Courtesy of Colliers
601 S. Figueroa in Downtown Los Angeles
Former Brookfield leasing leader John Barganski has joined the team working on 601 S. Figueroa St. The new owner, Uncommon Developers, hired Barganski as an adviser for the 52-story office tower following its purchase of the property in June, according to a release from Colliers.
Barganski will collaborate with Colliers’ integrated advisory services team and leasing advisers for the property, Vice Chair Matthew Heyn and Executive Vice President Ian Gilbert, to execute a leasing strategy for the tower.
Barganski most recently worked as senior vice president of office leasing at Brookfield Properties, where he worked across the Los Angeles, San Francisco and Seattle markets.
PEOPLE
SRS Real Estate Partners hired Brad Fox as a senior vice president. Based in the firm’s Inland Empire office, Fox will steer the growth of SRS’ industrial services in the key market.
Fox has closed more than $330M in transactions throughout the Inland Empire. He specializes in industrial investment sales, site selection and large-scale leasing assignments, delivering tailored solutions to institutional investors, developers and corporate occupiers alike. Fox previously served as a senior vice president at Voit Real Estate Services, where he was a top producer for the firm.
SALES
New York Life sold an office complex at 400 and 600 Corporate Pointe in Culver City for $72.5M. The buyer was Sunny Hills Capital Management Co. The sale price works out to $160M per SF, according to The Real Deal.
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Villa Del Mar Properties and Far West Management have sold Villa Del Mar, a 198-unit waterfront apartment community in Marina del Rey. The sale price was not disclosed in a release from Colliers but was $62M, according to The Real Deal.
Colliers Vice Chair Kitty Wallace represented both the seller and a private, undisclosed buyer.
Villa Del Mar is one of just 16 harborside multifamily communities in the Marina. In addition to a pool, spa, basketball courts and parking, the property has 209 boat slips. The sale marks the first waterfront multifamily transaction in Marina del Rey since 2019.
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CBRE sold 818 Gretna Green Way, a 27-unit multifamily property in Brentwood, for $18M. The seller and buyer were not disclosed, but CBRE’s Adam Peterson and Emil Gurfinkel represented both parties.
LEASES
SRS Real Estate Partners has completed a roughly $2.8M ground lease sale of a single-tenant, net-leased Dutch Bros. Coffee property at 4236 N. Varsity Ave. in San Bernardino.
SRS Capital Markets’ Senior Managing Principals Patrick Luther and Matthew Mousavi represented the seller, an affiliate of Paragon Commercial Group. The buyer was a private California investor completing a 1031 exchange that was represented by JT Real Estate Group.
FINANCING
Unibail-Rodamco-Westfield lined up a $925M refinance of its Westfield Century City mall that is set to close before the end of July, according to a report from Fitch Ratings. The financing, which will be originated by Bank of America, Goldman Sachs, Morgan Stanley, Santander Bank and an affiliate of Deutsche Bank, will replace $925M in financing URW secured for the mall in 2023. The property has no other debt, a spokesperson told Bisnow.
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CBRE secured a $98M loan to refinance Radian, a 241-unit, Class-A apartment complex at 675 Ninth Ave. in San Diego. The property holds a mix of one-, two-, and three-bedroom units and five penthouses. The building includes a two-story ground-floor retail space and a rooftop pool and spa.
Mark McGovern, Scott Peterson and Morgon Fraser with CBRE Capital Markets’ Debt & Structured Finance arranged the three-year fixed-rate permanent loan on behalf of the borrower, a partnership between Cisterra Development and Spruce Capital Group.