LOS ANGELES— Here's a look at this week's trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.

BY THE NUMBERS

ARIZONA—Arizona and Phoenix metro-area real estate markets have significantly rebounded from the housing crisis and are outperforming many parts of the rest of the country. As of December 2016, the median home price in Phoenix was up 62% from the local market's bottom in 2011 and up 52% in Arizona as a whole. Once accounting for as much as 70% of all real estate transactions, distressed sales now make up just 3.7% of the market in the Phoenix metro area. Just 4.1% of Phoenix homeowners and 4.6% of the state's homeowners remain in negative equity positions. Delinquency and foreclosure rates for Phoenix and Arizona are outperforming the national rates.

(SOURCE: BLACK KNIGHT)

NEW & NOTABLE

DENVER, CO—CBRE has promoted Kristin Sexton to senior managing director with CBRE Labor Analytics. In the role, she will support companies with labor market intelligence, site selection and incentive negotiations. Sexton has been with CBRE since 2005, and has been responsible for more than 450 location projects encompassing more than 225,000 jobs and has led the development of award-winning tools such as LaborPlan and Global LaborView.

EL SEGUNDO, CA—Newmark Grubb Knight Frank has hired Greg Stumm as associate director in the El Segundo office, where he will work with executive managing director John McMillan. McMillan's team ranks as one of the top industrial brokerage teams nationally and is a dominant presence in the Los Angeles market. Stumm joins NGKF from CBRE where he served in the Investment Properties Group. In his new role, Stumm is tasked with the development and servicing of new and existing clients, specializing in industrial landlord and tenant representation as well as owner-user sales in the greater Los Angeles area.

PHOENIX—NAI Horizon has hired Michael Gaida as an Associate to help grow and maintain business brokerage initiatives. His primary areas of responsibility will be business brokerage and retail and industrial leasing and brokerage. Gaida represents sellers whose businesses are between $250,000 and $10 million in gross sales. He was previously at SVN Desert Commercial, where his duties included business brokerage, industrial, and retail leasing. He has 14 years of experience in business brokerage in Arizona and has been practicing commercial real estate since 2008.

PHOENIX—Clarendon Park, a 138-unit apartment community located at 222 W. Clarendon Avenue in Phoenix, has traded hands to Rincon Partners for $17.5 million. Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office represented the buyer. Built in 2002, Clarendon Park offers studio, 1- and 2-bedroom floor plans with an average unit size of 703 square feet. Totaling 97,048 square feet, community amenities include fitness center, pool, garages, in unit washer/dryer and easy access to the Metro light rail and other public transportation.

PHOENIX—Parallel Capital Partners has broken ground on the $11.6 million renovation for the retail component of the Arizona Center, a 16-acre mixed-use campus in downtown Phoenix. Phoenix's original metropolitan entertainment destination is located at 3rd Street and Van Buren in the heart of downtown and spans one million square feet. Parallel announced last year that it would embark on a $25 million renovation of the entire project, originally developed in 1989.

DEALTRACKER

SAN DIEGO, CA—SCA Architecture has completed the planning, design, construction documents and construction administration for the newly revamped Gateway Marketplace, located at Fourth Avenue and C Street in Chula Vista. Brixton Capital is the developer of the $9.25 million remodeling project, with Vice President of Leasing Eric Li providing oversight for the firm. Located on an 8.8-acre lot, the project will transform an abandoned Target building into three unique tenant spaces. The front of the building was set back ten feet to allow for new, distinct tenant entries, including a quick-serve grocery store and restaurant spaces.

IRVINE, CA—CapRock Partners has leased 42,289 square feet of R&D space at Radius. The existing tenant Peregrine Pharmaceuticals elected to expand its long-term presence at Radius following a $2.5 million reimagining of the project, which was completed in 2016. The expansion provides Peregrine Pharmaceuticals with valuable space and infrastructure that will facilitate the planned expansion of its contract development and manufacturing organization operated under its wholly owned subsidiary, Avid Bioservices, Inc. Scott Read of Newmark Grubb Knight Frank managed the transaction for the landlord.

PHOENIX, AZ— Western Wealth Capital has acquired The Terrace Park apartment community for $14.2 million from BH Properties. The purchase is an expansion of the investor's portfolio of Metro Phoenix apartment properties. Koskovich, Jeff Sherman and Bill Hahn of Colliers International in Greater Phoenix negotiated the transaction. Terrace Park is comprised of 18, two-story buildings that contain 213 apartment units. Built in 1984, the project rests on 8.64 acres with a total of 173,641 rentable square feet. The one and two-bedroom apartment units were 92% leased at the time of the sale. The community features 319 parking spaces, a pool and children's playground.

PHOENIX—Mandarina Luxury Apartment Homes has traded hands for $25 million or $138,889 per unit between NMS Property Services and Capital Real Estate. The property was developer in 2002 by The GreyStone Group, and has 180 units situated along the Valley Metro Light Rail. The property has a mix of one- and two-bedroom floor plans, featuring detached and direct-access garages, private patios and balconies, full-size washer/dryers, walk-in closets, and nine-foot ceilings.

LOS ANGELES—Rolling Greens signed a new 64,000-square-foot lease at 1005 Mateo Street in Los Angeles, California in the region's Arts District. This will be the third and largest retail store with the opening scheduled for fourth quarter 2017. JLL Los Angeles' Paul Park represented Rolling Greens. David Brandt of Lee & Associates represented the landlord. Previously serving as a scrap metal yard, this Rolling Greens retail location will feature greenhouses, gardens, arrangement bars and home accessories.

BUILDING BLOCKS

PHOENIX—Investments & Development is developing a three building, 78,000 plus square feet of new office and industrial space near the I-17 at 2005, 2015 and 2025 W. Deer Valley Rd. that is set to break ground on March 28. The Enterprise Deer Valley project is ideally located on Deer Valley Road, with proximity to Interstate 17,Deer Valley Airport, and many well-known companies including Xerox, Honeywell, Discover and Safeway. Completion is scheduled for October 2017.

SAN DIEGO—Keeler Court, a new BNIM-designed development in the Southcrest neighborhood of San Diego, has received approval from the Southcrest Planning Board and a Site Development Permit from the Hearing Officer of the San Diego City Council. BNIM will partner on the development with general contractor Highland. The developer/owner is Community Housing Works. Keeler Court Apartments will provide 71 studio, one-, two-, and three-bedroom apartment homes on a 1.61-acre site at Keeler Court and Alpha Street in Southcrest. The site, which offers views to downtown and the Coronado Bridge, is immediately adjacent to many amenities that include the Southcrest Park and Recreation Center and Northgate Market.

LOS ANGELES— Here's a look at this week's trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.

BY THE NUMBERS

(SOURCE: BLACK KNIGHT)

NEW & NOTABLE

DEALTRACKER

BUILDING BLOCKS

Instant Insights /

Middle Market Digest: This Week in Southwest

Related Stories

Recommended For You