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—CBRE has promoted Jodie Poirier to managing director at the firm's South Bay operations. She will have oversight of CBRE's full spectrum of service offerings —including advisory and transactions, capital markets and enterprise facilities management—and will lead the delivery of these services to clients throughout the South Bay area. Poirier joined CBRE in 2015 as a director in the company's Advisory & Transaction Services |Occupier business. In that role, she partnered with market leaders, sales management and advisory professionals to pursue and win large, often complex, occupier assignments throughout the U.S.

LOS ANGELES—Caruso has named Emily Winkle to EVP of human resources. Winkle will be responsible for overseeing all human resources functions on behalf of Caruso, including talent acquisition, talent management, employee engagement, compensation and benefits, and corporate culture. Winkle comes to Caruso from TrueCar Inc., where she served as Senior Vice President, People, leading all human resources activities. She also has held Executive Human Resources positions at Activision Blizzard and Caesars Entertainment, and began her career at Bain & Company.

DEALTRACKER

SAN DIEGO, CA—Shea Properties has signed several new tenants to Del Sur Town Center. Gor Gai Thai Eatery, Ototo Sushi Co. and Pigtails & Crewcuts are the three new tenants to join the property. Chick-Fil-A, Frost A Gelato, Sababa Kitchen, Piacere Mio Ristorante Italiano, Waypoint Public and Just Run, which had previously signed leases, are also scheduled to open this year.

CORONA, CA—Terreno Realty Corporation has fully leased an 89,919-square-foot industrial building in Corona to Wellco Industries. The Class A industrial building is located at 2095 California Avenue in Southern California's prominent Inland Empire market. Vista-based Wellco Industries, a company that creates and promotes technology products for construction, electricity and landscape design, signed a long-term deal and will utilize the facility for e-commerce use. Rick Ellison and Brett Lockwood of Cushman & Wakefield's Irvine office represented the landlord in the transaction.

SAN DIEGO, CA—The Casey Brown Company acquired a three-property office portfolio from Peregrine Realty Properties for $76.95 million. The office portfolio totals 328,943 square feet with properties located in the Kearny Mesa, Mission Valley and Old Town submarkets of Central San Diego. It includes Chesapeake Park Plaza, a 92,321-square-foot property located at 9665 Chesapeake Drive in the Kearny Mesa submarket; Valley Corporate Center, an iconic 12-story, 176,132-square-foot office tower located at 591 Camino De La Reina in Mission Valley; and
Old Town Plaza, a two-building creative-office project located at 2251 San Diego Avenue in Old Town totaling 60,490 square feet. Louay Alsadek and Hunter Rowe of CBRE represented the seller on Chesapeake Park Plaza and Valley Corporate Center. Josh Buchholz, Doug Ceresia and Matt Midura of NAI San Diego represented the seller on Old Town Plaza.

IRVINE, CA—Talonvest Capital Inc. has funded a $28 million bridge loan for the value-add acquisition of Summit Point in San Diego, CA.  The loan structure featured interest-only payments for the full three-year term, two one-year extension options and individual release provisions for maximum borrower flexibility. The Class A, four-story office building situated on a 20.95-acre site in San Diego's I-15 Corridor submarket had zero percent occupancy at loan closing as the seller was an owner/occupant. Newport National Corporation plans extensive exterior and interior renovations to the existing building and the development of a second phase building creating an innovative office campus. Talonvest negotiated the loan with Los Angeles based balance sheet lender, Mesa West Capital.

PHEONIX—The Santa Fe Logistics Center, a 367,963 sq. ft. industrial warehouse and distribution facility located at 4450 N. 45th Avenue in Phoenix, Arizona, has traded hands between Tratt Properties and Greco & Sons for $$22.4 million. The 367,963 sq. ft. facility included a 112,669 sq. ft. section leased to Hensley, a local Budweiser Distributor. Greco intends to occupy 130,787 sq. ft. immediately and to make the remaining 124,507 sq. ft. available for lease. Their long-term intent is to grow into the other spaces as leases expire. Tony Lydon with JLL represented the buyer, while Pat Feeney, Daniel Calihan and Rusty Kennedy with CBRE's Phoenix office represented 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.

