BREA, CALIF. — Wood Investments Cos. has signed UFC GYM to open within a 30,000-square-foot retail property formerly occupied by Tower Records in Brea, roughly 30 miles southeast of Los Angeles. Scheduled to open in the third quarter of this year, UFC GYM will fully occupy the two-story, single-tenant building. Jim Manarino and Tracey Zimmerman of Manarino & Associates represented Wood Investments in the leasing negotiation.
TORRRANCE, CALIF. — Intracorp Homes purchased 22501 Hawthorne Blvd., a 3.8-acre site in Torrance, from a locally based private investor for $21 million. John Read, Greg Sullivan and Trent Steeves of CBRE represented the seller. The property was historically a retail center anchored by a bowling alley called Gable House Bowl. Intracorp Homes plans to redevelop the site into a mixed-use project, which will include 17 affordable rental units as well as commercial space. Details on rent restrictions for the affordable units have not yet been disclosed.
SAN CLEMENTE, CALIF. — Harbert South Bay Partners has broken ground on The Seville, an assisted living and memory care community in San Clemente, a coastal city approximately 60 miles southeast of Los Angeles. The property will feature 63 assisted living and 24 memory care units. Completion is scheduled for summer 2024. Project partners include Momentum Senior Living as operator, Banvard & Soderbergh as architect, Rodrigo Vargas Design as interior designer and W.E. O’Neil as general contractor.
HAYWARD, CALIF. — Sherman & Roylance has arranged the bankruptcy sale of Parkview Healthcare Center, a 121-bed skilled nursing facility in the Bay Area city of Hayward. The 56,367-square-foot community was in bankruptcy, and Shep Roylance and John Sherman led a 30-day closing process. The new operator will be Spyglass Healthcare.
LOS ANGELES — Brown & Riding Insurance Services has announced plans to move its Los Angeles office to the U.S. Bank Tower in downtown Los Angeles. The firm signed a 10-year lease for a 13,043-square-foot space on the 20th floor. This marks the first lease signing since Silverstein Properties completed its $60 million capital improvement program for the tower. The renovation project, completed in May 2023, includes enhancements to more than 35,000 square feet of common areas, a redesigned entrance and lobby, contactless elevators and other amenities. Brown & Riding’s move is scheduled to take place in early 2024. David Kluth and Aliya Coher of Newmark represented the tenant in the lease transaction. Harlan Strader of Silverstein Properties and Jaclyn Ward, James Malone and Sarah Hancock of JLL represented the landlord.
BURBANK, CALIF. — Lee & Associates, LA North/Ventura has closed seven lease transactions totaling more than 23,000 square feet at an office building located at 601 S. Glenoaks Blvd. in downtown Burbank. These new leases have moved the building’s occupancy rate from 64 percent to 85 percent. The leases cater to a range of businesses, including an adult care facility, a regional wellness center, an entertainment company, a financial services firm, a speech therapy group and local service providers. With the property now stabilized, the owner has listed it for sale. Scott Romick, Darren Casamassima and David Kaufman of Lee & Associates led the brokerage team.
LOS ANGELES — The Federative Republic of Brazil has secured a long-term lease for 16,477 square feet of office space in Los Angeles’ Miracle Mile neighborhood. The Consulate General of Chile is one block away on Wilshire Boulevard. The 10.5-year lease is valued at $10.4 million. The new office is located at 6222 Wilshire Blvd. The new deal creates a centralized location for Brazil’s consulate general. Brian Dunne and Don Hudson of Kidder Mathews represented the tenant in the transaction. The landlord was Decron Properties.
One word comes to mind when you pair Los Angeles and real estate: expensive. But creating a premier space can attract top-notch tenants, which then brings in the nearby clientele that can afford to live, work and play in, well, LA. Of course, tourists are enthusiastic spenders as well. Price tags and calories don’t count when you’re on vacation, after all. Way Out West Malibu-based developer, manager and sponsor Christina knows all about what it takes to cultivate a dynamic retail offering in Los Angeles. In uber-developed areas like this, it typically takes a tired or underachieving retail space in a prime location that can be made into something grand. “Christina operates with a laser focus on investing only in the ultra-prime submarkets of Los Angeles: Beverly Hills, Brentwood, Century City, Malibu, Santa Monica, Westwood, West Hollywood and Venice/Silicon Beach,” says Lawrence “Larry” Taylor, founder and CEO of Christina. “Redevelopment opportunities in these submarkets, which have limited inventory of pedestrian-oriented retail streets, are rarely available.” Given their scarce availability, the 46-year-old firm’s strategy has been to establish and maintain relationships with property owners in these markets. “Then, when disposition opportunities present themselves due to life changes, estate planning or similar reasons, …
WALNUT, CALIF. — Progressive Real Estate Partners has arranged a 2,366-square-foot, 10-year lease for The Habit Burger Grill in Walnut, approximately 25 miles east of Los Angeles. Paul Su of Progressive represented the landlord in lease negotiations. The tenant plans to execute a significant renovation of the building, which is situated across from Mt. San Antonio College and features a drive-thru.
SAN FRANCISCO AND NEW YORK CITY — Prologis Inc. (NYSE: PLD) has agreed to acquire a 14 million-square-foot industrial portfolio from Blackstone (NYSE: BX) for $3.1 billion. The all-cash deal is expected to close in the coming days. The names and locations of the properties were not disclosed, but The Wall Street Journal reports that the portfolio encompasses about 70 assets in gateway markets such as Atlanta, Dallas and Washington, D.C., as well as in areas of New York, California and South Florida. The portfolio is collectively leased to 127 different tenants. Of those, 50 have preexisting relationships with Prologis, and 77 are effectively new customers. San Francisco-based Prologis now owns about 1.2 billion square feet of industrial assets across 19 countries. Over the past 11 years, Prologis and New York-based Blackstone have collaborated on more than a dozen transactions. With this deal, the price translates to a capitalization rate of approximately 4 percent based on net operating income in the first year and a 5.75 percent cap rate when adjusting to today’s market rents. “Where you invest matters, and this transaction demonstrates the exceptional demand for high-quality warehouses,” says Nadeem Meghji, head of Blackstone Real Estate Americas. Blackstone retained …
