The Walt Disney Co. paid $115M to purchase the former headquarters property of Yamaha Motor Corp. in Cypress, according to The Orange County Register.

The roughly 25-acre, infill industrial-zoned property features three buildings — one industrial, one flex and one office — totaling approximately 279K SF. The property spans an entire city block, with points of access from Katella Avenue, Holder Street and Yamaha Way. Disney has not shared plans for the property, according to the Register.

The property hit the market in the spring. Yamaha intends to relocate its U.S. group to Kennesaw, Georgia, by the end of 2028.

Avison Young's Patrick Barnes, Paul Clark, Nick Slonek and Jae Estep represented the seller. Avison Young’s Jeff Estep served as the program manager on the transaction.

PEOPLE

Seyfarth Shaw LLP added Jason Grinnell as a partner in its real estate department. Grinnell will be based in the firm’s Downtown Los Angeles office.  

Grinnell's practice sits at the intersection of real estate and the entertainment industry. He brings decades of real estate experience, most recently at Glaser Weil Fink Howard Jordan & Shapiro LLP, representing institutional, corporate, private equity and family office clients.

Grinnell’s debt practice includes construction, permanent and mezzanine financing as well as loan workouts, forbearance agreements, distressed debt transactions and renewable energy project finance. He has also represented entertainment industry clients in studio and office headquarters leases. 

***

Progressive Real Estate Partners promoted Lance Mordachini to senior vice president, investment sales. Mordachini was previously president, investment sales.

Mordachini specializes in representing owners in the sale and acquisition of retail properties throughout the Inland Empire and San Gabriel Valley markets. 

SALES

Berkadia arranged the $6.8M sale of Altezza, a 16-unit, garden-style multifamily property in Westchester. The sale price works out to $425K per unit. Berkadia's Steffan Braunlich led the transaction on behalf of the seller, Revere Investments of Rolling Hills Estates. The buyer was Corona-based Edud Investments. The deal closed on Sept. 21.

***

Daum Commercial Real Estate Services completed the off-market sale of a roughly 30K SF Santa Ana industrial warehouse facility situated in Orange County’s Airport Area submarket.

Daum's Mike Barreiro, Devin Ray and Zack Homsy of the firm's Orange County office, along with David Freitag, Ben Andrews and Sam Andrews of Daum's Los Angeles office, represented the seller and procured the undisclosed buyer, "an established global retailer and e-commerce wholesaler of currency collectibles."

FINANCING

Nexus Development secured a $276M refinance for Vivante Newport Center and Vivante Newport Mesa, a two-property senior housing portfolio in Newport Beach.

JLL Capital Markets arranged the financing. A $140M loan was arranged for Newport Center through a national bank, and $136M in agency financing was arranged for Newport Mesa. The Newport Center financing is one of the largest senior housing loans on a per-unit basis

Vivante Newport Center was built in 2022. It is a six-story complex with 99 units of independent living, assisted living and memory care units. Vivante Newport Mesa opened in two phases in 2013 and 2020 and offers 296 units of independent living, assisted living and memory care.

***

KeyBank Community Development Lending and Investment provided $92.9M in financing for Broadway & Imperial, a new 166-unit affordable housing project in South Los Angeles developed by SoLa Impact.

The financing package includes a $43.8M construction loan and a $18.1M federal low-income housing tax credit equity investment from KeyBank CDLI. Key Commercial Mortgage Group arranged a $31M Fannie Mae loan, and KeyBanc Capital Markets underwrote a $31M public bond issuance as part of the financing structure. The project is planned for the intersection of Broadway and Imperial Highway.

THIS AND THAT

Colliers announced the $22.75M sale to North Palisade Partners of a 13.49-acre industrial land site at 10990 N. Woodside Ave. Construction immediately commenced on the Palisade Santee Commerce Center, a nearly 300K SF multitenant industrial hub slated for completion in the third quarter of 2027.

Colliers Executive Vice President Evan McDonald represented North Palisade Partners in the transaction. He and Executive Vice President Mark Lewkowitz will serve as the property’s exclusive leasing advisers.