CRE NEWS
What’s happening in LA this week
The Los Angeles real estate market has seen significant movement this week, with executive hires, major property sales, and high-profile financing deals. Here’s a recap of some of the biggest developments.
Industry Moves: Atlas Capital Advisors Adds Serge Vishmid
Atlas Capital Advisors has brought on Serge Vishmid as Managing Principal, where he will lead the firm’s office investment and leasing operations. Vishmid, a seasoned professional specializing in representing banking and financial services tenants nationwide, previously worked at Newmark before making the move to Atlas Capital.
JLL also made a strategic hire, bringing Hunter McDonald on board as Executive Vice President for its Inland Empire industrial brokerage team. McDonald, who will be based in JLL’s Ontario office, specializes in working with institutional landlords and users. He joins JLL from CBRE.
Westlake Park Place Sells for $80.8M
Westlake Park Place, a five-building, 240K SF office complex situated on 13 acres in Thousand Oaks, has changed hands in an $80.8M transaction. The property, known for its spacious outdoor courtyard and 840 parking spaces, was acquired by a partnership between Amstar and Searles Property Group. Notably, Amstar and Searles were also part of the original development team, along with The Travelers Cos., when the property opened in 2008.
The seller, Invesco Real Estate, originally purchased the property in 2014 for just over $98.5M, according to public records. At the time, occupancy was at 96%, but it has since dipped to around 85%, as reported by Newmark, the brokerage firm that facilitated the sale.
Newmark’s team representing Invesco included Co-Head of Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan and Ken White, and Senior Managing Director Laura Stumm.
Notable Sales: Santa Monica and Huntington Beach Transactions
A biotech office building in Santa Monica was sold for $9.25M as part of a 1031 exchange. The two-parcel property, dating back to the 1960s, sits near the Third Street Promenade and the Santa Monica Pier. Spanning approximately 10K SF, the fully leased building is also zoned for mixed-use development.
The transaction was facilitated by Kidder Mathews, with Executive Vice President Tanel Harunzade representing the buyer, while Senior Vice President Todd Davis, Executive Vice President Darrell Levonian, and Vice President Brittney McCarthy represented the seller, a private investment company.
Meanwhile, CBRE arranged the $4.95M sale of a multifamily property in Huntington Beach, setting a new per-unit price record at $550K per unit. The nine-unit property, located at 216 Sixth St., features spacious two- and three-bedroom units with private patios and balconies. CBRE’s Dan Blackwell and Mike O’Neill represented the buyer, a family trust.
Financing Spotlight: Major Loans Secured
Sonnenblick-Eichner Co. arranged $38M in interim first mortgage leasehold financing for The Portofino Hotel & Marina in Redondo Beach. This five-year, floating-rate loan replaces a maturing loan and provides interest carry-through stabilization for the 161-room hotel, its 181-slip marina, and 19 apartments.
In another significant financing deal, Gerson Bakar & Associates secured a $255M fixed-rate loan to refinance Park Newport, a massive apartment complex in Newport Beach. The 1,300-unit community spans 44 two- and three-story buildings and has been held by Gerson Bakar for over 50 years. PGIM Real Estate’s Executive Directors Natalia Todorov and Elizabeth Velazquez originated the financing, while Andy Ahlers of Berkadia brokered the deal.
Final Thoughts
This week’s real estate activity in Los Angeles reflects continued investor confidence, strategic hiring, and significant financial movements in the market. Whether through high-value property transactions or major financing arrangements, the city’s real estate landscape remains dynamic and evolving. Stay tuned for more updates in the weeks to come!