LOS ANGELES—After a strong 1Q17, Phoenix may be emerging as one of the most sought-after Southwest markets. This week, the Arizona metro had strong activity with notable sales and some new development projects. Additionally, a course at CBRE says that the market is one of the leading markets for the first quarter. San Diego and Orange County also saw strong activity, and Los Angeles had several executive moves. 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

PHOENIX— Phoenix is one of the leading metros for 1Q17 with 3,000 units in net absorption. This is a direct result of high net in-migration along with robust employment growth and the low home ownership rate. Also a good indicator that metro Phoenix is not over-built. Rental rates and occupancy rates should remain stable over the remainder of the year. In terms of overall new deliveries in Q1, Phoenix accounted for 1,900 units. This is a very healthy sign as more mature markets like Dallas and Houston are projected to deliver 23,000 and 18,000 units respectively in 2017.

(SOURCE: CBRE)

NEW & NOTABLE

LOS ANGELES—Kidder Mathews continues to expand its operations by adding a team of nine senior valuation professionals who provide services both regionally and nationally. The team members are located in the firm's established offices in San Francisco, Los Angeles, Orange County, San Diego, Sacramento, and Phoenix, growing the firm's Valuation Advisory professionals to 40, including 23 who have obtained the prestigious MAI designation, as well as 3 CRE's. Over half of the valuation professionals at Kidder Mathews hold the MAI designation from the Appraisal Institute, which makes Kidder Mathews unique.  No other firm on the West Coast has a higher concentration of expertise. As tenured professionals, the group is able to provide greater attention and commit more resources to the valuation advisory process, providing clients with an alternative to national platforms that can sometimes be seen as a high-volume environment with less experienced service providers. Kidder Mathews MAI professionals have an average of 25 years of experience company-wide.

SAN DIEGO—RiverRock has named Shane Flanigan as regional VP. In his new role, Flanigan will oversee all operational activity for the Southern California region with a primary focus on client service and expanding the firm's offerings as it grows the portfolio. Flanigan brings 15 years of experience to the firm, and previously served as VP of Operations for PMRG in Southern California where he was responsible for all property management and operational activities in Orange, Los Angeles, Inland Empire, and San Diego counties as well as Arizona.

LOS ANGELES— O'Malley M. Miller has joined Allen Matkins as a real estate partner in its Los Angeles office. O'Malley will advise institutional investors, developers and lenders on matters related to real estate finance, acquisitions and sales, land use and CEQA issues, development and operating agreements, workouts, and other sophisticated real estate transactions. Additionally, he represents business enterprises and institutions to help them better deal with their real property assets.

CALABASAS, CA—Jeffery Daniels has joined Institutional Property Advisors as senior vice president and national director of IPA Multifamily. Prior to joining IPA, Daniels led AIG Global Real Estate's U.S. multifamily investments team. At AIG, he was responsible for the formulation and execution of the company's value-add investment strategy and managed its U.S. real estate holdings. During his 13-year tenure with AIG, he managed over 38,000 multifamily units in more than 20 states valued at over $7 billion, formed over 25 joint ventures with national and regional real estate operators and grew AIG's multifamily portfolio by 30 percent. Previously, Daniels served as assistant vice president at Zurich Structured Finance, where he managed a $1.5 billion multifamily portfolio financed with Section 42 low-income housing tax credits.

DEALTRACKER

CHANDLER, AZ—East Valley Diagnostic Imaging has signed an over 10-year lease extension at Chandler Plaza, located at 1076 W. Chandler Blvd. The Chandler Plaza location has undergone an extension remodel of their facilities, including front access, easy patient drop-off area and invites the public to come experience the superior services EVDI continually provides to their patients.

LA JOLLA, CA—The MJW Property Group has acquired Cantabria Apartment Homes, a multifamily property in Menifee, California, from Strata Cantabria LLC for $43.86 million. Berkadia director Kyle Pinkalla of the La Jolla office along with managing directors John Chu and Ed Rosen completed sales. Built in 2009, the property's 230 units feature one- and two-bedroom floor plans with air conditioning, balconies, dishwashers, washer and dryer units and attached garages. Community amenities include a resort-style pool with cabanas, a courtyard fireside lounge and a fully equipped fitness center. Located at 30951 Hanover Lane, Cantabria Apartment Homes is conveniently accessible off Interstate Route 215 and is also close in proximity to Interstate Route 15. The property is adjacent to San Jacinto College.

