This Week’s LA Deals Sheet (September 9, 2021)
Riot Games is in the process of subletting approximately 131,000 square feet to The Beachbody Co. in Santa Monica, Commercial Observer reports. The office is at 3301, boul. in the Lantana Entertainment Media Campus, which is owned by Starwood Capital Group.
Riot Games’ roughly 284,000 SF head office is located nearby in Bundy and Centinela, the Los Angeles Times reported.
High Street Residential announced that Nick Moffa has joined the firm as senior vice president in the SoCal / Newport Beach office. Moffa is responsible for overseeing the land acquisition and comprehensive management of multi-family developments in Orange and San Diego counties, as well as the Inland Empire and Las Vegas regions. Prior to HSR, Moffa was Vice President of Development for AMLI Residential, where he oversaw and participated in multi-family development projects with more than $ 1.3 billion in total investments.
Courtesy of Longfellow Real Estate Partners
Central park square
Gelt purchased The Oasis Anaheim, a 312 unit apartment building located at 3530 East La Palma Ave. in Anaheim. The sale price was $ 146.5 million. The seller was a joint venture led by Redhill Realty Investors.
Built in 2009, the property’s two buildings feature a mix of lofts, townhouses, and one and two bedroom units. JLL’s Sean Deasy, Ryan Fitzpatrick and Chelsea Jervis represented both parties in the transaction.
The 100-unit Bristol Garden apartment complex at 340 South La Fayette Park Place sold for $ 25.5 million. Rick Raymundo of Marcus & Millichap represented both the seller, The Bristol Garden LLC, and the buyer, The Current 340 LLC.
Longfellow Real Estate Partners acquired Centerpark Plaza at Sorrento Mesa in San Diego. Longfellow, who announced the deal, did not disclose the price for the 10-building deal, which totals 256K SF. Public records do not yet reflect the sale.
Eastdil Secured advised the seller of the place, Montana Avenue Capital Partners. Longfellow Real Estate Partners represented itself during the purchase.
An approximately 67,000 square foot office building in Costa Mesa has been sold to local real estate investment company Khoshbin Co. for $ 22 million, CBRE said. The buyer wants to occupy and renovate the property. It will eventually include an automobile museum, restaurant, café and creative office space.
Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and Justin Hill of CBRE represented the seller in the transaction. The buyer, identified only as a local real estate company, represented himself.
The Balboa Fun Zone has been sold to Chartwell Real Estate Development, which plans to restore and operate most of the beach. Cushman & Wakefield announced and negotiated the sale. The vendor was the Discovery Cube Children’s Museum. The price was not disclosed.
The entertainment area at 600 East Bay Ave. sits along Balboa Harbor and offers a boardwalk, Ferris wheel, marina, theme park attractions, approximately 17,000 square feet of mixed-use improvements, and underground parking.
SGL Global has sold six flexible industrial buildings measuring 262,000 square feet in Gardena at 1600 West 135th St., Cushman & Wakefield announced. The buyer is Overton Moore Properties. The site is fully leased to an aerospace tenant. The sale price was $ 35.1 million.
Overton Moore plans to market the entire facility for lease after the sale closes, although it may also process the rights for the development of two Class A industrial manufacturing buildings on the site, replacing structures that are there now.
A capital markets team led by Mike Condon Jr. of Cushman & Wakefield, Erica Finck, Bailey Dawson, Brittany Winn and McKenna Gaskill represented the seller.
Courtesy of CW Driver Cos.
Twenty out of six
CONSTRUCTION AND LAYOUT
CW Driver Cos. announced the completion of a six story mixed-use office and retail space for LeBeau Realty & Associates in downtown San Diego. The $ 34.8 million project, along with the developer’s existing 20-story tower at 451 A St., is Twenty by Six, a creative office center built to achieve LEED Silver certification. The project was designed by Gensler.
Traditional Chinese medicine vendor TS Emporium has leased approximately 22,000 square feet of retail space in San Gabriel at 5439 Rosemead Blvd. This is TS Emporium’s fifth space in the greater San Gabriel Valley area. The space is expected to open in mid-October.
Brian McDonald and Kelly Murphy of CBRE represented the owner, Smaldino Investments, in the transaction. The tenant was represented by Jason Chao and McDonald of CBRE.
CIT Group has announced that its real estate finance business is the sole lead arranger of a $ 41.6 million loan for the acquisition and renovation of The Devonshire apartments in Hemet. The 276-unit multi-family complex is acquired by TIG Devonshire, which is managed by Tailwind Investment Group and Kairos Investment Management Co. The funds will be used for interior and exterior improvements.