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
NEWPORT BEACH, CA—Bixby Land Company has named Aaron Hill as president, extending a successful 11-year tenure at Bixby where he most recently served as executive vice president and chief operating officer. Bill Halford, who has served as president and chief executive officer since 2006, retains his CEO position and continues to lead the strategic vision and growth of the company. The move is a natural progression for Hill, who as COO has overseen day-to-day operations with a focus on portfolio management for the 120-year-old, privately-held firm. Bixby has grown its investment portfolio of industrial and office properties to more than $1 billion, and has experienced significant year-over-year growth in shareholder value and dividend performance over the past several years.
PHOENIX—Commercial real estate veteran Jennifer Prior has launched her own company, PRE Consulting. Prior will be the company's Principal, bringing 20 years of experience. She formerly spent two years at Cushman & Wakefield as an Associate Vice President. She oversaw the office property management team of six senior managers with more than 5 million square feet under management.
LOS ANGELES—Newmark Knight Frank has hired six retail brokerage professionals who will expand the firm's investment sales, agency leasing and tenant representation business, as well as collaborate with the NKF Capital Markets West Coast teams. Led by a top retail broker both on a regional and national basis, Bill Bauman has been appointed vice chairman of NKF Capital Markets. Additionally, Bryan Norcott of Newmark Knight Frank and Kyle Miller of NKF Capital Markets are named executive vice presidents; Newmark Knight Frank also brings on Peter Spragg and Steve McDonald as senior managing directors and Matt Schwartz as associate director. The team is based out of Newmark Knight Frank's downtown Los Angeles office.
LOS ANGELES—Savills Studley has hired Maurice Nieman to its Capital Markets group as Executive Managing Director. He, along with Carlos Diaz Managing Director, and Alexis Abad, Client Services Coordinator, comes to the company from CBRE. Based in Savills Studley's Los Angeles office, Nieman and his team specialize in the sale, purchase and recapitalization of single and multi-tenanted retail, office and industrial properties throughout the United States. Nieman has more than 30 years of real estate experience in business development, deal origination and property management. Since 2007, he has participated in the sale of hundreds of properties nationwide including net leased retail, industrial medical and office assets totaling more than $1 billion.
DEALTRACKER
PHOENIX—The Fountains, a 43-unit, garden-style apartment community located at 137 E. Coronado Road in Phoenix, has traded hands for $4.1 million. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE's Phoenix office represented the buyer, Coronado 137, LLC, a local investor who obtained new financing. They also represented the seller, JMRS Fountain, LLC. Built in 1972, The Fountains is comprised of one- and two-bedroom units averaging approximately 669 square feet. The property will be rebranded and renovated by the new owner.
YUMA, AZ—Fortuna Road Storage, a 61,218-rentable square foot self-storage facility located in Yuma, Arizona, has traded hands. Devin Beasley, Luke Elliott and Michael A. Mele, investment specialists at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Michael A. Mele, Luke Elliott and Devin Beasley. Fortuna Road is a primary thoroughfare of Yuma, lined with retailers and surrounded by residential communities featuring a steady annual rate of growth. The facility, comprised of both traditional self-storage units and boat/RV parking spaces, has a total of 434 units. Fortuna Road Self Storage was most recently expanded in 2015 to match the market's growth and demand for storage.
PHOENIX—Red Mountain Villas, a 768-unit apartment complex in Phoenix, has traded hands for $110 million. The property is the sixth-largest multifamily asset in Arizona and the sales price is the second-largest for a single multifamily property in Arizona history. Gebing, and Cliff David, senior managing director, represented the seller, Weidner Apartment Homes, and procured the buyer, Knightvest Capital. Red Mountain Villas was built in three phases between 1987 and 1996 on nearly 30 acres at 815 North 52nd St. in Phoenix. The 44th Street/Gateway Corridor and airport area, the Papago Park Center, lakeside developments of Marina Heights and Hayden Ferry, Downtown Phoenix and the Central Avenue Office Corridor employment centers are within an eight-mile radius of the property. Immediate access to Loop 202/the Red Mountain Freeway, Interstate 10, State Route 51, and Loop 101/the Price Freeway is close by. The community features many shared amenities, including an oversized koi pond, six resort-inspired swimming pools and access to the Papago Golf Course.
