This Week’s LA Deal Sheet (January 1, 2021)
Avanath Capital Management, a private real estate investment manager, has closed its fourth discretionary fund with $ 760 million in equity commitments, well above the fund’s initial commitment target of $ 550 million.
Courtesy of the National Multifamily Housing Council
Daryl Carter, CEO of Avanath Capital Management
Avanath Chairman and CEO Daryl Carter said in a statement the fund is an investment vehicle dedicated to affordable housing for workers across the country, particularly in underserved markets and color communities. In particular, the fund will focus on investing in “markets with limited supply and high barriers to entry that are geared towards strong jobs, income and economic growth”.
In 2020, Avanath announced plans to partner with MacFarlane Partners to create a multi-family public real estate investment trust through a $ 100 million IPO.
An aerial view of an innovative industrial property location east of downtown Los Angeles.
REIT Innovative Industrial Properties Inc., which specializes in the cannabis industry, has acquired a new tenant, Holistic Industries, under a long-term lease for an IIP-owned property east of Downtown Los Angeles.
Under the contract, Holistic will convert the property into a state-of-the-art facility for the cultivation and production of cannabis. IIP agreed to reimburse Holistic up to $ 11 million for the redevelopment of the property IIP acquired in 2019.
Kilroy Realty has promoted three executives within the company. Tyler H. Rose, who served as chief financial officer, is now president. Michelle Ngo is now CFO in addition to her previous roles as Senior Vice President and Treasurer. Eliott Trencher has been promoted to Chief Investment Officer and Senior Vice President.
CBRE promoted Trevor Breaux to vice chairman, “the company’s highest producer ranking”. Breaux is based in Newport Beach, Orange County, and specializes in multi-family lending.
Cox, Castle & Nicholson announced that Katherine Bissett has been named a partner. Bissett is a trade finance attorney serving real estate finance lenders and borrowers based in the Century City office.
Newmark has arranged the sale of this SF 207,000 office building in the Simi Valley.
A subsidiary of Griffin Capital Essential Asset REIT Inc. sold an office building of around SF 207,000 in Simi Valley for $ 30 million. The property is 100% net let to Bank of America. Griffin bought the building in 2015 for $ 28.4 million.
The seller was represented by Kevin Shannon, Co-Head of US Capital Markets in Newmark, Managing Directors Ken White, Rob Hannan and Sean Fulp, Senior Managing Director Laura Stumm and Managing Director Ryan Plummer. The buyer was Top Terraces Inc.
NAI Capital Commercial completed the sale of the 29K SF Hamburger Hamlet office building in Sherman Oaks. The selling price was $ 8 million, or $ 280 per SF.
Michael Schiff, Executive Managing Director of NAI Capital Commercial, represented seller 419 Van Nuys Building LLC, who has owned the building for more than five decades. The buyer was an unnamed private investor represented by Brian Forster of Pacific Partners Commercial.
Stepp Commercial completed the sale of a 22-unit Long Beach condo for $ 6.6 million at 1518 East Third St. Stepp Director Robert Stepp and Senior Vice President Todd Hawke represented the seller, a local private investor. The buyer was a Long Beach-based private investor who made the purchase on a 1031 exchange.
Comments are closed.