Sherwood Real Estate Partners purchased 3507 Jack Northrop Ave., a roughly 40K SF airplane hangar at Hawthorne Municipal Airport, for approximately $13.4M after the previous owner declared bankruptcy. Sherwood plans to reposition the hangar and lease it to a top fleet operator. The hangar is in an advantageous location: It was previously reported that SpaceX, which is walking distance from the hangar, leased space there and that Elon Musk parked and fueled his jet at the hangar.
The purchase was completed in an all-cash transaction, for which Sherwood partnered with Farallon Capital Management. The sale is unusual because it involves the fee simple ownership of a hangar with direct access to the airport’s runway. It is more common for hangars to be long-term leased from jurisdictions and cities that own the airports, according to Sherwood.
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PEOPLE
WSP promoted Senior Vice President Luis Porrello to California district leader. In his previous role as West region development leader, Porrello oversaw a sales target of over $1B. Porrello is responsible for the firm’s business delivery performance and client engagement across the state. He is based in Irvine and has been with the firm for six years.
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Midwood hired Scott Hayner as its senior vice president and head of West Coast development. Hayner is responsible for the planning, development, marketing and sales of the firm’s West Coast development pipeline, including The Residences at Sportsmen’s Lodge and The Shops at Sportsmen's Lodge, both in Studio City. Hayner was previously at CIM Group, where he focused on the firm’s Los Angeles development pipeline.
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CBRE has promoted Rick McGeagh to executive vice president. McGeagh, a 37-year veteran at CBRE, serves industrial clients in Los Angeles and Orange counties as a strategic adviser and consultant to investors, developers and occupiers of industrial real estate. Over his career, McGeagh has been involved in approximately 2,700 sale and lease transactions totaling 165M SF and $10B.
LEASES
The Klabin Co./CORFAC International finalized a long-term lease renewal and expansion at an industrial facility at 14001-14003 Orange Ave. in Paramount. The 84-month lease is valued at more than $46M.
The tenant is A.M. Castle & Co., a supply chain solutions provider, which will expand its operations from part of the building to the entire 282K SF property.
The Klabin Co.’s Warren, Kimberly and Travis Noack, along with Frank Schulz and Tyler Rollema, represented landlord Ed Drees. Fisher and Company Real Estate Services represented the tenant.
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KBC Advisors arranged a full-building lease at Prologis’ The Knox in Torrance. The building is roughly 443K SF and sits at 1452 West Knox St. The tenant is National Road Logistics Inc. Terms of the lease weren't disclosed.
KBC Advisors’ Ryan Bos, Eric Daschbach, Jillian Escobar and Colin MacMillian and Prologis’ Lisa Reddy worked on the deal on behalf of the landlord. JLL's Kyle Cheung and Brianna Demus represented the tenant.
CONSTRUCTION AND DEVELOPMENT
Cityview and Stockbridge have begun construction on Apollo, a 265-unit apartment development in Hawthorne. The project will offer studio, one- and two-bedroom floor plans. The LEED Silver complex is within 5 miles of more than 260,000 jobs, two blocks from a Metro C Line station and close to Los Angeles International Airport. Completion is slated for 2025.
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Shawmut Design and Construction, UCLA’s Center for the Art of Performance and Bar Architects & Interiors have completed a renovation to convert the historic Crest Theatre into the new UCLA Nimoy Theater. The 10.5K SF venue features an expanded lobby, a new bar and lounge, and support spaces. The Nimoy now includes 150 permanent seats on risers with a flexible seating area that, when activated, brings seating capacity to 299.
FINANCING
PGIM Real Estate provided nearly $115M in fixed-rate financing to Barings Real Estate for The Ventana, a multifamily property in Playa Vista. The Ventana apartments include 405 units of beachfront property on approximately 6.2 acres. Residents have access to 668 parking spots, two clubhouses, two swimming pools and a gym.