NEWPORT BEACH—CBRE Capital Markets' Debt & Structured Finance team has arranged $170 million in financing on behalf of The Koll Company for Airport Business Center, an office/flex industrial park in Irvine, California. Following a highly competitive bidding process involving life companies, debt funds, and securitization shops, the loan was split into a $150 million senior loan awarded to Wells Fargo, with, a real estate debt fund controlled by Brookfield, originating the $20 million mezzanine loan. The new loan has a 10-year term and carries an all-in fixed interest rate in the mid-4 percent range. This loan will refinance a loan that CBRE and The Koll Company originated in October 2014 with Brookfield and Morgan Stanley. The loan was facilitated by Sharon Kline and Marina Massari of CBRE's Newport Beach office.
WHITTIER, CA—Oppidan has sold newly-constructed Friendly Hills Marketplace in Whittier, California, a power center that is 100% leased to national and regional credit tenants including Orchard Supply Hardware, HomeGoods, ULTA Beauty, and Skechers. CBRE retail experts Phillip Voorhees, Kirk Brummer, James Tyrrell, Megan Wood, Preston Fetrow and Jim Leary represented the seller, Minneapolis-based Oppidan. The buyer, represented by a cooperating broker, was Golden Capital Whittier, LLC, a Vietnamese-based private investor who purchased the property as an addition to its portfolio.
TUCSON—River Oaks Apartments, a 300-unit apartment complex in Tucson, Arizona has traded hands for $20.5 million. Hamid Panahi, Steve Gebing, senior managing director, and Cliff David, senior managing director, represented the seller, HSL Properties, and procured the buyer, Stoneweg. Located along East Broadway Boulevard, River Oaks is surrounded by the Central Tucson Office Corridor, a nearly five million-square-foot concentration of office space. The corridor is home to the Williams Centre and 5151 East Broadway office complexes and major Tucson employers such as ASARCO Mining, 3M Motor Vehicle Systems, and IBM. Broadway Plaza, a 331,550-square-foot shopping center is directly across from the property, and the Broadway Corridor, a one-million-square-foot stretch of retail is nearby. Completed in 1982, River Oaks features a mix of studio, one-, and two-bedroom apartment homes with a weighted average unit size of 707 square feet.
SHERMAN OAKS—Meridian Capital Group has arranged $22 million in financing for a shopping center located in Sherman Oaks, CA on behalf of The Festival Companies. The 10-year loan was provided by a CMBS lender and features an attractive fixed-rate and full-term interest-only payments. Meridian Senior Managing Director, Seth Grossman, and Associate, Andy Strauss, who are both based in the company's Southern California offices, negotiated the financing for this transaction. The Sherman Oaks Collection is a 31,394 square foot shopping center located at 4550 Van Nuys Boulevard in Sherman Oaks, CA. Notable tenants include Ulta, Burger Lounge, Luna Grill, Starbucks, and Sprint. The property's advantageous location on Van Nuys Boulevard is close to distinguished boutiques, restaurants and grocery stores, including Urban Outfitters, Ralph's Market, Mendocino Farms, and On The Thirty Restaurant. Located less than 20 miles from Los Angeles, Sherman Oaks is easily accessible via car or public transportation. The area immediately surrounding the project has a burgeoning dining scene, featuring a speakeasy, an oyster bar, a craft beer and burger shop, and a restaurant owned and operated by two-time Michelin star-winning chef Takeshi Omae. Sherman Oaks has a comparable percentage of 19 to 34 year olds and 35 to 49 year-olds as Santa Monica and Silver Lake, with a higher population and median household income than the latter.
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