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

LAS VEGAS—Matt Bear has launched Bear Real Estate Advisors LLC, a boutique real estate investment services firm. The firm focuses on IRS Section 1031 exchange buyer representation, national single-tenant investment sales and acquisitions, net lease investments, joint venture advisory, capital structure advisory, build-to-suit developments, debt/equity, specialized search and family office/professional investor buy-side representation. Providing services on a national basis, Bear Real Estate Advisors will provide a unique approach to brokerage services by delivering a combination of brokerage, advisory services and a relationship-first point of view.

PHOENIX—Commercial Properties/CORFAC International has appointed Cecil Yates of Commercial Properties, Inc. (CPI) to the Arizona Test Development Committee as a Subject Matter Expert. The Arizona Department of Real Estate regulates real estate, cemetery and membership camping brokers, and salespersons. It approves and monitors pre-licensing instruction and testing and continuing education courses. It maintains oversight of approved schools to ensure the quality content of their courses, the competence of their instructors, and the quality and timeliness of the materials being taught. The Department oversees the activities of licensees, investigates complaints against licensees and land developers, and participates in administrative hearings pertaining to their conduct. The Department also regulates the sale of subdivisions, un-subdivided lands, timeshares, condominiums, membership campgrounds, and cemeteries.

IRVINE, CA—Granite Investment Group has hired Ken Hocker has president. Hocker is a veteran of the commercial real estate industry with more than three decades of experience. In this position, he is responsible for overseeing day-to-day operations and the development and implementation of the company's strategic plan. Throughout his career, Hocker has been responsible for more than $1.8 billion in commercial and multifamily acquisitions, ground-up development projects and the repositioning of value-add properties. Prior to joining Granite Investment Group, Hocker spent seven years as executive vice president with Vintage Real Estate, where he played an instrumental role in its growth of more than 300% to become a $1 billion private equity firm.

DEALTRACKER

LONG BEACH, CA—Wells Fargo Bank, a 3,479-square foot net-leased property located in Long Beach, CA, has traded hands for $6.6 million. Kevin Boeve, an investment specialist in Marcus & Millichap's Ontario office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, an individual/personal trust, was secured and represented by Neema Ahadian, an investment specialist in Marcus & Millichap's West Los Angeles office.

LOS ANGELES—A 16-unit multifamily property in the Valley Village community of the San Fernando Valley of Los Angeles has traded hands for $6.8 million or $421,875 per unit. Warren Berzack represented the seller, a private investor, in the sale of Whitsett Courtyard Apartments located at 5716 Whitsett Ave. in Valley Village, CA. The listing attracted seven offers and went into escrow two weeks from the listing date. It sold above list price. The property consists of 12, two-bedroom townhomes and four three-bedroom townhomes. Units have in-unit washer/dryers, granite countertops and balconies, among many amenities.

MESA, AZ—The first residents are moving in this week at Aviva, a new $63 million multifamily property with 325 apartments, which is opening in various phases between now and June. Aviva marries luxury design elements with “green” building features to create the kind of smart, amenity-rich apartment community that today's renters demand. It is the first multifamily community in the area built to National Green Building Standard certification. This is award-winning multifamily developer Housing Trust Group's first development in Arizona. Monthly rents at Aviva, which offer one-, two- and three-bedroom floor plans, start at $1,050. The luxury community is professionally managed by Mark-Taylor and will benefit from the robust network of community engagement and name awareness that Mark-Taylor-managed properties enjoy.

SIERRA VISTA, AZ—Casa de la Sierra and Sierra Bella, two apartment properties totaling 440-units, located in Sierra Vista, AZ, have traded hands for $8.9 million. Hamid Panahi, James K. Crawley, Cliff David and Steve Gebing, investment specialists in Marcus & Millichap's Phoenix and Tucson offices, had the exclusive listing to market the properties on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Jonathan Bench, an investment specialist in Marcus & Millichap's Seattle office.

RIVERSIDE, CA—Newcastle Partners has hit significant construction milestones on two class-A industrial distribution facilities totaling more than 600,000 square feet in the Inland Empire market of Southern California. The firm has begun construction of Chino Hills Commerce Center in Chino Hills, which will total 100,326 square feet, and construction has been completed on Meridian Distribution Center II, which totals 503,592 square feet in Riverside. Chino Hills Commerce Center is located at 15291 Fairfield Ranch Road and is situated on just under five acres of land. Grading recently began and construction on the 100,326-square-foot project is anticipated to be completed in August of this year. The property features approximately 5,300 square feet of two-story office space, 10 dock-high loading doors, one grade-level door, 118 auto parking spaces and secured truck court and yard area. It offers easy access to the 71 freeway, which connects to the 60, 91 and 15 freeways. David Consani, Jim Koenig and Jason Chao of CBRE are responsible for marketing the asset for sale or lease. The newly completed 503,592-sf Meridian Distribution Center II is situated on a 26.93-acre land parcel at 22000 Opportunity Way in Riverside. It provides 36-foot interior clearance, 88 dock high doors, two ground-level doors, 150 trailer parking stalls, 217 auto parking spaces, and is located in the master-planned Meridian Business Park which currently totals 6 million square feet of industrial property. It provides frontage as well as immediate access to the 215 freeway at Van Buren Blvd. Corporate neighbors include Amazon, Sysco Corp., KIA Motors, UPS and McLane Food Service. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield's Ontario office are responsible for marketing the project.

LOS ANGELES—Athens Circle Apartments in Buena Park, California traded hands for $7.95 million to a private investor in a 1031-exchange. CBRE's Dan Blackwell represented the seller, a family trust. The apartment complex, located at 7800-7900 Athens Circle, features 41 apartment units and two single-family homes. The property is in proximity to the 5 Freeway and is located near the Buena Park Entertainment Zone and two miles from Knott's Berry Farm and Buena Park Downtown.

Instant Insights /

Middle Market Digest: Southwest

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