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
IRVINE, CA—Passco Companies has announced the promotions of Alan Clifton to COO and Suzy Cottle to CFO. The promotions come as a result of the company's plan to acquire more than $1 billion in commercial real estate this year. In his new position, Clifton will negotiate and secure financing for new acquisitions as well as maturing asset loans, and oversee company operations, Passco Property Management and Passco Management Services. Clifton will continue his role within Passco Companies Development. In her new role, Cottle, who has been with Passco since 2004, will be responsible for overseeing all financial reporting, risk management and strategic banking relationships for Passco Companies and its affiliates.
LOS ANGELES—Arup has hired Katherine Perez-Estolano to its L.A. office as Cities Leader, with a focus on expanding our relationships with cities in Southern California. Katherine has a strong background in community development, real estate and infrastructure development, transportation policy, and urban planning. In her new role, Katherine will implement Arup's Americas Cities Strategy, build on existing planning capabilities, and establish a transaction advice team in the Los Angeles region.
LOS ANGELES—JLL has hired Rob Perez as managing director of Healthcare Solutions in the West Region. In this role, Perez will lead regional healthcare development activities, helping hospitals and health systems enhance the patient experience, improve clinical outcomes and drive financial performance through real estate and facilities solutions. Perez brings more than three decades of experience in healthcare business development, public and private accounting and sales. Based in Los Angeles, Calif., he will concentrate on an area covering Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington and Wyoming.
DEALTRACKER
IRVINE, CA—Kelemen Caamano Investments has acquired four multi-tenant low-rise office buildings in Irvine for $27 million from CIP Real Estate. The buildings are located at the corner of Jamboree Blvd. and MacArthur Blvd. and were acquired as part of a 1031 exchange. The four buildings are part of the high-profile 13.55-acre, eight-building Centerpointe office campus. The properties are 100% occupied with tenants that include University of California, Irvine, SGS&B Law, and Elite Education, among others. The four buildings total 105,295 square feet of space and are situated on three separate parcels of land. The mix of one, two and three-story office buildings have been professionally maintained and offer high-quality interior and exterior improvements. Wind Water Realty represented the buyer, while Newmark Grubb Knight Frank executive managing director of investment services Robert Griffith along with Brian Garbutt of Lee & Associates.
LOS ANGELES—Winright Investments has acquired two adjacent retail centers in Torrance, California for $14.5 million. The Torrance Western Shopping Center, located at 1820-1842 West 182nd Street, is a stable, Southern California shopping center with strong anchors and a diverse tenant mix. The center is 30,279 square feet and anchored by retailer, 99 Cents Only, a top performing chain at this location. The shopping center was recently improved with a parking lot re-paving and updating of the exteriors. The second property, Sansei Shopping Center, is located at 18203 South Western Avenue and is a brand new retail strip center located in the heart of Torrance. Tenants include 7-Eleven and Shin Sen Gumi, a successful traditional Japanese restaurant that will be opening their first drive-thru store at this location. The property was still under construction and had two vacancies at the time of sale. CBRE's Alex Kozakov, Patrick Wade and Eric Roy represented the sellers, a partnership between JSGT Fund LLC and Torrance RF, LLC. Realty Advisory Group represented the buyer in this transaction.
PROVO, UT—Marcus & Millichap has arranged the sale of Pacific Heights Apartments, a 336-bed, 71-unit student housing property in Provo, Utah. The sale is part of a two-property student-housing portfolio in Provo that includes a second asset of more than 100 beds, which is expected to close in February 2017. Zylstra, and Danny Shin, vice president investments, represented the seller, a local development group based in Alpine, Utah, and procured the buyer, College Place Partners. Based in Dallas, College Place Partners owns student housing in markets across the country. Built in 2015, Pacific Heights Apartments is located at 743 N 900 E in Provo, less than a mile from the BYU campus and less than six miles from Utah Valley University. The property features three-to-six-bedroom units that range in size from 1,000 square feet to 1,700 square feet. Each unit is fully furnished and contains a full kitchen and a flat-screen television. All private rooms have personal desks and ample storage space.
LOS ANGELES—Mesa West Capital has originated $63.8 million in short-term first mortgage debt in two separate financings secured by commercial real estate assets in the California cities of Walnut Creek and San Diego. Mesa West provided a joint venture of Citivest Commercial and Tallen Capital Partners with a $35.75 million first mortgage loan to refinance and reposition the Rossmoor Shopping Center in Walnut Creek. The sponsor acquired the property in 2012 and is moving forward with an extensive City-approved redevelopment plan that will include upgrading the exterior façade, expanding the inline space and adding new retail pads. The improvements will create an additional 27,000 square feet of net rentable area to the existing 108,000-square-foot grocery anchored retail center. The sponsor plans to leverage the planned improvements to roll existing leases to market and build on current leasing momentum, which includes new leases for future pad space with CVS and Starbucks.
SAN DIEGO—Murphy Development Co. has purchased the 542,197-square-foot, two-building campus at the San Diego Business Park on Otay Mesa from Panasonic Corporation of North America for $28 million. MDC plans to invest an additional $15 million in upgrades. The buildings are strategically located contiguous to the SR 11 and within a few hundred feet of SR 905, providing excellent freeway identity and access. Panasonic will lease approximately 70 percent of the 329,000-square-foot 2001 Sanyo Avenue building after MDC completes 42,000 square feet of new office improvements. The remaining 94,000 square feet of Class A industrial space in the 2001 Building and 209,700 square-feet in the 2055 Building will be marketed for lease. Additionally, the campus also includes a seven-acre fully entitled parcel of land, which MDC plans to develop into either a 150,000- square-foot freestanding building or to expand the 2055 Building into a 350,000-square-foot building. Brent Bohlken and Bryan Teel of Newmark Grubb Knight Frank represented the seller in the transaction and Murphy represented itself.
