Sustainable Affordable Debuts Downtown

SAN DIEGO—SVA Architects, Studio E and BRIDGE Housing have completed Celadon, a 250-unit, 17-story project at 9^th and Broadway Downtown that offers affordable housing in a transit-friendly location. The project offers living, studio and one-bedroom apartments affordable to residents with annual incomes of up to $37,920 for a two-person household, and 88 of the apartments are reserved for special-needs populations including frail seniors and youth aging out of the foster-care system. The development is located blocks from the City College Trolley Station, the 5^th Ave. Trolley Station and multiple bus lines. The project also features on-site shared amenities including a great room, two laundry rooms, a supportive-services office, a meeting room, various green features and numerous outdoor spaces that include barbeques and a resident garden.

SALES

TUSTIN, CA—John Bosko and Bob Bush, SVPs with NAI Capital, have completed the $14.5-million sale of Tustin Medical Arts Center here on behalf of seller Klingbeil Medical Partners, a real estate investment firm specializing in medical-office reposition opportunities, to an unnamed buyer. The property includes four buildings located at 13362, 13372, 13422 Newport Ave and 1101 Bryan Ave. LONG BEACH, CA—Stepp Commercial has completed two multifamily sales here within the East Village Arts District in Downtown Long Beach. Keely Partners LP from Pacific Palisades purchased a 24-unit apartment property at 138 Elm Ave. for $2.8 million from a private investor from Long Beach. Robert Stepp, principal, represented both parties in the sale, which closed at a 5.4 % cap rate. Also, Stepp has completed the $2.53-million sale of a 20-unit apartment property at 425 Lime Ave. Stepp and Michael Toveg, VP, represented the buyer, NNC Apartment Venture LLC from Long Beach, as well as the seller, a private investor from Palos Verdes. The property closed at a 5.88% cap rate.

ANAHEIM, CA—Huber Family Trust has sold a 12,000-square-foot industrial building at 1910 E. Via Burton here for $175 per square foot to Power Edge Solutions Inc. According to CBRE Research, the building sold for the highest per square foot price in the building size range since 2008; the current average sale price for industrial buildings 20,000 square feet and below is $163 per square foot. Steve Young and Tom Dorman of Gibson Co. provided advisory services to the seller.

LEASES

RANCHO CUCAMONGA, CA—Third-party logistics firm Custom Goods has renewed its 240,249-square-foot industrial lease for its Inland Empire warehouse and distribution center at 12200 Arrow Route here. JLL team members Louis Tomaselli and Jordan Quinn represented the tenant in the lease.

DENVER—EPS Settlements Group has renewed its lease at 5613 DTC Pkwy. here. The tenant occupies 11,855 square feet of space on the sixth floor, but will be expanding to 14,540 square feet when it relocates to the seventh floor in the third quarter of this year. In addition, EPS is in the process of completing new space design to improve productivity and collaboration. Savills Studley EVP and branch manager of the firm's Denver Tech Center office Jim McGrath represented EPS in the transaction, along with managing director Tom Pappas. John Hutto of Colliers International represented the undisclosed landlord.

OAKLAND, CA—The Swig Co. has signed a lease with creative agency Huge Inc. for 6,415 square feet at the Wakefield Building at 416 17^th St. here. The agency is expected to move about 45 Bay Area employees to the building later this year when it will occupy the entire second floor. The building is now 100% leased. Ryan Hattersley of Cushman & Wakefield represented Swig, while Erica Rubinstein of Newmark Grubb Knight Frank Global Corporate Services represented the tenant.

SAN DIMAS, CA—Progressive Real Estate Partners has executed a 10-year lease with Crunch Fitness for a 26,000-square-foot anchor space at 186 Village Court here. Located in Foothill Village mixed-use center, Crunch is scheduled to open in May.

FINANCING

SEATTLE—The Seattle office of Berkadia has originated $18.5 million in financing for three properties in Washington and Montana. SVP Jeff Stuart secured the fixed-rate loans, working with borrower Investors Capital Group LLC to arrange $12.2 million through Fannie Mae to refinance Maple Crossing Apartments, an affordable-housing property located in Maple Valley, WA; and $3.2 million for the refinancing of another affordable housing property, Wildflower Apartments, located in Missoula, MT. He also worked on behalf of borrower Butler Development to secure a $3.1-million loan through a national bank for Sophie Court Townhomes, a student-housing property located in Lynnwood, WA.

LOS ANGELES—Robert R. Hervey, EVP/senior managing director of NorthMarq Capital's Los Angeles regional office, has arranged the $10-million refinance of a 154,456-square-foot industrial building at 9151 Mason Ave. here. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with Nationwide Life Insurance Co.

PORTLAND, OR—Buchanan Street Partners has closed a first-mortgage loan here in 10 business days for 2815 SW Barbur Blvd., a former fitness center the borrower plans to convert to a single-tenant creative-office building with dramatic two-story work spaces. The borrower required the loan to purchase the $10-million, $68,600-square-foot property. BSP provided a first mortgage of $9.45 million at closing. Once renovations are complete, the property will serve as footwear manufacturer Under Armour's new expanded headquarters.

EXECUTIVE APPOINTMENTS

IRVINE, CA—Auction.com LLC has named former LinkedIn and Yahoo! engineer Lawrence Yuan as senior director of engineering. Yuan, who has spent the last four years leading various engineering teams within LinkedIn, will oversee the development of web and mobile products and applications that enhance how buyers, sellers and real estate professionals access and interact with the Auction.com platform. A 17-year tech industry veteran, Yuan is co-inventor of six patent-pending algorithms and frameworks that have helped social-media platforms tailor message delivery times according to each member's unique location, profile and when they typically use the platform.

LAS VEGAS—Kennedy Wilson has hired Greg St. Martin, Las Vegas market expert and 30-year brokerage industry veteran, to its Las Vegas operations. St. Martin, who joins the firm as VP, specializes in the industrial, office and retail sectors. Prior to joining Kennedy Wilson, he served as VP at Sun Commercial Real Estate, managing sales and leasing of office, industrial and retail properties in Las Vegas.

SAN DIEGO—Greg Kelly joins Kidder Mathews' San Diego office as a VP, specializing in industrial and corporate-headquarter properties. Prior to joining the firm, Kelly was with Colliers International in its San Diego office.

EVENTS

COSTA MESA, CA—Building Block Foundation Fund held its 10^th-annual celebration event on April 23^rd at the Samueli Theatre in Costa Mesa. GlobeSt.com was a media sponsor for the event Pop, Fizz … Clink!, which brought together 300 of the top commercial real estate investors, developers, asset managers, lenders and brokers in Orange County for networking and cocktails to celebrate the collective work of Building Block supporters. Building Block's mission is to facilitate public/private partnerships that support programs aimed at encouraging underprivileged but deserving youth in Orange County to achieve more positive lifestyles. The event included a speaker from one of the foundation's charity partners, Project Access, as well as a live auction featuring a Newport Harbor “bay cruise” aboard a 50-ft. sport fisher, four tickets to an Angels game, a one-hour helicopter ride out of John Wayne Airport, a three-night stay in a private townhome in a gated community in Palm Desert and a diamond bracelet valued at $3000. Sponsors included