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

PHOENIX—Gary J. Nelson has joined Gensler as senior project manager in the firm's Phoenix office. Nelson, a LEED green associate, brings more than 25 years of experience to the market in more than 20 states. He has worked in the sports, civic and education sectors and joins the firm from Populous, where he was a senior associate.

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SHAFTER, CA—JLL has negotiated a lease with Distribution and Marking Services Inc. for 350,000 square feet of industrial space at Wonderful Industrial Park, a 1,625-acre, rail-served industrial development. DMSI will use this facility, located at 5000 Capital Road in Shafter, to provide clients with warehouse and distribution solutions. JLL's Mike Crary, Peter McWilliams, Mac Hewett and Nicole Welch represented the landlord, Wonderful Real Estate, in the transaction, and are handling leasing efforts at the facility, which can accommodate tenants ranging from 100,000 to 2 million square feet of space.

LOS ANGELES—Antonio Hachem of PSRS closed a $12 million, 25/25-term loan for a 39,775-square-foot creative mixed-use office building in Downtown Los Angeles. This class-A, five-story building in the historic core of the arts district has excellent visibility and signage. Located at 200 San Pedro Street in Little Tokyo, the property is only a half a block from a transit station. The building has two anchors, and a 30% actual vacancy. The lender provided a loan with 60% LTV.

SCOTTSDALE, AZ—Institutional Property Advisors has completed the sale of Sun King, a 360-unit apartment property in Scottsdale, Arizona, for $35.1 million or $97,500 per unit. Located at 5900 East Thomas Road, Sun King is nearly adjacent to the Arizona Country Club on almost 13 acres, one mile from Arcadia, and less than three miles from downtown Scottsdale. David and Steve Gebing, IPA senior director, represented the seller, CRS Scottsdale Housing Corporation and procured the buyer, Baron Properties.

ONTARIO, CA—Logistics Plus Inc. has signed a long-term, full-building industrial lease at Jurupa Industrial Center in Ontario. The tenant will establish a new operation at the 272,448-square-foot, freestanding industrial building in an expansion of its regional operations. Logistics Plus has an existing facility at 2207 E. Carson Street in Carson, Calif. The 20-year old company has 400+ employees and provides freight transportation, warehousing, global logistics and supply chain management solutions. The building sits on 11 acres at just 1.5 miles from Interstate 15. It features a fully secured yard, excellent freeway access and 64 loading doors. A Cushman & Wakefield team led by Chuck Belden, Milo Lipson, and Ryan Velasquez represented the landlord Hager Pacific Properties.

LITTLETON, CO—PCCP has formed a joint venture with Griffis Residential to acquire and renovate Monterey Apartments, a 332-unit apartment community in Littleton, CO. The joint venture has rebranded the community as Griffis Marston Lake. Built in 2003, the property is a garden-style community comprised of one-, two-, and three-bedroom units within 18 two- and three-story buildings on 15.6 acres. The community amenities include a clubhouse with gym and business center; pool and spa; BBQ areas and a theater. The units feature in-unit washer and dryer, walk-in closets, balconies and decks. The joint venture plans to renovate the clubhouse, fitness center, pool and spa, and upgrade the community landscaping. Unit interiors will be upgraded with vinyl plank floors in kitchens, living rooms and bathrooms, new kitchen cabinet faces, quartz countertops, and stainless steel appliances.

SANTA MONICA—Ownership at 1546 7th Street in Santa Monica, CA has transferred to CFL Properties Inc. for $10.2 million. The property is an 11,276-square-foot boutique creative office building and features a large outdoor space, fountains, secured subterranean parking, and modern interior design. The buyer will occupy the property, which is located in Downtown Santa Monica, 1546 7th Street offers easy access to the Metro Expo Line terminus at 4th and Colorado. Local amenities include a high concentration of exceptional shops and renowned restaurants, all within walking distance of the property. Madison Partners' Mitchell Stokes represented the buyer in the deal.

SAN DIEGO—Kearny Real Estate Co. has made its largest investment in San Diego with the acquisition of a 364,000-square-foot office component of Emerald Plaza from Deutsche Bank for $91.7 million. The property was built in 1990 and continues to be one of the only true mixed-use developments in Downtown San Diego. The office complex at Emerald Plaza is characterized by its distinctive hexagonal towers ranging from 20 to 30 stories making it one of the tallest buildings in San Diego. Emerald Plaza is also one of the most recognizable on the San Diego skyline, especially in the evening, when the angled rooftops of the office buildings and hotel are illuminated creating eight hexagonal green neon halos. Emerald Plaza, which has been owned by Deutsche Bank since 2005, was 70% leased at closing. HFF investment sales team senior managing directors Ryan Gallagher and Nick Psyllos, director Nick Frasco and Michael Leggett, co-head of HFF's West Coast team represented the seller in the deal.

