LOS ANGELES— Our bi-weekly update on the middle markets throughout the Southwest region. Here's a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.

NEWS & NOTABLES

TUCSON, AZ—CBRE has hired Daniel Wesson as VP in the firm's Tucson office, where he will focus on brokerage, development, rezoning and acquisition of multifamily investment properties. Wesson has 30 years of experience in brokerage, and joins the firm from Grubb & Ellis Co.

IRVINE, CA—Jamboree Housing Corp. has received a $40,000 grant from Bank of America to help low- and moderate-income people who are struggling due to a lack of affordable housing. The funds will also help broader needs, including community revitalization, enabling them to access the resources they need to lay a foundation for a stable financial life, and in turn, drive growth in the Orange County community.

SAN DIEGO—Cushman & Wakefield AMO SVP Michael Lanning has been named 2017 President of the Institute of Real Estate Management for the fall conference, which takes place this week. Marla Maloney, Cushman & Wakefield President, Asset Services, Americas, will be a featured speaker at the event.

SAN DIEGO—Wakeland Housing and Development Corp. has received the 2016 Governor's Historic Preservation Award for its Home Front at Camp Anza community in Riverside from the State of California. The developer transformed an Army Officers Club during WWII into a community center for residents with a history room commemorating the site's rich military past as Camp Anza. The property also features 30 new two- and three-bedroom bungalows.

PHOENIX, AZ—Goodmans Interior Structures and Rooted in Good is hosting its Goodmans Chair Hockey Tournament on October 20. This year's event honors First Place Arizona, a local non-profit that helps to provide housing options for people with autism and other special abilities.

SAN DIEGO, CA—Contractor Rudolph and Sletten have received a 2016 Downtown on the Rise” Alonzo Award for their work on the new San Diego Central Courthouse. The judges said the 25-story project is a fresh approach to the “traditional model for institutional buildings” and called it “a vertical masterpiece.” The 704,000-square-foot facility cost $555 million to develop, and will house criminal, civil, probate, family, and small claims matters, with space for court administration, security, and holding areas.

LAS VEGAS—The Commercial Alliance Las Vegas has selected new officers and a board of directors for 2017. The new group includes president-elect Chris McGarey of Berkshire Hathaway Home Services, Nevada Properties; treasurer Paul Bell of Berkshire Hathaway Home Services, Nevada Properties; director Melissa Campanella, Logic Commercial Real Estate; director Robin Civish, CCIM, of ROI Commercial Real Estate; director Cathy Jones of Sun Commercial Real Estate; and director Tom Lisiewski, of Your Real Estate Company. The 2017 leadership will begin its tenure on January 1.

LAS VEGAS—Property management firm Mission Rock Residential has acquired Augusta Apartments on behalf of Hamilton Zanze Real Estate Investments. The 272-unit property has five unique floor plans, including one-, two- and three-bedroom layouts, and a broad range of amenities, including washer/dryer, extra-large closets, and a fully-equipped kitchen in interior units, while the community amenities include the business center, fitness center, swimming pool, spa, dog park and BBQ area. The property manager offers a 24-hour response to maintenance calls, a 30-day move-in satisfaction guarantee, complimentary lock-out assistance during business hours, and an opportunity to purchase a low-cost renter's insurance plan with guaranteed pre-approval.

DEALTRACKER

LOS ANGELES—PSRS has secured $9.2 million in financing for a 135,907-square-foot CarMax in Torrance. The loan has a 20-year term with 20-year amortization and is a fixed rate and non-recourse. The loan was funded by a life company, and the name of the borrower was not disclosed. The PSRS team said this was a difficult deal to finance because car dealerships are so specialized.

TUSTIN, CA—A joint venture between Harbor Associates and Stockbridge Capital Group has acquired the Tustin Commons, a 210,875 square foot, three building, office and flex portfolio. The buyer purchased the property in an off-market transaction. It plans to reposition and lease-up the property, and already secured a 20,000-square-foot tenant during escrow. Once the renovation is complete, the property will be renamed Create Tustin. This is the firm's fifth recent acquisition. It also owns a nearby building, Bespoke Tustin.

