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

DEALTRACKER

PHOENIX—A grocery-anchored shopping center located at the northwest corner of Tatum Boulevard and Cave Creek Road in Cave Creek has traded hands between Watt Phoenix Associates and SWC 28th and Peoria Investors for $6.7 million. Philip D. Voorhees and Jimmy Slusher with CBRE's National Retail Partners-West group based in Newport Beach, Calif. and Steve Julius and Jesse Goldsmith with CBRE's Phoenix office represented the seller, and CBRE's Julius and Goldsmith also represented the buyer. Completed in 2000, Tatum Ranch Crossing, located at 29815 N. Tatum Blvd., is situated across nearly 6.3 acres. The Safeway-anchored multi-tenant center consists of five buildings and offers a mix of food and services-based retailers including Jack in the Box, Subway, Bank of America, Allstate Insurance, Mathnasium and H&R Block.

BUENA PARK, CA—Brandywine Homes has started construction on model homes in Corsica, a cozy 1.66-acre community that will offer 17 two-story townhomes at 8572 Stanton Avenue in Buena Park, Calif. This intimate enclave of new homes is expected to open for sale in January 2018. The three- to four-bedroom Spanish-style townhomes will range in size from approximately 1,868- to 2,140-square-feet. All will include energy-efficient tankless water heaters, recessed lighting, double-strength glass windows, state-of-the-art communication and networking systems and two-car garages. Master suites will feature oversized soaking tubs and spacious walk-in closets, while gourmet kitchens will have granite countertops, stainless steel appliances and white shaker cabinetry. The community will include a common green space and barbecue area.

LOS ANGELES—Fortune Business Park has traded hands for $27.15 million between Columbia California Valley Industrial and RREEF America. The 157,904-square-foot multi-tenant industrial park in City of Industry is fully leased to 12 tenants. JLL Managing Directors Bo Mills and Mark Detmer, and Vice President Ryan Sitov led the JLL team on the sale. The property has seven buildings spread over more than seven acres, and has access to the 605 and 10 freeways.

LOS ANGELES—A 15-property apartment portfolio across Southern California's West San Gabriel Valley has traded hands for a total of $51.7 million to a variety of private foreign and local buyers. The portfolio totals 169 units, with 10 properties in Arcadia, two San Gabriel, and a building in Pasadena, Sierra Madre, and Monrovia. CBRE's Priscilla Nee represented the seller, Louise C. Gelber Trust in all 15 transactions. Many of the properties closed within a short, seven-day escrow period with no contingencies, and nearly all of the buyers provided a 10 percent pass-through deposit.

ORANGE COUNTY, CA—Capital One has provided a $9.5 million Freddie Mac fixed-rate loan to refinance Midway Meadows, a 92-unit apartment community in Midway City, in Orange County California. Kristen Croxton and Greg Reed, Senior Vice Presidents in Capital One Multifamily Finance's office in Newport Beach, California, originated the transaction. SC Development was the sponsor, and is a repeat customer of both Freddie Mac and Capital One. SC Development developed Midway Meadows in 1987 under a 30-year ground lease from Orange County. The lease agreement called for an age-restricted affordable housing property for the term of the ground lease, which recently expired. SC Development purchased the land establishing fee-simple ownership of the property around the same time as the refinance.

PHOENIX—P.B. Bell is preparing to begin construction on a senior housing community in the Aspera mixed-use community in Glendale, Arizona. Inspira Arrowhead marks P.B. Bell's return to the senior housing market, and will complement Velaire at Aspera, a 286-unit luxury apartment community P.B. Bell opened within that community about a year ago. Inspira Arrowhead will feature 165 total units, split among 123 units that offer independent and assisted living apartment homes, and an additional 42 designed for residents who require memory care. Inspira Arrowhead will be located in the southwest corner of the 75-acre Aspera development, which is located at the Agua Fria Loop 101 Freeway and 75th Avenue.

SAN DIEGO, CA—George Smith Partners has successfully secured an $85 million bridge loan for the San Diego Pendry Hotel, a new luxury hotel brand operated under the Montage Hotels & Resorts. Located in downtown San Diego's historic Gaslamp Quarter, Pendry San Diego is a 317-room trophy asset that features a spectacular rooftop pool, a luxurious spa, six restaurants and bars and 35,000 square feet of high-end meeting and event space. The property's grand opening was held in February of this year.

SANTA FE SPRINGS, CA—Westcore Properties has acquired a class-A, 74,038-square-foot warehouse building from Bridge Development for an undisclosed price. Scott Heaton and Chris Sheehan of Colliers International represented both parties in the transaction. The purchase marks a return for Westcore to the Los Angeles industrial market after an 18-month hiatus. The property is located at 13915 Maryton Avenue in Santa Fe Springs, California.

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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