LOS ANGELES—Investors are rushing to close 2016 deals before the end of the year. As a result, there are plenty of significant transactions that closed this week, despite the holiday. Here are some of the notable deals from the Southwest the last week of 2016.

DEALTRACKER

LOS ANGELES—The Bascom Group has acquired Pebble Cove Apartments, a 90-unit garden-style apartment community in Las Vegas, for $9.1 million. Patrick Sauter and Art Carll with NAI Vegas brokered the sale, and Erich Pryor and Tom Sherlock with Talonvest arranged the $8.46 million loan with TCF Bank. Located at 5101 O'Bannon Drive, the property was built in 1989 and consists of 7 two-story buildings situated on 4.13 acres. Rental offerings include 18% one-bedroom, 55% two-bedroom, and 27% three-bedroom floorplans. Since 2013, Bascom and its affiliates have acquired twenty-nine multifamily properties in the Las Vegas market, totaling 9,167 units.

PHOENIX—Institutional Property Advisors has arranged the sale of Dwell Apartment Homes, a 193-unit apartment property in Scottsdale, Arizona. The $20.85 million sales price equates to $108,031 per unit. Located on just over seven acres at 1923 North 70th St. in Scottsdale, the property is less than one mile northwest of the SkySong Innovation Center. David and Steve Gebing, IPA senior director, represented the seller, Zev Hendeles of 3rd Ave Investments, and procured the buyer, Capital Real Estate. 3rd Ave Investments is a Phoenix-based real estate investment firm that owns and operates approximately 2,000 apartment units throughout the Valley.

SAN DIEGO—Gramercy Property Trust has sold a 132,695-square-foot office/flex corporate campus situated on 9.57 acres in the Kearny Mesa area of San Diego. Gramercy sold the four-building complex to a private family trust. The property is 100% leased to Cobham Advanced Electronic Solutions, which recently signed a new long-term lease that includes major capital improvements underway throughout the entire campus. Investment sales specialists Jeffrey Cole, Jeff Chiate, Ed Hernandez and Bryce Aberg with Cushman & Wakefield's Irvine and San Diego offices collaborated to represent the seller in the transaction, with Brant Aberg of the firm's San Diego office providing local market advisory.

NEWPORT BEACH, CA—The 10,661-square foot industrial building at 5382 Oceanus in Huntington Beach has been sold. The buyer was CKC Assets, LLC and the seller was Oceanus Associates III. Mike Long of Lee & Associates Newport Beach represented both parties in the $1.65 million sale transaction that closed December 27, 2016.

NEWPORT BEACH, CA—The 21,740-square foot office building at 500 to 520 Main Street in Santa Ana has been sold. The seller was 500 N. Main, LLC and the buyer was CCP Holdings Group, LLC. Kevin Quick and Tom West of Lee & Associates Newport Beach represented the seller and Manny Alvarez of Coldwell Banker Platinum represented the buyer in the $4,900,000 sale transaction that closed December 23, 2016.

INGLEWOOD, CA—Developer NewMark Merrill Cos. has completed Phase 1 of the $15 million redevelopment of Crenshaw Imperial Plaza, a 304,755-square-foot neighborhood shopping center located on the southwest corner of Crenshaw Boulevard and Imperial Highway in Inglewood, California. Additionally, the firm has secured a $34.4 million senior loan for the recapitalization of the project. The new loan has been provided by PCCP, LLC and was arranged by David Pascale of George Smith Partners.

BUILDING BLOCKS

SAN DIEGO—Barons Market announces that its North Park location is now open to the public. With its first urban store, the family-owned grocery store strived to create a market with as much character and charisma as the people who live in the community. Formerly a Fresh & Easy, the location at 3231 E. University Avenue becomes the market's seventh Southern California location, joining three San Diego County stores in Point Loma, Rancho Bernardo and Alpine, and three Inland Empire stores in Murrieta, Wildomar and Temecula. Barons Market North Park brings more than 40 jobs to the neighborhood for which it prioritized hiring locally. This opening comes on the heels of Barons Market's Murrieta store, which opened in early 2016. This marks the first time the market has opened two locations in one year.

DEALTRACKER

BUILDING BLOCKS

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Middle Market Digest: This Week in Southwest

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