This Week's LA Deal Sheet: Link Logistics Sells City Of Industry Warehouse For $65M
Blackstone’s Link Logistics has offloaded a 200K SF San Gabriel Valley warehouse to MSI Computers Corp. for $65M.
CBRE arranged the sale of the property at 18045 Rowland St. in the City of Industry. CBRE’s Jason Chao represented the buyer. Chao said in a statement that this falls in line with the recent trend of users purchasing real estate and institutional owners being more open to selling, especially older assets.
The Rowland Street property was built in 1985 and features a 26-foot clear height and a 5K SF office build-out. The building’s private, fenced-in yard can hold 60 trailers and 56 cars.
PEOPLE
Savills has hired Scott Wetzel as executive managing director and Brett Kluewer as senior managing director in Orange County. Wetzel will focus on providing tenant advisory services for both office and industrial clients. He comes from JLL, where he was managing director. Kluewer will advise office occupiers on real estate strategy. He was previously at Stream Realty Partners, where he was managing director.
SALES
CBRE facilitated the $11.5M sale of a 15,200 SF office property at 1303 Avocado Ave. in Newport Beach's Fashion Island to a local family office. The seller was an undisclosed private partnership based in the area. CBRE’s Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Harry Su represented the seller.
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Newmark has arranged the sale of Grandview Escondido, a 13K SF, 15-unit multifamily property at 1316 E. Grand Ave. in Escondido, for $7.2M. Newmark's Erik Anderson and Tanner Harris represented the seller, La Caze Development. The buyer was a local high net worth individual represented by Brik Home Loans’ Andy Brikho.
CONSTRUCTION AND DEVELOPMENT
Turner Impact Capital and healthcare provider Share Ourselves opened a primary care facility that will expand access to healthcare in Orange County. The two-story, 11,500 SF primary care facility in Costa Mesa was developed by the Turner Healthcare Facilities Funds for Share Ourselves, a federally qualified health center since 1970.
FINANCING
Gantry secured an $11M permanent loan to finance the acquisition of two Class-A office buildings at 1902 and 1903 Wright Place in Carlsbad. The mid-rise office buildings span approximately 100K rentable SF in total and share amenities including an outdoor lap pool, hot tub, pickleball/sport court and an on-site gym with showers. The buildings are at 92% occupancy.
Gantry's Sean Kuang with the firm’s Irvine office represented the borrower, a private real estate investor. The seven-year, nonrecourse loan was secured via one of Gantry’s insurance company lenders.
THIS AND THAT
Logos Faith Development has secured a strategic capital commitment from a private family foundation to support the firm’s growing development pipeline. Logos is a real estate development firm specializing in transforming underutilized church land into affordable housing, according to a release announcing the news.
The undisclosed foundation is committing $11M in total investments across two components: an equity investment in Logos and a revolving line of credit that will help Logos reach the construction phase across 12 development sites in Los Angeles and San Diego over the next two years.
