Lincoln Property Co. and Strategic Value Partners’ repositioned 500K SF Class-A office campus, The Bluffs at Playa Vista, is welcoming The Honest Co., which signed a 10-year, 38K SF lease at the property at 12121 Bluff Creek Drive.

The Honest Co. is relocating its headquarters to The Bluffs by May 1, 2027, when its current headquarters lease expires, according to filings with the Securities and Exchange Commission. 

The consumer goods company co-founded by actor Jessica Alba reported that its undiscounted base rent starts at $3.50 per SF per month in the first year, goes to $3.75 in the second, jumps to $7.25 in the third, and rises annually to roughly $9.22 per SF by the last year of the lease. The Honest Co. will also receive 10 months of free rent, applied to the first 10 months of the third year, when the rent rises to more than $7 per SF. The lease, including that rent abatement, is valued at $33.4M, SEC filings show. 

The Honest Co. is moving to The Bluffs from 12130 Millennium Drive, which is owned by Barings and located in Playa Vista. The Honest Co. signed The Bluffs lease in June, but LPC announced the deal this week. 

PEOPLE

Kennedy Wilson hired Jaime Lee, former CEO of Jamison, as senior managing director of capital markets and real estate investments. 

In her new role, Lee will lead capital formation initiatives, strengthen relationships with institutional investors and drive investment opportunities across KW’s platform.

In her two decades of leadership experience at Jamison, she led development of 7,000 residential units across 36 buildings throughout Los Angeles. Jamison is the most active developer of office-to-residential conversions in the city.

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Institutional Property Advisors hired Max Unger as a managing director in Los Angeles. Unger will advise institutional and major private clients on retail investment transactions.

Unger is a retail real estate investment adviser with more than 20 years of institutional experience. He was previously at Unibail-Rodamco-Westfield, where he spent 14 years as senior vice president and director of U.S. tax and investments. At URW, Unger helped lead mergers and acquisitions valued at over $60B, closed $3.6B in divestments and reduced a 70-property portfolio to 15 properties.

SALES

Turtle Creek Residential LLC has sold Turtle Creek Apartments, a Riverside apartment complex, for $34.5M. The 98-unit complex at 4826 Van Buren Blvd. opened in 2020. 

The asset traded at a 4.3% capitalization rate and included the successful assumption of an existing U.S. Department of Housing and Urban Development loan, according to CBRE. CBRE's Eric Chen and Blake Torgerson represented both the buyer and seller in the off-market transaction. CBRE's Ryan Wilkinson provided debt and structured finance expertise and helped facilitate the yearlong HUD loan assumption process.

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Poole Properties sold a multitenant retail property at 2515 E. Coast Highway in Corona del Mar for $13.7M. Poole Properties was a generational owner and held the property for more than 80 years. The buyer is local investor and owner Shops at CDM LLC, led by managing member Phil Berry, a local commercial real estate broker and investor. The transaction was represented by Nathan Holthouser of Coastal Commercial and Ron Duong of Marcus & Millichap.

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Young Properties sold the California Medical Building, a 32K SF outpatient medical office property at 55 E. California Blvd. in Pasadena, to Meridian Property Co. for $13.4M. 

The three-story, roughly 40-year-old medical office building is adjacent to Huntington Health Hospital. Meridian is planning a comprehensive capital improvement program at the property, including lobby renovations, exterior enhancements and updated signage. Meridian also finalized a long-term lease with The Huntington Physicians, an affiliate of Huntington Health and Cedars-Sinai Health System, for the entire second floor of the property. 

CBRE’s Mark Shaffer, Anthony DeLorenzo, Ryan Burnett, Cody Chiarella and Greg Nassir represented the seller, Young Properties.

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Marcus & Millichap facilitated the sale of 1476 S. Shenandoah St., a 16-unit apartment property in Pico-Robertson in Los Angeles. The property sold for $5.3M, or just under $335K per unit. The property, which has had the same owner for more than two decades, received six offers. The undisclosed buyer is a local owner and operator.