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

ORANGE COUNTY, CA—The Spire Awards in Orange County is now accepting nominations for the sixth annual program. The award ceremony recognizes the top industry experts who have distinguished themselves through their contributions and outstanding dedication to commercial real estate. The categories for nominations are: Women in Commercial Real Estate, New Construction, Building Renovations, Tenant Improvements, Leasing, Sales, Lending, Philanthropy. Nominations are due by February 3, while the event is held March 29.

NEWPORT BEACH, CA—Marcus & Millichap has expanded its network of lenders through a preferred correspondent agreement with ReadyCap Commercial LLC. The agreement will originate small balance, agency eligible multifamily loans on a nationwide basis. This move will make the firm all the more efficient, reliable, competitive for clients.

DEALTRACKER

PLAYA VISTA—The Mani Brothers have acquired the Landing in Playa Vista, a 100,756 square foot newly renovated Class-A office property, for $80 million from Hudson Pacific Properties. The Landing is a fully renovated creative office campus, and is largely leased to co-working company WeWork, which occupies 78,000 square feet. The property features include exposed ceilings, open floor plans, multiple outdoor decks, and the conversion of an internal stairwell and a portion of the underground parking garage into office space. Dentsu Aegis Network leases the remainder of the space.

LOS ANGELES—The unnamed owner of a nine-property, rent-stabilized portfolio in West Hollywood and Koreatown has secured a $33 million loan to refinance the properties. The complex transaction required the borrower secure nine separate that closed concurrently with a structure that provided $5,000,000 in return of equity. The loans were funded through two capital providers with a five-year fixed rate of 3.15% and permanent financing at 75% of the portfolio's appraised value, and a 1.20 DCR. The nine loans will self-liquidate over 30 years, and after the initial five-year fixed-rate period, the rates will reset and float at 235 over LIBOR for the remaining 25-year term. A step-down prepayment is underwritten, which opens without penalty after the third year. George Smith Partners' Principal Bryan Shaffer, along with his team, including Vice President Jon Shapiro and Assistant Vice President Max Lehrman secured the funds on behalf of the borrower.

LOS ANGELES—NSB Associates has acquired a two-story, 59,395-square-foot office building along with a four-story, 545-space parking structure in El Segundo, CA, from an institutional seller for an undisclosed price. Avison Young Principal Alan Pekarcik and senior associate Chris Smith, based in the company's Orange County office, represented the seller in the deal. They sold the property in five weeks.

PHOENIX— Kierland Corporate Center, a class-A office complex at 7033 E. Greenway Parkway in the Scottsdale, has traded hands for $20 million between John Bonnell and Brett Abramson and Parallel. The three-story, 78,273-square-foot property sits on 3.4 acres the property and was built in 2009 with glass, concrete and modern architectural detail and onsite parking. It is currently 87% lease. STMicroelectronics, Eide Bailly, Stifel, Nicolaus & Company and Sherman & Howard. Cushman and Wakefield represented the seller and John Bonnell and Brett Abramson of JLL represented the buyer.

PHOENIX—Kramer-Wilson Co. has acquired the Cornwell Corporate Centre, a 63,071 sq. ft. office development located in Scottsdale, Arizona, for $14.7 million from Cornwell Corp. Located in the Scottsdale Airpark submarket, the property features one two-story building and two one-story office buildings on approximately five acres. Currently, tenant in-place rents are 10% below market lease rates, but as these leases expire, the property's new ownership will have an opportunity to boost revenue by bringing rents into line with the Barry Gabel, Chris Marchildon, Brad Anderson and Mike Strittmatter with CBRE Phoenix represented the seller in this off-market transaction.

RANCHO CUCAMONGA, CA—A Storage Max Self-Storage in Rancho Cucamonga, California, has traded hands for $13.5 million or $162.17 a square foot. Located at 8363 Foothill Boulevard, the 83,430 square-foot property has seen incredible demand. CBRE SVP Nicholas Walker presented the seller in the deal.

NEWS & NOTABLES

DEALTRACKER

Instant Insights /

Middle Market Digest: Southwest

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