LOS ANGELES—WNC has closed Institutional Tax Credit Fund 10 California Series 14, a $113 million low-income housing tax-credit fund. The fund will acquire nine low-income housing properties throughout California, focusing on Alameda, Contra Costa, Los Angeles, Placer, Riverside, San Diego and Santa Clara. These properties will add 1,300 new low-income multifamily units to the market.
SALES
SAN DIEGO—Vista International has purchased the Estancia Apartments for $16.5 million from a joint venture between Fowler Property Acquisitions and PCCP. Located at 725 N. Fig Street. In Los Angeles, the property has 100 units with a mix of two- and three-bedroom floor plans. JLL EVP Darcy Miramontes and VP Kip Malo represented the sellers in the transaction.
LAGUNA NIGUEL, CA—TruAmerica Multifamily has partnered with the Berkshire Group to acquire Career Lofts, a 142-unit class-A apartment community in Laguna Niguel. The purchase price and the name of the seller were not disclosed, but TruAmerica purchased the property in an off-market transaction. The property fits the investor's strategy of buying class-B properties in core markets.
SEATTLE—Westcore Properties has purchased 71,718-square-foot industrial building in Seattle, WA, for $5.8 million from Kearny Real Estate Co. This is the investor's first purchase in the Seattle market. It plans to renovate the building, which was originally constructed in 1969.
LEASING
SAN DIEGO—Clique Hospitality has signed a lease with owner Ken Satterlee for a top floor office condo at the TR building, located at 406 9th Avenue in San Diego. The lease term in 3 years and 1 month, and it is valued at $173,958.
IRVINE, CA—Greenwave systems has signed a 22,150-square-foot lease at 200 Spectrum Center Drive in Irvine. The “internet of things” and M2M services company will occupy the full 15th floor in the Irvine Company's 21-story office building. This lease brings the building's occupancy to 60%.
LOS ANGELES—US General Services Administration has signed a 154,000-square-foot lease with Embarcadero Capital Partners and Westbrook Partners, at 777 South Aviation Blvd., a three-story, 309,088-square-foot creative office building in El Segundo. The terms of the lease transaction were not disclosed.
FINANCING
LOS ANGELES—The owner of the Skyline Center, a 36,000-square-foot retail property in Thousand Oaks, CA, has secured $6 million to refinance the property. The loan has a 10-year term and a 30-year amortization schedule, with 7-year fixed rate loan that switches to a floating rate loan for the last three years of the term. It has a 60% loan-to-value and was funded through a national bank. Joe Giordani, VP of NorthMarq Capital secured the funds on behalf of the buyer.
LOS ANGELES—A local investor operating under the name Howard Building LLC has secured a $16.5 million loan to refinance the Hawthorne Xchange, a 63,837-square-foot retail center. The 10-year loan has a 4% fixed rate and a 30-year amortization schedule. The funds will be used to pay off acquisition financing secured by the owner in 2015. Quantum Capital directors Mike Yim and Jonathan Hakakha arranged the financing on behalf of the borrower.
EMPLOYMENT
LOS ANGELES—Brenda Crisp has joined CBRE as Managing Director of industrial and logistics asset services in the Americas. Crisp is a 30-year industry veteran coming to the firm from JLL, where she served as managing director of national industrial property management. In her seasoned career, she has also held positions at Insite Real Estate, First Industrial Realty Trust, Colliers Turley Martin Tucker and Grubb & Ellis.
LOS ANGELES—CBRE has hired Joe Dunlap as managing director of supply chain services. Dunlap brings 27 years of experience in supply chain management to the firm, and will advise clients on designing and transforming their increasingly complex supply chains. He joins the firm from Fortna Inc., where her lead the supply chain strategy practice, and has formerly held positions at Accenture, Siemens/Dematic and United Parcel Service.
LOS ANGELES—Cushman & Wakefield is expanding its capital markets and industrial practices with five new hires. Michael Condon Sr. joins the firm as senior EVP of portfolio solutions and global occupier services; Brendan O'Shaughnessy joins as managing director; Stephen Brey joins as managing director; Michelle Fajardo joined as managing director; and Michael Condon Jr. joins the firm as executive managing director of the capital markets group.
