Newmark Closes Note Sale on San Pedro Adaptive Reuse
Newmark arranged the sale of a note secured by Topaz Tower, a fully entitled adaptive reuse development project located at 222 W. 6th St. in San Pedro. The 12-story, 309,732-square-foot office tower is entitled for conversion to 246 market-rate multifamily units.
Executive managing director Ryan Plummer, co-head of U.S. Capital Markets Kevin Shannon, vice chairman Ken White, senior managing director Chris Benton and managing director Anthony Muhlstein represented the lender. The buyer was 222 PV Harbor View, LLC, a private Los Angeles-based residential developer.
“Topaz Tower represents an exceptionally rare opportunity to acquire a fully entitled coastal high-rise multifamily conversion with scale, ocean views and an immediate execution path in a rapidly evolving submarket,” said Plummer.
Topaz Tower Apartments will include a mix of studio, one-, two- and three-bedroom residences with an average unit size of 835 square feet. Planned amenities include a rooftop deck with a resort-style pool, ocean-view units, balconies and high ceilings.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout