California Landmark Group has completed the final phase of G8, the largest multifamily/commercial development in Marina del Rey’s Marina Arts District. The $120M project includes 228 rental units and 25K SF of creative office space.
G8 features single, one-, two- and three-bedroom units, ranging from 550 to 1.5K SF, and 23 of its units have been designated affordable. The project also includes 68 co-living suites.
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Like the other CLG developments before it, G8 is aimed at young professionals working in the Westside tech hubs of Santa Monica, Culver City and Playa Vista. G8 is more than 80% leased and expected to be fully leased before the end of the year, a representative for the company said.
Including G8, CLG has delivered nine mixed-use projects — nearly 1M SF — of residential and commercial space to the neighborhood.
PEOPLE
Full-service design firm RDC has named principal Sean Slater as principal-in-charge of the firm’s new office in downtown San Diego at 101 West Broadway. The Long Beach-based firm has a number of projects in San Diego, including the repositioning of Del Mar Highlands Town Center, a redevelopment of the Horton Plaza Mall in downtown San Diego and renovations at Fashion Valley Mall.
SALES
Dedeaux Properties and its joint venture partner Ledo Capital Group have sold the Vernon Avenue Logistics Center, a recently completed, fully occupied 46.4K SF cold storage facility in Vernon for $14.85M. The buyer is a Los Angeles-based family-owned real estate investment and development company with a substantial portfolio of investment properties in prime locations throughout Southern California.
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CenterPoint Properties announced its acquisition of five last-mile sites in Long Beach. The properties span nearly 12 acres with approximately 65K SF of warehouse and office improvements, the industrial real estate company said in a release. The sites are located along Paramount Boulevard off the 91 Freeway, a corridor with a number of storage facilities. The properties are 14 miles from the Los Angeles and Long Beach ports and 20 miles from Los Angeles International Airport. The seller was CenterPoint tenant Ta Chen International.
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Malibu-based real estate sponsor and manager Christina has acquired a beachfront multifamily residential apartment building in Playa del Rey for $10.95M. A representative for Christina said that it was able to acquire the building at a discount to fair market value from the original developer "thanks to their long-standing relationships in the marketplace." The deal marks the sixth investment in the firm’s private equity real estate offering, Christina Real Estate Investors 4.
CONSTRUCTION AND DEVELOPMENT
Lowe (formerly Lowe Enterprises) and Atlas Hotels have completed a multimillion-dollar renovation of the 40-acre Town and Country Resort in San Diego’s Mission Valley. The midcentury modern-inspired overhaul included a reduction in the number of hotel rooms from 954 to 675 to add outdoor and recreation space and make room to bring a residential component to the property.
In 2018, Holland Partner Group bought roughly 10 acres of former hotel property to build apartments. Phase 1 of that project is under construction now, Lowe said.
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FINANCING
Commercial real estate capital markets adviser George Smith Partners secured a $14.1M construction loan for ELK Development’s micro-unit development in Hollywood. The 86-unit project is located in an opportunity zone in Hollywood, and it is one of a number of micro-unit projects that ELK is developing. Construction on the building is expected to be complete in early 2022.
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CBRE arranged a total of $28.3M in financing for the purchase of a medical office building in Tustin and an industrial property in San Diego to be occupied by online shaving company startup Manscaped. Trevor Damyan of CBRE’s Downtown Los Angeles office arranged one 10-year fixed-rate loan for the $43.6M purchase of both properties on behalf of the buyer, described as a private local investor.
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