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ORANGE COUNTY BREAKING NEWS
July 4, 2009
CWCapital Expands West Via Sierra Acquisition

IRVINE, CA-The Boston-based multifamily and healthcare real estate lender acquires the assets of Sierra Capital Partners. ... Full Story

West Coast University Expands, Upgrades Space

COSTA MESA, CA-The nursing and healthcare education specialist, now with three locations in Southern California, is investing in new space as well as redesigns to improve existing facilities. ... Full Story

Hotel Defaults More Than Double in State

IRVINE, CA-The number of California hotels in default or foreclosed on jumped 125% in the last 60 days, and more than 500 have defaulted on their property taxes. ... Full Story

Turner Fund Targets Distressed Assets

NEWPORT BEACH, CA-The 30-year-old firm's first fully discretionary fund will acquire distressed commercial real estate and pools of performing and non-performing loans in the West. ... Full Story

$62M Industrial Sale Ranks Tops in SoCal

LAGUNA HILLS, CA-The 388,224-square-foot Saddleback Business Park generated multiple offers in highly contested bidding, ultimately selling to an all-cash buyer. ... Full Story

SVN Adds 12 Brokers, Plans Growth

IRVINE, CA-The new investment advisers formerly worked in the Orange County office of Guardian Management's SVN franchise before Guardian consolidated its SoCal offices. ... Full Story

KBS Capital Names Mike Crimmins CEO

NEWPORT BEACH, CA-The former national sales manager for KBS Capital Markets Group becomes CEO and managing director for the KBS sales and distribution entity. ... Full Story

Grubb-Meridian JV Targets Energy Properties

SANTA ANA, CA-Grubb & Ellis Co. and the Meridian Cos. form a JV called Energy & Infrastructure Advisors to invest in energy industry-related properties via private and public investment vehicles. ... Full Story

RiverRock Hits 10M SF, Expands Offices

SANTA ANA, CA-With its latest, 410,000-sf assignment, RiverRock Real Estate Group will open an office in West L.A. and plans another as it continues to expand during the downturn. ... Full Story

$19M Marriott Sale Near Lowest Per Room

SAN CLEMENTE, CA-The $19.3 million sale of the 292-room Riverside hotel ranks among the lowest prices per room paid for a full-service Marriott in the US. ... Full Story

New Trumark Unit Capitalizes on Market

IRVINE, CA-The 20-year-old land and commercial real estate development company expands into the residential realm to take advantage of market conditions. ... Full Story

Maguire Faces Default, Sells Office Tower

IRVINE, CA-The L.A.-based office REIT faces a possible default on its 566,000-square-foot Quintana office campus. Separately, it sells 3161 Michelson to a New York City-based buyer. ... Full Story

Prime Group Buys 349-Unit Complex for $43M

SANTA ANA, CA-The San Francisco-based buyer closes in 22 days on the $43.1 million acquisition of the Adagio at South Coast Apartments and is looking for more properties. ... Full Story

PCM Names Donny Disbro as New CEO

LAKE FOREST, CA-He takes over the reins of Professional Community Management of California Inc., the nation’s third-largest senior housing management firm. ... Full Story

Sunstone W Hotel Default Reflects Market

SAN CLEMENTE, CA-The REIT's decision not to make the June 1 payment on the San Diego W Hotel’s $65 million mortgage results from a continuing deterioration in demand, it says. ... Full Story

Jamboree Debuts Affordable Apartments

IRVINE, CA-The new 71-unit complex by Jamboree Housing Corp. is designed for families earning between 30% and 60% of the area median income. ... Full Story

Steadfast Forms Capital Markets Group

NEWPORT BEACH, CA-The new securities and financial services division, Steadfast Capital Markets Group, sees opportunities to acquire quality properties in a distressed market. ... Full Story

Industrial Lease Ranks Among Largest

ANAHEIM, CA-Arden Engineering's five-year lease on a 100,000-square-foot manufacturing/warehouse space is the largest in North Orange County since October 2007, brokers say. ... Full Story

Two Days, Two Big Office Deals

ORANGE, CA-The Abbey Co. of Long Beach buys a 460,000-square-foot office complex one day after another L.A.-based company reports a 270,000-square-foot acquisition. ... Full Story

Transpacific Buys Office Complex in $73M Deal

IRVINE, CA-Transpacific Development Co. acquires the 270,000-square-foot One and Three Premier Place complex, home to the Taco Bell corporate headquarters and Ford Motor Co. ... Full Story

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