Formosa Limited, owned by Newport Coast executive Joe Wen, has acquired 5000 Birch St., a pair of office buildings totaling 310K SF in Newport Beach, the Orange County Business Journal reported. The seller was Manulife Financial Corp., based in Toronto. A sale price was not disclosed.
:no_upscale():quality(75))
Formosa brought in Lincoln Property Co. to provide property management for 5000 Birch.
In September, Formosa bought a pair of 1980s-built San Diego office buildings known as Symphony Towers from Irvine Co. for just under $46M. Lincoln handles property management there as well.
PEOPLE
Brian Russell has joined CBRE's national partners industrial and logistics capital markets team in Southern California as an executive vice president.
Russell joins from Eastdil Secured, where he led the Southern California life sciences team as a managing director. During his 13-year commercial real estate career, he has been involved in over $20B in transactions.
SALES
Crescent Heights, a Miami-based investor, dropped $240M on a 350-unit, 25-story complex in Santa Ana, The Real Deal reported. The seller was Essex Property Trust. The deal works out to nearly $686K per unit.
***
CBRE facilitated the $11.6M sale of Poway Valley Center, a retail property at 13314-13340 Poway Road in Poway to Badal Satasiya. CBRE’s Reg Kobzi, Joel Wilson and Michael Peterson represented the seller, Capstone Advisors, in the transaction. Strands Realty Group’s Jimmy Leach and Erik Ransdell along with Michael and Anthony Annunziata represented the buyer.
LEASES
Spin Master signed a lease to expand and relocate its Los Angeles office to 132K SF in The Collective, Tishman Speyer’s creative office campus in Playa Vista. Spin Master signed a multiyear lease for space across three full buildings in the five-building campus. The buildings are located at 11985, 11995 and 11975 West Bluff Creek.
***
UCLA Health signed a 22K SF lease renewal at a three-story 55K SF medical office building at 2825 Santa Monica Blvd. in Santa Monica. The space primarily serves as a research lab and medical office space associated with the UCLA Health Jonsson Comprehensive Cancer Center.
JLL’s Bryan Lewitt, Chris Isola and Monica Enes represented the landlord, Harrison Street Real Estate, in the lease. UCLA Health was represented in-house by Matt Ceragioli and Greg Park.
***
The Marshell Group signed an 18K SF, 10-year lease at 8200 Wilshire Blvd. in Beverly Hills. NAI Capital Commercial’s Ivan Hopkins and Mark O’Brien brokered the deal on behalf of TMG, a wellness industry organization. The landlord was represented by Sep Melamed of Prime Properties in the transaction
TMG will occupy the second and third floors following renovations. The location will house independent beauty professionals, executives and organizations.
***
Colliers Downtown Los Angeles retail team negotiated a ground lease with In-N-Out for a roughly 63K SF lot at the southwest corner of Atlantic and Gage avenues in Bell. James Rodriguez and Michael Bohorquez of Colliers represented the ownership team.
FINANCING
Bolour Associates Inc. provided a $5.7M, 24-month loan in West Hollywood through its affiliate, BA Debt Fund. The loan supports the purchase and renovation of a multifamily property off of La Cienega Boulevard and Melrose Avenue at 626 N. Flores St. The 24K SF property holds 19 units, a mix of one and two bedrooms plus a two-bedroom penthouse. The borrower is planning renovations to vacant units.
