JPI bought a 1.6-acre portion of the Mosaic redevelopment site in downtown Long Beach from Waterford Property Co., Turnbridge Equities and Monument Square Investment Group. The sale price wasn't disclosed, but Bisnow has learned it was $14.7M.
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The Mosaic site is a larger chunk of the shopping center formerly known as City Place.
The property, bordered by Long Beach Boulevard, Fourth Street, The Promenade North and Fifth Street, is entitled for 272 apartments, including 16 affordable units, and 19K SF of ground-floor commercial space. JPI will call its development Jefferson Long Beach.
Newmark co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Ken White, Senior Managing Director Chris Benton, Managing Director Anthony Muhlstein and Associate Director Gabe Munson represented the seller partnership.
SALES
Clarion Partners sold a Playa Vista apartment complex to DivcoWest for $122M, the Real Deal reported. Clarion bought the property for $117.5M, or about $549K per unit, in 2018. DivcoWest’s purchase price works out to about $570K per unit. The sale was subject to the city's 5.5% Measure ULA transfer tax, TRD reported.
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CBRE arranged the $8M sale of a roughly 13K SF retail and office building at 130 E. Colorado Blvd. in Old Town Pasadena to DFTC Inc. CBRE’s Kyle Barratt represented the seller, G&C Frost Co. The seller owned the land since 1874.
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Marcus & Millichap’s Rick Raymundo, Jeff Louks and Brett Sanson listed and sold 5415 Corteen Place, a 22-unit apartment property in Valley Village. It sold for $4.7M. The property had been in the same family ownership for more than 47 years. Financing was provided by MidFirst Bank.
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Progressive Real Estate Partners arranged the $3.5M, all-cash sale of a 7-Eleven-anchored triple-net retail strip center at 728 W. Vernon Ave. in Los Angeles. The sale price works out to $555 per SF. The three-tenant center is fully leased. Progressive Real Estate Partners President Brad Umansky and investment sales adviser Lance Mordachini represented both parties, neither of which was disclosed.
LEASES
As part of its bankruptcy proceedings, WeWork has filed to assume two LA leases, one at the Pacific Design Center at 750 N. San Vicente Blvd. in West Hollywood and another at LBA Realty’s 1150 S. Olive St. in South Park, Commercial Observer reported. While the exact square footage at both locations is unclear, it appears that WeWork occupies multiple floors at each property, according to CO.
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Avison Young negotiated a five-year lease of a 6.3-acre parcel at 9361 Glenoaks Blvd. in Sun Valley for industrial outdoor storage, specifically for movie trailers. The property is close to Interstate 5 and the Burbank Airport, as well as Highway 170 and the 210 Freeway.
Avison Young principal Patrick Barnes and Vice President Paul Clark, along with John DeGrinis of Newmark, represented ownership, a private investor. The tenant, D & L Studio Transportation Inc., was represented by Darrin Nickerson of IDS Real Estate Group.
FINANCING
The Irvine Co. secured a $150M refinance of the Westwood Gateway II, a 549K SF office complex at 11100 Santa Monica Blvd. in West LA from Bank of America, The Real Deal reported. The 10-year, fixed-rate loan on the property was promptly put into a commercial mortgage-backed securities deal. The Irvine Co. will pay an interest rate of just under 5.6%.
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CBRE secured $78.5M in construction financing for the development of Ion Clairemont, a 251-unit mid-rise apartment complex at 8333 Clairemont Mesa Blvd. in San Diego. The development will contain a mix of studio, one-, two- and three-bedroom floor plans averaging 806 SF.
Bill Chiles, Scott Peterson and Morgon Fraser with CBRE Capital Markets' debt and structured finance team in San Diego secured the three-year, 71% loan-to-cost senior construction loan and mezzanine loan for San Diego-based AAA Management.
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Lendistry provided a $22.2M loan to Vermont Slauson Economic Development Corp., a local community development financial institutions fund, allowing it to become the sole owner of the Vermont-Slauson Shopping Center. Under VSEDC ownership, rent affordability for each business will be preserved, according to a release from Lendistry.
