Middle Market Digest: Southwest

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.

NEW & NOTABLE

LOS ANGELES—Greenland has officially opened the Metropolis to residents. The developer has secured a Temporary Certificate of Occupancy for the first residential tower at Metropolis in Downtown Los Angeles, allowing the property's first residents to close on their new homes and begin moving in. Residential tower 1 is part of Metropolis' Phase I, which will include a boutique 18-story, 350-room hotel, Hotel Indigo, set to open in Q1 2017. The second phase of Metropolis includes a curated retail experience and Residential Towers 2 and 3. Tower 2 is slated for completion in 2018.

DEALTRACKER

LOS ANGELES—Honey Inc. has leased a 23,305-square-foot office space at 990 West 8th Street in Downtown Los Angeles. The property is a creative office building and the tenant's lease includes the entire top floor of the building and building signage. CBRE's Phillip Sample, Brad Chelf, Chris Caras, Brandon Bank and Taylor Watson represented the landlord, L&R Group, a privately held company that owns and operates parking facilities throughout the United States. Cresa's Marc Bretter and Griffin Farriss represented the tenant.

LAS VEGAS—Cushman & Wakefield's Rick Reeder, executive managing director and Brad Tecca, managing director of the firm's capital markets group in San Diego, have successfully closed four office investment sale transactions in the Las Vegas metro market since May 2016 with a total asset value of almost $90 million. Reeder and Tecca were assisted with local market intelligence by Cushman & Wakefield Commerce experts Geoffrey West, senior director, Jayne Cayton, senior director and Michael Dunn, market leader of Cushman & Wakefield Commerce's Las Vegas office. The four investment sales include Marnell Corporate Center V, a 110,938 square foot, five- story Class A multi-tenant office building located at 6720 Via Austi in the heart of the Las Vegas airport area; a two single-story multi-tenant office buildings totaling 113,565 square feet at 2470 & 2490 Paseo Verde Parkway in Henderson; Aliante Corporate Center project in North Las Vegas; 113,163 square foot, four-story Class A multi-tenant office building at 2360 Corporate Circle in the city of Henderson. Three of the four dispositions involved properties carved out from a large property portfolio owned by American Nevada Company, while the remaining property was sold by Marnell Properties.

LAS VEGAS—The Bascom Group has acquired Spectrum Apartments, a late-vintage 252-unit luxury apartment community located at 9242 West Russell Road, Las Vegas, NV 89148. The $38.35 million sale closed on December 22, 2016. Patrick Sauter and Art Carll with NAI Vegas were the brokers for the sale. Charles Halladay and Jamie Kline with HFF arranged the $27.3 million loan with Lincoln Benefit Life Company. Since 2013, Bascom and its affiliates have acquired twenty-nine multifamily properties in the Las Vegas market, totaling 9,167 units.

NORTHRIDGE, CA—Institutional Property Advisors has sold Candlewood North, a 189-unit multifamily community in Northridge, California, for $43.55 million. The sales price equates to more than $230,000 per unit. The property consists of three buildings totaling 166,910 net rentable square feet situated on 3.2 acres. Community amenities include an outdoor gazebo, two large swimming pools and spas and a barbecue/picnic area. The unit mix features 13 studios, 118 one-bedroom apartments, and 58 two-bedroom units. The average apartment size is 883 square feet. Greg Harris, Kevin Green and Joseph Grabiec represented the seller, Essex Property Trust and procured the buyer, Waterton, an investment and management firm based in Chicago.

LOS ANGELES—A private investor has secured a $7.3 million refinancing loan for Ironwood Plaza, a 56,289-square-foot retail property anchored by a 99 Cents Only Store in the Inland Empire community of Moreno Valley, California. Working on behalf of the borrower, a private investor, HFF placed the 10-year, 4.80%, fixed-rate loan with a local bank. Loan proceeds were used to pay off an existing CMBS loan and cover leasing and closing costs.  This was the borrower's first loan with the bank.  The HFF debt placement team representing the borrower was led by director Jeff Sause.

