LOS ANGELES— 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
DENVER—Trammell Crow Company and partner Principal Real Estate Investors' Crossroads Commerce Park has been recognized as the 2016 Industrial Development of the Year by the Colorado Chapter of the National Association of Industrial and Office Parks. At the 30th Annual Awards of Achievement held Thursday evening at the Denver Center of the Performing Arts honoring the “Best of the Best” in the Commercial Real Estate Industry for 2016, NAIOP presented this award to TCC on behalf of their many partners and collaborators in this successful development.
LOS ANGELES—KTGY Architecture + Planning has promoted Ryan Flautz to associate principal at KTGY Architecture + Planning. Flautz joined KTGY in 2011 and has more than 25 years of residential design and project management experience. Flautz formerly served as executive director, production in KTGY's Los Angeles office. Flautz has an extensive background in construction documentation and techniques, quality control, staff development and a strong knowledge of federal and state building codes. Some of his recent projects include Skylar at Playa Vista in Playa Vista, Amelia at Bay Meadows and Landsdowne at Bay Meadows in San Mateo, and Communications Hill in San Jose.
DEALTRACKER
PHOENIX—Vestar has started the $15 million renovation of Desert Ridge Marketplace. First opened in 2001, Desert Ridge Marketplace served as the cornerstone in generating the Desert Ridge master plan, providing residents and families with a mixed-use, first-of-its-kind destination for shopping, dining and entertainment. The marketplace not only created a multitude of shopping options for residents, but it also introduced them to an array of different amenities and has been a focal point for the community.
ONTARIO, CA—Nellson LLC has signed a lease for a 302,080-square-foot industrial/R&D facility in Ontario, California. Voit Real Estate Services' Frank Geraci, EVP of Voit's Inland Empire office, represented Nellson as the lessee and IDI Gazeley as the lessor in the $30 million transaction. Nellson plans to invest $40 to $50 million in the Ontario facility to create a world-class production facility.
NEWPORT BEACH, CA—Living Lyon has secured $388.421 million in combined financing for a seven-property multi-housing portfolio totaling 2,152 units in Orange County, California, and Colorado. HFF senior managing director Charles Halladay, associate Sebastian Trujillo and real estate analyst Lauren LaFever worked on behalf of Lyon Living to secure the financing in seven separate loans placed through Freddie Mac's CME Program. The securitized loans will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to refinance expiring debt on the properties and each loan has a fixed-rate term of 10 years with a minimum of five years of interest-only payments. The portfolio comprises Trabuco Highlands in Trabuco Canyon, California (184 units); The Vineyards in Anaheim, California (304 units); The Arbors in Lake Forest, California (328 units); Sedona in Placentia, California (240 units); Monarch Coast in Dana Point, California (418 units); Capistrano Pointe in San Juan Capistrano, California (274 units); and Autumn Chase in Highlands Ranch, Colorado (404 units). The portfolio is approximately 94% leased overall.
PLEASANT HILL, CA—An unnamed borrower has secured a $15 million loan to refinance the Courtyard Shopping Center with a correspondent Life Insurance company lender. Seth Ludwick, of PSRS Santa Barbara secured the funds on behalf of the borrower. The retail center has 85,000 square feet of rentable space across 5 buildings and is anchored by Smart & Final, Staples and Rite Aid and is owned by a family partnership. The property was originally developed in 1993 by Fossilwood Corporation, a Texas developer, and was sold to the current ownership group in 1998. The $15M non-recourse loan featured a fixed-rate term of 25 years with a modest cash-out component. PSRS was able to identify an optimal refinance solution for the borrower despite the challenge of several short-term leases. The loan featured a small forward rate-lock and carries a fixed-rate in the mid 4s.
RIVERSIDE, CA— Silagi Development & Management has acquired a 43.23-acre industrial and commercial land site at Meridian Business Park located in Riverside, CA., for $8.7 million. Meridian Business Park is a 1,290-acre mixed use development with more than 3.5 million square feet built and occupied. The park features three miles of I-215 frontage with three on/off ramps, some of the lowest development impact fees in the Inland Empire, and a pro-business local government agency (March Joint Powers Authority) with fast track approval process. The development is considered a transportation hub with rail, three freeway interchanges and a cargo airport nearby. Jon Friesen, SVP of the Lee & Associates Riverside, and Brian Bielatowicz, SVP of the Lee & Associates Temecula Valley, represented the seller, while Mario Calvillo, VP of the Lee & Associates Riverside office, and Julia Corona-Thompson of SASSC represented the buyer.
