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, CA—Related Companies has hired AECOM as construction manager for The Grand, the Frank Gehry-designed, mixed-use development in downtown Los Angeles on Grand Avenue across from The Broad museum and Walt Disney Concert Hall. A visionary public-private partnership, guided by the Los Angeles Grand Avenue Authority, The Grand is designed to revitalize Downtown Los Angeles' cultural and civic core with a mix of commercial, retail, cultural and residential units featuring grand public spaces and world class architecture. Construction on The Grand is poised to commence in Fall 2018. Related also released new renderings of the project detailing the dynamic residential, retail, entertainment and public spaces that make up The Grand.

DEALTRACKER

PHOENIX—Cypress Office Properties and Oaktree Capital Management have completed phase I of Renaissance Square's $50 million renovation, and began construction on Phase II renovations. Phase II will include the redevelopment of the lobby connector that unites the two Class A towers, and upgrading the existing 20,000-square-foot gym into a luxury sports club. Renaissance Square is very appealing to prospective tenants because the modern palette of the renovation, light rail access directly in front of the building, and potential for new ground floor restaurants and bars. In 2017, Bartos represented Upgrade, Inc., a financial tech company, in the lease of two full 20,000-square-foot floors in one of Renaissance Square's class-A towers.

PHOENIX—The Fidelity National Title Agency | Camelback Lakes has closed on Pima County Industrial Development Authority Education Facility Revenue Series 2017 Bonds for American Leadership Academy, Inc., in the aggregate amount of $192.2 million. The Fidelity National Title Camelback Lakes office team comprises Diane Carpenter, Kristina Gooding, and Leo Sanchez. The proceeds of the Series 2017 Bonds were used to make a loan to American Leadership Academy for the purpose of paying the costs to finance or refinance the acquisition, construction, improvement, and equipping of land and charter school facilities of four sites in the Southeast Valley. The proceeds will also go to any required reserve funds; pay capitalized interest, if any, on the Series 2017 Bonds; and pay certain issuance expenses related to the Series 2017 Bonds.

LOS ANGELES—Mesa West Capital funded a $125 million in short-term first mortgage debt to a private borrower to finance the West Coast apartment investor's recent acquisition and repositioning of four California multifamily assets. Mesa West's five-year, floating rate financings were secured by properties in the San Francisco Bay Area, Orange and San Diego Counties. They include the 186-unit Atlantic Apartments in Alameda, the 116-unit Mosaic Hayward, the 102-unit Villas at Carlsbad in Carlsbad, and the 116–unit Vista del Rey in Tustin. The properties were acquired over the past six months from three different sellers. The properties all provide workforce housing in infill locations and were in need of more focused management and capital upgrades, according to Mesa West Capital Principal Ronnie Gul, who led the origination team out of the private lender's Los Angeles office.

FULLERTON—Engineered Floors has renewed its 127,375-square-foot lease in a Fullerton Industrial park at 675-679 S. Placentia Ave. in Fullerton, California. Transwestern Vice President Sam Chanin brokered the transaction on behalf of the building owner, Bailard, a San Francisco-based wealth management and investment advisory firm. Managed by Transwestern, Fullerton Industrial is a Class B industrial building totaling 254,750 square feet and is fully leased to Engineered Floors and CJ Foods. Chanin brokered the renewal for CJ Foods at Fullerton Industrial in November 2017.

LOS ANGELES—Ory Schwartz, senior vice president/managing director of NorthMarq Capital's Los Angeles regional office, has secured $97.25 million in refinancing for two multifamily properties in Santa Clarita, California on behalf of Beverly Hills-based developer G.H. Palmer Associates. The deals were structured with 10 year interest-only loan terms. NorthMarq arranged financing for the borrower through its Freddie Mac platform utilizing the Green Advantage program. Sand Canyon Ranch: Located at 28856 North Silver Saddle Circle, this 255-unit multifamily property received refinancing of $39.4 million. Sand Canyon Ranch offers sensational views with an elegant and carefree lifestyle at an affordable rate. The Village Apartments: Located at 23700 Velle Del Oro, this 384-unit multifamily property received refinancing of $57.85 million. The Village Apartments provide breathtaking views and take comfort to the next level by supplying an endless variety of floor plans and amenities to retreat from everyday life.

LOS ANGELES—Avison Young has brokered the $25.6 million sale of Towne Centre Office Building, an eight-story, 83,250-square-foot office building in Arcadia, CA. Located at 150 North Santa Anita, the property is 97% occupied and anchored by Bank of America. Avison Young Principal Mark Evanoff and Vice-President Andrew Berk, who are based in Avison Young's North Los Angeles office, represented the seller, a family trust from San Francisco. The buyer, Los Angeles-based Positive Investments, represented itself.

SAN DIEGO—Sudberry Properties has started construction on the second MedImpact corporate headquarters campus building, a 158,000-square-foot, six-story building with an adjacent four-level parking structure at 10159 Scripps Gateway Court. Sudberry Properties is the development and construction manager for MedImpact, the nation's largest privately held pharmacy benefit manager (PBM). The new facility is an extension of MedImpact's existing corporate headquarters building, which Sudberry Properties completed in 2010. The development team includes Architects Hanna Gabriel Wells, GroundLevel Landscape Architecture and Swinerton Builders. Completion is scheduled for December 2018.

GLENDALE, AZ—AVANA Capital closed a $60 million construction loan to Mogul Capital, LLC, providing funding to develop with modular construction a dual-branded Marriott Courtyard and TownePlace Suites hotel located in downtown Hawthorne, California. The property will have five stories, 354 guest rooms, a restaurant, swimming pool and other business amenities such as meeting space for corporate and community functions. It will be the first hotel in downtown Hawthorne and close to several aerospace-related businesses including SpaceX, and Northrup Gruman, as well as Tesla's design HQ, Boeing, Aerospace Corp, Raytheon, LA Airforce Base, Mattel, and many corporate airline offices; which all have significant operations within 2 miles of the site. The location is also within five miles from Los Angeles International Airport (LAX), the fourth busiest airport in the world serving more than 80 million passengers a year.

Instant Insights /

Middle Market Digest: Southwest

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