IRA Capital sold Poinsettia Plaza shopping center in Ventura for $66M. IRA bought the 157K SF shopping center in 2016 for $50M. The retail center at 4220-4360 East Main St. and 4687-4731 Telephone Road was 96.5% occupied at the time of sale by tenants including Aldi, Ross, Office Depot, Petco, FedEx and Lamps Plus, according to Newmark. Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller.
:no_upscale():quality(75))
PEOPLE
Bellwether Enterprise Real Estate Capital has hired former Highland Realty Capital Chief Financial Officer and co-founder Mike Guterman as a senior vice president in its Los Angeles office. Guterman specializes in advising on, structuring, and placing debt and equity capital, and he has completed over $4B in financing throughout his career.
***
CBRE hired Jessica Lall as managing director overseeing the firm’s Downtown Los Angeles office. Prior to CBRE, Lall was president and CEO of Central City Association, a Downtown LA business association, and executive director for the South Park Business Improvement District. Lall replaces Andy Ratner as the leader of the Downtown LA office. Ratner now oversees CBRE’s West LA office and its occupier business in the Greater Los Angeles region.
SALES
California Landmark Group sold its 84-unit Larchmont Village property, LC by CLG, for $46.5M. The buyer was a private partnership formed by Harrison Yale Hurst and Richard Rosin of Santa Barbara-based H&R Investments. CBRE’s Dean Zander and Stewart Weston represented the seller.
***
TA Properties sold an El Segundo property to Dunbar Real Estate Holdings in an off-market transaction for $22.7M. Tenants at the two-building industrial property at 1355–1361 West 190th St. in Gardena are AutoZone, 3 Day Suit Broker, Off Broadway West and 4 Wheel Parts, all of which are on long-term, below-market leases, according to Daum Commercial Real Estate Services. Daum Executive Vice President Chuck Brill represented Dunbar in the transaction. The seller was represented by The Altemus Co.
***
Griffin Living sold its Griffin Plaza in Simi Valley for $22.1M. The buyer was a private 1031 exchange buyer. The 85K SF retail center at 3885-3977 Cochran St. is 94% occupied and is anchored by Aldi and CVS. The JLL retail capital markets team representing the seller was led by Managing Director Gleb Lvovich, Senior Director Daniel Tyner and Managing Director Geoff Tranchina.
***
Manhattan West Real Estate bought the Talbert-Mount Washington Industrial Park, a two-building, 60K SF industrial property in Fountain Valley, for $16.5M. The property sits on nearly 3 acres at 18071 Mount Washington St. and 11190-11240 Talbert Ave. The seller was DDK Investments. Manhattan West was represented by Joseph Harmon and Charles Johnson of Daum Commercial Real Estate Services. DDK Investments was represented by Daum Commercial Real Estate Services’ Devin Ray and Mike Barreiro.
LEASES
Ares Management, formerly Black Creek Group, secured an 864K SF lease renewal at its Perris Distribution Center. The tenant is supply chain solutions company NFI Industries. The facility at 657 Nance St. in the Inland Empire city is a two-story, cross-dock facility with accommodations for up to 154 trailers.