PHOENIX, AZ—Parc 17, a three-building, 177,770 SF industrial park at 1800-1880 S. 7th Ave., Phoenix, sold for $16.1 million in an off-market transaction. Principals Stein Koss, Tom Louer and Associate Nick Nudo of the Koss | Louer Team at Lee & Associates, represented both the buyer, Colfi n Industrial Acquisitions LLC, and the seller, Jackson-Shaw Co. Built in 2015, the multi-tenant property consists of a 101,310 SF, 31,871 SF and 44,589 SF distribution/warehouse buildings. It features I-17 Freeway frontage at the full diamond 7th Ave. exit, access to all major Valley freeways and one-day proximity to the top distribution centers in the Western United States. All buildings feature dock high and grade level loading capabilities, and offers excellent individual tenant identity with freeway signage opportunities.

IRVINE, CA—Wood Investments is looking to revitalize the historic intersection of Euclid and Foothill in Upland, California with the $18.5 million acquisition of Upland Village, a 153,000 square foot shopping center that was only 10% occupied at the time of the sale. Upland Village, formerly occupied by a 65,000 square feet Dick's Sporting Goods that has been dark for over seven years, is currently only leased to 99 Cents Only and Laser Island. The sale also included five residential properties located along Euclid Ave.

TORRANCE, CA—Mariner Court, a 109,841-square-foot office building in Torrance, California, has traded hands for $24 million, or more than $218 per square foot. Lawrence and David Black, a director of Marcus & Millichap's National Office and Industrial Properties Group in Long Beach, represented the seller, and Derek Caldwell, an associate in the firm's Long Beach office, represented the buyer, a private commercial real estate entity based in the South Bay. The three-story, steel-framed office building was built in 1989 as part of the Torrance Business Center. It is located on 4.7 acres at 3625 Del Amo Blvd. in Torrance, five minutes from the 405 freeway, 10 minutes from the 91 and 110 freeways, and 20 minutes from Los Angeles International Airport.

PHOENIX—Scottsdale Towne Square, a 162,259-square-foot grocer-anchored center at 13802 N. Scottsdale Road in Scottsdale, has traded hands between Holualoa Scottsdale Retail and Woodbury Corporation. Built in 1986 at the intersection of Scottsdale and Thunderbird roads, the nearly 14-acre site features more than 1,100 feet of frontage along Scottsdale Road. Holualoa purchased the property in 2012 at 60% occupancy and, after an extensive renovation, leased the property to its current 95.7 percent occupancy. The tenancy features anchor Natural Grocers, family- and service-oriented tenants, and seven restaurants, including Ra Sushi and First Watch. The property also benefits from proximity to the North Scottsdale/Scottsdale Airpark submarket, the second-largest employment hub in Arizona. The area also boasts amenity-rich retail, hotel/resort and multifamily options.

IRVINE, CA—The Bascom Group has acquired Harvard Villa Apartments, a 64-unit infill apartment community located in the desirable South Bay Los Angeles city of Torrance, for $14.0 million sale. Hooman Emanuel of Emanuel Real Estate Group represented the buyer. Erich Pryor, Eric Snyder, and Thomas Sherlock with Talonvest Capital arranged the $11.45 million loan from TCF National Bank. James D'Argenio and Chang Liu sourced and managed the acquisition for Bascom. Harvard Villa is less than five miles from the Pacific Ocean and located near several interstates that provide outstanding local and regional access, including Interstate 405, 110, 710, 105, and Pacific Coast Highway. Significant employers within a 30-minute commute from Harvard Villa include Honda North America, Boeing Satellite Systems, Raytheon, AT&T Entertainment Group, Harbor-UCLA Medical Center, Xerox, Mattel, and the Port of Los Angeles. Toyota's former 110-acre corporate campus, located a block from Harvard Villa, is currently being marketed for sale. Several major technology and automotive companies have been pursuing the site, including Amazon, Tesla, and Space X.

SAN DIEGO—A creative office building in Central San Diego has sold to a Los Angeles based 1031-exchange buyer for $11.2 million, or a record $438 per-square-foot. The property, 5015 Shoreham Place, is 100 percent leased by SAC Wireless and Loan Depot. CBRE's, Matt Pourcho, Gary Stache, Anthony DeLorenzo and Doug Mac represented the seller, Locale Advisors. The buyer, a high net worth individual, represented himself and plans to keep the property as an investment. The single-story, class-A property totals 25,600 square feet and underwent a full renovation in excess of $2 million in 2014-2015. The site has operable windows, rollup doors, indoor-outdoor collaborative spaces and efficient open floor plans.

