Meta Housing Corp. has broken ground on the first phase of a 71-unit transit-oriented, affordable housing and mixed-use community in East Los Angeles.
The affordable housing development at Whittier Boulevard and South Downey Road will offer permanent supportive housing and 3,400 SF of retail space.
“There is a significant need for quality affordable housing throughout Los Angeles, especially as homeless numbers throughout the county continue to rise,” Meta Housing President Kasey Burke said in a news release.
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Citing statistics by the Los Angeles Homeless Services Authority, Burke said there are more than 58,000 homeless people in Los Angeles.
“This is a problem that needs to be addressed,” Burke said.
The California Tax Credit Allocation Committee, California Housing Finance Agency, Community Development Commission of the County of Los Angeles, Los Angeles County Departments of Health Services and Mental Health, Brilliant Corners and Bank of America Merrill Lynch all contributed to provide $38.6M to finance the project.
The property is adjacent to a Metro line and less than a mile from East Los Angeles Doctors Hospital, El Camino Real Library and Salazar Park.
The affordable housing units will feature a mix of one-, two- and three-bedroom units.
The first phase of the project is scheduled to be completed by fall 2019. Meta Housing will break ground on the second phase in the beginning of 2019.
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SALES
Cecelia LLC has purchased a two-tenant retail building in Covina from an Orange County-based family partnership for $6.36M. The 39K SF building is part of the Covina Shopping Center at 404-410 North Azusa Ave. The building is occupied by dd’s Discounts and Stars Gymnastics. Hanley Investment Group's Bill Ashers, Ed Hanley and Jeff Lefko represented the seller. Marcus & Millichap’s Moon Lim represented the buyer.
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Penske Truck Leasing Co. has purchased an industrial development site in Fontana from a private trust for $5.2M. The land parcel sits on the northwest corner of Valley Boulevard and Elm Avenue. NAI Capital’s Richard Lee, Nicholas Chang, Justin Kuehn and Sione Fua represented the seller.
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Beverly Hills-based Dayani Partners has purchased a nearly 34K SF medical office building in Palos Verdes from Deep Valley Drive LLC for $12.7M. The office building at 501 Deep Valley Drive is currently 77% leased to UCLA Health. NKF Capital Markets Sean Fulp, Ken White, Michael Moore and Kevin Shannon represented the seller. Dayani Partners represented itself.
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A private investor has sold a 26K SF retail building in La Crescenta to an undisclosed buyer for $8.5M. The property sits on a 42K SF lot at 3030 Foothill Blvd. The building is leased to Office Depot. NAI Capital’s Dave Maron represented the seller in the off-market transaction.
LEASES
Teamhealth has signed a lease with Brookfield Properties to occupy a 51,290 SF medical office at Corporate Pointe at West Hills at 8511 Fallbrook Ave. in Canoga Park. Terms of the deal were not disclosed. Newmark Knight Frank’s David Kluth and JLL’s Mike McKeever represented the tenant. CBRE represented the landlord.
FINANCING
On behalf of an undisclosed borrower, the Los Angeles-based office of NorthMarq Capital arranged the $8.5M refinance of the Richmond City Center, a 73,892 SF retail property at 1100-1350 MacDonald Ave. Northmarq Capital’s Joe Giordano secured the financing, which was structured with an 18-month term on a 30-year amortization schedule.
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EXECUTIVE NEWS
Ryan Sullivan and Jeff Nichols have joined CBRE as senior vice presidents and will join the company's retail practice in Southern California. The two were previously principals for Western Retail Advisors, a retail brokerage firm. The team’s primary focus will be on the retail occupier business throughout Southern California and Hawaii.