LOS ANGELES— 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
DENVER—Trammell Crow Company and partner Principal Real Estate Investors' Crossroads Commerce Park has been recognized as the 2016 Industrial Development of the Year by the Colorado Chapter of the National Association of Industrial and Office Parks. At the 30th Annual Awards of Achievement held Thursday evening at the Denver Center of the Performing Arts honoring the “Best of the Best” in the Commercial Real Estate Industry for 2016, NAIOP presented this award to TCC on behalf of their many partners and collaborators in this successful development.
LOS ANGELES—KTGY Architecture + Planning has promoted Ryan Flautz to associate principal at KTGY Architecture + Planning. Flautz joined KTGY in 2011 and has more than 25 years of residential design and project management experience. Flautz formerly served as executive director, production in KTGY's Los Angeles office. Flautz has an extensive background in construction documentation and techniques, quality control, staff development and a strong knowledge of federal and state building codes. Some of his recent projects include Skylar at Playa Vista in Playa Vista, Amelia at Bay Meadows and Landsdowne at Bay Meadows in San Mateo, and Communications Hill in San Jose.
DEALTRACKER
PHOENIX—Vestar has started the $15 million renovation of Desert Ridge Marketplace. First opened in 2001, Desert Ridge Marketplace served as the cornerstone in generating the Desert Ridge master plan, providing residents and families with a mixed-use, first-of-its-kind destination for shopping, dining and entertainment. The marketplace not only created a multitude of shopping options for residents, but it also introduced them to an array of different amenities and has been a focal point for the community.
ONTARIO, CA—Nellson LLC has signed a lease for a 302,080-square-foot industrial/R&D facility in Ontario, California. Voit Real Estate Services' Frank Geraci, EVP of Voit's Inland Empire office, represented Nellson as the lessee and IDI Gazeley as the lessor in the $30 million transaction. Nellson plans to invest $40 to $50 million in the Ontario facility to create a world-class production facility.
NEWPORT BEACH, CA—Living Lyon has secured $388.421 million in combined financing for a seven-property multi-housing portfolio totaling 2,152 units in Orange County, California, and Colorado. HFF senior managing director Charles Halladay, associate Sebastian Trujillo and real estate analyst Lauren LaFever worked on behalf of Lyon Living to secure the financing in seven separate loans placed through
PLEASANT HILL, CA—An unnamed borrower has secured a $15 million loan to refinance the Courtyard Shopping Center with a correspondent Life Insurance company lender. Seth Ludwick, of PSRS Santa Barbara secured the funds on behalf of the borrower. The retail center has 85,000 square feet of rentable space across 5 buildings and is anchored by Smart & Final, Staples and Rite Aid and is owned by a family partnership. The property was originally developed in 1993 by Fossilwood Corporation, a Texas developer, and was sold to the current ownership group in 1998. The $15M non-recourse loan featured a fixed-rate term of 25 years with a modest cash-out component. PSRS was able to identify an optimal refinance solution for the borrower despite the challenge of several short-term leases. The loan featured a small forward rate-lock and carries a fixed-rate in the mid 4s.
RIVERSIDE, CA— Silagi Development & Management has acquired a 43.23-acre industrial and commercial land site at Meridian Business Park located in Riverside, CA., for $8.7 million. Meridian Business Park is a 1,290-acre mixed use development with more than 3.5 million square feet built and occupied. The park features three miles of I-215 frontage with three on/off ramps, some of the lowest development impact fees in the Inland Empire, and a pro-business local government agency (March Joint Powers Authority) with fast track approval process. The development is considered a transportation hub with rail, three freeway interchanges and a cargo airport nearby. Jon Friesen, SVP of the Lee & Associates Riverside, and Brian Bielatowicz, SVP of the Lee & Associates Temecula Valley, represented the seller, while Mario Calvillo, VP of the Lee & Associates Riverside office, and Julia Corona-Thompson of SASSC represented the buyer.
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