Nexon America, a subsidiary of Nexon, the largest video game developer and publisher in South Korea, has extended its lease at 621 Hawaii St. in El Segundo for more than six years in a transaction valued at $15M.
Nexon America’s lease extension means the company will remain at its 49K SF offices through 2033.
Nexon extended its lease at 621 Hawaii St. in El Segundo for 6.5 years.
Colliers’ Steve Solomon and Kristen Bowman represented the landlord, BLT Enterprises. Cushman & Wakefield’s Greg Lovett represented Nexon.
PEOPLE
Dekel Capital has appointed Gilda Rivera as managing director. Rivera has more than 25 years of experience in commercial real estate finance and will advise sponsors and investors on debt and equity capital placement. Rivera will report directly to Shlomi Ronen, Dekel’s founder and managing principal.
Rivera previously held senior roles at Slatt Capital and George Smith Partners, where she structured and closed more than $3B in financings across the capital stack. Her expertise includes nonrecourse senior debt, mezzanine, preferred equity and joint ventures.
SALES
Bridge Logistics Properties acquired a 1.1M SF Class-A industrial distribution facility at 10681 Production Ave. in Fontana.
One of the largest industrial acquisitions in the Inland Empire this year, according to Bridge, the property features 220 dock-high doors, 185-foot truck courts and 274 trailer stalls. The property is occupied by co-warehousing company Cubework, but BLP anticipates the property will be vacant in the first quarter. A sale price wasn’t disclosed, but Commercial Observer reported it was $174M.
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Eagle Partners announced the closing of a $107M affordable housing preservation acquisition, The Hills at Hacienda Heights, a 350-apartment community in Hacienda Heights.
EP partnered with Red Stone Equity Partners, JPMorgan Chase, California Housing Finance Agency and Affordable Housing Access to execute the market rate-to-affordable conversion.
Eagle Partners will restrict up to 350 units to households earning up to 80% of the area median income with a focus on minimizing tenant displacement, according to a release.
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The Olive Tree Apartments, a 64-unit complex at 3280 Olive St. in San Diego’s Lemon Grove neighborhood, sold for $14.3M. The property has a pool and secured parking on-site.
Peter Scepanovic and Corey McHenry represented the buyer, Orsett Serra Grove LLC.
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Progressive Real Estate Partners announced the sale of the Indian Wells Medical & Professional Center at 74785 Highway 111 in Indian Wells, California. The 40,800 SF property sold for $10.5M in a 1031 exchange transaction.
Progressive Real Estate Partners’ Greg Bedell and Heather Sharp represented the seller, Miami-based Kresher Capital. The buyer, Orange County-based Circle Vision, represented itself.
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A family trust has sold a 14-unit multifamily property at 700 N. Palm Drive in Glendale for $6.4M. Kidder Mathews’ Darin Beebower and Arian Rejaei represented the buyer, an unnamed Los Angeles-based investor. The seller was the Michael H. Saperstein Family Trust.
The property, which includes one nonconforming unit, features a mix of three-bedroom townhome-style units, two-bedroom apartments and one studio apartment. The property was under contract before it was officially listed. The accepted offer included no loan contingency and a one-day due diligence period.
LEASES
Daum Commercial Real Estate Services secured a 94-month, $18.8M lease of a 105K SF industrial building at 10000 Pioneer Blvd. in Santa Fe Springs on behalf of an unnamed leading manufacturer and distributor of off-road racing tires and wheels.
The facility is part of the recently developed three-building industrial complex Rexford Pioneer Logistics Center. It will serve as the unnamed company’s new headquarters. Daum’s Chuck Brill represented the tenant, while Rexford represented itself.
CONSTRUCTION AND DEVELOPMENT
Related California broke ground on the first phase of Alveare, a 100% affordable, mixed-use, multigenerational residential community that will provide 303 units of affordable, family, senior and permanent supportive housing in Downtown Los Angeles. The development site is state-owned property, previously home to two vacant Employment Development Department buildings.
Rising on a block bordered by 14th, 15th, Broadway and Hill streets, Alveare will be the largest affordable housing community in Downtown Los Angeles when it is complete.
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CedarSt Cos. broke ground on Bancroft Lofts, a $106M multifamily project at 3760 Bancroft St. in San Diego’s North Park neighborhood. The 255K SF development will contain 218 residences. Completion of the development is expected by December 2027. CedarSt is developing Bancroft Lofts in a partnership with Quartz Lake Capital.