IRVINE, CA—A private investors purchased the Gateway Center, an 89,625-square-foot retail center in Escondido, for $24.3 million. The property is 95% occupied with anchor tenants, Michaels and Barnes & Noble, as well as a mix of other national and regional brands including Fantastic Sam's, Firehouse Subs, Dickies, and H&R Block. Rick Chichester, Donald MacLellan, Patrick Toomey and Tom Chichester of Faris Lee Investments represented the seller, a partnership led by GDA Real Estate Services. Gene Ventura and Jeff Conover of Faris Lee investments represented the buyer, a private investor from San Diego County. The transaction closed at a cap rate of 6.5 percent. Built in 2003 and situated on 7.1 acres at 810-860 W. Valley Parkway, Gateway Center is located at a highly trafficked intersection near Interstate 15, which sees nearly 200,000 cars per day. It is also surrounded by an affluent area of San Diego County.

LAKEWOOD, CO—KeyBank's Community Development Lending & Investment team has completed a financing package for Metro West Housing Solutions Fifty Eight Hundred project, a 152-unit affordable housing project located near Denver in Lakewood, CO. CDLI provided $26.3 million construction loan, and a forward-starting $10.8 million Freddie Tax Exempt loan.  In addition, KeyBank is investing $20.1 million in Low Income Housing Tax Credit equity. The redevelopment of a vacant office building and unused parking lot at 5800 Alameda will help to address neighborhood blight and provide affordable housing options to workforce households and families making between 30 and 60 percent AMI.  In addition, 5800 supports a range of community needs by offering safe, decent and affordable units; critical supportive services; and easy access to local resources such as schools, sports facilities, parks, playgrounds and retail centers.
PHEONIX, AZ—The NAI Puget Sound Properties and NAI Horizon Investment Sales teams of SVP Wyk Parker, Lane Neville and Barbara Lloyd represented the buyer in the $9.675 million acquisition of two retail buildings at Litchfield Marketplace. The new retail property is anchored by Fry's Marketplace and Ace Hardware. The anchored center is at the NEC of Litchfield and Camelback roads in Litchfield Park, Ariz. The buyer, MUFG Union Bank, N.A., as Trustee of the John J. Garland Residuary Trust FBO, was represented by the combined efforts of NAI Puget Sound Properties of Seattle and NAI Horizon of Phoenix.

PHOENIX—A joint venture between ViaWest Group and Blue Vista Capital sold Nexus @ ASU Research Park. This sale is an example of investors' growing interest in the strong office market in Phoenix, largely driven by the area's annual high-tech employment growth of 8.9%. Gramercy Property Trust, in partnership with TPG, purchased the 123,864-square-foot Class A, Tempe, Arizona office building for $27.6 million. Managing Directors Mark Detmer, Bo Mills and Mark Gustin, and VP Ryan Sitov, led the deal for JLL.

TEMPE, AZ— Kitchell acquired a 119,336-square-foot, triple-net Lowe's ground lease in Tempe, Arizona for $22.7 million. Medress and Mark Ruble, also a senior managing director investments in Marcus & Millichap's Phoenix office, represented Kitchell. Built in 2009, the property is located on a 10.3-acre corner parcel at the signalized hard corner of South Rural Road and East Baseline Road. Arizona State University's Tempe campus, home to 50,000 students, is within three miles, downtown Phoenix is 20 minutes away, and U.S. Route 60 is within one mile. There are more than 566,000 daytime employees within a five-mile radius and the average annual household income within three miles is well above the national average at $70,000.

LOS ANGELES—The Boulevard in Los Angeles, Calif. has sold to 1449 Wellesley Ave LLC for $18.05 million. The Boulevard is a single unoccupied three-story residential structure totaling 32,594 square feet situated on a 23,500 square foot parcel located at 12301 Santa Monica Blvd. at the corner of Wellesley Ave. Kevin Nolen, LEED AP, Tim Winslow and Jason Kimmel with Cushman & Wakefield's San Diego office represented the seller, a group of private investors, in the investment transaction. The property was previously leased to a tenant of over 40 years, which had operated the building as Brentwood Manor. Future use for the property is unknown.

