LOS ANGELES — Los Angeles-based Meta Housing Corp. has broken ground on Whittier & Downey SE, an affordable housing community located at 4200-4224 Whittier Blvd in East Los Angeles. Slated for completion in fall 2019, the property will feature 71 units in a mix of one-, two- and three-bedroom floorplans. On-site amenities will include an outdoor barbecue area, edible container garden, large courtyard, community room, tot lot, bicycle storage, on-site laundry and a gym. Located adjacent to the Los Angeles Metro Line 18, the property will also feature 3,400 square feet of retail space. As an affordable housing property, the project will reserve 35 of the 71 affordable units as permanent supportive housing. Financing for the $38.6 million project is being provided by the California Tax Credit Allocation Committee, California Housing Finance Agency, Community Development Commission of the County of Los Angeles, Los Angeles County Departments of Health Services and Mental Health, Brilliant Corners and Bank of America Merrill Lynch. The development is part of a two-phase project, with the second phase located at the northeast corner of Whittier Boulevard and Downey Road. The second phase is scheduled to begin construction in spring 2019.
California
CARLSBAD, CALIF. — Carlsbad-based VRS International has purchased an industrial building, located at 1958 Kellogg Ave. in Carlsbad. Bend, Ore.-based Canard Add* Ventures sold the property for $6.5 million. The 38,900-square-foot industrial building features a two-story lobby, heavy power and fenced yard. Kelly Nicholls of Lee & Associates – North San Diego County represented the seller and buyer in the deal.
Stepp Commercial Facilitates $4.9M Sale of 20-Unit Apartment Building in Long Beach, California
by Amy Works
LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of San Antonio Apartments, an apartment community located at 1090 E. San Antonio Drive in the Bixby Knolls submarket of Long Beach. A private limited liability company sold the property to a private investor for approximately $4.9 million, or $245,000 per unit. Built in 1948, the 22,247-square-foot building features 16 one-bedroom/one-bath units and four studio units. Additionally, the property features balconies, landscaped grounds and 11 private parking garages. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller in the transaction.
LOS ANGELES — ARUP Engineering has inked a deal to occupy 66,000 square feet of space at Wilshire Grand Building, a newly constructed office building in downtown Los Angeles. The value of the transaction is $57 million with an initial lease term of 15 years. The company plans to relocate from to the new location from Playa Vista, Calif., at year’s end. ARUP will occupy three floors of the 73-story building, which also include a five-star hotel, conference facilitates, a full gymnasium and a variety of restaurants. Nathan Pellow and Terence Kirk of Colliers represented the Los Angeles office of the London-based engineering firm in the lease negotiations, while Steve Marcussen and John Cushman III of Cushman & Wakefield represented the landlord, Hanjin/Korean Air.
ANAHEIM, CALIF. — The Anaheim Planning Commission has approved BPM Real Estate Group’s plan to develop a Radisson Blu on a 3.3-acre site at Interstate 5 and South Anaheim Boulevard. The 12-story hotel will feature 326 guest rooms; a 353-stall garage; an outdoor rooftop deck bar, restaurant and social pool; a fitness facility; small conference facility; gift shop; and game room. Additionally, the property will be within walking distance of Disneyland Resort’s main entrance. Designed by GBD Architects, the hotel is slated for completion in spring 2020.
NKF Capital Markets Negotiates $124M Sale of Five-Building Office/R&D Campus in Torrance
by Amy Works
TORRANCE, CALIF. — NKF Capital Markets has arranged the sale of L3 Technologies Torrance Tech Campus, an office/R&D campus located at 3100 Lomita Blvd. in Torrance. A partnership between Platform Ventures and PMRG sold the property to FRM Associates for $124 million. Situated on 26.7 acres, the five-building campus features 574,010 square feet of space. The campus is 91 percent occupied by L3 Technologies and Torrance Memorial Medical Center. L3 Technologies, which leases 80 percent of the property, recently executed a 15-year lease extension and expanded operations at the facility. Kevin Shannon, Ken White, Scott Schumacher, Eric Lastition and Geoff Ludwig of NKF Capital Markets represented the seller in the deal. NKF Capital Markets’ David Milestone and Brett Green arranged financing for the buyer.
Genton Cockrum Partners Completes $31M Sale of Creative Office Building in South Pasadena, California
by Amy Works
SOUTH PASADENA, CALIF. — Genton Cockrum Partners has completed the disposition of Six25 Fair Oaks, a creative office building located at 625 Fair Oaks Ave. in South Pasadena. Greenbridge Investment Partners acquired the property for $31 million. Genton Cockrum Partners originally acquired the property in 2014 for $20 million and repositioned the three-story, 92,547-square-foot property into a creative office space. Chalvis Evans of CBRE handled the transaction.
SANTA ANA, CALIF. — CBRE has arranged the sale of Bristol Center, a community shopping center located at 3601-3825 S. Bristol St. in Santa Ana. Dallas-based Sarofim Realty Advisors sold the retail center to Orange County, Calif.-based JH Real Estate Partners for $46.6 million. Preston Fetrow, Kirk Brummer, Megan Wood, Sean Heitzler and Philip Voorhees of CBRE’s National Retail Partners-West represented the seller and buyer in the deal. Built in 1974, Bristol Center features 165,508 square feet of retail space and is situated on 14.2 acres directly across from South Coast Plaza. At the time of sale the property was 97 percent leased to a variety of tenants, including CVS/pharmacy, Michaels, Staples, Party City, Wells Fargo, Buffalo Wild Wings, Chick-fil-A, Chipotle and Firestone Auto Care.
ANAHEIM AND PLACENTIA, CALIF. — Panattoni Development Co., along with Principal Real Estate Investors, has broken ground on Orange County Commerce Center, a four-building industrial campus located in Anaheim and Placentia. Totaling 232,000 square feet, the center will feature four buildings ranging in size from 47,813 square feet to 69,882 square feet. Each building will feature two stores of executive office space, 30-foot minimum warehouse clearance, ESFR sprinkler systems, dock-high and grade-level loading, and fully secured concrete truck courts. Construction began in late April and completion is slated for early first quarter 2019. The development is located at 711 and 721 S. Van Buren St. in Placentia, and 1365 and 1367 S. Van Buren St. in Anaheim. Panattoni acquired the 10-acre land parcel in 2017, according to DAUM Commercial’s Chris Migliori, who directed the sale.
GARDENA, CALIF. — iBorrow has provided a $17 million loan for two properties in Gardena. The name of the borrower was not released. The assets are a two-story, 125,849-square-foot flex/R&D building and an adjacent two-story, 20,916-square-foot office building. Will McCabe of iBorrow originated the loan.