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

SAN DIEGO, CA—BNBuilders has hired Brian Dague, DBIA, LEED AP, to its Southern California leadership team as a Project Executive. In the new role, he will help lead the company's expanding operations in Los Angeles and Orange County, where the company saw exponential growth last year. Dague will help principal Jamie Awford establish and lead an Orange County-based satellite office for the company's expanding operations in the region.  In recent months, BNBuilders's Southern California office has won high-profile projects at UC Riverside, UCLA, and Caltech, to name a few.

LOS ANGELES—Withee Malcom Architects has hired Ray Irmer and Alicia Perez as part of the expansion of its interior architecture studio. Irmer and Perez join the firm from Gensler, and are collaborating with Principal Jeff Lemler who has long been responsible for the firm's successful tenant improvement division delivering interior design solutions for a range of clients including corporate offices, R&D, manufacturing and industrial facilities. Irmer is an experienced studio director and has joined the firm to lead an expanded team of designers and architects. Having worked in design, construction, and corporate real estate for over 30 years, he understands the varied needs of clients from the creative, technology, professional, financial, and corporate sectors, as well as landlords, property and facility managers.

DEALTRACKER

TUSCON, AZ—The $250 million venture between the Bascom Group and funds managed by Oaktree Capital Management has acquired La Entrada Apartments, a 186-unit community located in Tucson, Arizona. ACORE Capital provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith and Annie Rice of CBRE. The onsite property management will be overseen by Arizona based Morrison, Ekre & Bart Management Services. Built in two phases, the property is a low-density community with a resort-style swimming pool and relaxing spa. Other amenities include a fitness center, basketball court, barbeque areas with picnic tables, and a gated entry. La Entrada's exceptional downtown Tucson location presents easy access to both Interstate-10 and the new Downtown Street Car Line, providing residents quick access to both major employment centers and the newly revitalized Downtown Tucson Dining & Entertainment District.

NEWPORT BEACH, CA—Euclid Plaza LLC has secured a $25 million loan for Stater Bros. Plaza, a 73,641 square-foot retail center in Chino, California. Buchanan Street provided the funding through its active bridge lending business, which provides expedited, flexible debt financings for high quality real estate projects. Built in 2008, Stater Bros. Plaza was 96% leased at the time of the financing. In addition to Stater Bros., tenants include Sprint, Subway and others. The immediate neighborhood is expected to add 48,000 single-family and apartment homes, 12 schools and 5 million square feet of industrial development. Stater Bros. Plaza, with the ability to add another 21,300 square feet of retail development, is expected to benefit from the growing residential base in the area. The borrower was represented in the refinancing by EVPs Marina Massari and Sharon Kline of CBRE's Newport Beach, CA office. Buchanan Street represented itself.

LOS ANGELES—Sterling Organization has secured $12.14 million in acquisition financing for a high street, vacant retail property at 315-319 North Beverly Drive in Beverly Hills, California. HFF director Marc Schillinger, senior managing director Chris Drew and associate Ryan Ash secured the non-recourse, fixed-rate loan at $2,583 per square foot on behalf of the borrower. 315-319 North Beverly Drive is a single-story, 4,700-square-foot property located in the Beverly Hills Golden Triangle on the Rodeo Drive side of North Beverly Drive. North Beverly Drive is one of United States' most prominent and well-known retail and restaurant destinations.

PHOENIX—Houston-based Boxer Property has acquired 3101 N. Central Avenue in Phoenix, AZ on behalf of a third party client. Also known as the CBIZ Plaza, the property totals 248,863 square feet of Class A office space across 16 floors and includes an adjoining 2-story garden office/retail building and a six story parking garage. Built in 1980, a key advantage of 3101 N. Central Avenue is its prime location within Phoenix's Central Corridor along the Valley Metro Light Rail. The building offers convenient access to Downtown Phoenix and major freeways including I-10 and I-17. The office complex is also located near the Sky Harbor International Airport, which is a 15-minute drive away. The Central Corridor has seen a resurgence in recent years with new restaurants, multifamily development and increased office demand.

