LOS ANGELES—It was a big week for transactions, with several notable deals closing throughout Southern California. Companies also seem to be continuing on their hiring spree. Here are the deals that you may have missed from the Southwest this week.

BY THE NUMBERS

TUSCON, AZ—Tucson continues to struggle to meet the needs of national retailers, although it ended 2016 ahead of forecasts. The big-box market in the Tucson area saw healthy leasing activity in 2016, particularly in the 12,500 to 55,000-square- foot range and an increase in demand for top-tier retail anchor space. The report shows that big box spaces struggle to meet the needs of tenants in the market. The smaller footprints were especially challenging, with 31 vacant boxes between 10,000 and 21,000 square feet.

(SOURCE: CBRE)

NEW & NOTABLE

LOS ANGELES—Kristin Grove has joined JLL as VP of National Retail Leasing. In her new role, Grove will support JLL's investor clients by overseeing the leasing efforts and merchandising strategy for their retail space on the West Coast. Grove brings to JLL extensive retail leasing experience on a wide array of retail assets including high-end properties, lifestyle centers, enclosed malls, redevelopment projects, downtown retail, and big box and grocery-anchored centers. Prior to joining JLL, Grove was most recently the Director of Leasing for General Growth Properties. During her career at GGP, Grove focused on strategically creating and negotiating leases with retailers for a portfolio of malls throughout the U.S. She has leased several regional and super regional malls including challenged, high-end and redevelopment projects for REIT and third party managed portfolios.

LOS ANGELES—Looking to bolster its investment sales brokerage practice, Charles Dunn Company, has named Craig Stevens as senior managing director, along with his son, Clay Stevens, who will serve as Director. A 40-year commercial real estate veteran, Craig specializes in representing investors in the acquisition and disposition of commercial real estate in Southern California. Prior to joining Charles Dunn Company, Craig served as a Senior Vice President for Madison Partners where he represented Fortune 500 companies as well as family trusts and entrepreneurial firms. Throughout his career, he has completed transactions valued at more than $6 billion

PHOENIX—NAI Horizon has promoted Gabe Ortega to SVP. Ortega joined NAI Horizon in 2001 and is a member of the Retail Division. His expertise includes retail/restaurant leasing; and retail/restaurant property acquisition and disposition. Ortega is an active member in the International Council of Shopping Centers (ICSC) and was ICSC Phoenix Next Generation Program Planning Committee Chair from 2004-2010.

DEALTRACKER

LOS ANGELES—NorthMarq Capital has arranged the $130.6 million refinance of a portfolio of three multifamily properties located in Southern California. The properties are Sherwood, a 297-unit located at 14500 McNab Avenue in Bellflower, California, which received refinancing of $60.6 million; Twin Pines, a 115-unit property located at 2880 West Ball Road in Anaheim, California, which received refinancing of $19.9 million; and Park Plaza, a 243-unit property located at 805 West Stevens Avenue in Santa Ana, California, which received refinancing of $50,051,000. They contain a combined 654 units. The transaction was structured with a 10-year term with 1-year of interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Advanced Real Estate Services, through its seller/servicer relationship with Freddie Mac. Michael T. Elmore, EVP and managing director of NorthMarq Capital, secured the funding on behalf of the borrower.

LOS ANGELES—Thorofare Capital has provided an affiliate ArciTerra Companies LLC, with a $19 million fixed-rate bridge loan for the refinancing of MorningStar at Arcadia, a 135-bed Assisted Living Facility in Phoenix, AZ. The loan proceeds were used to retire a bank construction loan and repatriate equity to the ownership. The fixed-rate, interest-only bridge loan was originated out of the Los Angeles-based investment manager and portfolio lender's Thorofare Asset Based Lending Fund IV, L.P. The financing carries a total term of two years, if fully extended. Located on 1.12-acre site at 3200 E. Glenrosa Avenue, MorningStar at Arcadia features 80 senior living, and 30 memory care units in a four-story, 139,643-square-foot building. Completed in 2014, MorningStar at Arcadia swept the Senior Living Category at the national 2014 ASID Design for Excellence Awards.
SANTA MONICA, CA—An affiliate of Hill Street Realty has sold a 31-unit apartment building at 2727 6th Street to a private investor for $17.4 million. Located in Santa Monica's Ocean Park neighborhood, which borders Venice, the property is within walking distance of some of the hottest retail, shopping and dining venues on Main Street, Rose Avenue, Ocean Front Walk and Abbot Kinney Boulevard. The building was constructed on a more than one-half-acre corner hilltop lot in 1969. The unit mix is 17 one-bedroom/one-bath units and 14 two-bedroom/one-bath apartments. Community amenities include a swimming pool, a rooftop deck with ocean views, a laundry facility and gated parking.

