DEVELOPMENT
Sinanian Development bought Village Walk at Tarzana (18709 W Redwing St and 5420-5432 N Yolanda Ave in Tarzana), a two-parcel development site that's fully entitled for 72 units. Land to develop residential in Tarzana is so scarce that there's been no multifamily development in the city since 1980, says Greg Harris of Marcus & Millichap's Institutional Property Advisors division, who advised seller Pearlmark Real Estate Partners along with IPA's Kevin Green and Joseph Grabiec.
LEASING
Keller Williams leased 5,100 SF at 17785 Center Court Dr in Cerritos for the expansion of its residential brokerage operations. The Saywitz Co's Andrew Herron and Robert Ritschel repped the tenant.
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C.R. England leased 2.5 acres in La Puente, 19047 San Jose Ave. Heger Industrial's Thomas Holland and Jon Reno repped the landlord, the Anderson Family, and Lee & Associates' Jeff Smith repped the tenant. Negotiations included an early termination agreement with the current occupant, Wal-Mart Transportation.
FINANCING
HFF recapitalized and arranged acquisition financing for the DoubleTree LAX (above), a 215-room full-service hotel. A JV between Argosy Real Estate, Evolution Hospitality and current owner Stonecreek Properties bought the property, located at 1985 E Grand Ave in El Segundo.
EXECUTIVE NEWS
Jim Andersen rejoined Trammell Crow in the LA business unit as SVP, responsible for sourcing and overseeing new multifamily development and investment opportunities. Previous posts include president of NMS Properties in Santa Monica and COO of Del Mar Development in Los Cabos, Mexico.
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Paul Rutter rejoined Gilchrist & Rutter, the law firm he co-founded in 1983 and served as managing shareholder until 2006. Between stints, he served as EVP of major transactions at Maguire Properties, and co-COO and general counsel of Thomas Properties Group.
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C.W. Driver promoted former EVP John Thornton to president. An 18-year veteran with the company, he orchestrated the creation of new subsidiaries Driver SPG and Driver URBAN, as well as the recent acquisition of Good & Roberts.
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Mark Nicoletti was named partner in the Real Estate Practice Group at Sklar Kirsh. He joined the firm a year ago, coming from the real estate groups at Gibson Dunn and Snell & Wilmer.
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