San Dimas Commerce Center Trades For $41M: The Los Angeles Deal Sheet

SRS Real Estate Partners has arranged the $41M sale of San Dimas Commerce Center, a 19-building, 179K SF light industrial park at 410-490 Arrow Highway in San Dimas.

The property is 90% occupied, leased to more than 70 local and regional businesses. The individually parceled buildings offer flexibility to retain them as a portfolio or sell them individually.

SRS’ Dave Faris and Richard Schwartz represented the seller, San Dimas BP LLC. The buyer wasn’t disclosed. 

PEOPLE

Saul Ewing is expanding its California real estate practice with the addition of partners Charlotte Pashley and John Visconsi to its Los Angeles office and its real estate services group. Pashley and Visconsi have a combined 50 years of experience advising clients on commercial real estate transactions across the country.

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Kidder Mathews added Rory Baird to its valuation advisory services team as vice president, based in its Downtown Los Angeles office.

Baird brings more than a decade of experience, specializing in the valuation of industrial, storage yard, retail, office, medical office, multifamily and land properties throughout Southern California.

SALES

JLL Capital Markets announced the $30.4M sale of Terra Nova Plaza, a fully leased, 96K SF retail property positioned within a premier 301K SF regional shopping center in Chula Vista.

JLL’s Gleb Lvovich, Daniel Tyner and Geoff Tranchina represented the seller, an unnamed global investment manager. 

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NAI Capital Commercial’s Michael Dixon and Jakob Friedman completed the sale of 909 S. Normandie Ave., a 21-unit multifamily property in Koreatown. Dixon and Friedman represented the buyer and seller. The $3.2M sale price translates to approximately $152K per unit.

LEASES

NAI Capital Commercial’s Edward Michino and Jed Enomoto represented the tenant, Rayhunt LLC, in a 150K SF industrial lease at 22941 S. Wilmington Ave. in Carson. Lance Ryan represented the landlord, Watson Land Co., as an in-house broker.

FINANCING

Newmark arranged a $58M Fannie Mae loan for Everleigh San Clemente, a 150-unit, Class-A over-55 apartment community in San Clemente. The financing was arranged by Newmark’s Lee Redmond, Alec Newman and Nick Schroeder on behalf of the borrower, an institutional-level joint venture. The loan was provided by Fannie Mae.

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Walker & Dunlop has arranged a roughly $33.3M loan to finance the acquisition of Palm Court Apartments, a multifamily complex in Miracle Mile, at 740 S. Burnside Ave. The Walker & Dunlop capital markets real estate finance team led by Bryan Frazier, Blake Hockenbury, Steven Paskover, Sheri Blackburn and Dillon Hoffman arranged the fixed-rate, full-term interest-only loan provided by Freddie Mac on behalf of Prime Finance.

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Marcus & Millichap Capital Corp. arranged $7.4M in financing for Beaumont RV and Self Storage, a nearly 50K SF self-storage property at 251 W. First St. in Beaumont.

MMCC’s Chad O’Connor secured the 10-year financing with a national federal credit union on behalf of a private client. The loan carries a 5.75% interest rate and a 30-year amortization period.

THIS AND THAT

Consultancy Arup opened an office in San Diego at La Jolla Commons. Arup has 18 locations in the United States, Canada and Colombia.