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

SAN DIEGO, CA—BNBuilders has hired Brian Dague, DBIA, LEED AP, to its Southern California leadership team as a Project Executive. In the new role, he will help lead the company's expanding operations in Los Angeles and Orange County, where the company saw exponential growth last year. Dague will help principal Jamie Awford establish and lead an Orange County-based satellite office for the company's expanding operations in the region.  In recent months, BNBuilders's Southern California office has won high-profile projects at UC Riverside, UCLA, and Caltech, to name a few.

LOS ANGELES—Withee Malcom Architects has hired Ray Irmer and Alicia Perez as part of the expansion of its interior architecture studio. Irmer and Perez join the firm from Gensler, and are collaborating with Principal Jeff Lemler who has long been responsible for the firm's successful tenant improvement division delivering interior design solutions for a range of clients including corporate offices, R&D, manufacturing and industrial facilities. Irmer is an experienced studio director and has joined the firm to lead an expanded team of designers and architects. Having worked in design, construction, and corporate real estate for over 30 years, he understands the varied needs of clients from the creative, technology, professional, financial, and corporate sectors, as well as landlords, property and facility managers.

DEALTRACKER

TUSCON, AZ—The $250 million venture between the Bascom Group and funds managed by Oaktree Capital Management has acquired La Entrada Apartments, a 186-unit community located in Tucson, Arizona. ACORE Capital provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith and Annie Rice of CBRE. The onsite property management will be overseen by Arizona based Morrison, Ekre & Bart Management Services. Built in two phases, the property is a low-density community with a resort-style swimming pool and relaxing spa. Other amenities include a fitness center, basketball court, barbeque areas with picnic tables, and a gated entry. La Entrada's exceptional downtown Tucson location presents easy access to both Interstate-10 and the new Downtown Street Car Line, providing residents quick access to both major employment centers and the newly revitalized Downtown Tucson Dining & Entertainment District.

NEWPORT BEACH, CA—Euclid Plaza LLC has secured a $25 million loan for Stater Bros. Plaza, a 73,641 square-foot retail center in Chino, California. Buchanan Street provided the funding through its active bridge lending business, which provides expedited, flexible debt financings for high quality real estate projects. Built in 2008, Stater Bros. Plaza was 96% leased at the time of the financing. In addition to Stater Bros., tenants include Sprint, Subway and others. The immediate neighborhood is expected to add 48,000 single-family and apartment homes, 12 schools and 5 million square feet of industrial development. Stater Bros. Plaza, with the ability to add another 21,300 square feet of retail development, is expected to benefit from the growing residential base in the area. The borrower was represented in the refinancing by EVPs Marina Massari and Sharon Kline of CBRE's Newport Beach, CA office. Buchanan Street represented itself.

LOS ANGELES—Sterling Organization has secured $12.14 million in acquisition financing for a high street, vacant retail property at 315-319 North Beverly Drive in Beverly Hills, California. HFF director Marc Schillinger, senior managing director Chris Drew and associate Ryan Ash secured the non-recourse, fixed-rate loan at $2,583 per square foot on behalf of the borrower. 315-319 North Beverly Drive is a single-story, 4,700-square-foot property located in the Beverly Hills Golden Triangle on the Rodeo Drive side of North Beverly Drive. North Beverly Drive is one of United States' most prominent and well-known retail and restaurant destinations.

PHOENIX—Houston-based Boxer Property has acquired 3101 N. Central Avenue in Phoenix, AZ on behalf of a third party client. Also known as the CBIZ Plaza, the property totals 248,863 square feet of Class A office space across 16 floors and includes an adjoining 2-story garden office/retail building and a six story parking garage. Built in 1980, a key advantage of 3101 N. Central Avenue is its prime location within Phoenix's Central Corridor along the Valley Metro Light Rail. The building offers convenient access to Downtown Phoenix and major freeways including I-10 and I-17. The office complex is also located near the Sky Harbor International Airport, which is a 15-minute drive away. The Central Corridor has seen a resurgence in recent years with new restaurants, multifamily development and increased office demand.