A week after announcing its new plans for the San Pedro Public Market, The Ratkovich Co. has sold its interest in The Bloc mixed-use development in downtown Los Angeles to one of its equity partners, National Real Estate Advisors LLC.
The financial terms of the deal were not disclosed.
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In a company statement, Ratkovich officials said the sale of its interest in The Bloc will allow the company to further focus its efforts on developing The Alhambra, a 1M SF mixed-use development in Alhambra, and the $150M San Pedro Public Market with Jerico Development. An email to a Ratkovich spokeswoman was not returned by press time.
“Now that the majority of The Bloc’s critical construction components are completed, it is the appropriate time for the firm to focus on the San Pedro Public Market and The Alhambra,” The Ratkovich Co. President and CEO Wayne Ratkovich said in a statement.
In 2013, The Ratkovich Co. and its partner, National Real Estate Advisors, developed the Bloc, a 1.8M SF mixed-use development at Seventh and Flower streets in downtown Los Angeles.
The $250M mixed-use project is home to a Class-A office, the Sheraton Grand, a Macy’s and other stores and restaurants.
“We have valued our TRC partnership and are pleased how The Bloc is now positioned to become a highly successful investment and an epicenter for downtown Los Angeles revitalization,” National Real Estate Advisors President and CEO Jeff Kanne said. “We look forward to a big year for the project as we complete the lease-up over the coming months.”
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SALES
An Arcadia-based private investor has purchased an 84K SF shopping center in La Verne from a West Hollywood-based seller for an undisclosed price. Built in 2000, the La Verne Courtyard is an Aldi-anchored shopping center on 7.3 acres at 2204-2278 Foothill Blvd. Hanley Investment Group’s Ed Hanley, Bill Asher and Kevin Fryman represented the seller. Treelane Realty Group’s Wendy Wong and Katherine Quach represented the buyer. Hanley said the seller is actively looking for a retail property in Los Angeles for a 1031 exchange.
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A private LLC has sold 0.29 acres in West Los Angeles to an undisclosed buyer for $4.49M. The land is at 1123 and 1127 South Shenandoah St. Marcus & Millichap’s Filip Niculete represented the seller.
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Culver City-based Goldrich Kest has purchased a 183-unit apartment building in West Covina from Waterton Associates for $44.85M. Built in the 1960s, the Sunset Plaza at 1234 West Cameron Ave. consists of 15 two- and three-story buildings with a combined 176,028 SF. Goldrich Kest officials said they plan to invest an additional $6M for improvements. Berkadia’s Shane Shafer represented the buyer and seller.
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Hermosa Beach-based Equitas Investments has sold a single-tenant Raising Cane’s Chicken Fingers in La Habra to a private investor for $3.96M. The newly remodeled 3,239 SF Raising Cane’s is at 1050 South Beach Blvd. Marcus & Millichap’s Steven Schechter represented the buyer. Hanley Investment Group’s Jeremy McChesney represented the seller.
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An undisclosed personal trust has purchased a nine-unit apartment building at 16037 Cantlay St. in Van Nuys from a private individual for $1.16M. Marcus & Millichap’s Jason Tuvia and Jordan Epstein represented the buyer and seller.
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Yasam Legacy LLC has purchased a 17-unit apartment complex in Los Angeles from an undisclosed personal trust for $7.2M. The property at 10829 Palms Blvd. consists of six one-bed and one-bath units and 11 two-bed and two-bath units. Marcus & Millichap’s Jeff Louks and Michael Sterman represented the buyer and seller.
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LEASES
Dick’s Sporting Goods has signed a lease with Simon Property Group to occupy a former Macy’s department store at the Del Amo Fashion Center in Torrance. The terms of the deal were not disclosed. CBRE's Scott Riddles, Derek Fitch and Rob Crumly represented the tenant.
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Virtuoso Medical Management and Mercury Insurance have signed separate leases with LAX Sixth Avenue Arbors Equities for office space at The Arbors biotech campus in Thousand Oaks. Virtuoso Medical Management will occupy 5,700 SF at 2545 West Hillcrest Drive. Mercury Insurance will occupy 21,200 SF. Terms of the deals were not disclosed. CBRE’s Michael Slater, Tom Dwyer and Caroline Bigelow represented the landlord. Slater also also represented Virtuoso Medical. Kennedy Wilson’s Gary Goodgame and Jeremy Dee represented Mercury Insurance.
EXECUTIVE NEWS
RKF has promoted Robert Ury from managing director to vice president of its Los Angeles office. Ury, who joined RKF in 2011, specializes in landlord and tenant representation.
“Rob Ury’s promotion is a testament to the hard work and success he has had with RKF over the years and on behalf of his clients,” RKF Vice Chairman Robert Cohen said. “Rob is an integral member of our team and this recognition is well-deserved.”