SAN DIEGO—HFF has brokered the sale of Governor Executive Centre and Governor Park Plaza, two office campuses totaling four buildings and 260,421 square feet in San Diego, California. 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. The names of the parties involved and the sales price were not disclosed.

SAN DIEGO—LandCap Investment Partners, LLC has secured $26.25 million in financing for Marina Village Apartments, a 240-unit apartment community in Sparks, Nevada. HFF worked on behalf of the borrower and its capital partner, Strand Corporation, to secure the loan through Freddie Mac's CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to acquire the property. Marina Village Apartments is located at 350 Harbour Cove Drive in Sparks, adjacent to Reno's central business district. The property, which overlooks Sparks Marina Park Lake, is conveniently positioned to area amenities, including the 1.2-million-square-foot Outlets at Legends, Victorian Square in downtown Sparks, The Nugget Casino Resort and Interstate 80, which provides access to the greater Reno Valley. The property features a mix of one-, two- and three-bedroom units averaging 948 square feet, and the community offers common area amenities such as a clubhouse, swimming pool, spa, fitness/wellness facility, playgrounds and business center. HFF director Zack Holderman, managing director Rob Hinckley and associate director Chris Collins secured the funds on behalf of the borrower.

SAN DIEGO—Colliers International has brokered the off-market sale of a 162,660-square foot, two building multi-tenant industrial property located at 2400-2402 Main Street, Chula Vista, CA (91911) for $16.9 million. Mark Lewkowitz and Chris Holder, SIOR of Colliers International San Diego Region represented the buyer, Exeter Property Group. This was the first San Diego-area acquisition for the Exeter Property Group, an industrial real investment group with a $3.5 billion property portfolio across North America and Europe. The San Diego-based seller was Alpine Creek Investments, LLC. 2400-2402 Main Street was fully occupied at the time of sale by PODS Container Storage and American Tire Distributors among others.

SAN DIEGO—Renovate America has completed a $100 million credit facility with Credit Suisse. The facility will enable Renovate America to expand Benji, the company's unsecured consumer home-improvement lending product. As Renovate America's newest financing option, Benji is designed for well-qualified borrowers and is expected to rapidly expand to all 50 states. Benji can only be used to finance home improvements, from energy and efficiency upgrades to kitchen and bath projects. Benji offers consumer and small business protections which set it apart from other unsecured lending, including contractors agreeing to be paid only when homeowners have agreed that the project is complete, and post-funding dispute resolution support if needed.

BUILDING BLOCKS
SALT LAKE CITY—Construction is set to begin on the Moda Granary Place, a five-story mid-rise building with 134 apartment units, located at 258 W. 700 S. Salt Lake City, in the area known as the Granary District. The development helps deliver on part of JF Capital's mission to provide affordable workforce housing to Salt Lake City residents. Floor plans will include both one-bedroom and two-bedroom options, and will feature state-of-the-art design and architecture, Dwelo smart home wireless technology, washers and dryers in each unit, custom cabinets and quartz countertops. Additional community amenities include access to an outdoor social deck, bike maintenance facilities and a pet-washing room.

BY THE NUMBERS

(SOURCE: CBRE)

NEW & NOTABLE

DEALTRACKER

Instant Insights /

Middle Market Digest: This Week in Southwest

Related Stories

Recommended For You