MORENO VALLEY, CA—Mission Pacific Land Co. has sold Meadow Creek, a gated community located within the highly desirable Sunnymead Ranch area of Moreno Valley, CA. The name of the buyer and the sales price was not disclosed. The property has 161 substantially finished home sites and a 6,000-square-foot private clubhouse, which is anticipated to provide home deliveries beginning in 2017.

LOS ANGELES—The Kor Group has begun construction of Santa Monica Proper Hotel, a luxury lifestyle property. The Kor Group is developing the property with Merchant Banking Division of Goldman, Sachs & Co. and Alex Gorby. The finished property will feature 271 guestrooms designed by international style icon Kelly Wearstler; multiple dining options by local culinary stars; a rooftop lounge and swimming pool; 8,000 square feet of meeting and event space; and almost 7,000 square feet of ground floor retail. It is slated to open in 2018/2019.

PHOENIX, AZ—Greystone has provided $42.6 million in Fannie Mae loans for the acquisition of a two-property multifamily portfolio in Phoenix, AZ. The two assets are Canyon Crossroads, a 280-unit garden-style apartment that received a $31.7 million loan and Summerhill Place Apartments, a 232-unit apartment complex that received a $10.9 million loan. The two Fannie Mae loans carry 10-year terms with 30-year amortization.

BREA, CA—Western Realco has purchased an 180,087-square-foot industrial complex in Brea, CA, for $26 million from Guardian Capital Management. The property is located on 15.8 acres, and is minutes from three major freeways, providing convenient access to labor and housing. The property is 100% leased on a short-term basis, offering the buyer great flexibility. JLL senior managing director Louis Tomaselli and JLL SVP Zach Niles represented the seller in the transaction.

LAS VEGAS—MCA Realty has acquired Walnut Business Park, a 92,056 square-foot value-add industrial business park in the northern submarket of Las Vegas, for $5.1 million. The property, which is 87.5% leased, is a rare opportunity for small box product in the Las Vegas market. This is the firm's 15th acquisition in the Las Vegas market; experience that they say allows them to identify prime investment opportunities in the market to maximize yields. Cathy Jones, Roy Fritz, and David Livingston Jr. of Sun Commercial Real Estate and Dan Doherty, Chris Lane, and Jerry Doty of Colliers International assisted in this transaction.

ORANGE, CA—Lee & Associates has brokered 73,384 square feet in industrial leases located throughout Southern California with a total value of $5.12 million. The lease transactions include an 11,737-square-foot lease by Hibshman Trading Corp. at 1260 N. Sunshine Way in Anaheim, valued at $688,245 and brokered by Johnny Eubanks; a 8,742-square-foot lease by Hose-Man Inc. at 14525-14535 Firestone Blvd. in La Mirada, valued at $696,216 and brokered by Rob Leiter; a 1,943-square-foot lease by Thermeon Worldwide at 15991 Red Hill Ave. in Tustin, valued at $125,906 and brokered by Jaimeson Hearne; an 8,958-square-foot lease to Peter Pan Novelty at 22925 Savi Ranch Pkwy. in Yorba Linda, valued at $382,224 and brokered by Bryan Miller, a 34,999-square-foot lease to RocketMail LLC, valued at $1.4 million and brokered by Greg Diab and Jack Haley; a 1,916-square-foot lease to J&J Day Spa at a 211 W. Katella Ave. in Orange, California, valued $168,731 and brokered by Allen Buchanan and Joshua Harper; a 23,650-square-foot lease to Friends Metals Co. at 14729 Springs Ave. in Santa Fe Springs, California, valued at $1,030,674 and brokered by Scott Seal and Johnny Eubanks; a 1,536-square-foot lease to HisChannel at 300 S. Harbor Blvd. in Anaheim, California, valued at $193,526 and brokered by Marshal Vogt, Jaimeson Hearne, Jonmark Fabiano and Erik Thompson; a 6,315-square-foot lease to RC Electric at 2725 E. La Palma Ave. in Yorba Linda, valued at $370,200 and brokered by Johnny Eubanks; and a 5,088-square-foot lease to Stellar Installations at 880 S. Rose Place in Anaheim, valued at $167,959 and brokered by Scott Seal.

Instant Insights /

Middle Market Digest: Southwest

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