Westwood Office Sells For $38.2M: The Los Angeles Deal Sheet

Le Conte Westwood Development, an affiliate of Beitler Commercial Realty Services, sold a 1.16-acre site at Le Conte Avenue and Westwood Boulevard in Westwood for $38.2M. 

The 10K SF office property at 10918-10926 Le Conte Ave. sold in an off-market transaction to an undisclosed buyer. 

Newmark's Ryan Plummer and Westmac's Willa McNamarra Fields and Jim Burnap represented the seller. Newmark's David Kluth and JLL's Aliya Coher represented the buyer.

PEOPLE

G4 Capital Partners hired industry veteran Larry Grantham as senior managing director. Grantham will lead capital formation and a West Coast expansion beginning in Los Angeles. 

Grantham comes to G4 from Calmwater Capital, which he co-founded. In his 15-year tenure at Calmwater, he oversaw $4B in commercial real estate credit investments. He will be based in LA, where he will establish G4’s first West Coast office. 

SALES

Magellan Value Partners sold a 114K SF, Class-A industrial distribution building at 6260 Mango Ave. in Fontana for $30.2M. The property is a new industrial warehouse with 32-foot clear heights, 19 dock-high doors and options for expandable power.

Daum Commercial Real Estate Services’ Noah Samarin, David Gores and Gary Womack represented Magellan. Daum’s Steve Haston and LA Commercial’s John Lasiter represented the undisclosed buyer. The end user is a clothing distribution company based out of New Jersey.

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West Capital Lending acquired 17911 Von Karman Ave., a 104K SF, five-story, Class-A office building located in the Irvine Concourse neighborhood in Irvine, for $23.8M.  

In the owner-user transaction, West Capital Lending will occupy approximately half of the building, with a presence on the third, fourth and fifth floors, establishing a corporate headquarters. Two additional tenants will continue to occupy the first and second floors.

LEASES

Varda Space Industries leased 205K SF at the industrial and office campus at 2031 E. Mariposa Ave. in El Segundo. 

Bob Healey of CBRE represented the landlord, GPI Cos., which acquired the 9‑acre property in 2019. CBRE’s Cameron Merrill represented Varda.

The lease at Mariposa will give Varda the added capacity to manufacture spacecraft and reentry capsules at scale, according to a release from CBRE.  Varda also occupies 50K SF focused on biopharma development at 888 N. Douglas St., also in El Segundo.

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CBRE announced it arranged a nearly 55K SF lease at 6400 Sunset Blvd. in Hollywood for Bathhouse, which will open its first West Coast flagship at the property, formerly the Amoeba Music store. 

Bathhouse plans to undertake an extensive build-out and retrofit at the property. The New York–based brand signed a 25‑year lease. 

CBRE's Greg Briest, Houman Mahboubi and Marisa Renfro represented the landlord, Nahla Capital.

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Los Angeles College of Music in Pasadena signed a long-term lease renewal at 370 S. Fair Oaks Ave. The roughly 18K SF, freestanding retail property has served as the LACM campus since 1996.

The terms of the lease were not disclosed. NAI Capital Commercial's Tina LaMonica represented the landlord, a local family trust, in the deal.