LOS ANGELES—WNC has closed Institutional Tax Credit Fund 10 California Series 14, a $113 million low-income housing tax-credit fund. The fund will acquire nine low-income housing properties throughout California, focusing on Alameda, Contra Costa, Los Angeles, Placer, Riverside, San Diego and Santa Clara. These properties will add 1,300 new low-income multifamily units to the market.
SALES
SAN DIEGO—Vista International has purchased the Estancia Apartments for $16.5 million from a joint venture between Fowler Property Acquisitions and PCCP. Located at 725 N. Fig Street. In Los Angeles, the property has 100 units with a mix of two- and three-bedroom floor plans. JLL EVP Darcy Miramontes and VP Kip Malo represented the sellers in the transaction.
LAGUNA NIGUEL, CA—TruAmerica Multifamily has partnered with the Berkshire Group to acquire Career Lofts, a 142-unit class-A apartment community in Laguna Niguel. The purchase price and the name of the seller were not disclosed, but TruAmerica purchased the property in an off-market transaction. The property fits the investor's strategy of buying class-B properties in core markets.
SEATTLE—Westcore Properties has purchased 71,718-square-foot industrial building in Seattle, WA, for $5.8 million from Kearny Real Estate Co. This is the investor's first purchase in the Seattle market. It plans to renovate the building, which was originally constructed in 1969.
LEASING
SAN DIEGO—Clique Hospitality has signed a lease with owner Ken Satterlee for a top floor office condo at the TR building, located at 406 9th Avenue in San Diego. The lease term in 3 years and 1 month, and it is valued at $173,958.
IRVINE, CA—Greenwave systems has signed a 22,150-square-foot lease at 200 Spectrum Center Drive in Irvine. The “internet of things” and M2M services company will occupy the full 15th floor in the Irvine Company's 21-story office building. This lease brings the building's occupancy to 60%.
LOS ANGELES—US General Services Administration has signed a 154,000-square-foot lease with Embarcadero Capital Partners and Westbrook Partners, at 777 South Aviation Blvd., a three-story, 309,088-square-foot creative office building in El Segundo. The terms of the lease transaction were not disclosed.
FINANCING
LOS ANGELES—The owner of the Skyline Center, a 36,000-square-foot retail property in Thousand Oaks, CA, has secured $6 million to refinance the property. The loan has a 10-year term and a 30-year amortization schedule, with 7-year fixed rate loan that switches to a floating rate loan for the last three years of the term. It has a 60% loan-to-value and was funded through a national bank. Joe Giordani, VP of NorthMarq Capital secured the funds on behalf of the buyer.
LOS ANGELES—A local investor operating under the name Howard Building LLC has secured a $16.5 million loan to refinance the Hawthorne Xchange, a 63,837-square-foot retail center. The 10-year loan has a 4% fixed rate and a 30-year amortization schedule. The funds will be used to pay off acquisition financing secured by the owner in 2015. Quantum Capital directors Mike Yim and Jonathan Hakakha arranged the financing on behalf of the borrower.
EMPLOYMENT
LOS ANGELES—Brenda Crisp has joined CBRE as Managing Director of industrial and logistics asset services in the Americas. Crisp is a 30-year industry veteran coming to the firm from JLL, where she served as managing director of national industrial property management. In her seasoned career, she has also held positions at Insite Real Estate, First Industrial Realty Trust, Colliers Turley Martin Tucker and Grubb & Ellis.
LOS ANGELES—CBRE has hired Joe Dunlap as managing director of supply chain services. Dunlap brings 27 years of experience in supply chain management to the firm, and will advise clients on designing and transforming their increasingly complex supply chains. He joins the firm from Fortna Inc., where her lead the supply chain strategy practice, and has formerly held positions at
LOS ANGELES—Cushman & Wakefield is expanding its capital markets and industrial practices with five new hires. Michael Condon Sr. joins the firm as senior EVP of portfolio solutions and global occupier services; Brendan O'Shaughnessy joins as managing director; Stephen Brey joins as managing director; Michelle Fajardo joined as managing director; and Michael Condon Jr. joins the firm as executive managing director of the capital markets group.
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Kelsi Maree Borland
