R.D. Olson Construction has broken ground on an 82-unit affordable housing development in downtown Los Angeles.
Meta Housing Corp.'s the Lamp Lodge project is a seven-story, 49K SF contemporary-styled building at 660 Stanford Ave. in Los Angeles' Skid Row neighborhood.
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Being developed by Meta Housing Corp., the multifamily property will feature 74 studios, seven one-bedroom apartments and one two-bedroom apartment.
“Given the current housing shortage and rising cost of living, affordable housing projects like Lamp Lodge are critical for the Los Angeles community,” R.D. Olson Construction President Bill Wilhelm said in a statement.
R.D. Olson Construction is working with developer Meta Housing, architect KFA Architecture and JAG Interiors on the project. JP Morgan Bank and the Housing Authority of the City of Los Angeles provided the funding. Construction is slated to be completed in 2022.
SALES
LDAR Properties has acquired a portfolio of three industrial properties totaling 45,600 SF in the San Fernando Valley from SCN Sun Valley for $8.62M. The buildings are in the east Fernando Valley industrial submarket along Lankershim Boulevard. NAI Capital's Chris Jackson and Todd Lorber arranged the sale.
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A private investor has purchased a six-unit multifamily property in Van Nuys from a undisclosed seller for $1.5M. The building at 6650 Woodman Ave. sold for a 4.58% cap rate. Marcus & Millichap's Rick Raymundo represented the buyer. Centennial Advisers' Edan Gross and Justin White represented the seller.
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LEASES
Dr. Squatch has signed a five-year $2.1M lease with Crown Associates Realty to occupy a 35K SF industrial building at 2945 East Maria St. in Rancho Dominguez. The Klabin Co./CORFAC International's Matt Stringfellow, Courtney Bell and Tyler Rollema represented Crown Associates. Mohr Partners' Chris Maese represented the tenant.
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JAS Forwarding has signed a 38-month, $3.5M lease renewal with Carson Cos. to continue occupying a 94K SF industrial building at 1975 Charles Willard St. in Rancho Dominguez. The Klabin Co./CORFAC International's Matt Stringfellow, Tyler Rollema and Hughes Commercial Real Estate's Tommy Hughes represented JAS. The Carson Cos. represented itself.
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The Social Security Administration has signed a 10-year, $13.4M lease extension with GSA Group to occupy a 19,500 SF office building at 1122 Vine St. in Hollywood. The property sits on a 1-acre site on Vine Street north of Santa Monica Boulevard. Colliers International's Nathan Pellow and Adam Tischer represented GSA.
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Armata Pharmaceuticals has signed a lease renewal with an undisclosed landlord to occupy a 35,400 SF biotech office in the Marina Business Center in Marina Del Rey. The terms of the deal were not disclosed. Stream Realty's Tim Dwight and Caleb Hodge negotiated the deal.
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EXECUTIVE NEWS
Walker & Dunlop has added Blake Rogers as managing director and Alexandra Caniglia as a director in its Los Angeles office. The two will be part of the company's Southern California property sales team. Rogers and Caniglia will be responsible for originating and executing on multifamily property sales in Southern California. Rogers will also be focused on helping grow the company’s presence in the West. Prior to joining, Caniglia served as a director at HFF. Rogers previously served as a managing director at JLL.
OTHER NEWS
A JV of Rockefeller Group and MBK Real Estate has secured a $24.4M construction loan for the development of a 297K SF industrial building in Fontana. City National Bank provided the loan, which includes a floating-rate financing structure with a 23-month-long term with extension options. The Fontana Santa Ana Industrial Center is a $40M industrial project at 10965 Banana Ave. The project recently started construction and is slated for completion in 2021.