BUILDING BLOCKS

PHOENIX—Habitat Metro and Sunbelt Holdings have welcomed the first residents to Portland on the Park, a condominium community in Phoenix. The project, which is Phase II of the completed Portland Place project, is now 72% sold. Prospective residents can now tour custom-furnished models while taking in incredible views of the Valley. Portland on the Park is a point of entry into Downtown Phoenix's vibrant restaurant, arts, professional sports and shopping scenes. The community is located at 200 W. Portland Street, one of Phoenix's last boulevard park street and boasts one of the Valley's highest walkability scores. Portland on the Park includes 149 homes comprising three midrise buildings that are four, 12 and 14 stories in height. Home sizes range from 745 square feet to 2,486 square feet, and are priced from $235,000 to $1.25 million.

SAN DIEGO—Sunrise Management has completed the first phase of Town Center Villa, a luxury community in El Centro, taking over all marketing, management and leasing for the 240-unit project. Phase one, valued at $12 million, consists of 84 newly completed units available now for lease – with 156 more to be constructed during the next two phases. Onsite amenities include a pool and sundeck, a spa, 24-hour fitness center, a clubhouse, resident business lounge and secure gated access. Town Center Villa is located within proximity to public transportation, the 8 Freeway and such retailers as Target, Lowes, Walmart and Costco.

IRVINE, CA—ValueRock Realty Partners has completed the retail portion of a major redevelopment of Lake Forest Gateway Center, located at 23592 Rockfield Blvd. in Lake Forest. ValueRock also announced that they received Lake Forest City Council approval to construct a 99-room Springhill Suites by Marriott on the project. ValueRock has owned the mixed-use center for many years and has spent the past several years determining and planning the appropriate timing, use and design to initiate a major reinvestment and modernization program, which upon completion of the hotel will be in excess of $50 million. Prior to the redevelopment, Lake Forest Gateway Center consisted of aging retail and offices buildings. ValueRock recognized that the center's high-traffic, high-profile location on Lake Forest Drive adjacent to the 5 freeway would be better suited as a modernized property which would attract a stronger mix of retailers and restaurants.

LOS ANGELES—After a strong 1Q17, Phoenix may be emerging as one of the most sought-after Southwest markets. This week, the Arizona metro had strong activity with notable sales and some new development projects. Additionally, a course at CBRE says that the market is one of the leading markets for the first quarter. San Diego and Orange County also saw strong activity, and Los Angeles had several executive moves. 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

PHOENIX— Phoenix is one of the leading metros for 1Q17 with 3,000 units in net absorption. This is a direct result of high net in-migration along with robust employment growth and the low home ownership rate. Also a good indicator that metro Phoenix is not over-built. Rental rates and occupancy rates should remain stable over the remainder of the year. In terms of overall new deliveries in Q1, Phoenix accounted for 1,900 units. This is a very healthy sign as more mature markets like Dallas and Houston are projected to deliver 23,000 and 18,000 units respectively in 2017.

(SOURCE: CBRE)

NEW & NOTABLE

LOS ANGELES—Kidder Mathews continues to expand its operations by adding a team of nine senior valuation professionals who provide services both regionally and nationally. The team members are located in the firm's established offices in San Francisco, Los Angeles, Orange County, San Diego, Sacramento, and Phoenix, growing the firm's Valuation Advisory professionals to 40, including 23 who have obtained the prestigious MAI designation, as well as 3 CRE's. Over half of the valuation professionals at Kidder Mathews hold the MAI designation from the Appraisal Institute, which makes Kidder Mathews unique.  No other firm on the West Coast has a higher concentration of expertise. As tenured professionals, the group is able to provide greater attention and commit more resources to the valuation advisory process, providing clients with an alternative to national platforms that can sometimes be seen as a high-volume environment with less experienced service providers. Kidder Mathews MAI professionals have an average of 25 years of experience company-wide.

SAN DIEGO—RiverRock has named Shane Flanigan as regional VP. In his new role, Flanigan will oversee all operational activity for the Southern California region with a primary focus on client service and expanding the firm's offerings as it grows the portfolio. Flanigan brings 15 years of experience to the firm, and previously served as VP of Operations for PMRG in Southern California where he was responsible for all property management and operational activities in Orange, Los Angeles, Inland Empire, and San Diego counties as well as Arizona.

