A CIM Group-affiliated REIT bought an Echo Park bank building on Sunset Boulevard for $51M.
The REIT, called CIM Commercial Trust, bought the building with plans to renovate it into creative office space aimed at entertainment, media and tech tenants, according to Keller Williams Commercial.
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The seller was The Foursquare Church, which was founded in the 1920s in Los Angeles. The church’s Foursquare Temple is adjacent to the transacted property on Glendale Boulevard.
Lee Black and Veronica Black with KW Commercial represented both the buyer and seller in the deal.
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SALES
29th Street Capital acquired Sunterra Apartments in Oceanside from Ideal Capital Group for $97.5M. The 240-unit, Class-B property was built in 1974. Hunter Combs with Walker & Dunlop in San Diego brokered the off-market transaction. Walker & Dunlop’s John Montakab and Mark Grace arranged the financing.
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MWest Holdings has purchased 442 Residences, a 94-unit Long Beach multifamily complex, for $48.5M, or roughly $515,957 per unit. The property at 442 West Ocean Blvd. was completed in 2019. The seller was Ensemble Real Estate Investments, which was represented by Newmark co-Head of Capital Markets Kevin Shannon, Executive Managing Director Ken White, Senior Managing Director Chris Benton and Managing Director Anthony Muhlstein.
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Stos Partners purchased a 35K SF, two-tenant industrial property in Signal Hill, paying $8.4M. Stos plans to make upgrades to the property at 2301 Redondo Ave., including a new roof, parking lot resurfacing and a renovation of the entryway area. Chris Smith of Lee & Associates represented Stos Partners as the buyer in the transaction.
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FINANCING
Glendale Plaza, a 542K, Class-A office tower in Glendale, was refinanced in a $145M deal arranged by CBRE. DivcoWest owns the 24-story tower at 655 North Central Ave., which is 77% leased to media, financial services and law firms. Brad Zampa, Michael Walker, and Greg Grant with CBRE’s Debt & Structured Finance group represented DivcoWest.
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GPI Cos. and its private equity partner, Nahla Capital, secured a $150M loan for a Beverly Hills luxury condo project, The Real Deal reported. The loan is for a 17-unit project planned at 9908 Santa Monica Blvd. GPI applied for building permits in October.
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Gantry secured $33.3M to refinance the Marina Pacifica Shopping Center, located on Pacific Coast Highway in Long Beach. The 20-acre property includes nine buildings totaling nearly 300K SF, with anchor tenants including a Ralphs supermarket, Nordstrom Rack, Barnes & Noble and AMC Theatres. Gantry principal George Mitsanas, Senior Director Peter Hillakas and associate Austin Ridge with the firm’s Los Angeles production office represented the borrower, a private investor.
