The LA Deal Sheet
CBRE has arranged the $93.4M refinancing of a 180K SF office portfolio in Playa Vista. The owner was not disclosed.
The CBRE Capital Markets’ Debt & Structured Finance team closed the loan on Jan. 27 with financing from an undisclosed life insurance company.
CBRE’s Brad Zampa, Greg Grant, Steve Roth and Megan Woodring arranged the loan. The loan is a five-year, nonrecourse floating rate financing with full-term interest-only payments over 30-day Libor, according to the brokers.
The owner plans to refinance its existing loan and fund future leasing expenses to finalize the business plan and stabilize the project.
Zampa said there was a lot of demand from institutional borrowers such as life insurance companies, banks, CMBS and debt funds.
The Playa Vista Creative Portfolio features two office buildings totaling 180K SF at 12901 West Jefferson Blvd. and 5340 Alla Road. The buildings are 70% leased.
SALES
A subsidiary of BentallGreenOak has purchased a 230,200 SF cold storage industrial facility in the City of Industry from 300 Baldwin Park for $61M. Jacmar Foodservice Distribution currently occupies the building built in 2015 at 300 North Baldwin Park Blvd. Jacmar recently signed a new 10-year lease to remain in the cold storage facility. CBRE’s Cameron Merrill represented the seller.
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LB View has acquired a 12-unit apartment building in Long Beach from a private investor for $2.1M. Built in 1923, the single-story property at 1135 Dawson St. consists entirely of studio units. The transaction closed at a 5% cap rate. Stepp Commercial’s Robert Stepp and Travis Traweek represented the buyer.
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A private investor has purchased a 9,500 SF medical office building in Ontario from Almaz Investment & Management for $4.2M. The two-unit building at 4480 Ontario Mills and 745 Franklin Ave. is a former surgery center. Lee & Associates’ Allen C. Buchanan, Joshua Harper and David Mudge represented Almaz. Lee & Associates’ Greg Martin represented the buyer.
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Century Park Partners has acquired a 22,200 SF industrial building in Northridge from GUR Nordhoff for $10.5M. The property at the Northridge Business Centre at 19851–19853 Nordhoff St. is currently leased by a U.S. government agency. Newmark Knight Frank’s Sean Fulp, Ryan Plummer, Mark Schuessler, Kevin Shannon and Ken White represented the seller.
LEASES
Cali Wine & Vine has signed a seven-year lease with Oltmans Investment Co. to occupy a 47K SF industrial building at the Rancho California Business Park at 43085 Business Park Drive in Temecula. Cali Wine plans to use the space as its headquarters and for wine making, bottling, labeling, storage and distribution services. Avison Young’s Cody Lerner and Stan Nowak represented the tenant. Coldwell Banker Commercial’s Carey Pastor represented the landlord.
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Mitco Global has signed a five-year, $7.2M lease with Fremont Associates to occupy a 122K SF refurbished industrial building in the Rancho Business Center at 7300 Flores St. in Downey. Mitco Global will relocate from its 60K SF La Mirada office to the new industrial facility. The Klabin Co.’s Zach Middleton and Max Farkas represented Mitco Global in the 63-month lease transaction for 122,500 SF valued at more than $7.2M. Fremont’s Eric Knirk represented the landlord.
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Tile World has signed a five-year, $1.3M lease with Bakken Industrial Properties to occupy 18,400 SF industrial building at 1100 Howell Ave. in Anaheim. Lee & Associates’ Bryan Miller and Tom Gilmer represented the landlord. Voit Real Estate Services’ Adam Hill represented the tenant.
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On behalf of a private investor, JLL Capital Markets has arranged $6.9M in refinancing of a 74-unit age 55+ manufactured home community in Orange. JLL secured a 10-year, fixed-rate loan with interest-only payments. Built in 1958, the Goforth MH Village at 1801 East Collins Ave. is currently 100% occupied. JLL’s Zach Koucos represented the borrower.
EXECUTIVE NEWS
Extensia Financial has hired Natalie Yanez as its new credit union relationship manager. Yanez will lead the firm in identifying, developing and securing new credit union partners that fit the company’s strategic direction. Prior to Extensia, Yanez served as a director of community partnerships at Ventura County Credit Union.
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Hospitality and residential industry veterans Ted Torres and Steve Opp have joined Commercial Real Estate Development Enterprises as managing directors. The two will be responsible for expanding the company’s breadth in hospitality and residential development. Torres will oversee new and existing hospitality development projects for the company. Opp will focus on the development of urban infill, hospitality and residential mid- to high-rise projects, and master-planned communities.
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MSC Retail has hired Jonathan Steier as managing director on its Beverly Hills office. Steier will be responsible for executing the company’s strategic business initiatives, including representing owners and marketing shopping centers and representing buyers and sellers in transactions. Prior to joining MSC, Steier served as a principal at JS Realty Co.
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JLL has hired Benjie Baker as vice president in its Brentwood office. Baker will continue his specialization of advising retail landlords and retailers with their real estate needs. Most recently, Baker served as an associate vice president at BMW Realty Advisors.
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Caruso has appointed Philipp Posch as senior vice president of hospitality. Posch will be responsible for the management and growth of the company’s hospitality portfolio, including identifying new business opportunities within hotels and resorts. Prior to joining Caruso, Posch served as a general manager at Equinox Hotels Hudson Yards.
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Outside the Lines has hired Barry Caylor as vice president of business development. Caylor will be responsible for carrying out the company’s global growth initiative and manage its international expansion. Prior to OTL, Caylor served as executive vice president of business development for Greenscape Pump Services.
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Pendry Residences West Hollywood by Montage Hotels & Resorts has appointed Paul Stukin as executive director of residential sales. Stukin will oversee the company’s residential sales program. Prior to joining Pendry, Stukin served as an estate director at Hilton & Hyland.
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Richard Holding has joined Newmark Knight Frank as vice president of property management for the firm’s West Coast region. Holding will be responsible for leading and growing property management operations for the region’s portfolio totaling more than 11.5M SF. Previously, Holden served as an executive vice president at Davis Partners.
