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
SANTA MONICA—Douglas Emmett has paid off a $342 million loan as the prepayment penalty was set to expire. The loan bore interest at 4.46% per annum and was scheduled to mature on March 1, 2020. To fund the payoff, Douglas Emmett used some available cash and sold an additional $250 million of its common stock during August under its ATM program. Having paid off its last high interest loan, Douglas Emmett has completed its debt reduction program and related sales of common stock. Douglas Emmett has reduced its net debt to enterprise value to 32%, and lowered its average annual fixed interest rate to 3.08%. One-third of Douglas Emmett's wholly owned office portfolio is now debt free. Douglas Emmett continues to have no corporate level debt and is not subject to any financial covenants.

DEALTRACKER

PHOENIX—Fin, a virtual assistant company, has signed an 8,081-square-foot lease in The Monroe located at 111 W. Monroe Street in Phoenix. This will be the San Francisco-based company's second location and first in Arizona. Fin will occupy a spec-suite space that will be completed later this year. Bryan Taute and Charle von Arentschildt with CBRE's Phoenix office represented the landlord, ViaWest Group, which purchased and rebranded the property in May 2017. Ryan Bartos of JLL represented the tenant. In December, ViaWest will complete a variety of additional spec suites ranging in size from 1,500 square feet to a full floor at 14,719 square feet. Two contiguous spec suites on the fourth and fifth floors will offer 21,208 square feet of combined office space with an available private rooftop patio.

LOS ANGELES—Lucky Craft Lure Co. a fishing lure and product manufacturer, has signed a 25,309 square-foot industrial lease at 380 Clinton St. in Costa Mesa, Orange County, with a total value of $2.92 million. CBRE's Ross Bourne represented the tenant in the 10-year renewal. The landlord, Knowlton Communities, represented themselves. Lucky Craft occupies the entire property, and uses the facility as their U.S. corporate headquarters and distribution hub. The John Wayne Airport area is one of the tightest industrial markets in the region. Fundamentals remained strong in all of Orange County despite activity declining during the second quarter. The drop was not due to a lack of tenant demand or a softening market, but rather a function of the market tightening, leaving fewer options. Despite lack of available space, Orange County's gross activity and net absorption since 2010 averaged 12 million square feet and 1.5 million square feet annually, respectively. These sustained levels of activity are a testament to the attractiveness of the region.

LOS ANGELES—Paradigm Talent Agency has signed a new 83,000-square-foot lease at the Wilshire La Peer Building at 8942 Wilshire in Beverly Hills. The agency is consolidating three locations into a new headquarters space into the property. NKF's Managing Director Michael Moll along with Jeff Pion of CBRE represented the tenant in the long-term lease. LA Realty Partner's Peter Best, Lisa St. John, and Rick Buckley represented the building owners Ocean West and Walton Street. Paradigm will lease the entire building and has plans to make significant capital renovations to the property. The firm anticipates taking occupancy of the building in the spring of 2018. The iconic building will provide Paradigm with prominent Wilshire Blvd. frontage while maintaining its presence within the coveted Beverly Hills market.

LONG BEACH—Harbor Associates has recapitalized Tustin Corporate, a 43,517-square-foot office building located at 18302 Irvine Blvd. in Tustin with Muirfield Investment Partners. Harbor acquired the asset through a distressed on-line auction bid process from an out of state special servicer. This transaction marks the eighth value-add office acquisition for Harbor in the last two years. The acquisition enhances Harbor's existing footprint in Orange County and builds the portfolio to 7 buildings across 5 different projects and represents the firm's third acquisition in Tustin where they own close to 300,000 square feet. Joe Giordani of NorthMarq arranged the financing for the project with Ready Capital Structured Finance, a division of a subsidiary of Sutherland Asset Management Corporation. The Partnership will rebrand the property The Bricks following a reposition of the asset through a comprehensive rebranding and renovation program that includes cosmetic upgrades to the exterior of the building, upgrading lobbies and restrooms, installing new creative office spec suites and including new outdoor seating spaces.

Here's a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.

DEALTRACKER

Instant Insights /

Middle Market Digest: Southwest

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