LOS ANGELES—Our bi-weekly update on the middle markets throughout the Southwest region. Here's a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.
NEWS & NOTABLES
NEWPORT BEACH, CA—SRS Real Estate Partners has hired Dale Robbins as a senior associate in the national net lease group in the Newport Beach office. Robbins will focus on portfolio sale-leaseback assignments, mergers and acquisitions transactions and net lease investment sales nationwide. He brings three years of experience to the firm.
PHOENIX—Belinda Rosthenhausler has joined Clear Title Agency of Arizona as the assistant VP of commercial sales, where she will serve on Carol Rieger's team. In this role, she will focus on the continued market growth of the commercial title division, with a strategic emphasis on marketing and new account acquisitions. She will specifically work to build relationships with commercial brokers, real estate developers, investors, lenders, and attorneys. She will assist with research, due diligence, and commercial escrow services. She joins the firm from Security Title Agency, where she served in the same role.
PHOENIX—Eric Forshee, has joined NAI Horizon as director of business development. He brings more than 28 years of commercial real estate experience, and joins the firm from Newmark Grubb Knight Frank, where he served as national director of business development for property management. There, he was responsible for more than 80 million square feet of new management and leasing assignments nationally.
DEALTRACKER
SAN DIEGO—Faraday Research Center, a 65,840-square-foot, single-story Class A biotechnology/creative office building, has traded hands for $19 million between an unnamed Los Angeles-based buyer and Alvarez & Marsal Capital Real Estate. The property was recently renovated and is fully leased to Abbott Laboratories and Wasserman Media Group. The property is part of a larger, prestigious master-planned development known as the Carlsbad Research Center and is situated amongst a premier cluster of life science companies. Aric Starck and Rick Reeder of Cushman & Wakefield's Capital Markets Group in San Diego represented both parties in the transaction.
LOS ANGELES—Ness Holdings has acquired a 65-unit multifamily complex in Hollywood for $14.2 million. Built in 1957, the property is on a rare one-acre corner lot near the intersection of Sunset and Cahuenga Boulevards in the heart of Hollywood. The property is largely made up of one-bedroom units and is within walking distance to the ArcLight, Hollywood Palladium, Pantages Theater and the Hollywood/Vine Metro station. It is 96% leased with below market rents. Henry Garcia of Keller Williams Studio City represented both the buyer and seller in the off-market transaction.
LOS ANGELES—Developer Primestor has secured a $13.5 million loan to pay off the maturing loan on Village Square, an 80,787 SF multi-tenant anchored retail in Bell Gardens. The loan has a 10-year term and is nonrecourse. The property is currently 100% leased to 7 tenants, including Ross and Marshalls, both of which are performing above their national averages. A life insurance company funded the loan. PSRS secured the funding on behalf of the borrower.
ANAHEIM—iBorrow has provided a $13.5 million loan to Azure Leisure Living for La Palma Royale, a 73,641-square-foot, two-story assisted living facility located at 525 W. La Palma Avenue in Anaheim. The property has 199 beds with significant expansion rights, and is equipped to provide first class amenities, security and fully staffed nursing to its elderly residents. The borrower has been actively managing the facility in recent months while it was under contract to purchase the property from the seller.
LOS ANGELES—Our bi-weekly update on the middle markets throughout the Southwest region. Here's a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.
NEWS & NOTABLES
NEWPORT BEACH, CA—SRS Real Estate Partners has hired Dale Robbins as a senior associate in the national net lease group in the Newport Beach office. Robbins will focus on portfolio sale-leaseback assignments, mergers and acquisitions transactions and net lease investment sales nationwide. He brings three years of experience to the firm.
PHOENIX—Belinda Rosthenhausler has joined Clear Title Agency of Arizona as the assistant VP of commercial sales, where she will serve on Carol Rieger's team. In this role, she will focus on the continued market growth of the commercial title division, with a strategic emphasis on marketing and new account acquisitions. She will specifically work to build relationships with commercial brokers, real estate developers, investors, lenders, and attorneys. She will assist with research, due diligence, and commercial escrow services. She joins the firm from Security Title Agency, where she served in the same role.
PHOENIX—Eric Forshee, has joined NAI Horizon as director of business development. He brings more than 28 years of commercial real estate experience, and joins the firm from Newmark Grubb Knight Frank, where he served as national director of business development for property management. There, he was responsible for more than 80 million square feet of new management and leasing assignments nationally.
DEALTRACKER
SAN DIEGO—Faraday Research Center, a 65,840-square-foot, single-story Class A biotechnology/creative office building, has traded hands for $19 million between an unnamed Los Angeles-based buyer and
LOS ANGELES—Ness Holdings has acquired a 65-unit multifamily complex in Hollywood for $14.2 million. Built in 1957, the property is on a rare one-acre corner lot near the intersection of Sunset and Cahuenga Boulevards in the heart of Hollywood. The property is largely made up of one-bedroom units and is within walking distance to the ArcLight, Hollywood Palladium, Pantages Theater and the Hollywood/Vine Metro station. It is 96% leased with below market rents. Henry Garcia of Keller Williams Studio City represented both the buyer and seller in the off-market transaction.
LOS ANGELES—Developer Primestor has secured a $13.5 million loan to pay off the maturing loan on Village Square, an 80,787 SF multi-tenant anchored retail in Bell Gardens. The loan has a 10-year term and is nonrecourse. The property is currently 100% leased to 7 tenants, including Ross and Marshalls, both of which are performing above their national averages. A life insurance company funded the loan. PSRS secured the funding on behalf of the borrower.
ANAHEIM—iBorrow has provided a $13.5 million loan to Azure Leisure Living for La Palma Royale, a 73,641-square-foot, two-story assisted living facility located at 525 W. La Palma Avenue in Anaheim. The property has 199 beds with significant expansion rights, and is equipped to provide first class amenities, security and fully staffed nursing to its elderly residents. The borrower has been actively managing the facility in recent months while it was under contract to purchase the property from the seller.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.