11811 Teale St. in Culver City
Digital creative agency Unfold spent $11M to buy a 13K SF creative office building at 11811 Teale St. in Culver City. Unfold also owns an adjacent building at 11801 Teale St.
The building previously served as a manufacturing support facility for the Hughes Aircraft Co. before being converted and renovated in 2018.
JLL Senior Vice President Ben Silver represented Unfold. The seller, Therapy Studios, was represented by Travis Landrum and Trevor Beldon of Industry Partners.
PEOPLE
Stockdale Capital Partners hired Bastian Peters as managing director and co-head of retail asset management. Peters will oversee all retail asset management activities.
He also plays a role in sourcing and evaluating new investment opportunities. Peters brings more than a decade of institutional real estate experience with Unibail-Rodamco-Westfield, both in Europe and the U.S. Previously, he served as head of URW’s U.S. regional portfolio.
SALES
Lincoln Property Management and Brasa Capital Management have closed on Spectrum Tech Center in Kearny Mesa, near San Diego.
The $26.25M acquisition closed escrow in under three weeks. The property will be rebranded as Spectrum Logistics Center. The existing industrial building will be renovated, and the existing vacant office building will be demolished and replaced with a 3.7-acre industrial outdoor storage yard. Delivery is slated for late summer 2026.
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Swift Real Estate Partners sold a 146K SF office building at 790 E. Colorado Blvd. in Pasadena for an undisclosed amount to Arash Danialifar of GD Realty in an off-market transaction.
JLL Capital Markets represented the seller. The deal was led by Swift’s Jeremy Wustman. Omid Broukhim from Barak Investors Group represented the buyer.
The property was built in the 1980s but has since been renovated to offer operable windows and balconies, furnished outdoor terraces, a gym and covered parking. The nine-story building is 70% leased.
JLL Capital Markets’ investment sales and advisory team was led by Andrew Harper, Jeff Bramson, Will Poulsen and Jacob Malloy.
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Newmark has helped an undisclosed seller offload 7060 and 7107 Hollywood Blvd. in Hollywood. The properties sold for an undisclosed amount.
Newmark’s Kevin Shannon, Rob Hannan, Ken White, Laura Stumm and Michael Moll represented the seller. Newmark’s Kevin Donner also assisted in the sale. The buyer wasn’t disclosed.
7060 Hollywood Blvd. is a 12-story, 177K SF office building, while 7107 Hollywood Blvd. is a 21K SF mixed-use building on approximately 2 acres.
LEASES
The National Conflict Resolution Center signed a long-term lease for an 11K SF office at 401 B St., also known as Wells Fargo Plaza, in downtown San Diego.
CBRE’s Tyler Jemmett and Anna Barnes represented the landlord, the Prebys Foundation. CBRE’s Tom Turner and Bryan Bazzi represented the National Conflict Resolution Center.
FINANCING
Northmarq’s Newport Beach debt and equity team led by Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao arranged financing for a $109M portfolio featuring two multifamily complexes in Anaheim and one in Azusa.
Northmarq represented the borrower, Advanced Real Estate, and arranged the financing through a correspondent relationship with Freddie Mac. All three transactions were structured on 10-year terms, eight of them interest-only, at a loan-to-value ratio of 70%.
The deal involved the Villa Serrano Apartment Homes at 201 S. Magnolia Ave. and the Summer Crest Apartments at 2828 W. Ball Road in Anaheim, as well as Le Med Apartments at 950 W. Sierra Madre Ave. in Azusa.
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IPA Capital Markets arranged $76M in construction financing for The Monroe, a Class-A mixed-use multifamily and retail project at 127 W. Pomona Ave. in Monrovia. The transit-oriented project is under construction and scheduled for completion in September.
Stefen Chraghchian, senior director in IPA Capital Markets’ Encino office, secured the financing with Affinius Capital on behalf of Adept Urban Development. The financing included increased funding for lease-up soft costs, a spread decrease upon achieving 25% occupancy, and an earnout advance at stabilization.
When complete, The Monroe will feature 232 residential apartments and approximately 7K SF of ground-floor commercial space. Apartments will range from studios to three-bedroom units, and 25 of the units will be designated affordable for very low- and moderate-income households.