This Week's LA Deal Sheet: Covina Retail Center Sells For $25M
JLL Capital Markets closed the approximately $25M sale of Grand Covina Plaza, a grocery-anchored, 112K SF retail center in Covina.
JLL represented the seller, a private family partnership, and procured the buyer, Longpoint.
Grand Covina Plaza at 1001-1075 N. Grand Ave. sits on 8.9 acres and counts Stater Bros Market, Dollar Tree, KFC, 7-Eleven and O'Reilly Auto Parts as tenants. The center is 89% occupied.
JLL Capital Markets' investment sales and advisory team representing the seller was led by Dan Tyner, Gleb Lvovich and Geoff Tranchina.
PEOPLE
Institutional Property Advisors has hired veteran commercial real estate industry research professional Dags Chen as head of IPA research and strategy. As part of the company’s research services division, Chen will focus on research publications and analytics, providing research, analysis and insights on the investment outlook for the institutional marketplace.
Chen has built a long-term institutional research career with multiyear positions with Barings, Ares Management and Clarion Partners. A chartered financial analyst, he has nearly two decades of experience.
***
Western Retail Advisors has promoted John Leffler to associate vice president.
Based in the firm’s Irvine office, Leffler will assume expanded responsibilities across the region, representing Western Retail Advisors landlord and tenant clients in their site selection, lease negotiations and strategic growth initiatives.
Leffler joined Western Retail Advisors in 2022 as a senior associate, bringing with him more than 15 years of real estate and broker experience. Earlier in his career, he co-owned a retail mortgage bank with 220 employees and approximately $100M in monthly production.
SALES
CBRE’s Matt Pourcho facilitated the $8.8M acquisition of Bernardo Regency Centre, a 48K SF office building in San Diego, on behalf of San Diego-based Providence Real Estate Group. Pourcho represented the buyer, Providence Real Estate Group. The seller, Beverly Hills-based Omninet Capital, represented itself.
Bernardo Regency Centre is a three-story building within the Rancho Bernardo Business Park at 11545 W. Bernardo Court. It is near the 4S Ranch master-planned community, retail amenities and offices of several Fortune 500 companies.
***
BLT Enterprises acquired a soundstage to add to BLT Studios, its wholly owned and operated film studio and soundstage business in Hollywood.
Called Soundstage 6, the project is expected to measure approximately 9K SF and includes four large production offices, a conference room, and hair, makeup and wardrobe rooms.
The full BLT Studios complex is made up of five different soundstages and a backlot, all within a two-block radius, including parking and production offices.
FINANCING
Talonvest Capital closed a $46.7M construction loan for 1784 Holdings LLC for the development of a self-storage facility located on a main thoroughfare in North Hollywood. The property will have almost 98K net rentable SF across 1,144 climate-controlled units. The loan was a participating debt construction loan with a five-year term negotiated with an undisclosed REIT
***
Mansfield Equities provided $2M in acquisition financing for Factor's Famous Deli at 9420 W. Pico Blvd. in Pico-Robertson. The loan closed in three weeks with terms including open prepayment and a 70% loan-to-cost ratio. The seller and buyer weren't disclosed, and the sale isn't yet reflected in public records online.
THIS AND THAT
Coworking company Serendipity Labs is opening a 39K SF location on the 14th and 15th floors of the 3200 Park Center Drive building in Pacific Arts Plaza in Costa Mesa.
In addition to private offices and team suite options for one to 100 employees, the Costa Mesa site will offer drop-in coworking club memberships and meeting room access on demand.
Members will also have work lounge and meeting room access to the entire Serendipity Labs network, including 915 Wilshire Blvd. in Downtown LA and other markets across the U.S. and UK. The Costa Mesa location is Serendipity Labs’ first in Orange County, but the company is pursuing additional locations.
