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

PHOENIX—Velocity Retail Group recently promoted Heather Prinsloo to associate marketing coordinator for their Corporate Services Division. She started with the company in August of 2015, and this new role will expand Prinsloo's client services responsibilities by working closely with Dave Cheatham and Darren Pitts and providing support for our key-client accounts and making certain that crucial timelines are met. She is focused on growing her experience and knowledge of Velocity's systems and processes in order to ensure the highest level of customer support for our clients.

IRVINE, CA—Steadfast Income REIT has entered into a joint venture arrangement with Blackstone Real Estate Income Trust to acquire an interest in 20 of the 63 apartment communities owned by SIR. In the transaction, BREIT will acquire a 90 percent ownership interest in the 20-apartment community portfolio for approximately $460.8 million in cash and debt assumption. SIR will continue to own 10 percent of the portfolio. Affiliates of SIR will continue to provide property management services for the properties in the joint venture. The transaction is expected to close in two tranches during the next 60 days. The 20 assets total 4,584 apartment homes located in Austin, Dallas, and San Antonio TX, Nashville, TN, and Louisville, KY. SIR acquired the assets for an aggregate cost of $436 million between August 2011 and May 2014.

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PHOENIX, AZ—Davis Enterprises – Investments & Development has completed a three-building project of 78,000-plus square feet of new office and industrial space near the I-17 at 2005, 2015 and 2025 W. Deer Valley Rd. The Enterprise Deer Valley project is ideally located on Deer Valley Road, with proximity to Interstate 17, Deer Valley Airport, and many well-known companies including Xerox, Honeywell, Discover and Safeway.

Irvine, CA—Talonvest Capital has funded a $21.4 million refinance loan for Bascom San Francisco's fully renovated LUXE 1801 Apartment Homes. The 109-unit garden style apartment community located at 1801 W. Garvey Avenue in Alhambra, CA, a non-rent controlled city in Los Angeles County near downtown LA and Old Town Pasadena, was acquired in October 2015 and has undergone significant interior and exterior improvements. The new cash out financing will provide funds to complete remaining upgrades including common area enhancements such as fitness center and lobby improvements, landscape upgrades, exterior paint enhancements, the addition of a fire pit lounge and resident clubroom. The non-recourse, three-year floating rate loan is priced at a low spread over LIBOR, has interest only payments during the initial term, and affords several extension options. The loan was funded on balance sheet by one of the fifty largest banks in the United States.

F OUNTAIN VALLEY, CA—Days Inn Huntington Beach/Fountain Valley, a 67-room hospitality property located in Fountain Valley has traded hands for $7.9 million. James Brian Markel, Sarhan Mheni, Jason Tuvia, and Jordan Epstein in Marcus & Millichap's Encino office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, an individual/personal trust, was also secured and represented by Sarhan Mheni and Jason Tuvia.

PHOENIX—An 8.73-acre infill site located just west of Chandler Fashion Center in Chandler has traded hands for an undisclosed price. San Antonio-based Embrey Development Co., a privately owned firm, purchased the property from Phoenix-based Jewel Investment Co., LP. The buyer plans to construct a 300-unit class-A multifamily property on the site. Dave Headstream and Jason Hyams with CBRE's Phoenix Land Services Group represented both the buyer and the seller in the transaction. The site, located at 3775 W. Chandler Blvd. in a highly desirable Chandler submarket, benefits from strong visibility along heavily trafficked Chandler Boulevard, access to Loop 101 and Loop 202, and is minutes away from Chandler's premier dining, retail and entertainment destinations.

SAN DIEGO—San Ysidro Health, a non-profit health care services organization, has acquired a 61,052-square foot industrial property in San Diego's San Ysidro neighborhood for $8.2 million. Chris Holder and Mark Lewkowitz of Colliers International San Diego Region represented San Ysidro Health Center, Inc. The San Diego-based seller was San Diego HD, LLC. The 4.66-acre property is located at 1601 Precision Point Lane, San Diego, CA.

MISSION VIEJO, CA—La Paz Plaza, a 51,766-square-foot mixed-use property in Mission Viejo, California, has traded hands for $32.4 million, or a 5.75 percent cap rate. La Paz Plaza is 80% medical office and 20% retail. Paul Bitonti, first vice president investments in Marcus & Millichap's Newport Beach office, represented the buyer, a Laguna Beach real estate company in a 1031 exchange. The seller is a Newport Beach-based partnership. The buyer assumed in-place CMBS financing.

LANCASTER—Lancaster Triangle, a 35,569-square-foot multi-tenant shopping center in Lancaster, California, has traded hands for $5.75 million between two private investors. The deal has one of the lowest recorded closing cap rates for a multi-tenant center in the Antelope Valley built before 2005. Hanley Investment Group Real Estate Advisors Executive Vice President Bill Asher and Associate Jeff Lefko, along with Rosanne Morgiewicz of The Morgiewicz Company represented both parties in the deal. The property is located at 1525 W. Avenue K and 43627-43729 15th Street West and is 100% occupied by a Burger King, Fast Auto & Payday Loans and American Tire Depot. Other tenants include York Shore House Fish & Chips, Mila's Kusina Filipino Restaurant, Sugary Donuts, Socorro's Bridal, Thai & Chinese Food II Restaurant, Remy's Oriental Market and T-Mart.

ALISO VIEJO, CA—Sunstone Hotel Investors has refinanced a $220 million mortgage loan. The new loan has a three-year initial term and three one-year extension options, subject to the satisfaction of certain conditions. It is interest only and provides for a floating interest rate of LIBOR plus 1.05% with a 25 basis point increase during the final one-year extension period, if extended, and it is expected to reduce the company's consolidated annual cash interest expense by approximately $2.6 million. The new loan replaces the existing loan that was scheduled to mature in August 2019 and had a floating interest rate of LIBOR plus 2.25%. The Hilton San Diego Bayfront is a 1,190-room hotel that is owned by a joint venture between subsidiaries of Sunstone and Park Hotels & Resorts Inc. (NYSE: PK) in which Sunstone owns a 75% interest in the joint venture.

COSTA MESA, CA—The Triangle, a 204,523-square-foot coastal dining and entertainment lifestyle center in the city of Costa Mesa, has traded hands for $55.7 million. The property is 94% occupied and is anchored by an impressive collection of restaurants led by Yard House, TIME, Orange County's premier nightclub, a flagship 24 Hour Fitness location, Tavern & Bowl, and the nine-screen Triangle Cinemas. The sale price represented a high 6% cap rate. CBRE's retail investment experts Phillip Voorhees, Jimmy Slusher, Kirk Brummer, Megan Wood, Preston Fetrow, Matt Burson and John Read, represented the seller, a partnership led by Greenlaw Partners, an Orange County-based real estate development and investment company. The buyer, a Los Angeles-based family office syndicate, completed this acquisition as an addition to its real estate portfolio holdings.

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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