The Southwest market is heating up at the end of the year. This week, reports of several deal closings and new hire announcements came out of major markets in the region. the market. Phoenix continued to see strong activity, as did San Diego and Los Angeles. Interestingly, there were also several capital markets deals to close this week, including $156 million for a multifamily portfolio secured by Realty Center Management and $85.9 million in debt secured by the Globe Corporation for properties in Phoenix. 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

PHOENIX—CBRE has promoted Laura Sidney to Senior Director with CBRE Labor Analytics. In her new role, Laura will continue to expand her business development responsibilities for Labor Analytics by working with corporate occupiers to optimize their human capital. Since joining Labor Analytics in 2010, Laura has served as Associate Director of Consulting and Director of Client Strategy where she focused on advising a wide variety of clients, including several Fortune 500 companies, on local market intelligence, capital expenditures, site selection and community evaluation. Laura began with CBRE in 2003 as a mapping analyst with CBRE's Location Intelligence Services where she was quickly promoted to team lead. She also spent several years working with retail and land services specialists. CBRE Labor Analytics offers world-class innovation, specializing in labor market intelligence, site selection and incentive negotiations. The group supports companies across the Americas from its base in CBRE's Phoenix office and is prevalent throughout the Valley, assisting several of the Fortune 100 companies located in this region.

PHOENIX—Kristi Kellogg has moved Clear Title Agency of Arizona at the Mesa location to the Biltmore branch as the Senior Escrow Officer to fill an increasing demand for residential expertise at this location.

SAN DIEGO–Westcore Properties has promoted Ryan Childs to director of construction. Childs has been with Westcore since 2016 and originally joined the firm as construction manager. He will support the firm's focus on acquiring and transforming properties to achieve the highest and best use. He will work with Westcore's acquisitions team to evaluate future development and existing buildings, assessing properties and providing estimated budgets. Childs will also assemble design and building teams to transform acquired properties, and he will direct construction activities. Westcore also hired Lori Jasinski as director of property management. Jasinski worked with Westcore previously as a contract employee. Her duties will include overseeing property management for Westcore's industrial and office real estate assets throughout the western states and beyond. Previously, Jasinski served as senior property manager at Cushman & Wakefield.
DEALTRACKER

PHOENIX—MIG Real Estate has acquired Bayside Apartments, a 176-unit rental property located in Phoenix. The investor will make significant enhancements to the property. Originally constructed in 1999, Bayside Apartments sits on a 7.81-acre suburban site and is a garden-style complex comprised of 22 two-story buildings. The collection of units offered includes 64 one-bedroom and 112 two-bedroom floorplans. Apartments feature gracious nine-foot ceiling heights, large walk-in closets, private balconies and patios, dishwashers and full-size washer and dryer units. The gated community also offers an outdoor resort-style swimming pool, soothing spa, and covered picnic areas with barbeque grills. Complimentary WiFi is provided in the office and pool lounge areas. Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller.

SAN DIEGO, CA—Hometown America has secured $8.6 million in financing for Mission Gorge Villa, a 140-home site, class-A manufactured home community for seniors (age 55+) in the San Diego County community of Santee, California. HFF secured a 10-year, fixed-rate, full-term interest-only loan through Freddie Mac on behalf of the borrower. The loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to replenish equity used to acquire the property. The HFF debt placement team included senior director Zach Koucos and analyst Bharat Madan.

PHOENIX—The Fidelity National Title | Camelback Lakes team has closed the sale of the Best Western Plus Arroyo Roble Hotel & Creekside Villas in Sedona, Arizona, for $25.5 million. Located at 400 N. State Route 89A in Uptown Sedona, the high-end, boutique resort sold to Glacier House Hotels. The Fidelity National Title team comprised Diane Carpenter, Leo Sanchez, and Linda Bruce. The team provided escrow and title services for this sophisticated transaction.

LOS ANGELES—AKFK Century City Property LLC has sold its office property at 10277 West Olympic Blvd., in Los Angeles for $16.8 million. The transaction was conducted entirely online Ten-X's Offer Select, a solution closely mirrors the traditional commercial real estate process while leveraging technology to standardize and streamline.

SAN DIEGO—Veritiv has signed a lease as the single tenant for the Exeter Industrial Park in Escondido, California. The 212,088-square foot Exeter Industrial Park is poised to be the largest industrial distribution building constructed in Escondido. Atlanta-based Veritiv is a North American business-to-business distributor of packaging, facility solutions, print and publishing products and services as well as logistics and supply chain management solutions. Construction of the Exeter Industrial Park is currently underway and Veritiv is expected to begin occupying the building in summer 2018.