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.

NEW & NOTABLE

LOS ANGELES—Greenland has officially opened the Metropolis to residents. The developer has secured a Temporary Certificate of Occupancy for the first residential tower at Metropolis in Downtown Los Angeles, allowing the property's first residents to close on their new homes and begin moving in. Residential tower 1 is part of Metropolis' Phase I, which will include a boutique 18-story, 350-room hotel, Hotel Indigo, set to open in Q1 2017. The second phase of Metropolis includes a curated retail experience and Residential Towers 2 and 3. Tower 2 is slated for completion in 2018.

DEALTRACKER

LOS ANGELES—Honey Inc. has leased a 23,305-square-foot office space at 990 West 8th Street in Downtown Los Angeles. The property is a creative office building and the tenant's lease includes the entire top floor of the building and building signage. CBRE's Phillip Sample, Brad Chelf, Chris Caras, Brandon Bank and Taylor Watson represented the landlord, L&R Group, a privately held company that owns and operates parking facilities throughout the United States. Cresa's Marc Bretter and Griffin Farriss represented the tenant.

LAS VEGAS—Cushman & Wakefield's Rick Reeder, executive managing director and Brad Tecca, managing director of the firm's capital markets group in San Diego, have successfully closed four office investment sale transactions in the Las Vegas metro market since May 2016 with a total asset value of almost $90 million. Reeder and Tecca were assisted with local market intelligence by Cushman & Wakefield Commerce experts Geoffrey West, senior director, Jayne Cayton, senior director and Michael Dunn, market leader of Cushman & Wakefield Commerce's Las Vegas office. The four investment sales include Marnell Corporate Center V, a 110,938 square foot, five- story Class A multi-tenant office building located at 6720 Via Austi in the heart of the Las Vegas airport area; a two single-story multi-tenant office buildings totaling 113,565 square feet at 2470 & 2490 Paseo Verde Parkway in Henderson; Aliante Corporate Center project in North Las Vegas; 113,163 square foot, four-story Class A multi-tenant office building at 2360 Corporate Circle in the city of Henderson. Three of the four dispositions involved properties carved out from a large property portfolio owned by American Nevada Company, while the remaining property was sold by Marnell Properties.

LAS VEGAS—The Bascom Group has acquired Spectrum Apartments, a late-vintage 252-unit luxury apartment community located at 9242 West Russell Road, Las Vegas, NV 89148. The $38.35 million sale closed on December 22, 2016. Patrick Sauter and Art Carll with NAI Vegas were the brokers for the sale. Charles Halladay and Jamie Kline with HFF arranged the $27.3 million loan with Lincoln Benefit Life Company. Since 2013, Bascom and its affiliates have acquired twenty-nine multifamily properties in the Las Vegas market, totaling 9,167 units.

NORTHRIDGE, CA—Institutional Property Advisors has sold Candlewood North, a 189-unit multifamily community in Northridge, California, for $43.55 million. The sales price equates to more than $230,000 per unit. The property consists of three buildings totaling 166,910 net rentable square feet situated on 3.2 acres. Community amenities include an outdoor gazebo, two large swimming pools and spas and a barbecue/picnic area. The unit mix features 13 studios, 118 one-bedroom apartments, and 58 two-bedroom units. The average apartment size is 883 square feet. Greg Harris, Kevin Green and Joseph Grabiec represented the seller, Essex Property Trust and procured the buyer, Waterton, an investment and management firm based in Chicago.

LOS ANGELES—A private investor has secured a $7.3 million refinancing loan for Ironwood Plaza, a 56,289-square-foot retail property anchored by a 99 Cents Only Store in the Inland Empire community of Moreno Valley, California. Working on behalf of the borrower, a private investor, HFF placed the 10-year, 4.80%, fixed-rate loan with a local bank. Loan proceeds were used to pay off an existing CMBS loan and cover leasing and closing costs.  This was the borrower's first loan with the bank.  The HFF debt placement team representing the borrower was led by director Jeff Sause.