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
IRVINE, CA—Passco Companies has announced the promotions of Alan Clifton to COO and Suzy Cottle to CFO. The promotions come as a result of the company's plan to acquire more than $1 billion in commercial real estate this year. In his new position, Clifton will negotiate and secure financing for new acquisitions as well as maturing asset loans, and oversee company operations, Passco Property Management and Passco Management Services. Clifton will continue his role within Passco Companies Development. In her new role, Cottle, who has been with Passco since 2004, will be responsible for overseeing all financial reporting, risk management and strategic banking relationships for Passco Companies and its affiliates.
LOS ANGELES—Arup has hired Katherine Perez-Estolano to its L.A. office as Cities Leader, with a focus on expanding our relationships with cities in Southern California. Katherine has a strong background in community development, real estate and infrastructure development, transportation policy, and urban planning. In her new role, Katherine will implement Arup's Americas Cities Strategy, build on existing planning capabilities, and establish a transaction advice team in the Los Angeles region.
LOS ANGELES—JLL has hired Rob Perez as managing director of Healthcare Solutions in the West Region. In this role, Perez will lead regional healthcare development activities, helping hospitals and health systems enhance the patient experience, improve clinical outcomes and drive financial performance through real estate and facilities solutions. Perez brings more than three decades of experience in healthcare business development, public and private accounting and sales. Based in Los Angeles, Calif., he will concentrate on an area covering Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington and Wyoming.
DEALTRACKER
IRVINE, CA—Kelemen Caamano Investments has acquired four multi-tenant low-rise office buildings in Irvine for $27 million from CIP Real Estate. The buildings are located at the corner of Jamboree Blvd. and MacArthur Blvd. and were acquired as part of a 1031 exchange. The four buildings are part of the high-profile 13.55-acre, eight-building Centerpointe office campus. The properties are 100% occupied with tenants that include University of California, Irvine, SGS&B Law, and Elite Education, among others. The four buildings total 105,295 square feet of space and are situated on three separate parcels of land. The mix of one, two and three-story office buildings have been professionally maintained and offer high-quality interior and exterior improvements. Wind Water Realty represented the buyer, while Newmark Grubb Knight Frank executive managing director of investment services Robert Griffith along with Brian Garbutt of Lee & Associates.
LOS ANGELES—Winright Investments has acquired two adjacent retail centers in Torrance, California for $14.5 million. The Torrance Western Shopping Center, located at 1820-1842 West 182nd Street, is a stable, Southern California shopping center with strong anchors and a diverse tenant mix. The center is 30,279 square feet and anchored by retailer, 99 Cents Only, a top performing chain at this location. The shopping center was recently improved with a parking lot re-paving and updating of the exteriors. The second property, Sansei Shopping Center, is located at 18203 South Western Avenue and is a brand new retail strip center located in the heart of Torrance. Tenants include 7-Eleven and Shin Sen Gumi, a successful traditional Japanese restaurant that will be opening their first drive-thru store at this location. The property was still under construction and had two vacancies at the time of sale. CBRE's Alex Kozakov, Patrick Wade and Eric Roy represented the sellers, a partnership between JSGT Fund LLC and Torrance RF, LLC. Realty Advisory Group represented the buyer in this transaction.
PROVO, UT—Marcus & Millichap has arranged the sale of Pacific Heights Apartments, a 336-bed, 71-unit student housing property in Provo, Utah. The sale is part of a two-property student-housing portfolio in Provo that includes a second asset of more than 100 beds, which is expected to close in February 2017. Zylstra, and Danny Shin, vice president investments, represented the seller, a local development group based in Alpine, Utah, and procured the buyer, College Place Partners. Based in Dallas, College Place Partners owns student housing in markets across the country. Built in 2015, Pacific Heights Apartments is located at 743 N 900 E in Provo, less than a mile from the BYU campus and less than six miles from Utah Valley University. The property features three-to-six-bedroom units that range in size from 1,000 square feet to 1,700 square feet. Each unit is fully furnished and contains a full kitchen and a flat-screen television. All private rooms have personal desks and ample storage space.
LOS ANGELES—Mesa West Capital has originated $63.8 million in short-term first mortgage debt in two separate financings secured by commercial real estate assets in the California cities of Walnut Creek and San Diego. Mesa West provided a joint venture of Citivest Commercial and Tallen Capital Partners with a $35.75 million first mortgage loan to refinance and reposition the Rossmoor Shopping Center in Walnut Creek. The sponsor acquired the property in 2012 and is moving forward with an extensive City-approved redevelopment plan that will include upgrading the exterior façade, expanding the inline space and adding new retail pads. The improvements will create an additional 27,000 square feet of net rentable area to the existing 108,000-square-foot grocery anchored retail center. The sponsor plans to leverage the planned improvements to roll existing leases to market and build on current leasing momentum, which includes new leases for future pad space with CVS and Starbucks.
SAN DIEGO—Murphy Development Co. has purchased the 542,197-square-foot, two-building campus at the San Diego Business Park on Otay Mesa from
© 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.