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

SAN DIEGO, CA—Corey Martin and Stan Nowak has joined Avison Young's San Diego office as principals. They will focus on agency leasing and investment sales, and join the firm with their full team, Matt Shaw, a senior associate, Cody Lerner, associate and Lindsay Shoffner, administrative assistant. They bring 11 years of experience to the firm.

LOS ANGELES—Avison Young's six Southern California offices took part in the firm's annual Day of Giving event in conjunction with EnrichLA, a non-profit organization dedicated to bringing a garden to every school in Los Angeles. Approximately 55 Avison Young volunteers worked to provide new outdoor improvements to Wilshire Park Elementary School. The school's outdoor areas lack shade, consist of blacktop, and include metal picnic tables, making for uncomfortable conditions for the children and faculty. Avison Young Southern California made a donation for the needed materials and teamed with EnrichLA to make some fun, lasting, and significant improvements to the school's outdoor space

LOS ANGELES—Paul Darrow has joined Cushman & Wakefield as managing director. Darrow will focus on multifamily investments and development opportunities in Southern California, and will serve on the Multifamily Advisory Services Group. He brings 13 years of experience to the firm and has worked on market rate, adaptive reuse, ground-up development, tax credit properties, and mixed-use communities, and formerly worked at Institutional Property Advisors as director.

DEALTRACKER

TARZANA, CA—The Tarzana Professional Center has traded hands between to unnamed investors for $32 million. The Tarzana Professional Center is a 160,345-square-foot office and medical campus. It was built in 1963 and renovated in 1977 and 1982 and sits on 2.33 acres. It is located just off Ventura Freeway at the northeast corner of Reseda Boulevard and Burbank Boulevard, directly across the street from the Providence Tarzana Medical Center. The property has three multi-story buildings and parking for 420 cars.

LOS ANGELES—RealtyMogul.com has distributed $50 million to its investors of funds realized returns and principal from debt and equity investments. The crowdfunding company leads the market with more than $220 million in investments and more than 200 transactions. This $50 million milestone means that investors have had zero principal loss since the company's inception.

PHOENIX, AZ—The owner of a 19-property portfolio in the Phoenix metro area has secured $52 million to refinance the assets. The portfolio totals 1.5 million-square-feet and is valued at $150 million. The financing was secured through three institutional lenders. The loan request was unique as it was at an extremely low leverage level with some of the assets financed at 18 percent loan-to-value with debt service coverage ratios as high as 9 times. James DuMars, managing director/senior vice president of NorthMarq Capital secured the funds on behalf of the borrower.

SPARKS, NV—A partnership between L5 Investments and Alamo Equities has acquired Marina Gardens Apartments for $14.25 million from an unnamed seller. The 200-unit property is sitting on nearly 12 acres. The buyers are planning to invest an additional $4 million into the property, and will re-brand and re-name Marina's Edge within the next few months. The property has 31 two-story buildings comprised of a total of 60 one-bedroom units, 100 two-bedroom units, and 40 three-bedroom units that include private balconies or patios, walk-in closets, and full kitchens. On-site amenities include three laundry rooms, barbeque areas, two playgrounds, and approximately 278 parking spaces.

SAN DIEGO, CA—PSRS has secured a $24.5 million loan for three medical office buildings in Southern California. Medicus Property Group secured the funding, and will use the funds to the refinance of the owner's existing San Diego and Encinitas properties as well as the acquisition of the Jefferson Medical Center located in Temecula, California. The loan was funded through a life insurance company. The terms of the loan were not disclosed.

TEMPE, AZ—Columbia Sussex Corp. has acquired the Phoenix Marriott Tempe at The Buttes in Tempe, AZ. The sales price and name of the seller was not disclosed. This is the buyer's third hotel acquisition in the area, including Boulders Resort in North Scottsdale in 2015 and the sale of the Royal Palms resort earlier in 2016. The property has 353 guestrooms is located on 27.7 acres. It features four dining facilities and 40,000 square-foot of indoor meeting space including a 25,000 square-foot conference room. The complex also includes a resort-style pool, lighted tennis courts, spa, fitness center, volleyball court and helipad as well as 512 surface parking spaces.

NEWS & NOTABLES

DEALTRACKER

Instant Insights /

Middle Market Digest: Southwest

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