NEW & NOTABLE

LOS ANGELES—CBRE has promoted Jodie Poirier to managing director at the firm's South Bay operations. She will have oversight of CBRE's full spectrum of service offerings —including advisory and transactions, capital markets and enterprise facilities management—and will lead the delivery of these services to clients throughout the South Bay area. Poirier joined CBRE in 2015 as a director in the company's Advisory & Transaction Services |Occupier business. In that role, she partnered with market leaders, sales management and advisory professionals to pursue and win large, often complex, occupier assignments throughout the U.S.

LOS ANGELES—Caruso has named Emily Winkle to EVP of human resources. Winkle will be responsible for overseeing all human resources functions on behalf of Caruso, including talent acquisition, talent management, employee engagement, compensation and benefits, and corporate culture. Winkle comes to Caruso from TrueCar Inc., where she served as Senior Vice President, People, leading all human resources activities. She also has held Executive Human Resources positions at Activision Blizzard and Caesars Entertainment, and began her career at Bain & Company.

DEALTRACKER

SAN DIEGO, CA—Shea Properties has signed several new tenants to Del Sur Town Center. Gor Gai Thai Eatery, Ototo Sushi Co. and Pigtails & Crewcuts are the three new tenants to join the property. Chick-Fil-A, Frost A Gelato, Sababa Kitchen, Piacere Mio Ristorante Italiano, Waypoint Public and Just Run, which had previously signed leases, are also scheduled to open this year.

CORONA, CA—Terreno Realty Corporation has fully leased an 89,919-square-foot industrial building in Corona to Wellco Industries. The Class A industrial building is located at 2095 California Avenue in Southern California's prominent Inland Empire market. Vista-based Wellco Industries, a company that creates and promotes technology products for construction, electricity and landscape design, signed a long-term deal and will utilize the facility for e-commerce use. Rick Ellison and Brett Lockwood of Cushman & Wakefield's Irvine office represented the landlord in the transaction.

SAN DIEGO, CA—The Casey Brown Company acquired a three-property office portfolio from Peregrine Realty Properties for $76.95 million. The office portfolio totals 328,943 square feet with properties located in the Kearny Mesa, Mission Valley and Old Town submarkets of Central San Diego. It includes Chesapeake Park Plaza, a 92,321-square-foot property located at 9665 Chesapeake Drive in the Kearny Mesa submarket; Valley Corporate Center, an iconic 12-story, 176,132-square-foot office tower located at 591 Camino De La Reina in Mission Valley; and
Old Town Plaza, a two-building creative-office project located at 2251 San Diego Avenue in Old Town totaling 60,490 square feet. Louay Alsadek and Hunter Rowe of CBRE represented the seller on Chesapeake Park Plaza and Valley Corporate Center. Josh Buchholz, Doug Ceresia and Matt Midura of NAI San Diego represented the seller on Old Town Plaza.

IRVINE, CA—Talonvest Capital Inc. has funded a $28 million bridge loan for the value-add acquisition of Summit Point in San Diego, CA.  The loan structure featured interest-only payments for the full three-year term, two one-year extension options and individual release provisions for maximum borrower flexibility. The Class A, four-story office building situated on a 20.95-acre site in San Diego's I-15 Corridor submarket had zero percent occupancy at loan closing as the seller was an owner/occupant. Newport National Corporation plans extensive exterior and interior renovations to the existing building and the development of a second phase building creating an innovative office campus. Talonvest negotiated the loan with Los Angeles based balance sheet lender, Mesa West Capital.

PHEONIX—The Santa Fe Logistics Center, a 367,963 sq. ft. industrial warehouse and distribution facility located at 4450 N. 45th Avenue in Phoenix, Arizona, has traded hands between Tratt Properties and Greco & Sons for $$22.4 million. The 367,963 sq. ft. facility included a 112,669 sq. ft. section leased to Hensley, a local Budweiser Distributor. Greco intends to occupy 130,787 sq. ft. immediately and to make the remaining 124,507 sq. ft. available for lease. Their long-term intent is to grow into the other spaces as leases expire. Tony Lydon with JLL represented the buyer, while Pat Feeney, Daniel Calihan and Rusty Kennedy with CBRE's Phoenix office represented the seller.