't disclosed.
