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

COSTA MESA, CA—Kam Walton has been named a partner at Westar Associates, the Costa Mesa, California-based real estate development and management company. Walton joined Westar in 2013 as the VP of Leasing. In this role, he will oversee all aspects of leasing the company's retail portfolio, as well as the management of its in-house leasing team. He is also involved in the planning and execution of the company's development and acquisition strategies. Walton has more than 14 years of experience in the commercial real estate industry. Prior to joining Westar, he helped lead Cushman & Wakefield's retail platform expand into the Orange County market where he was the top producing retail broker in their Irvine office each year.

LOS ANGELES—The Ratkovich Co. has named Brian Saenger, VP of acquisitions and corporate counsel, to chief operating officer, and Clare De Briere, chief operating officer and executive vice president, will step down at year-end 2016 and join the company's Board of Advisors. In De Briere's 26 years with The Ratkovich Co., she has spearheaded some of the company's largest business deals, including its first significant foray into hospitality and retail, The Bloc. She also led the company's historical transformation of The Hercules Campus at Playa Vista, into creative office and production space and the revitalization of 5900 Wilshire, the 31-story tower across from the L.A. County Museum of Art in the Miracle Mile district. Saenger joined the company in 2010 and previously served as the company's outside counsel when he practiced with the law firm DLA Piper LLP. As incoming COO, he will continue to implement the company's mission of profitably producing developments that improve the quality of urban life. Brian is currently responsible for overseeing acquisitions and all legal matters, and will continue to oversee these facets of the company.

IRVINE, CA—Cushman & Wakefield announced today that Raymond Thagard has joined the firm as a Senior Associate in Orange County. He will be based in the firm's Irvine office and work as part of a veteran brokerage team led by acclaimed industry professional Chris Bosley, Managing Director. Along with his team, Thagard will specialize in Office Agency and Tenant Representation in the Orange County region. Prior to joining Cushman & Wakefield, Thagard worked at Transwestern Property Company where he most recently served as an Associate since 2012 specializing in the leasing and sales of office buildings, with a primary focus in tenant representation in Orange County.

DEALTRACKER

SHAFTER, CA—JLL has negotiated a 350,000-square-foot lease of industrial space at Wonderful Industrial Park, a 1,625-acre, rail-served industrial development, on behalf of DMSI. DMSI will use this facility to provide clients with warehouse and distribution solutions. JLL's Mike McCrary, Peter McWilliams, Mac Hewett and Nicole Welch represented the landlord, Wonderful Real Estate, in the transaction. McCrary, McWilliams, Hewett and Welch are leading the leasing efforts at Wonderful Industrial Park, which is located at 5000 Capital Road in Shafter, California.

IRVINE, CA—Community Preservation Partners has acquired the Mountain View Apartments housing complex in Cathedral City, and has begun an $11.3 million rehabilitation project that will improve the living conditions of hundreds of senior citizens, the company announced today. The property, a sprawling campus of 70 four-unit residential buildings over 20 acres, was purchased from a private trust. It is the largest number of units CPP has ever acquired in a single purchase. Additionally, it is the largest deal of its kind to be supported by the U.S. Department of Agriculture's Section 515 Rural Rental Housing Loans program. Each apartment has one bedroom, and the homes are restricted for low-income senior citizens.

ONTARIO, CA—GH Palmer Associates has purchased an approximate 21-acre land parcel located on Inland Empire Boulevard at the Meredith International Centre in Ontario, CA, for $23.5 million. The buyer plans to build 800 luxury apartment units on the property. Chuck Noble, John Hatzis, Dave Hunsaker and Brett Meredith of Lee & Associates Orange represented GH Palmer, as well as the seller, Craig Development Corp. in the transaction. The property is adjacent to the Ontario International Airport, recently purchased by the City of Ontario, which intends to greatly expand domestic and international passenger and cargo flights. Construction is expected to begin by January 2017, with units completed and ready for occupancy by the fourth quarter of 2017.

RIVERSIDE, CA—DAUM Commercial Real Estate Services represented the buyer in the acquisition of a 37,889-square-foot industrial/flex building in an Unincorporated Area of Riverside, CA, for $5.3 million. Located at 12620 Magnolia Avenue, the property sits on approximately 3.2-acres of land. The main building offers approximately 18,796 square feet of office space, 24-foot clearance, one dock high and two-grade level loading doors. The property also offers a maintenance building, which is 3,603 square feet with 508 square feet of office and six ground level doors. The maintenance building also has a 14-foot clearance and vehicle wash with clarifier.

SCOTTSDALE, AZ—Clear Sky Capital EBH has acquired Tatum Place, a 164-unit apartment community located at 16801 North 49th Street in Scottsdale, for $18.1 million. Tatum Place is a well-maintained apartment home community, with great value-add potential. The property, built in 1984, currently offers one- and two-bedroom floor plans with an average unit size of 804 square feet. Tatum Place offers its residents two swimming pools, sun decks, spa, fitness center, gas barbecue grills and picnic area, laundry facility, gated access and covered parking. Tatum Place also features panoramic mountain views and has easy access to a variety of shopping, dining and entertainment venues. Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, NNC Tatum Place, LLC of Long Beach, California.

IRVINE, CA—The Yorba Linda Business Park, an 117,760-square-foot in Yorba Linda, has traded hands for $17 million. San Francisco-based Berkeley Partners acquired the premier multi-tenant industrial park from Los Angeles-based Rexford Industrial Realty. The 68-unit project is composed of four single-story buildings, located at 22343, 22345, 22347 and 22349 La Palma Avenue, and is situated on a prime nine-plus acre site in northeastern Orange County. Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez and Nico Napolitano with Cushman & Wakefield's National Industrial Advisory Group represented both buyer and seller in the transaction, with Rick Ellison also of the firm's Irvine office providing local market advisory.

NEW & NOTABLE

DEALTRACKER

Instant Insights /

Middle Market Digest: Southwest

Related Stories

Recommended For You