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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Inside The Story

Newmark's Plummer

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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