LOS ANGELES—The Board of Harbor Commissioners has appointed three new directors at the Port of Long Beach to oversee the finance, surveys and transportation planning divisions. Maurina Lee, Robert Seidel and Allison Yoh were the three appointed to the directorships.
SALES
SAN DIEGO—Lincoln Property Co. sells a multi-tenant industrial complex in North San Diego County for $13.65 million to investor operating as 2270 CVR HOLDINGS-4 LLC. The investor bought the 106,311-square-foot property two years ago when it was 85% leased. The property was 94% leased at the time of the sale.
NEWPORT BEACH—Twin Rock Partners have launched its TRP Fund VI, the firm's sixth housing fund. The fund will purchase homes at HOA foreclosure auctions at 50% of the unencumbered Fair Market Value. The firm has implemented this strategy since 2013.
LEASES
ORANGE COUNTY, CA—Image Options has leased 100,000 square feet of space from DCT Industrial. The lease is the largest industrial lease signed in South Orange County this year. The class-A facility has a 20,000 square feet of office space, a 20,000 square foot HVAC production area and 7 loading docks.
NEWPORT BEACH—Tarsadia Investments has signed an 18,000-square-foot lease with the Irvine Co. for the top floor at 520 Newport Blvd. in Newport Beach. The space has 11-foot ceilings, floor-to-ceiling glass and sweeping views of the Pacific Ocean. The property is now 85% leased.
SANTA ANA, CA—Phenix Salon Suites has signed a 7,000-square-foot lease transaction at a single-tenant retail property at 1975 E. 17th Street in Santa Ana. The tenant signed a 15-year lease, which is valued at $3.76 million. The store will open in September of this year.
FINANCING
SAN DIEGO—An institutional fund manager has secured a $16.25 million loan for the construction of the Silver Springs Townhomes, an 18-unit luxury townhome project La Jolla Village. George Smith Partners' Jonathan Lee, principal, David Stepanchak, SVP and director of research, and Adam Candler, VP, secured the funds on behalf of the borrower. The non-recourse loan has a 65% LTC and a 24-month term.
NEWPORT BEACH, CA—An unnamed investor has secured a $17.8 million bridge loan for the purchase of a 24-slip marina and an offsite parking lot. Brandon Harris, VP at Meridian Capital Group secured the funds on behalf of the borrower. The terms and the lender were not disclosed.
CANOGA PARK—Davlyn Investments has secured a $15.85 million loan for the acquisition of Cornerstone Apartments. Eric Flyckt, managing director of Northmarq Capital, arranged the acquisition financing through Fannie Mae. The borrower also secured a second loan for $31.5 million for the acquisition of an institutional-quality office property in the Scripps Ranch/Poway market.
EMPLOYMENT
IRVINE, CA—Kidder Matthews has opened its 14th office in Orange County, and has recruited several brokers to the team. The office is located at 2 Park Plaza, Suite 850 in Irvine. David Burback, SVP of industrial properties; Herb Grabell, SVP of industrial properties; Fouy Ly, SVP of retail investments; Ted Sawyer, SVP of industrial properties; Justin Helbig, first VP of life science properties; Pete Beauchamp, SVP of investments; and Jerry Holdner, director of research, are the new hires at the office.
AWARDS
COSTA MESA, CA—Randall Maples earns the 2015-16 NAIOP SoCal-CRE Fellowship from NAIOP SoCal and the Center for Real Estate at UC Irvine's Paul Merage School of Business. The award is a designed to develop and prepare future real estate industry leaders through a $7,500 scholarship.
LOS ANGELES—The Board of Harbor Commissioners has appointed three new directors at the Port of Long Beach to oversee the finance, surveys and transportation planning divisions. Maurina Lee, Robert Seidel and Allison Yoh were the three appointed to the directorships.
SALES
SAN DIEGO—Lincoln Property Co. sells a multi-tenant industrial complex in North San Diego County for $13.65 million to investor operating as 2270 CVR HOLDINGS-4 LLC. The investor bought the 106,311-square-foot property two years ago when it was 85% leased. The property was 94% leased at the time of the sale.
NEWPORT BEACH—Twin Rock Partners have launched its TRP Fund VI, the firm's sixth housing fund. The fund will purchase homes at HOA foreclosure auctions at 50% of the unencumbered Fair Market Value. The firm has implemented this strategy since 2013.
LEASES
ORANGE COUNTY, CA—Image Options has leased 100,000 square feet of space from DCT Industrial. The lease is the largest industrial lease signed in South Orange County this year. The class-A facility has a 20,000 square feet of office space, a 20,000 square foot HVAC production area and 7 loading docks.
NEWPORT BEACH—Tarsadia Investments has signed an 18,000-square-foot lease with the Irvine Co. for the top floor at 520 Newport Blvd. in Newport Beach. The space has 11-foot ceilings, floor-to-ceiling glass and sweeping views of the Pacific Ocean. The property is now 85% leased.
SANTA ANA, CA—Phenix Salon Suites has signed a 7,000-square-foot lease transaction at a single-tenant retail property at 1975 E. 17th Street in Santa Ana. The tenant signed a 15-year lease, which is valued at $3.76 million. The store will open in September of this year.
FINANCING
SAN DIEGO—An institutional fund manager has secured a $16.25 million loan for the construction of the Silver Springs Townhomes, an 18-unit luxury townhome project La Jolla Village. George Smith Partners' Jonathan Lee, principal, David Stepanchak, SVP and director of research, and Adam Candler, VP, secured the funds on behalf of the borrower. The non-recourse loan has a 65% LTC and a 24-month term.
NEWPORT BEACH, CA—An unnamed investor has secured a $17.8 million bridge loan for the purchase of a 24-slip marina and an offsite parking lot. Brandon Harris, VP at Meridian Capital Group secured the funds on behalf of the borrower. The terms and the lender were not disclosed.
CANOGA PARK—Davlyn Investments has secured a $15.85 million loan for the acquisition of Cornerstone Apartments. Eric Flyckt, managing director of Northmarq Capital, arranged the acquisition financing through
EMPLOYMENT
IRVINE, CA—Kidder Matthews has opened its 14th office in Orange County, and has recruited several brokers to the team. The office is located at 2 Park Plaza, Suite 850 in Irvine. David Burback, SVP of industrial properties; Herb Grabell, SVP of industrial properties; Fouy Ly, SVP of retail investments; Ted Sawyer, SVP of industrial properties; Justin Helbig, first VP of life science properties; Pete Beauchamp, SVP of investments; and Jerry Holdner, director of research, are the new hires at the office.
AWARDS
COSTA MESA, CA—Randall Maples earns the 2015-16 NAIOP SoCal-CRE Fellowship from NAIOP SoCal and the Center for Real Estate at UC Irvine's Paul Merage School of Business. The award is a designed to develop and prepare future real estate industry leaders through a $7,500 scholarship.
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