Middle Market Digest: Southwest

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

LOS ANGELES—Sperry Commercial Global Affiliates has named Jimmy Chai to the role of managing director in its Koreatown brokerage office. In this role, Chai will be responsible for leading a group of passionate real estate agents to bring an institutional quality level of service to all clients. Chai joins Sperry Commercial Global Affiliates from Cushman & Wakefield where he served for nine years as director. During that time he amassed more than $500 million in real estate transactions with over 5 million square feet of space exchanging hands. His experience includes sale/leaseback, leased investments, landlord and tenant representation, land development and build to suit.

SAN DIEGO—Voit Real Estate Services has hired industry veteran Jeff Saywitz as SVP and partner in its San Diego office. Saywitz is a well-established brokerage professional with a proven track record and singular focus in tenant representation in the San Diego market. His addition to the firm will help to broaden Voit's platform and significantly grow their Tenant Rep. business. He brings more than 25 years of brokerage experience. Prior to joining Voit, he oversaw all brokerage activities for The Saywitz Company's San Diego office, with a focus on transactional work for clients throughout Southern California and nationwide. Jeff has dissolved his longstanding partnership in The Saywitz Company and closed up their San Diego office, in an effort to expand his client base and utilize Voit's vast resources. Before The Saywitz Company, he was a real estate consultant and leasing specialist at Howard Ecker & Company and before that, he was a financial analyst with Merrill Lynch.

DEALTRACKER

SCOTSDALE, AZ—Stockdale Capital Partners and Jasper Ridge Partners have formed an institutional joint venture to recapitalize ownership of the Galleria Corporate Center in Scottsdale, AZ. The joint venture is the first partnership between the two firms. Stockdale purchased the 537,110 square foot Galleria Corporate Center in 2013 and is about to complete a multi-million dollar renovation of the building's lobby and common areas. Originally constructed in the 1990s as a retail mall, the Galleria was converted to office use in 2000. Major tenants currently include Yelp, SAP and McKesson. The recapitalization includes the addition of more than two acres of land, adjacent to the Galleria, currently entitled for construction of up to 220,000 square feet of office.

EL SEGUNDO, CA—NSB Associates is developing Ascend, a stand-alone, 80,000-square-foot creative office building designed by architect Frank Gehry. Located at the Utah Avenue Campus in El Segundo, the building is expected to be available to tenants in the fourth quarter of 2017. Ascend will be a highly customizable, inspiring creative workplace to tenants, featuring 24-foot clear-height ceilings, large glass panel walls, illuminating skylights, and 16,000 square feet of private outdoor patio space for collaboration. The building sits on a podium over a covered parking structure. Ascend is ideally located steps away from the LA Metro Green Line and minutes from LAX.  Centrally situated in between Sepulveda Boulevard, the I-105 and I-405 freeways, Ascend offers easy access to neighboring Southern California communities.

SANTA MONICA, CA—The Los Angeles LGBT Center's new Anita May Rosenstein Campus has broken ground. Slated for opening in early 2019, the revolutionary new campus will serve as the new administrative headquarters for the Center, and include up to 100 units of affordable housing for seniors, 100 beds for homeless youth, new senior and youth centers, up to 35 units of permanent supportive housing for young people, and ground floor retail space. Architecture firm KFA and design firm Leong Leong are designing the campus. Currently, The Village is the Center's arts, cultural and educational facility with two theatres, two gallery spaces, community meeting space, offices for AIDS/LifeCycle, and administrative offices.

LOS ANGELES—Newmark Grubb Knight Frank will serve as leasing agents at 100 Barranca in West Covina. Sunny Hills Management Company, a West Covina-based real estate firm, acquired the 30-year-old, 225,920-square-foot class-A office tower, which is currently 50 percent occupied. The 13-story building is recognized as the tallest and most prominent office tower in the San Gabriel Valley, through a Ten-X online real estate auction, for $37.5 million. NGKF Senior Managing Directors Taylor Ing and Drew Sanden along with Senior Associate Scott Maples are handling leasing for 100 Barranca in collaboration with SHM. The firm sought out the asset, for its tremendous repositioning potential.

ANAHEIM, CA—ECHO Apartment Homes, a 116-unit community that is located on Glenoaks Avenue in Anaheim, CA, has traded hands for $22.5 million between a private equity group and a private investment group. Alex Mogharebi, Otto Ozen and Mike Marcu of TMG represented the seller and the buyer. Built on a 1.49-acre site in 1969 and 1970, the property is located at 1727 West Glenoaks Avenue in Anaheim. The community is located in northwest Anaheim, near to Servite High School, prime shopping along North Euclid Street, and the 5- and 91-freeways interchange. It is a short drive to the Disneyland, Packing House District, Knott's Berry Farm, and Cal State Fullerton.

BERMUTA DUNES, CA—Saddleback Apartment Homes, a 61-unit complex in the Saddleback Community has traded hands for $6.2 million between a CC-Saddleback, and private investment group. Alex Mogharebi and Otto Ozen of TMG represented the seller the buyer. The 61-condo units are within the 340-unit Saddleback Community, which was built on a 23.23-acre site in 1989, the property is located at 78650 Avenue 42 in Bermuda Dunes. The community features exquisite common area amenities including three sparkling swimming pools, three relaxing spas, fitness center, clubhouse, and lighted tennis courts.

