Value-Add Investor Hits Inland Empire

MORENO VALLEY, CA—Bridge Investment Group has acquired the Reserve at Rancho Belago for $30.1 million from Bristol Brokerage Co. Looking to expand its portfolio to the Inland Empire, the buyer plans to implement a value-add strategy by performing renovations and upgrades to the property, which is located at 15100 Moreno Beach Drive in Moreno Valley. Senior directors Margie Molloy and Spencer Scott of Berkadia represented the seller in the transaction.

SALES

LOS ANGELES—An unnamed private investor has purchased the Catalina Apartments and Hobart Apartments from an investment fund for a total of $12 million. The properties are both located in the Koreatown submarket, and the buyer plans to perform renovations to both properties. Berkadia managing director Brent Sprenkle brokered the deal.

SANTA FE SPRINGS, CA—DP Milroy has purchased the Milroy Industrial Park for $12.48 million from Adaya Asset Milroy. Located at 13721-13767 Milroy Place and 13720 Rosecrans Ave., the property consists of eight single-tenant buildings ranging in size from 10,000 to 24,000 square feet, and totals 121,328 square feet. Mark Hoekstra, Rocco Cortese and Glenn Gilmore of the Heritage Group represented the buyer, while Tom Dorman and Steve Young of CBRE represented the seller. 

LEASES

SAN DIEGO, CA—North Ridge Summit, a 129,916-square-foot class-A creative office building, has reached 100% occupancy, according to the property owner Davlyn Investments. Intel Corp. leased 95,093 square feet in the building and Turtle Beach Systems leased 34,823 square feet. The property was formerly vacant. Davlyn acquired the property in 2011. Tom Nicholas and Michael Finley of Colliers International represented Intel, and Michael Macie of Cushman & Wakefield represented Turtle Beach. Brent Wright and Matt Pourcho of CBRE represented the landlord.

LOS ANGELES—The Federal Defenders Office has signed a 50,130-square-foot lease renewal in Downtown Los Angeles valued at $16.8 million. John Anthony, Chris Steck, and Chris Giordano of Charles Dunn Co. represented the landlord, 321 E. Little Tokyo Master, while the tenants was internally represented.

LOS ANGELES—UCLA Health has expanded its presence in the South Bay, signing an 18,512-square-foot lease for two full floors in a stand-alone Rolling Hills Estates office building. The 10-year lease is valued at $5.2 million. Colliers International EVPs Eric Lastition and Geoff Ludwig represented the property owner, West Coast Capital Partners, in the transaction.

FINANCING

BEVERLY HILLS, CA—The owner of a four-property Hilton Garden Inn portfolio has secured a $49.6 million loan to refinance existing debt. The portfolio consists of 477 guestrooms located in Wisconsin and North Dakota. Sonnenblick-Eichner Co. secured the 10-year fixed-rate loan on behalf of the borrower.  

NEWPORT BEACH, CA—The owner of Newport Center Medical Office Buildings 3 & 4, a 165,627-square-foot medical office property, has secured a $27.8 million loan to refinance the property. Michael T. Elmore, EVP and managing director of NorthMarq Capital's Los Angeles office, secured the 10-year term with 3-years interest loan on behalf of the borrower.

SAN DIEGO, CA—The owner of Mission Pacific Apartments, a 132-unit multifamily property, has secured an $18 million refinance loan through a life insurance company. Eric Flyckt, SVP and managing director of NorthMarq Capital's San Diego office secured the funds on behalf of the borrower.

EMPLOYMENT

LOS ANGELES—John Balestra has joined Trammell Crow Co. as SVP in the firm's Los Angeles office. He will be responsible for sourcing and overseeing new industrial development and investment opportunities in the greater Los Angeles market. Balestra joins the firm from Roll Real Estate Development, where he served as president.

IRVINE, CA—Investment firm WNC has promoted Wendy Yan to VP of underwriting. An expert in land acquisition and entitlement, Yan joined the firm in 2011, and has served as senior project manager of underwriting and director of underwriting before this promotion.

LOS ANGELES—Architect Robert Sherman has joined Gensler as senior project director of planning and urban design, serving has a thought and design leader throughout the Southwest. Sherman was previously the founder and principal of Robert Sherman Architecture and the urban design and co-director of cityLAB. He will continue to serve as an adjunct professor at UCLA.