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—Lee & Associates-LA North/Ventura has promoted four agents to Principal status, growing its team of senior brokers to 29. The four new principals are Cheri Blessing, Cole Martens, Jared Smits and Hunter Warner. Blessing, a retail and commercial sales and leasing specialist, and Smits, an office sales and leasing specialist, are based in the company's Calabasas office. Martens, an investment specialist, and Warner, an industrial specialist, are based in the Sherman Oaks office. Lee & Associates operates under a unique ownership model whereby the company is owned by its principal brokers. To achieve principal status, agents must exhibit superior transactional performance and leadership qualities.

PHOENIX—Sharestates has entered into the Arizona Banking Department roster of lenders as Sharestates Investments LLC. With this launch, Sharestates will be offering their loan products to the real estate speculation and development community in a statewide effort. Sharestates' launch into Arizona coincides with their overarching goal of providing both borrowers and investors with a user-friendly and hassle-free way to make investments within the greater real estate ecosystem.

DEALTRACKER

PHOENIX—Lina Home Furnishings has leased a 37,343 square foot vacant big box. This will be the 4th location in the Valley for this successful furniture chain. The store is located at the southwest corner of Ray Road and 48th Street in the Ahwatukee Foothills Towne Center in Phoenix, Arizona. The former tenant was Ashley Home Store. DDR Corp. based in Beachwood Ohio is the Owner and Landlord for the shopping center, and Velocity Retail Group's Brian Gast brokered the deal. This is just one of many big box transactions completed by the team at Velocity Retail Group who specialize in big box leasing for both owners and retailers. The new store is expected to open in March 2018.

TUSTIN, CA—Sheward & Sons & Sons has leased the entire 19,460-square-foot building located at 14352 Chambers Road in Tustin, California Sheward & Sons & Sons will occupy the space for its corporate headquarters, which it is relocating from Costa Mesa, California. JLL's team of Wade Tift, Nick Carey and Byron Foss represented the landlord, Karal Ltd., in the lease. Sheward & Sons & Sons was represented by Lee & Associates.

IRVINE, CA—US Direct LLC has signed a lease for the entire 39,260-square-foot building located at 1700 Barranca Parkway in Irvine, California. US Direct LLC, a collection of marketers, artists, techies and direct mail strategists, will occupy the space for its account team, printing, assembly and distribution. JLL's team of Wade Tift, Nick Carey and Byron Foss represented the landlord, 1700 Barranca Company LLC, in the lease. Lee & Associates represented US Direct LLC.

LOS ANGELES, CA—Rich Johns and Adam Zunder with KW Commercial have sold an 18-unit apartment building on three separate parcels of land for $5.9 million. The property is located at 637-643-645 Maltman Avenue, Los Angeles, CA 90026. The Japanese Corporation purchased the asset for $331,111 per unit and over $400 per square foot.

BRENTWOOD, CA—Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant triple-net absolute investment at 9036 Calvine Road in Sacramento, California, occupied by Merryhill Schools. The purchase price was $7.9 million. Eric Vu of Hanley Investment represented the seller, a private San Francisco Bay Area family trust. The buyer, a 1031 exchange investor from the Silicon Valley, was represented by Tom Hyland of Hyland Investment Properties, Inc. of Lafayette, California. Built in 1997, the 4.64 campus features a 12,578-square-foot building for the elementary school, an 8,049-square-foot building for the preschool, an athletic field, pool and pool house, plus two playgrounds for the pre-school-age children.

Long Beach, CA—Stepp Commercial has completed the $6.2 million sale of a 21-unit apartment property in the Alamitos Beach submarket of Long Beach, Calif. Principal Robert Stepp and Vice President Todd Hawke of Stepp Commercial represented both the seller, a private trust, and the buyer, a private trust. The property closed at a 3.3 percent cap rate and a price per unit of $295,238. Built in 1963, this two-story building is located at 1129 E. Ocean Blvd. and consists of 13 one-bedroom and eight two-bedroom units which feature bright and open floor plans, upgraded kitchens with granite counters, laminate hardwood and ceramic flooring, upgraded bathrooms, and ceiling fans. The property was 100 percent occupied at time of closing.

LOS ANGELES—An office building in Artesia has traded hands for $20.64 million to an unidentified private high net-worth buyer. CBRE's Mark Shaffer, Anthony DeLorenzo, Gary Stache and Doug Mack, members of the firm's Investment Properties SoCal Team, represented the seller in the transaction, a Brookfield-sponsored private real estate fund. The 95,605 square-foot, four-story Artesia property at 17100-17104 Pioneer Blvd traded for $216 a square foot. This Class-A office building also contains 13,000 square feet of retail and was 94% leased at the time of sale.

COMMERCE, CA—The Magellan Group has sold two Los Angeles area properties for $77.6 million, completing a three-year, $375 million investment, development and disposition strategy focused on value add industrial and self-storage properties in key infill locations in Southern California. The conclusion of that strategy is marked by the sale of Commerce Business Center and Magellan Storage – Commerce, both located in Commerce, Calif. Commerce Business Center, a 290,000-square-foot industrial facility, was purchased by Blackstone Property Partners, the Core+ business of Blackstone. The project included 90,000 square feet of new construction built by The Magellan Group to meet demand for smaller tenant spaces in the market. Magellan was represented in the sale by the Newmark Grubb Knight Frank team of Executive Managing Director Bret Hardy, President Kevin Shannon, Managing Director Scott Schumacher, Executive Managing Director John McMillan and Senior Managing Director Jeff Sanita.

Instant Insights /

Middle Market Digest: Southwest

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