Skanska broke ground this week on its first commercial development site in Los Angeles, a three-story office building at 9000 Wilshire. Construction of the 46K SF office building will be managed by Skanska’s Western Region commercial construction team.
The building is designed by Los Angeles-based Neil M. Denari Architects in collaboration with HLW and located in the Golden Triangle section of Beverly Hills. Skanska purchased the site in November 2019, paying $18.15M, according to commercial real estate data site Reonomy.
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Skanska is also building two Metro stations of the Purple Line Extension, which will link Downtown LA to Beverly Hills, Century City and Westwood.
The groundbreaking isn't the only big LA news from Skanska. The global development and construction firm also announced it has acquired a second commercial development site, this one at 1811-1815 Sacramento St. in LA's Arts District. There, Skanska plans a 13-story office building. Construction on the Arts District office building is expected to begin in 2023 and wrap up in late 2025, Skanska said.
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SALES
A two-building, 141K SF industrial park at 12744 San Fernando Road in Sylmar has sold for $22.05M. The sellers, Oaktree Capital Management were represented by Newmark co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Sean Fulp, Bret Hardy and Jim Linn, and Managing Director Ryan Plummer. The buyer was Rexford Industrial Realty.
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A 24.6K SF industrial building at 625 South Fee Ana St. in Placentia sold for $5.22M. The buyer, PKR Investments, was represented by James deRegt and Jonathan Mejia of Lee & Associates Newport Beach.
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Public records show a 14.3K SF industrial building located on East Eisenhower Circle in Anaheim traded hands for $3.135M. Avison Young principal Alan Pekarcik and senior associate Chris Smith represented the buyer, an Orange County-based private investor. The seller, a Southern California-based private investor, was represented by Lawrence Null of Lee & Associates.
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LEASES
Inari Medical Inc. signed a lease for roughly 121K SF within an approximately 162K SF building at Oak Canyon in Irvine. Inari plans to relocate its existing manufacturing and office uses, also in Irvine, into the new space as well as expand here. JLL’s Steve Wagner and Zach Niles represented Inari. The Irvine Co., which owns the Oak Canyon business park, was represented in-house by Sue Lyle.
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UniStorage Inc. signed a 126K SF lease in Rialto. UniStorage was represented by Vivian Wang, vice president with NAI Capital Commercial’s industrial services group. UniStorage, doing business as MCE Freight, will occupy the entire building, which it is upgrading into a fully functioning logistics services facility. The owner, Westcore Alpha Lilac, was represented by Chase MacLeod of Stream Realty Partners.
EXECS
CGI Real Estate Investment Strategies announced Michael DiSimone joined the company as its director of acquisitions. DiSimone will help lead CGI’s expansion into Texas and the western U.S., with an investment goal of $500M in the next 12 months. Prior to joining CGI, DiSimone was director of acquisitions for MJW Investments, which is based in Santa Monica.