LOS ANGELES— O'Malley M. Miller has joined Allen Matkins as a real estate partner in its Los Angeles office. O'Malley will advise institutional investors, developers and lenders on matters related to real estate finance, acquisitions and sales, land use and CEQA issues, development and operating agreements, workouts, and other sophisticated real estate transactions. Additionally, he represents business enterprises and institutions to help them better deal with their real property assets.

CALABASAS, CA—Jeffery Daniels has joined Institutional Property Advisors as senior vice president and national director of IPA Multifamily. Prior to joining IPA, Daniels led AIG Global Real Estate's U.S. multifamily investments team. At AIG, he was responsible for the formulation and execution of the company's value-add investment strategy and managed its U.S. real estate holdings. During his 13-year tenure with AIG, he managed over 38,000 multifamily units in more than 20 states valued at over $7 billion, formed over 25 joint ventures with national and regional real estate operators and grew AIG's multifamily portfolio by 30 percent. Previously, Daniels served as assistant vice president at Zurich Structured Finance, where he managed a $1.5 billion multifamily portfolio financed with Section 42 low-income housing tax credits.

DEALTRACKER

CHANDLER, AZ—East Valley Diagnostic Imaging has signed an over 10-year lease extension at Chandler Plaza, located at 1076 W. Chandler Blvd. The Chandler Plaza location has undergone an extension remodel of their facilities, including front access, easy patient drop-off area and invites the public to come experience the superior services EVDI continually provides to their patients.

LA JOLLA, CA—The MJW Property Group has acquired Cantabria Apartment Homes, a multifamily property in Menifee, California, from Strata Cantabria LLC for $43.86 million. Berkadia director Kyle Pinkalla of the La Jolla office along with managing directors John Chu and Ed Rosen completed sales. Built in 2009, the property's 230 units feature one- and two-bedroom floor plans with air conditioning, balconies, dishwashers, washer and dryer units and attached garages. Community amenities include a resort-style pool with cabanas, a courtyard fireside lounge and a fully equipped fitness center. Located at 30951 Hanover Lane, Cantabria Apartment Homes is conveniently accessible off Interstate Route 215 and is also close in proximity to Interstate Route 15. The property is adjacent to San Jacinto College.

PHOENIX, AZ—Parc 17, a three-building, 177,770 SF industrial park at 1800-1880 S. 7th Ave., Phoenix, sold for $16.1 million in an off-market transaction. Principals Stein Koss, Tom Louer and Associate Nick Nudo of the Koss | Louer Team at Lee & Associates, represented both the buyer, Colfi n Industrial Acquisitions LLC, and the seller, Jackson-Shaw Co. Built in 2015, the multi-tenant property consists of a 101,310 SF, 31,871 SF and 44,589 SF distribution/warehouse buildings. It features I-17 Freeway frontage at the full diamond 7th Ave. exit, access to all major Valley freeways and one-day proximity to the top distribution centers in the Western United States. All buildings feature dock high and grade level loading capabilities, and offers excellent individual tenant identity with freeway signage opportunities.

IRVINE, CA—Wood Investments is looking to revitalize the historic intersection of Euclid and Foothill in Upland, California with the $18.5 million acquisition of Upland Village, a 153,000 square foot shopping center that was only 10% occupied at the time of the sale. Upland Village, formerly occupied by a 65,000 square feet Dick's Sporting Goods that has been dark for over seven years, is currently only leased to 99 Cents Only and Laser Island. The sale also included five residential properties located along Euclid Ave.

TORRANCE, CA—Mariner Court, a 109,841-square-foot office building in Torrance, California, has traded hands for $24 million, or more than $218 per square foot. Lawrence and David Black, a director of Marcus & Millichap's National Office and Industrial Properties Group in Long Beach, represented the seller, and Derek Caldwell, an associate in the firm's Long Beach office, represented the buyer, a private commercial real estate entity based in the South Bay. The three-story, steel-framed office building was built in 1989 as part of the Torrance Business Center. It is located on 4.7 acres at 3625 Del Amo Blvd. in Torrance, five minutes from the 405 freeway, 10 minutes from the 91 and 110 freeways, and 20 minutes from Los Angeles International Airport.

