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

LOS ANGELES—Industry veteran Roger Burghdorf has joined Avison Young as a Senior Vice President in the company's West Los Angeles office. Burghdorf brings more than 35 years of commercial real estate experience to Avison Young. In his new role, he will focus on both landlord and tenant leasing for the retail sector, leveraging the many relationships that he has built over his successful career. He will also work closely with Avison Young Principal Stephanie Skrbin. He joins the firm from The Westfield Group.

DEALTRACKER

SAN DIEGO—Omninet Capital acquired Mission Center Office Park from Kearny Real Estate Company. The three-building, 183,692-square-foot property located in the Mission Valley submarket of San Diego was 92 percent leased at the time of sale. Louay Alsadek and Hunter Rowe of CBRE were the investment advisors in the transaction. Richard Gonor, Tony Russell and Brandt Riedman of Jones Lang LaSalle provided leasing market expertise.

LOS ANGELES—A two-building office/flex property totaling 13,866 square feet in the Westlake submarket of Los Angeles has traded hands for $4.6 million. The property will undergo a major renovation that will expand the new ownership's creative entertainment and production campus. John Anthony, Chris Steck and Chris Giordano of Charles Dunn Company represented the seller, Roscoe Associates LLC. The buyer, Rideback Ranch LLC was represented by LS Capital. Built in 1954 and located at 1670-1680 Beverly Boulevard, the buildings are one and two stories respectively. The buyer has plans to renovate the buildings that will be added to its adjacent 21,000-square-foot building and 40,000-square-foot parking lot at 1660 Beverly Boulevard, which was acquired in December,2016. The renovation on this asset is currently underway. The assemblage of the three buildings in total is significant as they will be the first production campus in the submarket. The Charles Dunn team also brokered the sale of the 1660 Beverly Building on behalf of the seller, CGI.

SAN DIEGO—Imperial Toy, a manufacturer of bubbles, novelty toys and more, has renewed their lease for a 257,972-square foot industrial warehouse property in San Diego's Otay Mesa community. This is the largest industrial lease completed in San Diego County in 2017. Chris Holder, Mark Lewkowitz and Shane Harmon of Colliers International San Diego Region represented the San Diego-based Landlord, PNC Realty Investors. Travis Carter of Hughes Marino represented Imperial Toy.

VAN NUYS—15314 Gault Street, a 45-unit, non-rent controlled, value-add apartment building in Van Nuys, California, has traded hands for $10.1 million. Jim Fisher and Mike Smith of the Berkadia's West Los Angeles office negotiated the transaction on behalf of both the buyer, Los Altos based Interstate Equities Corporation, and the seller, Gault, LLC. The property, which received multiple offers and sold to an all cash buyer just over the asking price, closed on 11/29/2017. The sales price reflects a price of $222,778 per unit and $254 per square foot. The property was 98% occupied at the time of the sale.

PHOENIX—Bixby Land Company has purchased a 100% leased industrial warehouse and distribution building in Phoenix, Ariz., extending the company's core industrial acquisition strategy in key Western U.S. markets. Bixby paid $9.5 million in an all-cash transaction for West 10 Business Center, a 146,663-square-foot building with direct frontage on Interstate 10.

PHOENIX—LGE Design Building broke ground today on its latest development, the

$10 million Chandler Corporate Industrial Center. The 100,018-square- foot corporate facility will be located at 370 N. Juniper Dr. in the Chandler Corporate Center business park. Hopley brought owner Desert Palm Management Group LLC to the site for purchase and also will serve as exclusive leasing agent for the building. Construction is scheduled to be completed on the project in September 2018. Desert Palm Management Group LLC purchased the property, which is located adjacent to another LGE-constructed property. The owner teamed up with LGE to design and construct this latest corporate facility.

PHOENIX—An unnamed borrower secured an $11 million loan to facilitate the refinance and conversion of GC Square Apartments, a 163-unit multifamily property into a student housing targeted property that will be the first off campus property to directly service the Grand Canyon University (GCU) student base. GCU is a rapidly growing Private Christian University in the West Phoenix/Maryvale, Arizona area. The loan was funded mid renovation when the property was 100% vacant. The non-recourse interest only debt vehicle provides the flexibility needed to finalize renovations and the term to stabilize operations. The loan, which is serviced by NorthMarq, was arranged through a NorthMarq correspondent.

PHOENIX—Common Bond Development Group has sold The Plant; a Sprouts Farmers Market anchored neighborhood shopping center for $25.75 million. Located on the southeast corner of Gilbert and Ocotillo Roads in Chandler, Ariz., the property was purchased by Dallas-based Sarofim Realty Advisors. Executive Managing Directors Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller.

Instant Insights /

Middle Market Digest: Southwest

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