IRVINE, CA-For the second year in a row, the Villages of Irvine has been named top-selling master-planned community in the western US by the Robert Charles Lesher Co. The community, built by the Irvine Co.'s Community Development Co., sold 1,444 new homes in 2013. Company executives at RCLCO credit strong demand for new homes in Irvine for the high sales volume, adding that master-planned communities are performing at their strongest sales pace in five years and offer buyers a quality housing product and lifestyle they want to invest in. The Villages at Irvine neighborhoods offer a variety of resort-style amenities, as well as shopping, abundant trails within walking distance and new schools within the most-heralded district in the region.

NEWPORT BEACH-Panattoni Development Co. Inc. has received two Real Estate Excellence Inland Empire awards from the Inland Empire Chapter of NAIOP. The first was in recognition for signing the "Industrial Lease of the Year in 2013." The build-to-suit transaction for a Fortune 30 company was the development of a 1,476,000-square-foot industrial building in Moreno Valley, CA, with a valuation of $120 million. It was the largest industrial lease signed in Southern California last year. In addition, Panattoni received the "Developer of the Year Award." In 2013, the company had four new development projects in the Inland Empire totaling 3.2 million square feet, with an investment value of $280 million. Separately, Panattoni broke ground on three projects in Orange and Los Angeles Counties totaling over 1.2 million square feet with an investment value in excess of $150 million.

SALES

WEST COVINA, CA-A subsidiary of Lehman Brothers Holdings Inc. has sold the Serrano Apartment Homes in West Covina to B.A.G. Investments for $29.4 million. Built in 1959, the property features nine two-story garden style buildings housing 195 two-bedroom, one-bath units.  The complex, which is situated on a nine-acre site at 1513 W. San Bernardino Rd. here, also includes two pools, basketball courts, picnic area and laundry facility. Marc Renard of Cushman & Wakefield represented both the buyer and seller in the transaction.

DIAMOND BAR, CA-SARES-REGIS Multifamily Fund has purchased the Hills of Diamond Bar, a 204-unit apartment community 27 miles east of Downtown Los Angeles and served by several major freeways. The community was built in 1979 with two-story garden-style construction on 12.6 acres. Its one- to three-bedroom apartments are arranged around five courts or pod areas. Interior and common-area upgrades are planned. Previously, the fund acquired 444 apartments in Denver, Norwalk, CA, and Redmond, WA. The fund was launched this year by SARES-REGIS Group with $114 million in equity commitments, giving it the ability to acquire more than $300 million in assets.

ESCONDIDO, CA-The Town and Country Partners LLC has sold the Escondido Town & Country Shopping Center at 1625-1665 East Valley Pkwy. here for $10.5 million to GFC Glendale Associates LLC. Bill Barnett and Doug Hogan of Colliers International represented the seller; the buyer was represented by Rob Ippolito, John Jennings and Jesse Lowe of Cushman & Wakefield San Diego.  The shopping center is anchored by CVS Pharmacy and Big Lots and is also home to the Navy Federal Credit Union.

PALMDALE, CA-Meridian Property Co. has sold an 8,400-square-foot freestanding building at 8460 5th St. W. in its Sierra Pelona Medical Center campus here to an unnamed buyer. The building, the largest of the five buildings in the Sierra Pelona development, will be the new home of Joshua Medical Group, a local family practice. The new tenant joins Social Vocational Services Inc. and Care1ST Primary and Urgent Care Center at the campus. The building has never been occupied and is in a cold-shell condition. JMG will build out the interior improvements and most likely move in sometime this fall.

DEVELOPMENT

KAHULUI, HI-Target plans to open a new store in the city of Kahului on the island of Maui in March 2015. The store will be located on Hookele St. as part of the Pu'unene Shopping Center. This will be the first Target store in Maui, and it will cover approximately"Since opening our first store in Hawaii in 2009, we've created strong partnerships with the local community and delivered our 'Expect More. Pay Less.' brand promise to guests throughout the islands."

aaaaaaaa 140,000 square feet. In addition, the store will include a selection of fresh produce, fresh packaged meat and pre-packaged baked goods, as well as a Starbucks and a Target Pharmacy.

