Athleisure brand Alo Yoga dropped $90M on the La Peer Building, a vacant, 83K SF office property at 8942 Wilshire Blvd. in Beverly Hills. The property will serve as Alo’s headquarters.

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The La Peer Building at 8942 Wilshire Blvd. in Beverly Hills.

The sale price works out to about $1,085 per SF, according to CoStar. But even at that price, Alo got a deal. The seller, Dutch investment firm Breevest, paid $107.5M for the building in 2019. 

PEOPLE

JLL Capital Markets hired Dillon Bergum as senior director on its Southern California institutional multifamily investment sales and advisory team. Bergum has closed nearly $6B in transaction volume across major markets, including Los Angeles, New York and throughout California. Prior to joining JLL, Bergum served as a member of Newmark’s West Coast capital markets group.

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JLL hired 13-year Orange County commercial real estate veteran Pat Ryan as senior vice president. Ryan joins JLL with nearly 13 years of commercial real estate experience. Ryan comes to JLL from Cushman & Wakefield, where he served as senior director, according to his LinkedIn.  

SALES

Longpoint has purchased Five Points Plaza, a 130K SF grocery-anchored retail center in Riverside, for $31M. 

JLL Capital Markets announced the sale, having represented the buyer. The seller was the private family owner that originally developed the center. Five Points Plaza is at 4652-4822 La Sierra Ave.

JLL’s Daniel Tyner, Gleb Lvovich and Geoff Tranchina led the capital markets investment sales and advisory team in the deal.

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CBRE negotiated the sale of 16535 Via Esprillo, a Class-A office campus in Rancho Bernardo, near San Diego. LBA Properties acquired the 461K SF office property from an undisclosed prominent electronics company.

CBRE’s Matt Carlson, Hunter Rowe, Darren Morgan and Erik Bridy advised the seller in the disposition of the seller’s fee simple interest in the property. CBRE’s Scott Peterson, Dave Milestone and Michael Kolcum arranged financing. The transaction includes a leaseback component, with the seller leasing certain portions of the building after the sale. 

LEASES

United Talent Agency has renewed its long-term lease at UTA Plaza, a 192K SF, two-building office campus at 9336-9346 Civic Center Drive in Beverly Hills. UTA has been the sole tenant in the campus since 2011. Landlord DivcoWest announced the renewal. 

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Drawbridge Realty, a KKR partner, announced a roughly 100K SF expansion with the county of Orange at 1700 E. St. Andrew Place, a three-story office building in Orange County’s Airport submarket. The expansion, approved by the county’s Board of Supervisors on Oct. 28, brings the 170K SF building to 100% leased. 

Ross Bourne of CBRE represented Drawbridge Realty in lease negotiations. Joe Bevan and Wade Clark of JLL represented the county of Orange.

The county leases about 70K SF. With this new expansion and a three-year lease extension, the property will remain fully leased through December 2042.

FINANCING

Gantry secured a $103M loan to retire construction financing for Gillespie Field iPark, a 386K SF, Class-A industrial development in El Cajon. The building includes up to 32-foot clear heights, 64 loading docks and excess land that amounts to 115 additional truck trailer stalls. The loan includes leasing and tenant improvement budgets as well as funding for rooftop solar installation, according to a representative for Gantry. 

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Institutional Property Advisors arranged $71M in financing for the acquisition of  Hills at Hacienda Heights, a 350-unit multifamily property in Hacienda Heights. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged the acquisition financing. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris also represented the undisclosed seller and procured the buyer, Eagle Partners. The property sold for $107M, or $305K per unit.

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JLL Capital Markets secured a $31M construction loan for a 74-unit, 11-story apartment project in San Diego called Cuarto Apartments. JLL represented the borrower, Built Development Corp. and Ibex Ltd., in arranging the structured, floating-rate financing through mezzanine lender SteepRock Capital and senior lender Goodman Capital.

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Bolour Associates Inc. provided an approximately 18-month office refinance loan in San Dimas through its affiliate, BA Debt Fund LLC. Scott Monasch of Slatt Capital represented the borrower.

The loan supports a fully occupied, single-tenant, roughly 99K SF, two-story office building as it reaches loan maturity and prepares for a full-building tenant transition at year-end.