New development and redevelopment starts had significant activity. The Phoenix market had two multifamily development and redevelopment projects, adding to the tremendous uptick in activity that the market has seen. Southern California also saw good development activity this week, with the start of an office project in Newport Beach and the completion of a housing community in San Diego. In terms of sales activity, Phoenix didn't show has much activity as it has in the last few weeks, and little was reported from the secondary Southwest markets. Southern California, however, saw tremendous activity, with several trades across property types in Los Angeles and Orange County. Employment activity also saw a boost this month. Several firms made new hire announcements in Southern California and Phoenix markets. Here's a look at this week's trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.

NEW & NOTABLE
LOS ANGELES—Allen Matkins has hired real estate finance partner Marc D. Young to its Los Angeles office. Young has experience in a broad range of complex real estate transactions, and has a particular emphasis on real estate finance, joint ventures, and restructurings. He joins Allen Matkins after serving as the chair of Morrison & Foerster's global Real Estate Group for over 10 years.

PHOENIX/PRESCOTT, AZ— Bethel Development has hired Rainbow Housing Assistance Corporation as the primary service provider for two new properties in Arizona. In addition to Rainbow's resident-service partnership with Bethel Development's Mountain View Senior Apartments announced last month, Rainbow will now provide services for four of the developer's properties. The two new housing developments—Creekview Village Apartments, a 72-unit family apartment complex located at 519 Miller Valley Road in Prescott, and The Revello, a 76-unit senior living complex located at 1600 West Camelback Road in Phoenix—are under construction and slated to be completed in 2019. Both developments were funded by low income housing tax credits (LIHTC) allocated by the Arizona Department of Housing in 2017. Upon completion, Rainbow will establish a wide range of onsite services for both communities, which will be provided to residents at no cost.

SAN DIEGO, CA — The San Diego Workforce Partnership has appointed two new members to its Workforce Development Board: Timothy West, executive director and region manager at JPMorgan Chase Middle Market Banking, and Michael Zucchet, general manager of the San Diego Municipal Employees Association. Zucchet has served as General Manager of the San Diego Municipal Employees Association (MEA) since 2009. West is responsible for his firm's middle market banking practice for business with revenues of $20 million to $500 million as well as being a part of the region's business market leadership team.

LOS ANGELES—Shelby Dopps has joined Kidder Mathews' Los Angeles office where she will specialize in retail tenant representation. Prior to joining Kidder Mathews, Dopps was with Present Value Properties in Tustin, California. She has completed transaction with clients including Pizza Hut, Royal Kids, and Fantastic Sam's.

DEALTRACKER
ORANGE, CA—Viele & Sons, a food service distribution company based in Fullerton, CA, has purchased a 26,100-square-foot industrial building located at 1700 Main Street in Orange, CA. The all-cash transaction totaled $5.7 million. President and Managing Director Chris Coyte and Associate Matt Durkin of Lee & Associates Newport Beach, represented the seller, Cabo Enterprises.

LOS ANGELES—A 19-unit apartment property located in Los Angeles, CA, has traded hands for $5.6 million. Cody Cannon, John Stephens, Richard J. Ringer and Jeff Benson, investment specialists in Marcus & Millichap's Ontario and West Los Angeles offices, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust, and the buyer, a partnership. The 19-unit apartment property is located at 750 North Hayworth Avenue in Los Angeles, CA. The offering was built in 1959 and sits on a 14,249 square foot lot, with eleven one-bedroom/one-bath units, two two-bedroom/two-bath units, three two-bedroom/two-bath units and three three-bedroom/two-bath units. There are five garage parking spaces and ten open parking spaces. This location sits in one of the strongest rental pockets in Los Angeles and an unparalleled location for its proximity to numerous restaurants, bars, stores, coffee shops, shopping malls, movie theaters, nightclubs and any possible amenity desired.

LOS ANGELES—In Christ Community Church has acquired an office community in Monterey Park, CA, for $10 million. CBRE's Mark Shaffer, Gary Stache, Anthony DeLorenzo, and Doug Mack represented the seller, Waypoint Property Group. Located at 588 Atlas Street, this 86,319 square-foot office property was recently renovated into a two-story, high-image corporate headquarters facility. It sits in an established business park setting with notable neighbors such as Union Bank, Care1st Health Plan, and the LA County Sheriff's Department. The recent $1 million renovation includes a modern expanded lobby, parking lot upgrades, exterior painting, and new landscaping throughout. Comprised of two buildings, the property features an interconnected glass and steel atrium lobby with windows that wrap around the entire building.