LOS ANGELES—Realty Center Management has secured $156.7 million for a portfolio of four multifamily properties throughout California. Berkadia Senior Director Branden McBirney, Associate Director Garrett LaBar and Senior Analyst Vickie Wible led the team in the deal. Three of the 10-year permanent fixed rate loans featured a 3.64 percent interest rate, a 55 percent loan-to-value ratio and full-term interest only payments. The fourth loan featured a 4.05 percent fixed rate, a 75 percent loan-to-value ratio and three years of interest only payments. The loans were placed as a portfolio but were not cross collateralized. The proceeds were used to refinance existing debt on the properties.

SAN DIEGO— Kort & Scott Financial Group has secured $31.543 million in financing for Chelsea Santa Monica, a luxury residential and retail property one block from the beach in Santa Monica, California. The loan has a 10-year, floating-rate loan with Freddie Mac's CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. The HFF team for both the Chelsea Santa Monica and Wilshire Valencia transactions included senior director Zach Koucos, director Lee Redmond, and analysts Bharat Madan and Carter Eckerline.

SAN DIEGO—TH Real Estate has acquired Frontera Industrial Business Park in San Diego, California. The investment consists of a seven-building industrial business park and comprises over 500,000 square feet of industrial space. The adjacent development parcel consists of 9 acres of land marked for the development of a +/-180,000 square foot industrial building. Located in San Diego's Otay Mesa submarket, the property offers convenient freeway access and is located adjacent to the US-Mexico border.

PHOENIX—Walker & Dunlop has structured three loans in the amount of $85.9 million for a four-property portfolio of two class-A office buildings and two industrial warehouses in Phoenix, Tempe, and Scottsdale, Arizona. SVPs Jim Pierson and Keaton Merrell led the team in arranging the debt for Globe Corporation. The loan for one property, 101 Corporate Center, served as acquisition financing and the remaining two were refinances. Debt for the two industrial warehouses, 8990 South Kyrene Road and Riverside Commerce Park, was consolidated into a single loan structure. Each of the three long-term, fixed-rate loans were closed at favorable rates with three separate life insurance companies.

SAN DIEGO—Palomar Crest Corporate Center, a contemporary 81,810 square foot office building in Carlsbad, California, has traded hands for $17 million. The seller was a global investment manager, which was represented in the transaction by Capital Markets specialists Rick Reeder and Brad Tecca of Cushman & Wakefield's San Diego office along with Matty Sundberg of the firm who provided local market advisory.

PHOENIX—The Grove Deer Valley, a 208-unit multifamily asset in the Deer Valley region of North Phoenix, has traded hands for $25 million. Steve Gebing and Cliff David, senior managing director, represented the seller, Stratford Partners, and procured the buyer, RedHill Realty Investors. The property's location near the Interstate 17 and Deer Valley employment corridors places residents within easy reach of 38 million square feet of office, industrial and flex space.

LOS ANGELES—Dedeaux Properties has closed several major logistics companies to long-term leases for trucking facilities in key Southern California industrial markets. Dedeaux has signed a Fortune 100 logistics company to a long-term lease for a 24/7 fully secured truck storage facility at 20825 Currier Road in the City of Industry. In a separate transaction, Dedeaux also has signed Central Transport to a five-year lease extension and expansion at 550 Alameda Street in Compton.

BUILDING BLOCKS

PALM SPRINGS, CA—HALL Structured Finance has closed a new first lien construction loan totaling $55 million to finance the construction of a 150-room Hyatt Andaz resort hotel and accompanying retail in Palm Springs, California. Rael Development Corporation is the project developer and SR Construction is the project's general contractor. The resort hotel and retail project are expected to open in January 2019. The Andaz Palm Springs is a collection of small buildings and guestroom bungalows surrounding two outdoor pools, garden and lounge areas, and winding walking paths. The hotel will be situated on an elevated second floor deck offering panoramic views of the San Jacinto Mountains and the City of Palm Springs. Additional hotel amenities will include indoor and outdoor bars and lounges, a full-service spa, a fitness center, and 6,000 square feet of banquet and meeting space. The 30,000 square foot street-level retail portion of the project, The Shops on Palm Canyon, will be leased to a mix of restaurants, clothing shops, boutiques, and galleries, which will be an exciting complement to the thriving shopping and dining corridor along Palm Canyon Drive within Palm Spring's Downtown and Uptown Design Districts.

Instant Insights /

Middle Market Digest: This Week in Southwest

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