Lendlease has purchased a roughly 156K SF opportunity zone and development site at 3401 South La Cienega Blvd., next door to Culver City and just across the street from the La Cienega/Jefferson Expo Line station. The price tag: $92M.
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Newmark co-head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, and Senior Managing Director Laura Stumm represented the seller, La Cienega Properties Ltd.
The buyer was Lendlease Development in partnership with Australian superannuation fund Aware Super. Each owns a 50% stake in the project. This is Lendlease’s first development site in the LA area.
Lendlease’s plan is to develop the light rail-adjacent site with a 500K SF mixed-use project containing 260 multifamily residential units, 250K SF of creative office space and street-level retail.
Lendlease plans to submit an application to the city of Los Angeles in 2021 and has development completion slated for 2025. The company estimates the project will have an end value of $600M when complete.
PEOPLE
Suffolk announced it hired Ken Summers as general manager for Los Angeles. Summers will be responsible for working with the operations and functional teams to expand Suffolk’s presence in Los Angeles and the Southern California region. Summers will drive the company’s regional business planning and development, market analysis and talent recruitment efforts. Summers comes to Suffolk from Webcor Builders, where he was responsible for projects and project pursuits in Los Angeles and San Diego.
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SALES
LPC West, the West Coast arm of national real estate firm Lincoln Property Co., has partnered with Geyser Holdings to acquire a creative office campus developed in 2015 by J.H. Snyder Co. The 261K SF property at 959 Seward is in Hollywood, across from the historic Sunset Las Palmas Studios, and is the first property in the J.H. Snyder portfolio to be sold since Snyder’s death in May 2020.
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DAUM Commercial Real Estate Services completed the $93.8M sale of an approximately 464K SF, six-property industrial portfolio in Vernon. The seller was Gautier Land Co. The buyer was Rexford Industrial Realty, which made $1.1B of acquisitions in 2020 as of mid-December.
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Dedeaux Properties has sold a roughly 290K SF portfolio of cold storage and food processing properties to a global real estate services company for an undisclosed price. The four-property portfolio ranged in size from 38K to 111K SF, all in the central LA area. All properties were 100% leased at the time of sale.
Newmark Executive Managing Directors Bret Hardy, Jim Linn and Andrew Briner, co-head of U.S. Capital Markets Kevin Shannon, Vice Chairman John McMillan and Senior Managing Directors Scott Schumacher and Jeff Sanita represented the seller.
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LEASES
The Klabin Co./CORFAC International negotiated a lease on behalf of brand activation, fulfillment and warehousing agency The Regan Group for an approximately 93K SF industrial building at 4180 190th St. in Torrance. The 48-month lease transaction is valued at almost $3.8M. The Klabin Co.’s Tyler Rollema and Matt Stringfellow represented The Regan Group. The landlord, CenterPoint Properties Trust, was represented by Newmark’s Barry Hill.
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FINANCING
Square Mile Capital Management LLC announced that it originated an $82.2M loan for The Watermark, a nearly complete 250-unit multifamily building in Reseda. The loan was made to a joint venture between Gelt and Uhon Inc. The two began construction of the property in 2017 and expect leasing to start in Q1 2021.
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