This Week's LA Deal Sheet: Goldrich Kest Names New CFO
Goldrich Kest hired Kent Crandall as its new chief financial officer.
Crandall has more than three decades of CRE experience, including serving as chief financial officer of private equity firm Lafayette Real Estate, which manages $2B in assets. Before that, Crandall was executive vice president of Tricon American Homes and chief financial officer of MBK Real Estate, a North American subsidiary of Japanese conglomerate Mitsui Co. Ltd.
PEOPLE
Nicole Mihalka has departed JLL, where she was a managing director, for CBRE, where she will join the Downtown LA office as a senior vice president. Mihalka specializes in leasing advisory and transaction services in the creative office, entertainment and studio space. She was at JLL for 12 years and has leased and sold more than 5M SF in the last 10 years. Her major clients include the leading names in the entertainment and music industries.
SALES
A 68.3-acre nursery in Oceanside sold for $18M to Lehi Property Development. CBRE’s Matt Carlson, Hunter Rowe, Camille Doan, Will Pike, Barbara Perrier, Mike Longo and Joe Cesta represented the seller in the sale of the property at 3231 Oceanside Blvd.
The site has operated as a nursery for more than two decades, but it is zoned for industrial use and could accommodate various industrial developments.
The city of Oceanside has recently focused on developing a specific plan that affects this property and is intended to boost revitalization and reinvigoration in areas of the city including along Oceanside Boulevard.
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Cushman & Wakefield arranged the sale of The Lofts at Moonlight Beach, a mixed-use property along North Coast Highway 101 in the heart of Encinitas. The property consists of 13 commercial units totaling approximately 13K SF that were 93% leased at the time of sale.
USA Properties Inc. acquired the asset for $10M. Peter Curry, Owen Curry and Brooks Campbell with Cushman & Wakefield’s private capital group in San Diego represented the buyer. The seller was Viewpoint Equities Inc., represented by CBRE’s Joel Wilson, Reg Kobzi and Michael Peterson.
USA Properties will convert the existing 13 commercial units, originally built in 2008, from for-lease to for-purchase properties.
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NAI Capital Commercial Executive Managing Director Ryan Campbell of the investment services group in the San Gabriel Valley office negotiated the $8M acquisition of a 2.3-acre redevelopment site in Covina. Campbell represented the buyer, Westport Properties Inc. Westport plans to develop a four-story self-storage facility spanning approximately 180K SF on the site at 529 Cutter Way.
FINANCING
PSRS’ Jonny Soleimani and George Gianoukakis arranged a $38.2M bridge loan to convert a vacant, approximately 150K SF flex property into a self-storage facility in Los Angeles. The financing included a $12.8M cash-out refinance and fully funded construction costs.
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Walker & Dunlop arranged a $34.8M construction loan for 4301 Vermont Ave., an affordable apartment project near Vermont Square. The W&D multifamily finance team led by Chris Montes arranged the loan on behalf of the client, SoLa Impact, and identified the lender as Acore Capital. The project will provide low- and moderate-income housing, with approximately 80% of the units designated for low-income residents and 20% reserved for moderate-income residents.
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Jacob Lee and Thomas Rudinsky of PSRS arranged the $6.9M refinance of a multifamily property in Los Angeles. The property is a garden apartment complex with 12K SF and 24 apartments. PSRS provided its borrower with nonrecourse bridge financing, a 12-month term, no prepayment penalty and 100% of the cost financed.
THIS AND THAT
RWBID Construction Management merged with the international consulting firm Cumming Group, the latter announced. The merger boosts Cumming Group’s public sector capabilities. Hermosa Beach-based RWBID was established in 2010 and specializes in civic justice, public safety, healthcare, recreation, library and education projects. It has provided construction management services to more than 22 public agencies throughout Southern California.