LEASES

NEWPORT BEACH, CA-Lee & Associates Newport Beach, one of the original offices of commercial real estate firm Lee & Associates, has relocated to a new office at 100 Bayview Circle, Suite 600, here. The firm had occupied its previous address for 26 years, but in the last two years it has experienced tremendous growth in staff and transaction activity, which required the need to expand to a larger office, according to Steve Jehorek, president and managing director of the division. "With this new office, we have increased our space by 30 percent and have added additional internal features to help our brokers in their transactions and service to the client."

FONTANA, CA-Dolphin Partners has signed a 72,650-square-foot, five-year industrial lease with American Bolt & Screw for the latter to take space in a 186,118-square-foot building at 14650 Miller Ave. here. Voit Real Estate Services completed the lease on behalf of the landlord. The building is located in the Fontana Commerce Center business park. The tenant will move to the premises in April, after the landlord completes additional build-to-suit office improvements.

COMMERCE, CA-Super King Markets has committed to 64,000 square feet at Garfield Business Center here, a five-building, 545,000-square-foot industrial park owned by Terreno Realty Corp. The grocer's long-term lease at 3420 Garfield Ave. expands the company's regional distribution operation, according to Cushman & Wakefield's Jeff Sanita, who heads the Garfield Business Center leasing team with John McMillan out of the firm's Los Angeles South Bay office. The six-location grocery chain serves consumers in metropolitan Southern California.

FINANCING

SAN DIEGO-Bank of America Merrill Lynch is providing $44 million in financing and $33 million in equity investment for the construction of 200 affordable-housing units for families, seniors and young people formerly in foster care. The apartments are part of a multi-phase project by BRIDGE Housing that will convert a former industrial neighborhood into a vibrant, transit-oriented, mixed-use community.

LITTLETON, CO-John M. Stewart, SVP for NorthMarq Capital's Denver regional office, has secured acquisition financing of $30.5 million for Aukum Management LLC's purchase of Terra Vista at the Park Apartments, located at 5425 S. Federal Circle here. Financing for the multifamily property was structured with a seven-year term and 30-year amortization schedule and was arranged with Freddie Mac.

Constructed in 1984, the property consists of 324 units in 16 two- and three-story buildings. Community amenities include a clubhouse, business and fitness centers, an outdoor pool, Jacuzzi and private pet walk area. Unit features include fireplaces, private balcony or patio, European-style fixtures and faucets, washer/dryers, ceiling fans and vaulted ceilings in select units.

CALABASAS, CA-Partners Capital Solutions Inc. has increased to $27 million its programmatic, build-to-suit financing commitment to Dynamic Development Co. LLC. Over the past 18 months, Dynamic Development has developed 12 stores in California and Nevada for national chain retailer clients, including Dollar General and 7-Eleven, under this programmatic financing relationship. Most have been triple-net, ground-up stores financed with both debt and equity capital from PCS.

EXECUTIVE MOVES

SOUTHERN CALIFORNIA-Capital Square Realty Advisors LLC has hired Don Ferrari and William "Hugh" Black as SVPs of sales, representing the West Coast and East Coast, respectively. They join Cory Guy in Southern California to complete Capital Square's national sales team. The company welcomes the duo after completing approximately $100 million in acquisitions since its launch in December 2012.

LOS ANGELES-Carly Naples has joined BFC SBA Lending of Los Angeles as business development officer with a focus on expanding the firm's services to Orange County and the Inland Empire. Naples comes to BFC after serving as senior audit associate with Grant Thornton LLP, a leading audit, tax and advisory firm, in its San Diego and Los Angeles offices. She also possesses strong loan processing and underwriting experience.

GLENDALE, CA-Jason Jamison, president of GM Properties, has been elected 2014 president and executive chair of the AIR Commercial Real Estate Association. AIR is headquartered in Glendale, with offices in Orange. Jamison, who was introduced as president of the leading commercial real estate trade group during its recent 21^st Annual "Market Review and Forecast" in Los Angeles, succeeds Corey I. Spound, EVP in the markets division of Jones Lang LaSalle. Joining Jamison on AIR's executive committee are Joseph T. Faulkner, Cresa Partners, president-elect/long range planning chair; Joseph Lin, Colliers International—Ontario, VP/MULTIPLE director; Louis Tomaselli, Jones Lang LaSalle—Irvine, VP/education chair, and Adam Deierling, Colliers International—Torrance, secretary treasurer/budget & finance.