Decron Properties acquired 5550 Wilshire, a 163-unit mixed-use residential and retail complex in Miracle Mile, for $114M. Decron acquired the property at a substantial discount to replacement cost, according to a news release. The complex holds one-to-three-bedroom apartments and townhomes and about 15K SF of retail space along the street.

The acquisition is Decron’s first purchase in almost two years, but the firm said that isn't a "referendum on Los Angeles" but rather a focus on growth markets such as those in the Sun Belt. The returns in Los Angeles weren’t competitive with what Decron was finding in the Sun Belt for a time, but that has shifted now for the right properties, the company said in the release.

PEOPLE

CIM Group has rehired Garett Bjorkman as principal and co-head of opportunity zones. Bjorkman was a managing director of portfolio oversight at CIM Group from 2015 to 2024. He also helped launch the firm’s opportunity zones platform in 2019. Bjorkman has more than 15 years of experience leading investment strategy and sourcing, asset management and portfolio management, according to a news release.

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JLL Capital Markets has expanded its debt advisory platform, hiring David Ghannadi as a senior director with its Orange County capital markets team. Ghannadi will be responsible for originating debt and equity solutions in the private capital sector.

Ghannadi has more than 18 years of commercial real estate experience and joins JLL from Columbia Bank, where he was responsible for commercial real estate and multifamily lending. Prior to that, Ghannadi held similar roles at Pacific Premier Bank, Convoy Capital and Banc of California.

SALES

The Whittier Comstock, a subsidiary of MW Investment LLC and owned by Matt Waken, acquired Fairway Center II, a 135K SF office property at 675 Placentia Ave. in Brea for approximately $27.9M. The property was 70.5% leased at the time of the sale and is anchored by the Orange County government, which occupies more than 61K SF on a long-term lease.  

CBRE’s Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Jackson Marlow represented the unnamed institutional seller. CBRE's Shaun Moothart and Andrew Post secured the financing for the buyer.

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Hanley Investment Group Real Estate Advisors represented the buyer in the $15M acquisition of a 39K SF, Walgreens‑anchored retail center at 10901-10927 Atlantic Ave. and 4351 E. Imperial Highway in Lynwood.

Hanley Investment Group’s Ayda Kach represented the all-cash buyer, a privately held retail real estate investment firm and developer based in Los Angeles. Newmark's Glenn Rudy, Rob Ippolito and Pete Bethea represented the seller, The Bilak Cos.

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Marcus & Millichap represented the seller in the $7.7M sale of 21825 Erwin St., a corporate-guaranteed, net-leased Staples property in Warner Center. Neither the seller nor the buyer was disclosed.

The property is between Westfield Topanga and The Village retail centers and directly across from the planned Rams Village at Warner Center. Staples has operated at the property since 2015 under a corporate-guaranteed, triple-net lease. Marcus & Millichap's Brandon Michaels had the exclusive listing.

LEASES

Cohen Brothers Realty Corporation of California signed seven leases totaling almost 96K SF at the Pacific Design Center’s Red Building in West Hollywood, Commercial Observer reported.

Beauty company SuperOrdinary signed the largest new lease, securing 25K SF. Beauty company Hourglass Cosmetics signed a six-year lease for 18,500 SF, and Australian fashion retailer and Generation Z favorite Princess Polly inked a 6.5-year lease for 11,500 SF.

FINANCING

JLL arranged $154.1M in financing for Kimco Realty Corp. and its unnamed institutional joint venture partner’s six-property retail portfolio in California, Arizona and Georgia. The portfolio includes Morena Plaza in San Diego, Rancho San Diego in El Cajon, and Vail Ranch Plaza and Redhawk Towne Center in Temecula.

The financing is through institutional investors advised by J.P. Morgan Asset Management. The grocery-anchored portfolio is 99% occupied with a 4.6-year weighted average lease term. It features Costco, Walmart, Whole Foods, Sprouts Farmers Market and Safeway as anchor tenants.