SAN DIEGO—An entity of Lincoln Property Company has sold 81,118-square-foot Research Center Plaza in Carlsbad, California for $15.3 million to an entity of Alvarez & Marsal Capital Real Estate, LLC. Research Center Plaza marks the third acquisition for Alvarez & Marsal Capital Real Estate in the last six months within the Carlsbad Research Center. The R&D/office campus, located at 2232, 2234 & 2236 Rutherford Road, is 90% occupied. After purchasing the property two years ago, Lincoln Property Company upgraded interior and exterior spaces at the property and created office lofts with collaborative features, open ceilings and natural lighting. Rick Reeder and Aric Starck of Cushman & Wakefield represented the seller, while the buyer represented itself in the transaction.

SAN DIEGO—Parc One @Santee has traded hands for $56.6 million. Built in 2016, the class-A apartment community features 172 units with a mix of one, two and three bedroom units and an average floorplan is 945 square feet. The amenities include a swimming pool, spa, fitness center, clubroom, dog park, tot lot, and roof top observation deck. Each home offers granite counter tops, deluxe appliances, in-suite laundry, designer light fixtures, and ample in-unit storage. The community is currently in the lease-up phase, and is approximately 87%leased. CBRE multifamily experts Jim Neil, Eric Comer, and Merrick Matricardi represented the seller, Intergulf – JMR LLC, while the buyer, R&V Management Corporation represented themselves.

SAN DIEGO—Canyon Villa, a 183-unit multifamily property located in Chula Vista, California, has traded hands for $45.5 million, or a price-per-unit of $248,634, between Jackson Square Properties and MG Properties. Built in 1981, the apartments feature one-, two- and three-bedroom floorplans. Each unit has fully equipped kitchens with upgraded appliances, large closets, wood-burning fireplaces and a full-size washer/dryer. Community amenities include a pool and spa, a state-of-the-art fitness center, a fire pit and an outdoor barbeque area. Berkadia managing directors Ed Rosen and John Chu and Directors Kyle Pinkalla and Erin Dammen facilitated the sale.

PHOENIX—A joint venture between Oaktree Capital Management and Cypress Office Properties LLC acquired Renaissance Square, a nearly 1 million square-foot two-office tower building with a retail plaza and amenities from Hines U.S. Core Office Fund L.P. The property, which is located in the heart of Phoenix's thriving downtown core of new retail, residences, art galleries, restaurants, sports and entertainment facilities and offices is on a full-city block bound by Adams, Central and Washington streets and 1st Avenue. Under Oaktree's ownership Renaissance Square will undergo a major $50 million upgrade, including renovations to the lobbies, plaza and third story indoor/outdoor tenant conference center. One and Two Renaissance Square were designed by the architecture firm Emery, Roth & Sons, Inc., and were completed in 1987 and 1989, respectively, setting a new standard for downtown Phoenix.

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LOS ANGELES—Hercules Campus West, a four-building creative campus in Playa Vista, has traded hands between the Ratkovich Co. and Penwood Real Estate Investment Management to a corporate investor from Japan. Wayne Ratkovich acquired and restored the property in 2010 into a 28-acre campus with 11 buildings formerly occupied by Hughes Corporation. The sales price was not disclosed. The HFF investment sales team of John Crump, Andrew Harper, Michael Leggett, Doug Bond and Ryan Gallagher represented the seller in the deal. EGW Asset Management Inc. represented the buyer.

RENO, NV—SmartStop Asset Management facilitated the acquisition of The Summit for approximately $70 million. The 186-unit /709 bed, class-A student housing community is adjacent to the University of Nevada, Reno (UNR) campus. It totals approximately 237,547 rentable square fee and the units are fully furnished and include energy-efficient appliances, in-unit washer and dryer, interior condominium finishes with granite countertops, pendant lighting, espresso finish cabinets and wood vinyl plank flooring. John Strockis, SVP of acquisitions for SmartStop Asset Management, facilitated the transaction on behalf of a SmartStop affiliate.

NEW & NOTABLE

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Middle Market Digest: Southwest

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