LOS ANGELES—A premier office business center in Redlands, CA, has traded hands in a 1031-exchange for $12.25 million. CBRE's Gary Stache, Anthony DeLorenzo, Doug Mack, and Michael Day represented the seller, Olympic-Barrington Partnership. Located at 1453-1481 Ford Street, this Class A office and retail business park in the Inland Empire includes seven buildings, totaling 70,389 square feet with more than 1,000 feet of frontage and signage opportunity along the I-10 freeway.

IRVINE, CA—Brixmor Property Group has acquired Upland Town Square, a 100,350-square-foot grocery-anchored retail center located in Upland, California from IRA Capital for $31.7 million. The center's primary anchor tenant is Sprouts Farmers Market. Cushman & Wakefield retail investment specialists Dixie Walker and Charley Simpson, both Managing Directors in the firm's Irvine office, represented the seller in the deal.

LOS ANGELES—Two three-story, 15-unit apartment buildings in Los Angeles have traded hands for $13.3 million between private investors. The properties are located at 1477 South Canfield Ave. and 1480 South Canfield Ave. Steven Goldstein, associate with Marcus & Millichap, represented the two buyers and seller in the deal.
BUILDING BLOCKS

PHOENIX—CA Residential, a division of Chicago-based CA Ventures, and Diamond Realty Investments, Inc., has broken ground on The LINK PHX, a 257-unit residential tower at 702 N. 3rd St. in downtown Phoenix. The project is scheduled to open in August 2019. The first phase will include construction of a 30-story tower portion of the mixed-use tower, which in total will bring more than 600 rental residences and 21,000 square feet of retail space to the renowned Roosevelt Row Arts District over the next 15 years. The LINK PHX will include 7,000 square feet of retail space, half of which will be set aside for startups, not-for-profits and artists.

PHOENIX—Henley Modern Residential has hired Sunrise Management to oversee a $3.6 million renovation and repositioning project on two recently acquired apartment communities. Henley Modern Residential (HMR), a recently formed partnership between Henley USA and Modern Residential Company, acquired the two existing apartment communities, located at Northern and 19th avenues in Phoenix, bringing its total Phoenix acquisitions in 2017 to nearly 1000 units. Sunrise has been tapped to help all spearhead marketing and property management, as well as transform the two apartment communities – both built in 1979 and originally known as Bella Norte and Metro on 19 — into one, 488-unit millennial-targeted and transit-oriented community rebranded as Modern on the Rail. Working closely with Henley Modern Residential, Sunrise Management will help direct the renovations, which include constructing a new state-of-the-art clubhouse and leasing center as well as new onsite maintenance offices, exterior recreation amenities and a dog park. Vision will serve as general contractor.

NEWPORT BEACH, CA—C.W. Driver Companies has broken ground on Newport Harbor Medical Plaza, a 26,500-square-foot, class-A medical facility that features ocean views and striking modern architecture with visibility to highly trafficked Newport Boulevard. Located at 330 Old Newport Boulevard in Newport Beach, the medical building is in close proximity to Hoag Memorial Presbyterian Hospital Newport Beach, providing patients with convenient access for a variety of medical needs. Completion is scheduled for the fall of 2018. C.W. Driver Companies affiliate Driver SPG, a division that specializes in shorter completion times for tenant improvement, renovation and new construction projects, is working on the build alongside developer Shaoulian Properties and designer Bundy-Finkel Architects. The office spaces will range from 2,000 to 16,500 square feet and offer second floor patio deck amenities, two levels of below-grade parking and gurney accessible elevators.

SAN DIEGO—Jamboree Housing Corp. has completed the renovation of Woodglen Vista Apartments, a 188-unit affordable housing community in Santee, California. WNC, a national investor in housing development, provided approximately $13.2 million in low-income housing tax credit (LIHTC) equity to fund the project. Woodglen Vista Apartments is located at 10450 N. Magnolia Ave., and is comprised of eight two-story residential buildings and a single-story leasing office and community center. The community's amenities include a clubhouse, computer center, social services, laundry facility, picnic area, swimming pool and 286 parking spaces.

Instant Insights /

Middle Market Digest: This Week in Southwest

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