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

LOS ANGELES—Sperry Commercial Global Affiliates has named Jimmy Chai to the role of managing director in its Koreatown brokerage office. In this role, Chai will be responsible for leading a group of passionate real estate agents to bring an institutional quality level of service to all clients. Chai joins Sperry Commercial Global Affiliates from Cushman & Wakefield where he served for nine years as director. During that time he amassed more than $500 million in real estate transactions with over 5 million square feet of space exchanging hands. His experience includes sale/leaseback, leased investments, landlord and tenant representation, land development and build to suit.

SAN DIEGO—Voit Real Estate Services has hired industry veteran Jeff Saywitz as SVP and partner in its San Diego office. Saywitz is a well-established brokerage professional with a proven track record and singular focus in tenant representation in the San Diego market. His addition to the firm will help to broaden Voit's platform and significantly grow their Tenant Rep. business. He brings more than 25 years of brokerage experience. Prior to joining Voit, he oversaw all brokerage activities for The Saywitz Company's San Diego office, with a focus on transactional work for clients throughout Southern California and nationwide. Jeff has dissolved his longstanding partnership in The Saywitz Company and closed up their San Diego office, in an effort to expand his client base and utilize Voit's vast resources. Before The Saywitz Company, he was a real estate consultant and leasing specialist at Howard Ecker & Company and before that, he was a financial analyst with Merrill Lynch.

DEALTRACKER

SCOTSDALE, AZ—Stockdale Capital Partners and Jasper Ridge Partners have formed an institutional joint venture to recapitalize ownership of the Galleria Corporate Center in Scottsdale, AZ. The joint venture is the first partnership between the two firms. Stockdale purchased the 537,110 square foot Galleria Corporate Center in 2013 and is about to complete a multi-million dollar renovation of the building's lobby and common areas. Originally constructed in the 1990s as a retail mall, the Galleria was converted to office use in 2000. Major tenants currently include Yelp, SAP and McKesson. The recapitalization includes the addition of more than two acres of land, adjacent to the Galleria, currently entitled for construction of up to 220,000 square feet of office.

EL SEGUNDO, CA—NSB Associates is developing Ascend, a stand-alone, 80,000-square-foot creative office building designed by architect Frank Gehry. Located at the Utah Avenue Campus in El Segundo, the building is expected to be available to tenants in the fourth quarter of 2017. Ascend will be a highly customizable, inspiring creative workplace to tenants, featuring 24-foot clear-height ceilings, large glass panel walls, illuminating skylights, and 16,000 square feet of private outdoor patio space for collaboration. The building sits on a podium over a covered parking structure. Ascend is ideally located steps away from the LA Metro Green Line and minutes from LAX.  Centrally situated in between Sepulveda Boulevard, the I-105 and I-405 freeways, Ascend offers easy access to neighboring Southern California communities.

SANTA MONICA, CA—The Los Angeles LGBT Center's new Anita May Rosenstein Campus has broken ground. Slated for opening in early 2019, the revolutionary new campus will serve as the new administrative headquarters for the Center, and include up to 100 units of affordable housing for seniors, 100 beds for homeless youth, new senior and youth centers, up to 35 units of permanent supportive housing for young people, and ground floor retail space. Architecture firm KFA and design firm Leong Leong are designing the campus. Currently, The Village is the Center's arts, cultural and educational facility with two theatres, two gallery spaces, community meeting space, offices for AIDS/LifeCycle, and administrative offices.

LOS ANGELES—Newmark Grubb Knight Frank will serve as leasing agents at 100 Barranca in West Covina. Sunny Hills Management Company, a West Covina-based real estate firm, acquired the 30-year-old, 225,920-square-foot class-A office tower, which is currently 50 percent occupied. The 13-story building is recognized as the tallest and most prominent office tower in the San Gabriel Valley, through a Ten-X online real estate auction, for $37.5 million. NGKF Senior Managing Directors Taylor Ing and Drew Sanden along with Senior Associate Scott Maples are handling leasing for 100 Barranca in collaboration with SHM. The firm sought out the asset, for its tremendous repositioning potential.

ANAHEIM, CA—ECHO Apartment Homes, a 116-unit community that is located on Glenoaks Avenue in Anaheim, CA, has traded hands for $22.5 million between a private equity group and a private investment group. Alex Mogharebi, Otto Ozen and Mike Marcu of TMG represented the seller and the buyer. Built on a 1.49-acre site in 1969 and 1970, the property is located at 1727 West Glenoaks Avenue in Anaheim. The community is located in northwest Anaheim, near to Servite High School, prime shopping along North Euclid Street, and the 5- and 91-freeways interchange. It is a short drive to the Disneyland, Packing House District, Knott's Berry Farm, and Cal State Fullerton.

BERMUTA DUNES, CA—Saddleback Apartment Homes, a 61-unit complex in the Saddleback Community has traded hands for $6.2 million between a CC-Saddleback, and private investment group. Alex Mogharebi and Otto Ozen of TMG represented the seller the buyer. The 61-condo units are within the 340-unit Saddleback Community, which was built on a 23.23-acre site in 1989, the property is located at 78650 Avenue 42 in Bermuda Dunes. The community features exquisite common area amenities including three sparkling swimming pools, three relaxing spas, fitness center, clubhouse, and lighted tennis courts.