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
RENO, NV— Suzy Klass and Steve Avanzino have joined Kidder Mathews' Reno office. In their new roles, they will specialize in office and self-storage investments. Prior to joining Kidder Mathews, both were with NAI Alliance.
SAN BERNARDINO, CA—Ontario International Airport Authority, a body composed of Inland officials, has assumed local control of Ontario International Airport (ONT) from Los Angeles World Airports, and now, San Bernardino County residents and businesses are tasked with ensuring the airport will grow and flourish. According to the authority, airports are an important economic catalyst for many industries. They are the gateway to a region and many times provide the first impression for visitors who travel into a new area. The County will take part in its repositioning and re-emergence as the fastest growing airport in Southern California. However, County residents and businesses must now embrace the convenience of a local airport and recognize the opportunity to support ONT's growth by flying local. As a member of the Ontario International Airport Authority, the County will be part of a broader effort to drive down costs and improve service in order to make ONT a more attractive and competitive option for airline service.
PHOENIX—Savills Studley has hired a team of seasoned industry professionals to the firm's Occupier Services Group, including executive managing directors Charles Daggett and Dina Zavislak. This new global occupier services team comes to Savills Studley from Mohr Partners, and will operate from the company's Dallas and Phoenix offices. Daggett and Zavislak's team has extensive experience assisting Fortune 500 and Fortune 1000 clients with strategic management of real estate portfolios, continually managing hundreds of transactions annually worth in excess of $1.4 billion over the past few years. As part of Savills Studley's rapidly expanding Occupier Services Group, the team will continue to offer clients in-depth market-by-market data/analytics, complex financial portfolio modeling, workplace strategy solutions and strategic portfolio management.
THOUSAND OAKS—University Village continuing care retirement community in Thousand Oaks, and its landscaping company, Stay Green, have won a top statewide award for excellence in landscaping and maintenance from the California Landscape Contractors Association. CLCA annually sponsors the Trophy Awards, which recognize the best of California landscaping. University Village won a first-place Trophy Award in the category of “Public Works/Sports, Parks & Athletic Fields,” one of the most competitive categories in the awards program. Each entry is evaluated for its workmanship, quality of construction, quality of landscape materials and overall appearance by professional judges.
DEALTRACKER
PHOENIX—A California-based Investment Concepts has acquired the Solano Terrace Apartments at 4715 N. Black Canyon in Phoenix, AZ, for $19 million from 3rd Avenue Investments. Built in 1985, Solano Terrace Apartments is situated on 9.98 acres. The property includes 18 two-story buildings with a total of 288 apartment units. The units range from 450-square- foot studios to 950-square- foot 2BD/2BA deluxe units with washer/dryer. Solano Terrace was 94% occupied at the time of the sale. Solano Terrace apartments feature spacious interiors, private patios, and gourmet kitchens with dishwashers. Some units include in-suite washer/dryers, walk-in closets and breakfast bars. Solano Terrace is a gated community with lush landscaping and mature trees. Common areas include a fitness center, Internet center, BBQ and children's play area. The property also features two sparkling pools and spa. Hahn, Jeff Sherman and Trevor Koskovich with Colliers International in Greater Phoenix handled the marketing and sale of the Solano Terrace Apartments. Financing was arranged through Fidelity BanCorp Funding.
SPARKS, NV—1100 Place Apartments, a 230-unit apartment property in Sparks, Nevada has traded hands for $15.5 million, which equates to $67,400 per unit. Built in 1975 on more than seven acres, 1100 Place Apartments is located at 1100 15th St. in Sparks. Major renovations completed since 2015 include new siding, exterior painting, enclosed carports, new asphalt, new landings, landscaping and signage. Throughout the extensive exterior renovation process, the ownership maintained an occupancy rate of 96%. Kenneth Blomsterberg, along with Ryan Rife and Benjamin L. Nelson, associates in Reno, had the exclusive listing to market the property on behalf of the seller, a special servicer. The team also secured and represented the buyer, a San Francisco Bay Area-based private investor.
SAN DIEGO— PUR VDF Apartments has sold the Terra at Mission Trails Apartments for more than $20 million to Mission Gorge Rd LP. Built in 1977, the 90-unit asset underwent a major renovation in 2010 and is situated on 3.44 acres. The property features studios, one, and two bedroom units, with an average floorplan of 671 square feet. The community has resort-style amenities, including a pool, hot tub, sauna, resident lounge, BBQ area and a new state of the art fitness center. CBRE multifamily experts Jim Neil, Eric Comer, and Merrick Matricardi represented the seller, while the buyer represented itself.
NEWPORT BEACH, CA— Shopoff Realty Investments has acquired a three-story, 44,434-square-foot office building located at 4440 Von Karman Ave. in Newport Beach, Calif. The property was acquired for $15.4 million. The property featured lush landscaping, an elevator and abundant common parking. CommerceWest Bank, DynTek and Johnson Attorneys Group occupy the property. The building was 44% vacant at the time of acquisition, in a market with an 8.5% vacancy rate and rents forecasted to grow 33.5% over the next five years.
