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

IRVINE—Steadfast Alcentra Global Credit Fund, an unlisted closed-end fund advised by an affiliate of Steadfast Companies and sub-advised by Alcentra NY has named Michael A. Tamasco as president of the fund to oversee its day-to-day management effective immediately. Tamasco will also serve as president of Steadfast Investment Adviser and will seek to further Steadfast Companies' efforts to expand in the direct equity and debt markets. Tamasco previously served as managing director of Optima Fund Management, one of the oldest hedge fund and multi-product alternative investment firms in the industry. He served as a member of the firm's management committee and head of North American business development. Prior to Optima, Tamasco was co-head of Rothschild Asset Management US and global co-head of distribution for the $50 billion global asset management businesses of the Rothschild Group. Earlier in his career, Tamasco worked in a number of senior roles with Lazard Asset Management, PaineWebber Incorporated and Sanwa Securities.

LONG BEACH—The Long Beach Board of Harbor Commissioners has approved the selection of Kerry Gerot to lead the Port's Communications and Community Relations Division. Gerot is currently the Public Affairs Officer for the Long Beach City Manager's Office, a position she has held for almost three years. As Director of Communications and Community Relations for the Port, she will oversee media relations, crisis communications, community engagement and educational outreach at the Harbor Department. Prior to her role with the City Manager's Office, Gerot served in a similar capacity at the Long Beach Airport and held a variety of other positions as a media and marketing professional in the entertainment, music and publishing fields. She holds a bachelor's degree in international relations and a master's degree in professional writing, both from the University of Southern California.

TUCSON—CBRE has promoted Jeff Casper to Senior Associate. Casper, an advisory and transaction professional in the firm's Tucson office, specializes in the sale, leasing, and investment of office properties. Casper, a Tucson native and a graduate of the University of Arizona, joined CBRE in 2012 and earned CBRE's “Rookie of the Year” award. Casper has quickly become a rising leader and valuable asset to the Tucson office.

ORANGE—The Orange office of Lee & Associates has promoted Jaimeson Hearne from Associate to Principal, one of the youngest to make Principal in the office's thirty-five-year history. Hearne started his commercial real estate career a short four years ago, in 2013, as an office property specialist, and has since grown his client base to include PRES Companies, Lighthouse Financial, Cardinal Property Management, DMP Properties and TraPac. He has completed over 75 transactions for nearly $50 million in total consideration.

DEALTRACKER

HONOLULU—An affiliate of Salem Partners and Argosy Real Estate Partners has sold a Walgreens flagship store in Honolulu for $42.25 million. The sale is the largest single-tenant transaction in the US and established new benchmarks for overall sales price, price per-square- foot and capitalization rates. The Honolulu store, located directly across from the Ala Moana Center, the largest open-air shopping complex in the world, sold for a 4.73% cap rate. A Colliers team led by Los Angeles-based Executive Vice President Tom Lagos, spearheaded negotiations on behalf of the buyer, a Korean investment fund also based in Los Angeles. The Salem Partners/Argosy-affiliated entity had purchased the approximately 37,000-square foot property from Walgreens in November 2015 as part of sale-leaseback transaction. As part of the original purchase transaction, the Salem Partners/ Argosy-affiliated entity also acquired the adjacent parking structure and office building and currently is pursuing entitlements to develop two new high-rise, mixed-use towers. Utilizing the Lagos team's proprietary 1031 Exchange Navigator program, which is led by Colliers International Associate Michael Asarch, the purchase of the Walgreens property was set to be the up-leg part a 1031 Exchange transaction involving the sale of a $26 million grocery-anchored shopping center known as Hacienda Plaza, the down-leg property, located in California.

IRVINE—The first 53-acre phase of the highly anticipated Orange County Great Park Sports Park has opened. The property was built on the site of the former Marine Corps Air Station El Toro, the Sports Park is ultimately planned to be nearly twice the size of Disneyland and is the result of an innovative public-private partnership between the City of Irvine and Five Point's partnership. The FivePoint partnership is spending approximately $250 million to improve, operate and maintain 688 acres of the Orange County Great Park and infrastructure serving the Great Park. The first phase: a world-class youth sports facility that complements the award-winning schools, vibrant economy and well-planned neighborhoods that help Irvine rank consistently as one of the best places to live.

LOS ANGELES—Irwindale Canyon Business Park, a new industrial property located in Los Angeles County's San Gabriel Valley, has traded hands for $14.55 million to Rexford Industrial Realty. The 12.6 million square-foot Irwindale industrial market has 206 industrial buildings and a 164,704 square feet of available space at properties sized between 10,000 square feet and 100,000 square feet, according to CBRE research. CBRE's Mark Shaffer, Gary Stache, Anthony DeLorenzo, Doug Mack, Lynn Knox and Jason Chao represented Shubin Nadal Realty Investors and Penwood Real Estate Investment Management, LLC. Rexford represented itself. The 87,421 square-foot institutional quality industrial property, located at 4832-4850 Azusa Canyon Road in Irwindale, is 100% leased to two tenants, Rieke Packaging Systems and Bee Imagine LLC, a retail distribution company.

Phoenix, Arizona—HREC Investment Advisors has arranged the sale of the 136-guestroom Aloft Tempe located in Tempe, Arizona. PHVIF Tempe, LLC an affiliate of Atlanta based Peachtree Hotel Group, acquired the property. Bill Murney, Senior Vice President in HREC Investment Advisors' Phoenix office, exclusively represented Triyar Tempe LLC during the transaction. The Los Angeles based seller also owns other hotels, office buildings and entertainment venues in Scottsdale, Arizona.

PHOENIX – CBRE has arranged a long-term lease for State 48 Brewery's second Arizona location. The local, family-owned craft brewery based in Surprise, Arizona, will occupy 8,024 square feet in downtown Phoenix's historic Welnick Marketplace.

Chris Ackel and Max Bippus with CBRE's Phoenix office represented both the tenant and the landlord, Welnick Marketplace, LLC, in the lease negotiations. The second location of State 48 will feature a 20-barrel brewing system with 40-barrel fermenters, allowing the brewery to produce four-times more beer than their facility in Surprise. Also, this will be serve as the new site for canning operations for distribution.

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

DEALTRACKER

Instant Insights /

Middle Market Digest: Southwest

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