This Week's LA Deal Sheet
George Smith Partners brokered $30M in refinancing for Plaza de Hacienda, a 156K SF grocery-anchored retail center in La Puente.
Plaza de Hacienda, at 1735-1869 North Hacienda Blvd., has strong historical occupancy and quality tenants along with being in a high traffic area, according to George Smith Partners principal Shahin Yazdi.
"By demonstrating the strength of these factors to multiple lenders, we were able to identify a lender who was willing to provide a high-leverage, fixed-rate loan, giving our client the opportunity to refinance with cash-out proceeds that can be used for future investments," he said.
Optimus Properties requested a fixed-rate loan with the goal of refinancing its maturing loan for the retail center, according to Yazdi.
The company plans to perform capital improvements on the shopping center.
George Smith Partners secured the $30M loan from a CMBS lender.
The 10-year loan was structured with a loan-to-value of 65% with a five-year interest-only period, followed by an amortization of 30 years.
The rate was fixed at the 10-year swap plus 2.53% with a 1.23 debt coverage ratio and 7.75% debt yield.
The financing was arranged by Yazdi.
Stepp Commercial brokered the nearly $3.18M sale of Palmdale Apartments, a 24-unit property in the East Village Arts District of Downtown Long Beach.
The property closed at a 4.57% cap rate and nearly $132,500/unit.
The 93-year-old, two-story building at 845 East 6th St., has 23 studio units and one two-bedroom unit.
The buyer plans to do a reno of the exterior common areas and upgrade the units.
Stepp Commercial president Robert Stepp and vice president Michael Toveg repped both the private seller from Riverside and the buyer, Beverly Hills' Forward 6th Street Investments LLC.
Cresta Properties bought a 45-unit building in Beverly Hills from an undisclosed seller for $3.5M.
The 55-year-old building is 100% occupied. It has a rooftop deck with a swimming pool.
The Courtyard by Marriott in downtown Santa Monica opened last week.
It is one of two new hotels designed by Gwynne Pugh Urban Studio.
The six-story hotel has a cantilevered pool deck and acts as an eastern extension of the esplanade that ends at the Santa Monica Pier.
Newmark Grubb Knight Frank has been chosen as the leasing agency at 100 Barranca in West Covina.
The 30-year-old, 225,920 SF Class-A office tower is owned by West Covina's Sunny Hills Management Co. The 13-story building is 50% occupied.
NGKF senior managing directors Taylor Ing and Drew Sanden, along with senior associate Scott Maples, are handling leasing for 100 Barranca in collaboration with Sunny Hills Management.
Molina Healthcare was attracted to the large block of contiguous space, its ocean views and proximity to its headquarters in downtown Long Beach.
It was originally designed for Logicon, an aerospace company, to be the anchor tenant.
Newport Beach's Jupiter Holdings purchased the property four years ago.
CBRE Group senior vice presidents Tim Vaughan and Dave Smith and vice president Mike Harry repped Jupiter Holdings.
McKinney Advisory Group executive vice president Jamie Keller and executive account representative Dan O’Leary repped Molina.
Ghobadi has worked in commercial real estate for a decade.
Previously, he owned and operated a hospitality and transport company.
He will be based in Colliers' Encino office.
Sperry Commercial Global Affiliates named Jimmy Chai as managing director of its Koreatown office.
Chai will be responsible for leading a group of real estate agents to bring an institutional quality level of service to clients.
Chai was director at Cushman & Wakefield for nine years.
StarPoint Properties recently awarded CBRE broker Stewart Weston with a 2017 Porsche 911 for bringing in the greatest off-market deal volume last year to the Beverly Hills company.
The Porsche giveaway was valued at more than $100K.
It was the culmination of a year-long national broker incentive program that included commission bonuses upon closing of all off-market transactions.
Weston brought $150M in potential investments last year to StarPoint.