Waterton Buys 395 Units In Warner Center: The Los Angeles Deal Sheet
Waterton acquired Motif, a 395-unit apartment complex in Warner Center at 21021 Erwin St. in Woodland Hills, which it plans to rebrand as Sorrel at Warner Center. The Chicago-based company announced the acquisition but did not mention the price or the seller, which was TruAmerica, according to previous reports. TruAmerica acquired the apartment complex in 2015 from Dinerstein Cos. for $163M.
Built in 2015, the complex is well-suited for a light value add program across all residences. Renovation plans for residences, which come in one-, two- and three-bedroom configurations, include new quartz countertops, lighting and plumbing fixtures, and general cosmetic updates.
This is Waterton's second Warner Center acquisition this year, having bought the 522-unit Amli Warner Center, now Kitt at Warner Center, over the summer.
PEOPLE
NAI Capital Commercial has hired Maurice Nieman for the firm’s Investment Services Group as executive managing director in the Orange County office.
Nieman brings more than 35 years of real estate and executive leadership experience, specializing in single-tenant, multitenant and net-leased investment sales, sale-leaseback transactions and portfolio dispositions nationally. Over the course of his career, he has completed transactions valued at more than $2B. Prior to joining NAI Capital Commercial, Nieman served as executive managing director at Savills North America.
SALES
Kidder Mathews has arranged the sale of a three-property coliving multifamily portfolio in Mar Vista, including 4339 Berryman Ave., 4367 Berryman Ave. and 12518 Venice Blvd., with 156 beds, 126 beds and 112 beds, respectively.
Kidder Mathews First Vice President George Crawford, Senior Vice President Christopher Giordano and Vice President Phil Taggart represented the seller, Six Peak Capital. The buyer was not disclosed.
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CBRE negotiated the $22.1M sale-leaseback of 2470 Faraday Ave., a 19.4-acre site that includes a roughly 127K SF industrial research and development and manufacturing facility in Carlsbad, to BLT Enterprises.
CBRE’s Hunter Rowe and Matt Carlson along with National Partners’ Michael Longo, Eric Cox, Barbara Perrier, Joe Cesta and Brian Russell represented the seller, an undisclosed global science and technology company.
The seller has owned and operated the property since the mid-1970s. The site contains one of the last remaining industrial development opportunities in San Diego, according to a release from CBRE. The seller will lease back the existing facility.
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JLL Capital Markets arranged a refinancing for Pacifica Medical Plaza, a 114K SF medical building in Irvine. The medical plaza is a four-story, Class-A building that was fully renovated in 2022 from a traditional office building to 100% medical office use. The property is currently 64% leased to tenants, including Children’s Hospital of Orange County
JLL worked on behalf of the borrower, a joint venture between Harrison Street Asset Management and Archer Property Partners, to secure the senior financing through Thorofare Capital.
Senior Managing Director John Chun and associate Kyle White led the JLL Capital Markets Debt Advisory team that represented the borrower.
FINANCING
Quantum Capital Partners arranged a $26M construction loan for Prospect Villa, a new mixed-use development in Rosemead. Quantum Vice President Kevin Wong secured the financing on behalf of the developer, The Connected Cos. The project is a seven-story multifamily complex with 75 apartments and roughly 6K SF of ground-floor retail space.
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JLL Capital Markets secured an acquisition and repositioning loan for Grand Prix Auto Club, a auto garage condo redevelopment project in San Diego.
Grand Prix Auto Club, located at 8108 Mercury Court in San Diego, will transform an existing industrial facility into a space for car enthusiasts and collectors. The 2-acre project will feature 23 for-sale condo units ranging from 900 SF to 2,800 SF.
The Grand Prix Auto Club will also feature an exclusive owners-only clubhouse spanning 4K SF and featuring a lounge area, open bar and rooftop deck.
JLL Capital Market’s Debt Advisory team was led by Director Brad Vansant and Jenna Frakes.