PHOENIX—Scottsdale Towne Square, a 162,259-square-foot grocer-anchored center at 13802 N. Scottsdale Road in Scottsdale, has traded hands between Holualoa Scottsdale Retail and Woodbury Corporation. Built in 1986 at the intersection of Scottsdale and Thunderbird roads, the nearly 14-acre site features more than 1,100 feet of frontage along Scottsdale Road. Holualoa purchased the property in 2012 at 60% occupancy and, after an extensive renovation, leased the property to its current 95.7 percent occupancy. The tenancy features anchor Natural Grocers, family- and service-oriented tenants, and seven restaurants, including Ra Sushi and First Watch. The property also benefits from proximity to the North Scottsdale/Scottsdale Airpark submarket, the second-largest employment hub in Arizona. The area also boasts amenity-rich retail, hotel/resort and multifamily options.

IRVINE, CA—The Bascom Group has acquired Harvard Villa Apartments, a 64-unit infill apartment community located in the desirable South Bay Los Angeles city of Torrance, for $14.0 million sale. Hooman Emanuel of Emanuel Real Estate Group represented the buyer. Erich Pryor, Eric Snyder, and Thomas Sherlock with Talonvest Capital arranged the $11.45 million loan from TCF National Bank. James D'Argenio and Chang Liu sourced and managed the acquisition for Bascom. Harvard Villa is less than five miles from the Pacific Ocean and located near several interstates that provide outstanding local and regional access, including Interstate 405, 110, 710, 105, and Pacific Coast Highway. Significant employers within a 30-minute commute from Harvard Villa include Honda North America, Boeing Satellite Systems, Raytheon, AT&T Entertainment Group, Harbor-UCLA Medical Center, Xerox, Mattel, and the Port of Los Angeles. Toyota's former 110-acre corporate campus, located a block from Harvard Villa, is currently being marketed for sale. Several major technology and automotive companies have been pursuing the site, including Amazon, Tesla, and Space X.

SAN DIEGO—A creative office building in Central San Diego has sold to a Los Angeles based 1031-exchange buyer for $11.2 million, or a record $438 per-square-foot. The property, 5015 Shoreham Place, is 100 percent leased by SAC Wireless and Loan Depot. CBRE's, Matt Pourcho, Gary Stache, Anthony DeLorenzo and Doug Mac represented the seller, Locale Advisors. The buyer, a high net worth individual, represented himself and plans to keep the property as an investment. The single-story, class-A property totals 25,600 square feet and underwent a full renovation in excess of $2 million in 2014-2015. The site has operable windows, rollup doors, indoor-outdoor collaborative spaces and efficient open floor plans.

IRVINE, CA—A private investors purchased the Gateway Center, an 89,625-square-foot retail center in Escondido, for $24.3 million. The property is 95% occupied with anchor tenants, Michaels and Barnes & Noble, as well as a mix of other national and regional brands including Fantastic Sam's, Firehouse Subs, Dickies, and H&R Block. Rick Chichester, Donald MacLellan, Patrick Toomey and Tom Chichester of Faris Lee Investments represented the seller, a partnership led by GDA Real Estate Services. Gene Ventura and Jeff Conover of Faris Lee investments represented the buyer, a private investor from San Diego County. The transaction closed at a cap rate of 6.5 percent. Built in 2003 and situated on 7.1 acres at 810-860 W. Valley Parkway, Gateway Center is located at a highly trafficked intersection near Interstate 15, which sees nearly 200,000 cars per day. It is also surrounded by an affluent area of San Diego County.

LAKEWOOD, CO—KeyBank's Community Development Lending & Investment team has completed a financing package for Metro West Housing Solutions Fifty Eight Hundred project, a 152-unit affordable housing project located near Denver in Lakewood, CO. CDLI provided $26.3 million construction loan, and a forward-starting $10.8 million Freddie Tax Exempt loan.  In addition, KeyBank is investing $20.1 million in Low Income Housing Tax Credit equity. The redevelopment of a vacant office building and unused parking lot at 5800 Alameda will help to address neighborhood blight and provide affordable housing options to workforce households and families making between 30 and 60 percent AMI.  In addition, 5800 supports a range of community needs by offering safe, decent and affordable units; critical supportive services; and easy access to local resources such as schools, sports facilities, parks, playgrounds and retail centers.
PHEONIX, AZ—The NAI Puget Sound Properties and NAI Horizon Investment Sales teams of SVP Wyk Parker, Lane Neville and Barbara Lloyd represented the buyer in the $9.675 million acquisition of two retail buildings at Litchfield Marketplace. The new retail property is anchored by Fry's Marketplace and Ace Hardware. The anchored center is at the NEC of Litchfield and Camelback roads in Litchfield Park, Ariz. The buyer, MUFG Union Bank, N.A., as Trustee of the John J. Garland Residuary Trust FBO, was represented by the combined efforts of NAI Puget Sound Properties of Seattle and NAI Horizon of Phoenix.

