This Week's LA Deal Sheet
Want to get a jump-start on upcoming deals? Meet the major Los Angeles players at one of our upcoming events!
A new townhouse community is planned in West Hollywood.
Culver City's R&A Architecture + Design plans to build an 11-unit contemporary apartment building on the northeast corner of Martel Avenue and Romaine Street. The project was just approved by the West Hollywood Planning Commission.
The project would have two- to three-story townhouses with two or three bedrooms in each around a semi-private courtyard to make it amenable to neighbors. The apartments are designed at different heights with varied façades so the privacy of each unit is maintained.
The developer is Martel Heights LLC.
West Hollywood East has tremendous potential and is an alluring neighborhood for its existing landscaping and scale of existing buildings, according to R&A Architecture + Design principals Christian Robert, Shawn Gehle and Benjamin Anderson.
The firm worked with local neighbors and West Hollywood's planning staff to ensure the project took local concerns into consideration.
The architects said it is important to them that the neighborhood sees this project as an example of responsible development. Their design took inspiration from the property's surroundings.
Construction is scheduled to begin in spring 2018.
The campus, owned by CIM Group, has three buildings at 8935, 8965 and 8944 Lindblade Ave.
Cumulus Media recently purchased Westwood One, adding sports, news, talk, music and programming services that enable Cumulus to provide a wider variety of options to approximately 10,000 U.S. radio stations and other media platforms.
The project included building 21 radio broadcast studios with nine of them meeting video/television broadcast standards, installing 37 private offices, 75 cubicles, conference rooms and new kitchens, upgrading two existing server rooms and adding a new server room.
The exterior of the building also was renovated.
The building dates back to the 1930s.
The McCormick project team included director of tenant improvements Alan Hartley, project manager Andre Miyao and superintendent Matthew Skinner.
DCA Architects was the architect, and the structural engineer was MMSE.
The new Healthcare Partners outpatient facility is being built on a 2.9-acre site at 1120 West Washington Blvd.
Robhana Group bought the development site five years ago with financing arranged by Quantum.
In addition to the construction loan, the financing included a permanent loan, secured by the fully occupied 50K SF building adjacent to the new development.
Quantum Capital Partners managing partners Jonathan Hakakha and Mike Yim led the financing assignment and began marketing the opportunity to potential lenders more than a year ago.
Summit Financial Consultants is expanding its offices and relocating to Westlake Park Place – Phase 2.
Summit Financial Consultants has leased 6,090 SF at 3075 Townsgate Road, which was the final building built at Westlake Park Place.
DAUM Commercial executive vice president and branch manager of the Ventura County office Mike Foxworthy repped Summit Financial. The landlord, Westlake Plaza Center East – II LLC, was repped by DAUM Commercial vice president Craig Cahow and Foxworthy.
The companies have plans to reno and reposition the property over the next several months.
The reno is being led by LPC West, Lincoln Property’s West Coast arm that recently announced a significant expansion of its operation.
Planned renovations include modernizing the outdoor amenity space and upgrading the lobby and common areas.
The 96K SF Glendale office tower was built 32 years ago. Its tenants include North American Title, Logic Mate International and H&R Block.
Arty Maharajh was just hired as research manager at Avison Young.
He will maintain data and analytics focusing on LA County and will lead research projects on behalf of clients, providing insight on demographic, economic, labor force and real estate market trends.
He will be based at the firm's DTLA office.
Previously, Maharajh headed Cushman & Wakefield's LA Metro Region research.
Mike Metzger recently opened an office for Westcore in El Segundo. Metzger is a director of acquisitions at Westcore and will focus solely on LA.
Previously, he handled leasing for Westcore Properties’ Sacramento, Reno and Silicon Valley office and industrial property portfolios. He also formerly worked for CBRE, specializing in industrial properties.