SALES
CIM Group and Farmers Insurance entered into a sale and partial lease-back of Farmers' 10-acre long-time home on Wilshire Boulevard in LA's Park Mile district. The transaction marks the next phase of the insurance company's multi-year transition to its new HQ in Warner Center, where 1,500-plus employees are scheduled to relocate through early 2019. Farmers' current home office campus consists of four city blocks on Wilshire between Keniston Avenue and Muirfield Road.
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Western Realco sold two industrial buildings totaling more than 96k SF in Santa Fe Springs, 12011 and 12039 Smith Ave—the first newly built industrial buildings sold this year in LA County—to Rockman Co USA and D&L CA Holdings for $14M. JLL's Luke McDaniel and Cameron Driscoll repped the seller.
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Full Moon Management bought a 24-unit apartment property, 844 and 846 W Martin Luther King Jr Blvd), from Hertz Family Trust and MSM Trust for $1.6M cash. Charles Dunn Co's Ramin Gheitanchi and Mario Gallo repped both sides. The buyer plans to renovate the buildings, which were built in 1924 and 1925. The twin buildings are located across the street from the LA Memorial Coliseum and contain primarily studio units.
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NAI Capital's Dan Bacani and Marie Taylor repped both sides in the sale of a 4,935 SF retail property, 36 and 40 N Lake Ave in Pasadena. The buyer plans to use the property, formerly occupied by a golf equipment store, for a cleaners business.
LEASING
Walker Zanger, a luxury stone and tile company, will consolidate its corporate HQ, West Coast distribution center, and LA showroom into nearly 127k SF in North Hills. Besides combining all operations under one roof, the build-to-suit campus is more central to the company's customer base, improving efficiencies and delivery times. Transwestern's J.D. DeRosa repped Walker Zanger in the 10-year lease valued at $14.7M. The building (16719 Schoenborn St) is owned by an affiliate of Geringer Capital.
FINANCING
CBRE's Val Achtemeier secured a $142M loan on behalf of KTR Industrial Fund III, an affiliate of KTR Capital Partners, for a portfolio of institutional quality industrial properties totaling 4.3M SF in Georgia, Nevada, and Texas. The financing, arranged through Prudential Mortgage Capital Corp, included a 65% fixed-rate portion and a 35% floating rate portion, which provided the borrower with flexibility and an attractive blended interest rate.
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