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
RENO, NV— Suzy Klass and Steve Avanzino have joined Kidder Mathews' Reno office. In their new roles, they will specialize in office and self-storage investments. Prior to joining Kidder Mathews, both were with NAI Alliance.
SAN BERNARDINO, CA—Ontario International Airport Authority, a body composed of Inland officials, has assumed local control of Ontario International Airport (ONT) from Los Angeles World Airports, and now, San Bernardino County residents and businesses are tasked with ensuring the airport will grow and flourish. According to the authority, airports are an important economic catalyst for many industries. They are the gateway to a region and many times provide the first impression for visitors who travel into a new area. The County will take part in its repositioning and re-emergence as the fastest growing airport in Southern California. However, County residents and businesses must now embrace the convenience of a local airport and recognize the opportunity to support ONT's growth by flying local. As a member of the Ontario International Airport Authority, the County will be part of a broader effort to drive down costs and improve service in order to make ONT a more attractive and competitive option for airline service.
PHOENIX—Savills Studley has hired a team of seasoned industry professionals to the firm's Occupier Services Group, including executive managing directors Charles Daggett and Dina Zavislak. This new global occupier services team comes to Savills Studley from Mohr Partners, and will operate from the company's Dallas and Phoenix offices. Daggett and Zavislak's team has extensive experience assisting Fortune 500 and Fortune 1000 clients with strategic management of real estate portfolios, continually managing hundreds of transactions annually worth in excess of $1.4 billion over the past few years. As part of Savills Studley's rapidly expanding Occupier Services Group, the team will continue to offer clients in-depth market-by-market data/analytics, complex financial portfolio modeling, workplace strategy solutions and strategic portfolio management.
THOUSAND OAKS—University Village continuing care retirement community in Thousand Oaks, and its landscaping company, Stay Green, have won a top statewide award for excellence in landscaping and maintenance from the California Landscape Contractors Association. CLCA annually sponsors the Trophy Awards, which recognize the best of California landscaping. University Village won a first-place Trophy Award in the category of “Public Works/Sports, Parks & Athletic Fields,” one of the most competitive categories in the awards program. Each entry is evaluated for its workmanship, quality of construction, quality of landscape materials and overall appearance by professional judges.
DEALTRACKER
PHOENIX—A California-based Investment Concepts has acquired the Solano Terrace Apartments at 4715 N. Black Canyon in Phoenix, AZ, for $19 million from 3rd Avenue Investments. Built in 1985, Solano Terrace Apartments is situated on 9.98 acres. The property includes 18 two-story buildings with a total of 288 apartment units. The units range from 450-square- foot studios to 950-square- foot 2BD/2BA deluxe units with washer/dryer. Solano Terrace was 94% occupied at the time of the sale. Solano Terrace apartments feature spacious interiors, private patios, and gourmet kitchens with dishwashers. Some units include in-suite washer/dryers, walk-in closets and breakfast bars. Solano Terrace is a gated community with lush landscaping and mature trees. Common areas include a fitness center, Internet center, BBQ and children's play area. The property also features two sparkling pools and spa. Hahn, Jeff Sherman and Trevor Koskovich with Colliers International in Greater Phoenix handled the marketing and sale of the Solano Terrace Apartments. Financing was arranged through Fidelity BanCorp Funding.
SPARKS, NV—1100 Place Apartments, a 230-unit apartment property in Sparks, Nevada has traded hands for $15.5 million, which equates to $67,400 per unit. Built in 1975 on more than seven acres, 1100 Place Apartments is located at 1100 15th St. in Sparks. Major renovations completed since 2015 include new siding, exterior painting, enclosed carports, new asphalt, new landings, landscaping and signage. Throughout the extensive exterior renovation process, the ownership maintained an occupancy rate of 96%. Kenneth Blomsterberg, along with Ryan Rife and Benjamin L. Nelson, associates in Reno, had the exclusive listing to market the property on behalf of the seller, a special servicer. The team also secured and represented the buyer, a San Francisco Bay Area-based private investor.
SAN DIEGO— PUR VDF Apartments has sold the Terra at Mission Trails Apartments for more than $20 million to Mission Gorge Rd LP. Built in 1977, the 90-unit asset underwent a major renovation in 2010 and is situated on 3.44 acres. The property features studios, one, and two bedroom units, with an average floorplan of 671 square feet. The community has resort-style amenities, including a pool, hot tub, sauna, resident lounge, BBQ area and a new state of the art fitness center. CBRE multifamily experts Jim Neil, Eric Comer, and Merrick Matricardi represented the seller, while the buyer represented itself.
NEWPORT BEACH, CA— Shopoff Realty Investments has acquired a three-story, 44,434-square-foot office building located at 4440 Von Karman Ave. in Newport Beach, Calif. The property was acquired for $15.4 million. The property featured lush landscaping, an elevator and abundant common parking. CommerceWest Bank, DynTek and Johnson Attorneys Group occupy the property. The building was 44% vacant at the time of acquisition, in a market with an 8.5% vacancy rate and rents forecasted to grow 33.5% over the next five years.
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