This Week's LA Deal Sheet
A new $50M, 118-unit luxury apartment building is now open in the Pasadena Playhouse District. Mill Creek Properties' Ken McCormick said its location and design make The Andalucia a winning combination.
"The Pasadena Playhouse District has been going through a revitalization for the last several years and is a very exciting place to live," McCormick said.
The classic Spanish Revival-style building, at 686 East Union St., features fountains and courtyards and sits on a 1.2-acre site. The design picks up on the 1920s-inspired buildings in the area, according to McCormick.
The apartments consist of studio, one-bedroom, two-bedroom and townhomes ranging from 550 SF to 1,250 SF. Eleven are reserved for low-income residents.
The development is a JV between Mack Urban and Mill Creek.
Monthly rents start at $1,839 for a studio, $2,231 for a one-bedroom, $2,909 for a two-bedroom, or $3,399 for a townhouse.
Retail on-site includes recently signed Sierra Custom Kitchens.
SALES
CBRE Group brokered the all-cash sale, for more than $9M, of a 28-unit apartment building in Encino to 5204 Yarmouth LLC, a local multifamily investor.
The 46-year-old, three-story building at 5204 Yarmouth Ave. has an over-sized, resort-style pool, large balconies, covered and gated parking, and an interior courtyard.
The 22K SF property has one- and two-bedroom apartments, ranging from 820 SF to 1,020 SF. The units have dishwashers and large closets, and there are laundry facilities on each floor.
CBRE first vice president Melinda Russell repped the seller, family trust Potkin Properties, and the buyer.
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The Mogharebi Group brokered the sale of Rosewood Park, a 94-unit independent living retirement community on Eastern Avenue in Commerce for $12.9M ($137K/unit or $282/SF).
The property had multiple offers.
Rosewood Park Senior Apartments is designed for seniors 55 or older and has affordable housing restrictions. The 36-year-old property, which was built on a 2.1-acre site, is at 2230 South Eastern Ave. in Commerce.
TMG president Alex Mogharebi and executive vice president Otto Ozen repped the seller, Rosewood Park Senior Apartments LP, and the buyer, a private investment group in the San Gabriel Valley.
LEASING
Tokio Marine HCC, an international specialty insurance group with offices across the United States and in the United Kingdom, Spain and Ireland, signed an 11-year lease at 801 South Figueroa St. in DTLA.
The company will take approximately 32K SF of office space at 801 Tower. Tokio Marine HCC is occupying space at 601 South Figueroa St. but plans to relocate to 801 Tower in May.
Savills Studley executive vice president Mike Catalano and corporate managing director Luke Raimondo repped the tenant. Cushman & Wakefield executive director John Eichler and associate Tyler Stark repped the landlord, Barings Real Estate Advisers.
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Northwestern Mutual signed a 25K SF lease at 515 South Flower St. in DTLA.
The lease is a result of a collaboration between CBRE Group and Northwestern Mutual LA to redesign the office into a space without assigned seating. Northwestern Mutual will move into the newly redesigned space July 1.
It will optimize the company’s current two and a half floors to one full floor on the 34th level of the office building. Northwestern Mutual LA is the first among its competitors in Los Angeles to engage in the free-addressing model as part of its larger strategy to better serve clients and effectively engage employees.
CBRE executive vice president Kevin Bender repped Northwestern Mutual LA in the 10-year lease. He collaborated with CBRE's Workplace and Project Management Teams to work on the space.
EXECUTIVE NEWS
Pircher, Nichols & Meeks, which has offices in Chicago and LA, promoted Ruth Schoenmeyer, Alexis Alonzo and Ariel Robinson to partners of the firm. Alonzo and Robinson practice in the LA office.
Alonzo joined the firm in 2006 and focuses on real estate deals. She was the recipient of the 2013 LA County Bar Association Outstanding Young Lawyer Award.
Robinson joined the firm a decade ago and focuses on real estate deals with an emphasis on acquisitions and dispositions, financings and development.
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Reza Safavi joined Caruso's development team, where he will be senior vice president of project management.
He will manage the Rosewood Miramar Beach Montecito and Palisades Village, among other developments.
Reza’s work has included award-winning projects such as the 240K SF Creative Artists Agency offices, a reno of The Beverly Hilton Hotel and CBRE’s West Coast headquarters in DTLA.
