This Week's LA Deal Sheet
J.H. Snyder has completed a major renovation at 5757 Wilshire Blvd., a 530K SF Class-A office building in Miracle Mile.
The renovations included building a new outdoor tenant lounge, a new main lobby and 15K SF of spec office suites, which have already been leased. An additional 20K SF to 30K SF of spec suites are under construction. 5757 Wilshire Blvd. can accommodate users seeking 1K SF to 40K SF.
JLL’s Micheal Geller, Greg Astor and Ben Silver lead office leasing at the property and secured leases totaling nearly 40K SF since the beginning of the year.
PEOPLE
CBRE announced Greg May has rejoined the firm in Newport Beach, specializing in office properties across Orange County. May returns to CBRE as a senior vice president and brings more than 35 years of experience in CRE. May was previously at Newmark, leading brokerage operations for the Southwest.
SALES
CBRE announced the sale of Irwindale’s Arrow Highway Business Park to Rexford Industrial for $48.5M. The property at 16203-16233 Arrow Highway consists of four new Class-A industrial buildings totaling 135K SF.
CBRE National Partners’ Barbara Perrier and Joe Cesta represented the seller, SGV Arrow Industrial Park LLC. Jason Chao, Lynn Knox, Cannon Chang and Case Dahlen served as local market advisers.
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Tova Capital acquired Signal Hill’s East Willow Village, a 19K SF retail strip center, for $6.75M in an off-market transaction. East Willow Village is on a nearly 2-acre site at 2201 E. Willow St. in Signal Hill’s primary retail corridor. Tova Capital Inc. was represented by Ally Commercial Real Estate's Kelly Hawkshaw, Luc Hawkshaw and Eric Mandell.
LEASES
Matthews Real Estate Investment Services completed the lease of 1315 Third Street Promenade in Santa Monica. Matthews’ Kyle Pari and Michael Pakravan represented the landlord in the transaction. Holey Moley, a mini-golf and restaurant concept from the Australian entertainment brand Funlab, leased the 14K SF. The company now has five locations in the U.S. Holey Moley Santa Monica will open by the end of this year.
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San Diego Workforce Partnership signed a new lease for approximately 13K SF at 333 H St. in Chula Vista. The lease represents a relocation of its South County Career Center on Bay Boulevard in Chula Vista.
JLL’s Damon Melda represented San Diego Workforce Partners. The landlord, Scripps Health, was represented by Bill Cavanagh and Joe Zurek of Cushman & Wakefield.
CONSTRUCTION AND DEVELOPMENT
Driftwood Capital, architecture firm AO and general contractor R.D. Olson Construction have broken ground on the Element Hotel by Marriott in San Diego County’s Mission Valley. Driftwood Capital is developing the seven-story, 150-key hotel, which includes a 5,300 SF conference and ballroom space, a fitness center, meeting rooms, a lobby and a lounge. Completion is expected in winter of 2026.
