Real estate industry veteran Steven Yazdani launched Nova Capital Inc. last month as a real estate capital advisory firm based in Beverly Hills.
The firm has secured more than $640 million in financing commitments for its clients already, including a $25 million construction loan for a 110-unit development in Warner Center and a $100 million recapitalization of a downtown office building.
Yazdani was a founding partner at Beverly Hills-based Lucent Capital Inc., which he left in December to found Nova Capital. Prior to Lucent he also helped open the L.A. office for New York-based The Carlton Group Ltd., which he left in 2010.
“The fact that we already have over half a billion dollars in assignments the first month we are open is the best testament to our real commitment to building relationships with our clients,” Yazdani said in a statement. “We are relentless advisors and advocates for our clients.”
Nova Capital declined to name specific clients but said it works with middle-market and privately owned real estate developers and investment firms. Nova Capital specializes in debt and equity placement, and structured financing.
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CapRock sells Commerce warehouse
Newport Beach-based CapRock Partners sold a 97,000-square-foot industrial property in Commerce, the company announced Feb. 6. The property was purchased by building tenant PGB General Merchandise Inc. for $16.1 million, records show.
CapRock Partners purchased the property in 2017 for $11.5 million.
The building sits on 4.32 acres at 5331 and 5333 Slauson Ave.
“This transaction was a win for both buyer and seller,” said Jon Pharris, co-founder and president of CapRock Partners, in a statement. “Given that the property is located in arguably the country’s tightest industrial market and has unique amenities such as rail spurs and I-710 Freeway frontage we were confident we could unlock intrinsic value in the real estate. Thus, after acquiring the asset, our team unearthed an opportunity to provide a mutually beneficial solution to the current tenant.”
It’s been a busy time for L.A.’s industrial market. During the fourth quarter of 2018 13.6 million square feet of industrial space were either sold or leased, up from 11.7 million square feet the previous year, according to data from Jones Lang LaSalle Inc.
NAI Capital’s Ryan Campbell and Lee & Associates’ Tony Naples represented the buyer and the seller in the transaction.
“With little developable land, the Commerce property enabled CapRock to unlock value for the right owner-user,” Patrick Daniels, CapRock Partners’ chief executive officer, said in a statement. “With only a year remaining in the lease agreement, our current tenant proved to be the perfect candidate for the property’s intended use. Our team is pleased to have completed a transaction that benefited all parties involved.”
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