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
GILBERT, AZ—Earthworks Environmental LLC has hired Compliance Manager Jamie Zanazzo. Zanazzo will be responsible for storm water pollution prevention (SWPP), dust inspections, and rain event inspections. Her duties will also include updating site maps, electronic rain logs, and site rain logs. She will represent clients at regulatory inspections. Zanazzo joins Earthworks Environmental from the Town of Gilbert, where she served as Environmental Compliance Inspector for almost two years. She was responsible for program development and continued education and enforcement of local, county, state, and national regulations for storm water, air quality, and permitting within Gilbert.
DEALTRACKER

SAN DIEGO—OnTrac, a logistics and shipping services company, has renewed its lease for an 84,000-square foot industrial distribution property in San Diego's Miramar area. The one-story property was constructed in 1981 and is located at 7077 Consolidated Way in San Diego. Evan McDonald of Colliers International San Diego Region represented OnTrac in the deal. The landlord is 7077 Associates, LP. OnTrac has occupied this building for the last 5 years to support its logistics and regional shipping services in the Western United States.

SAN DIEGO—C.W. Driver Companies has broke ground on a new fine arts building for San Diego Community College District's Mesa College. The $12.8 million four-story, 26,500-square-foot building will be located on the site of the former I-300 building and accommodate classrooms and studios for drawing, painting, photography, sculpting and ceramics. Located at 7250 Mesa College Drive, construction is expected to be completed in summer 2018. The building's first floor will serve as the main entrance and house the Mesa College Art Gallery as well as an art history lecture classroom. The second and third stories will have large, open studio classrooms for drawing, digital graphics and sculpture, while the fourth floor will contain ceramics and painting studios. Shop spaces will be located adjacent to the studios and classrooms to support the shared use of art equipment, materials and other resources.

LOS ANGELES—iBorrow has provided Global Premier Development with a $12.5 million loan secured by a 59,650-square-foot facility located in Oxnard, California. The Property was originally built in 1960 and is currently undergoing extensive renovations that are expected to be completed in 2018. The building is sited on 2.36 acres of land and consists of 102 units with 128 beds. When completed, the Property will be managed by Meridian Senior Living, the nation's 5th largest operator of senior living properties. Global Premier Development has invested approximately $10 million into the property and plans on making additional investments.

PHOENIX—Gelt Bethany Holdings has sold the an apartment for $19.5 million or $130,500 per unit and $151.05 per square foot. The investor purchased the property, a 150-unit apartment building formerly known as Broadstone on Twelfth Apartments, for $9.3 million in August. Cumulatively, the company netted 182% return for its investors, which equates to an average annual return of 35% (non-compounded) over the 5-year hold period. The property, built in two phases, was constructed in 1971 and 1985 and is located in the prominent submarket of Camelback/Biltmore within the greater Phoenix metro area. It has 129,594 square feet and offers six studio units, seventy-six one-bedroom units, sixty-seven two-bedroom units, and one three-bedroom unit.

SCOTTSDALE—Bascom Arizona Ventures has acquired two luxury apartment

communities for $148 million or $202,420 per unit. The properties total 724 units and are located in the Kierland master-planned community of North Scottsdale. Quadrant Real Estate Advisors LLC provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith, and Annie Rice of CBRE. James Reed of Lincoln Group of Companies advised the buyer and seller in the transactions. The onsite property management will be overseen by Arizona based Alliance Residential. The purchases come on the heels of the recent 812-unit portfolio acquisition located in Southern Arizona.

LOS ANGELES—Bridge Development Partners has sold two industrial buildings totaling 873,870 square feet in the Los Angeles-area communities of Fontana and Industry, California. HFF team represented the seller and procured the buyer, Duke Realty Corporation. The two assets are part of a larger $700 million, 12-property industrial portfolio that Duke purchased from Bridge Development Partners. The portfolio comprises a 429,870-square-foot building at South Ajax Avenue in City of Industry and a 444,000-square-foot facility at 11250 Poplar Avenue in Fontana. Poplar Avenue was completed and leased in 2016, while Ajax Avenue was completed in 2017 and was delivered on a shell basis. Both buildings are proximate to the San Bernardino, Ontario and Pomona Freeways, east of downtown Los Angeles. The HFF investment sales team representing the seller included managing directors Anthony Brent and Ryan Martin.

LONG BEACH—Livingston Oasis Apartments, a 26-unit apartment property in the Belmont Shore submarket of Long Beach, has traded hands for $8.4 million. Principal Robert Stepp of Stepp Commercial represented both the seller, Sherry Trust, and the buyer, Waterford Residential. The property closed at a 2.3% cap rate and a price per unit of $323,077. Built in 1943, this garden-style, four building, two-story property is located at 5120 East Livingston Drive and consists of 26 one-bedroom units. Amenities include a community pool, lush landscape and 13 private garages.

PASADENA—LUXE, a 131-unit luxury multifamily property in Pasadena, California, has traded hands for $57.2 million or $436,641 per unit. The cap rate is 3.7%. Greg Harris, along with Kevin Green and Joseph Grabiec, senior directors, represented the seller and developer, Agoura Hills, California-based Amcal Equities LLC. Harris, Green and Grabiec also procured the buyer, a private investor based in China.

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

SCOTTSDALE—Bascom Arizona Ventures has acquired two luxury apartment

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Middle Market Digest: Southwest

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