The Little Tokyo Service Center will break ground on Chinatown’s 823 Cleveland Apartments, a new 100% affordable, privately funded, shared housing pilot project. Suites of units with private bedrooms and bathrooms will share common areas, including kitchens and living rooms.
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The project will bring 53 units of affordable housing to the neighborhood. Funding for this project comes from “organizations that are committed to solving the affordable housing crisis in Los Angeles,” LTSC said in a release.
PEOPLE
Kidder Mathews hired Ruben Kast De Martinez as a senior vice president in El Segundo, specializing in industrial, investment and development properties in Greater Los Angeles. Prior to joining Kidder Mathews, he worked with boutique and national firms including CBRE. Over his career, he has negotiated acquisitions, dispositions and leasing services totaling more than 3.5M SF and more than $625M in value, according to Kidder Mathews.
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Cresa added Drew Netherton as a principal in its Orange County office. Netherton exclusively represents office and industrial tenants throughout Southern California and the U.S. with a focus on critical site locations and portfolio management. Most recently, he was a senior managing director at Newmark and before that was a senior vice president with Cushman & Wakefield.
SALES
Northmarq Managing Director Shane Shafer completed the $40M sale of Sunset Square, a 140-unit multifamily property located at 745 North Sunset Ave. in West Covina. The four-building property was built in 1964 and renovated in 2015. Northmarq represented the seller, which property records indicate was San Diego-based LLJ Ventures. The buyer was not disclosed.
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CBRE facilitated the $8.7M sale of the 48-unit Bevia Apartments at 13260 Heacock St. in Moreno Valley. The sale price works out to over $181K per unit. The buyer was Bevia Apartment Owners I LLC. The seller was the similarly named Bevia Apts LLC. CBRE’s Eric Chen and Blake Torgerson represented both parties. Chen described the property as a “heavy value-add opportunity” in a release from CBRE.
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Plaza Tower, a nine-story, Class-A office property at 18000 Studebaker Road in Cerritos, has sold for an undisclosed amount. Newmark co-Head of U.S. capital markets Kevin Shannon, Vice Chairmen Paul Jones and Ken White and Senior Managing Director Brandon White represented the seller. Property records and previous reports indicate the seller was Rialto Capital and The Koll Co. The buyer was Logos Missions Inc., a religious organization.
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Hanley Investment Group Real Estate Advisors arranged the sale of a new construction, multitenant retail pad at Monterey Crossing in Palm Desert for $6.3M. This transaction is the fifth retail pad building Hanley Investment Group has sold at Monterey Crossing, totaling approximately $27M. Hanley Investment Group Executive Vice Presidents Bill Asher and Jeff Lefko represented the Monterey Crossing developer and seller, Fountainhead Development of Newport Beach, California, in all five transactions.
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An 11-unit multifamily community in Torrance sold to an undisclosed private exchange buyer for $4.8M. CBRE Executive Vice President Dan Blackwell and Senior Associate Trey Mitchell represented the buyer, who was also from Torrance. The undisclosed seller was based in Los Angeles. The property in the Old Town Torrance neighborhood was built in 1964.
LEASES
Electronic vehicle manufacturer Mullen Automotive has leased a roughly 122K SF industrial building at 1500 East Walnut Ave. in Fullerton. CBRE’s Ben Seybold and Sean Ward represented the landlord, Link Industrial. The building includes about 6K SF of office space, split between two floors, and the warehouse area features 17 dock-high doors and two grade-level doors as well as a large secured fenced yard.
The new lease will help the company expand its local operations and Orange County footprint, according to CBRE.
