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.

NEW & NOTABLE

LOS ANGELES—Architect Michael Volk has joined Gensler as design director in the firm's Los Angeles office. In this role, Volk will serve as a thought and design leader on urban-scale projects in arts and culture projects, commercial real estate and hospitality, while guiding project teams through a research-based and creative process. He brings 27 years of experience to the firm, and most recently served as a partner at Coop Himmelb in Vienna. His resume also includes serving as a director at REX Architecture and an architect at Morphosis Architects. He will work in the firm's Downtown Los Angeles office.

DEALTRACKER

SAN DIEGO, CA—Newport National Corporation has acquired a 20.95 acre site with a 146,549 square foot, class-A office building in San Diego's Sabre Springs/ I-15 Corridor submarket for $31.4 million. The property is entitled for 325,800 square feet of multi-tenant office space. Newport National Corporation plans extensive exterior and interior renovations to the existing building and development of a second phase building creating an innovative office campus named Summit Pointe. Colliers International's Mark McEwen and Chris Williams represented the seller, HD Supply in the deal.

IRVINE, CA—LoanDepot, has acquired Closing USA, a national title, escrow and settlement company and has entered into a definitive agreement to acquire its affiliate, American Coast Title. Upon closing of both companies, LoanDepot's national licensing footprint for title, escrow and settlement services will expand to more than 30 states and Washington, DC, while driving increased revenues through both LoanDepot and business partner channels. The ACT transaction is expected to close in the second quarter of 2017, pending regulatory approval. The terms of the transactions were not disclosed.

INLAND EMPIRE, CA—Century21 Peak has acquired the assets of American Inland Empire, which operates under the name Weichert Realtors 24/7. The purchase is part of the firm's five-year initiative to expand the company's presence and market share throughout Southern California. American Inland Empire has been a market leader since 1997, and will increase Century 21 Peak's network by 20%.

SAN DIEGO, CA—Province West has closed on the sale of Van Daele Homes of Pacific Terrace, a fully entitled townhome community in the City of Oceanside, CA, just two blocks from the Pacific Ocean. The planned community will feature 38 three-story attached townhomes with roof decks designed to take advantage of ocean views. Residents of Pacific Terrace will be within walking distance of the Coast Highway Sprinter Station, a light rail service throughout North San Diego County.

GLENDALE, AZ—Institutional Property Advisors has sold The Isle at Arrowhead Ranch, a 256-unit apartment property in Glendale, Arizona, on behalf of an unnamed buyer and seller for $42 million, which equates to $164,000 per unit. Steve Gebing and Cliff David, both senior directors at Marcus & Millichap's National Multi Housing Group in Phoenix, represented the seller and procured the buyer. Located at 20250 North 67th Ave. at the northwestern corner of the Agua Fria Freeway and 67th Avenue in Glendale, the property is near more than 80,000 employees and 24 million square feet of office, industrial and flex space. Notable employers include Discover Financial Services, American Express, PetSmart and Cigna Healthcare Arizona.

SALT LAKE CITY, CA—The Salt Lake office of CBRE has arranged a $16.8 million bridge loan on behalf of Vectra Management Group. The borrower will use the funds to purchase a class-A office building in Los Angeles, California. The 43,396-square-foot property is located at 640 North Sepulveda, and was purchased via an auction from UC Regents for a total price of $17 million. Doug Birrell, first vice president with CBRE Capital Markets Debt & Structured Finance, arranged the acquisition financing for Vectra.

NEW & NOTABLE

DEALTRACKER

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Middle Market Digest: Southwest

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