PHOENIX—A joint venture between ViaWest Group and Blue Vista Capital sold Nexus @ ASU Research Park. This sale is an example of investors' growing interest in the strong office market in Phoenix, largely driven by the area's annual high-tech employment growth of 8.9%. Gramercy Property Trust, in partnership with TPG, purchased the 123,864-square-foot Class A, Tempe, Arizona office building for $27.6 million. Managing Directors Mark Detmer, Bo Mills and Mark Gustin, and VP Ryan Sitov, led the deal for JLL.

TEMPE, AZ— Kitchell acquired a 119,336-square-foot, triple-net Lowe's ground lease in Tempe, Arizona for $22.7 million. Medress and Mark Ruble, also a senior managing director investments in Marcus & Millichap's Phoenix office, represented Kitchell. Built in 2009, the property is located on a 10.3-acre corner parcel at the signalized hard corner of South Rural Road and East Baseline Road. Arizona State University's Tempe campus, home to 50,000 students, is within three miles, downtown Phoenix is 20 minutes away, and U.S. Route 60 is within one mile. There are more than 566,000 daytime employees within a five-mile radius and the average annual household income within three miles is well above the national average at $70,000.

LOS ANGELES—The Boulevard in Los Angeles, Calif. has sold to 1449 Wellesley Ave LLC for $18.05 million. The Boulevard is a single unoccupied three-story residential structure totaling 32,594 square feet situated on a 23,500 square foot parcel located at 12301 Santa Monica Blvd. at the corner of Wellesley Ave. Kevin Nolen, LEED AP, Tim Winslow and Jason Kimmel with Cushman & Wakefield's San Diego office represented the seller, a group of private investors, in the investment transaction. The property was previously leased to a tenant of over 40 years, which had operated the building as Brentwood Manor. Future use for the property is unknown.

BUILDING BLOCKS

PHOENIX—Habitat Metro and Sunbelt Holdings have welcomed the first residents to Portland on the Park, a condominium community in Phoenix. The project, which is Phase II of the completed Portland Place project, is now 72% sold. Prospective residents can now tour custom-furnished models while taking in incredible views of the Valley. Portland on the Park is a point of entry into Downtown Phoenix's vibrant restaurant, arts, professional sports and shopping scenes. The community is located at 200 W. Portland Street, one of Phoenix's last boulevard park street and boasts one of the Valley's highest walkability scores. Portland on the Park includes 149 homes comprising three midrise buildings that are four, 12 and 14 stories in height. Home sizes range from 745 square feet to 2,486 square feet, and are priced from $235,000 to $1.25 million.

SAN DIEGO—Sunrise Management has completed the first phase of Town Center Villa, a luxury community in El Centro, taking over all marketing, management and leasing for the 240-unit project. Phase one, valued at $12 million, consists of 84 newly completed units available now for lease – with 156 more to be constructed during the next two phases. Onsite amenities include a pool and sundeck, a spa, 24-hour fitness center, a clubhouse, resident business lounge and secure gated access. Town Center Villa is located within proximity to public transportation, the 8 Freeway and such retailers as Target, Lowes, Walmart and Costco.

IRVINE, CA—ValueRock Realty Partners has completed the retail portion of a major redevelopment of Lake Forest Gateway Center, located at 23592 Rockfield Blvd. in Lake Forest. ValueRock also announced that they received Lake Forest City Council approval to construct a 99-room Springhill Suites by Marriott on the project. ValueRock has owned the mixed-use center for many years and has spent the past several years determining and planning the appropriate timing, use and design to initiate a major reinvestment and modernization program, which upon completion of the hotel will be in excess of $50 million. Prior to the redevelopment, Lake Forest Gateway Center consisted of aging retail and offices buildings. ValueRock recognized that the center's high-traffic, high-profile location on Lake Forest Drive adjacent to the 5 freeway would be better suited as a modernized property which would attract a stronger mix of retailers and restaurants.