Middle Market Digest: Southwest

LOS ANGELES— Here's a look at the latest deals, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.

NEW & NOTABLE

LOS ANGELES—iBorrow has promoted two employees to senior management. Lucas Allen has become the VP of Corporate Development and Will McCabe will serve as VP of Loan Originations. Previously, Allen was iBorrow's Director of Loan Originations and McCabe served as Loan Coordinator/Investment Associate. In his new role as Vice President of Corporate Development, Allen will be responsible for identifying lending verticals, and devising and implementing related marketing strategies for iBorrow nationwide. He has extensive experience developing prospective relationships to secure deal flow, pricing loan opportunities based on the market and area, and identifying appropriate borrowers given iBorrow's core lending criteria. McCabe will work closely with iBorrow's borrowers to develop and structure loans based on borrowers needs and objectives, with a focus on originating CRE bridge loans that conform to iBorrow's standards and requirements. McCabe, who has been working closely with Allen for two years, will assume Allen's responsibilities and will work closely with Allen during a transitional period

ONTARIO, CA—Marcus & Millichap has promoted several team members in its Ontario office to the position of SVP of investments. The promotions include Reza Ghaffari, Drew Wetherholt, Chuck Shillington, Douglas McCauley and Cody Cannon. Prior to these promotions, each served as first VP of investments.

DEALTRACKER

IRVINE, CA—Goodman Group has preleased one million square feet of logistics space to Amazon at Goodman Commerce Center Eastvale, California. Goodman will construct an additional one million-square-foot logistics center at the industrial center, and Amazon is scheduled to take occupancy of the new facility in 2018. The 205 acre mixed-use development, located directly off the Cantu-Galleano Ranch Road Exit on the I-15, will offer a variety of space options, including distribution, business park, retail and medical.

SALT LAKE CITY, UT—Westcore Properties has acquired an 87,122-square-foot industrial property in Salt Lake City, Utah from Los Angeles-based BH Properties for $7.15 million. The acquisition marks Westcore's entry into the Salt Lake City marketplace. Located at 4745 Amelia Earhart Drive, the one-story industrial building with cold storage is 100 percent occupied by Criminelli Fine Meats and GE Healthcare. Bryce Blanchard of Newmark Grubb ACRES represented the buyer and seller in this transaction.

IRVINE, CA—Western States Technologies Inc. has signed a four-year, 26,000-square-foot lease valued at $1.5 million with Parcel Pending the electronic package management company. Parcel Pending provides electronic package lockers for the multifamily industry. Apartment and condominium residents can ship their online purchases to a secured locker at their community and retrieve them with PIN codes unique to each package. The tenant will occupy 100 percent of the space at 1 Vanderbilt and use it for its corporate headquarters. The building is located in the Irvine Spectrum with convenient access to all major freeways and transportation corridors in Orange County.

LAS VEGAS—Agora Realty and Management has announced the acquisition of a 100,856-square-foot grocery-anchored shopping center located on 9.26 acres in Las Vegas. Agora acquired the 71% occupied property for $10.2 million from its owner.  The property sits at a high traffic intersection at 1941 N. Decatur Blvd. Anchored by Smart & Final the center is also home to Carl's Jr., Little Caesers Pizza, and Cricket Wireless. Agora is currently under contract with Metro PCS to occupy 1,229 square feet of space. Agora had been looking to expand its presence in Las Vegas based on its success with Fiesta Plaza, a 200,000-square-foot grocery-anchored retail shopping center in North Las Vegas. Agora acquired that center at 55 percent occupied. Since its mid-2016 acquisition, the firm has successfully leased more than 125,000 square feet of space, adding La Bonita Supermarket, Conn's HomePlus and another major national soft good retailer.

LOS ANGELES— Here's a look at the latest deals, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.

NEW & NOTABLE

LOS ANGELES—iBorrow has promoted two employees to senior management. Lucas Allen has become the VP of Corporate Development and Will McCabe will serve as VP of Loan Originations. Previously, Allen was iBorrow's Director of Loan Originations and McCabe served as Loan Coordinator/Investment Associate. In his new role as Vice President of Corporate Development, Allen will be responsible for identifying lending verticals, and devising and implementing related marketing strategies for iBorrow nationwide. He has extensive experience developing prospective relationships to secure deal flow, pricing loan opportunities based on the market and area, and identifying appropriate borrowers given iBorrow's core lending criteria. McCabe will work closely with iBorrow's borrowers to develop and structure loans based on borrowers needs and objectives, with a focus on originating CRE bridge loans that conform to iBorrow's standards and requirements. McCabe, who has been working closely with Allen for two years, will assume Allen's responsibilities and will work closely with Allen during a transitional period

ONTARIO, CA—Marcus & Millichap has promoted several team members in its Ontario office to the position of SVP of investments. The promotions include Reza Ghaffari, Drew Wetherholt, Chuck Shillington, Douglas McCauley and Cody Cannon. Prior to these promotions, each served as first VP of investments.

DEALTRACKER

IRVINE, CA—Goodman Group has preleased one million square feet of logistics space to Amazon at Goodman Commerce Center Eastvale, California. Goodman will construct an additional one million-square-foot logistics center at the industrial center, and Amazon is scheduled to take occupancy of the new facility in 2018. The 205 acre mixed-use development, located directly off the Cantu-Galleano Ranch Road Exit on the I-15, will offer a variety of space options, including distribution, business park, retail and medical.

SALT LAKE CITY, UT—Westcore Properties has acquired an 87,122-square-foot industrial property in Salt Lake City, Utah from Los Angeles-based BH Properties for $7.15 million. The acquisition marks Westcore's entry into the Salt Lake City marketplace. Located at 4745 Amelia Earhart Drive, the one-story industrial building with cold storage is 100 percent occupied by Criminelli Fine Meats and GE Healthcare. Bryce Blanchard of Newmark Grubb ACRES represented the buyer and seller in this transaction.

IRVINE, CA—Western States Technologies Inc. has signed a four-year, 26,000-square-foot lease valued at $1.5 million with Parcel Pending the electronic package management company. Parcel Pending provides electronic package lockers for the multifamily industry. Apartment and condominium residents can ship their online purchases to a secured locker at their community and retrieve them with PIN codes unique to each package. The tenant will occupy 100 percent of the space at 1 Vanderbilt and use it for its corporate headquarters. The building is located in the Irvine Spectrum with convenient access to all major freeways and transportation corridors in Orange County.

LAS VEGAS—Agora Realty and Management has announced the acquisition of a 100,856-square-foot grocery-anchored shopping center located on 9.26 acres in Las Vegas. Agora acquired the 71% occupied property for $10.2 million from its owner.  The property sits at a high traffic intersection at 1941 N. Decatur Blvd. Anchored by Smart & Final the center is also home to Carl's Jr., Little Caesers Pizza, and Cricket Wireless. Agora is currently under contract with Metro PCS to occupy 1,229 square feet of space. Agora had been looking to expand its presence in Las Vegas based on its success with Fiesta Plaza, a 200,000-square-foot grocery-anchored retail shopping center in North Las Vegas. Agora acquired that center at 55 percent occupied. Since its mid-2016 acquisition, the firm has successfully leased more than 125,000 square feet of space, adding La Bonita Supermarket, Conn's HomePlus and another major national soft good retailer.