This Week's LA Deal Sheet
Partners Capital just bought a 14k SF industrial building at 12820 Panama St in Del Rey for $4.5M in an off-market deal.
Partners Capital president/principal Bobby Khorshidi told Bisnow a JV between Partners Capital and another firm bought the property. It was bought from a family trust.
Teledyne is the tenant.
It lease is expiring soon, and the rents are below market, Khorshidi said.
The entire block is in the midst of being redeveloped.
"The property is a long-term hold for our company," he said. "This acquisition represents a continued shift in our acquisition criteria from mostly retail to industrial/flex in line with consumer spending habits."
Khorshidi said his firm is seeing an increased demand for industrial properties and a diminishing supply of them in SoCal.
The site is adjacent to 12870 Panama St, which was recently purchased by Ocean Charter School for $20M and will be redeveloped.
NGKF Capital Markets sold LNR Warner Center IV, a 510,105 SF, two-building Class-A office property at 21255 and 21215 Burbank Blvd, in Woodland Hills for $147M.
The sale included a 0.88-acre land parcel that allows for a 7,500 SF retail building.
The property is the newest phase in LNR Warner Center’s four-phase master planned office campus, which totals 1.3M SF across seven office buildings.
LNR Warner Center IV has a strong tenant roster that includes Activision, New York Life Insurance, Well Fargo, United Online and Kaiser Permanente.
NGKF Capital Markets' Kevin Shannon, Ken White, Rob Hannan and Laura Stumm, along with JLL local market experts Jim Lindvall and Dan Sanchez, repped the seller and the buyer, a JV between Angelo, Gordon & Co and Lincoln Property.
NGKF Capital Markets' David Milestone and Scott Selke arranged the debt on behalf of the buyer.
CBRE Group sold a property at 6041 Variel Ave in Woodland Hills to a US subsidiary of Beijing's BCEGI International Co for $18.8M.
The land is in the Warner Center area and is near The Village at Westfield Topanga and other major malls.
Two vacant industrial buildings are on the property. They total approximately 84,320 SF.
CBRE EVP Multifamily Capitals Market Laurie Lustig-Bower and senior sales director Kamran Paydar repped the seller, Selective Real Estate Investments.
It will use the new location for administrative offices.
Cedars-Sinai's main campus is in Beverly Hills.
The 87-year-old, 43-unit building was designed by modernist architect Richard Neutra as his first commission in the US.
Calmwater's credit facility consists of $4.33M in initial funding as a senior secured term loan and $1.84M as a delayed draw term loan to finance capital expenditures and interest holdback.
The four-story Jardinette Apartments was listed in the National Register of Historic Places in 1986 and designated a Historic-Cultural Landmark by the City of LA in 1988.
The borrower plans to refurbish the apartments.
Crenshaw Imperial Plaza dates back to the 1960s and is a mixed-use center with 238k SF of retail and a 67k SF office building. The property is at Imperial Highway and Crenshaw Boulevard.
NewMark Merrill president and CEO Sandy Sigal said they liked the traffic and density in the area and were attracted to the history of the property.
Although the firm made the commitment to the project before it knew about the Inglewood Stadium being built, Sigal said the company is grateful for the assistance of city leaders in helping make the development a success.
"I cannot remember a more actively involved and supportive city," Sigal said.
George Smith Partners secured the three-year, interest-only loan at the full 92% LTC requested. The loan rate floats over the 30-day Libor floored at 5.45% with an 18-month minimum interest prepayment option, according to George Smith Partners' principal Steve Bram. There's also an option of a 12-month extension period.
Bram, along with SVP David Pascale and analyst Ali Akbar, secured the financing.