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

SAN DIEGO— Renovate America has hired former Freddie Mac executive Paige Wisdom as chief financial officer. Wisdom, who served as chief enterprise risk officer and executive vice president at Freddie Mac from 2010 to 2015, is a senior financial services executive with more than 30 years of experience in finance, risk management, and capital markets. In addition to her role at Freddie Mac, Wisdom served as CFO for key business units at Bank of America, including Global Business and Financial Services; Business, Lending, and Global Technology; and Service and Fulfillment. Additionally, she has held leadership positions with Bank One Corporation/J.P. Morgan, and UBS/Swiss Bank. Most recently, she was CFO at Exeter Finance Corp, a specialty consumer auto finance company. Renovate America also announced that Roy Guthrie, who has spent more than 35 years in the consumer financial services industry, is joining its board of directors. Guthrie presently serves on the board of Synchrony Financial, a $90 billion asset holding company, as the head of the Risk Committee, and is the lead independent director for both OneMain Holding and NationStar Mortgage Holdings. Guthrie served as EVP, from July 2005 to January 2012, and CFO, from July 2005 to May 2011, of Discover Financial Services. He held executive positions with various businesses of Citigroup Inc. from 2000 to 2004, and had roles of increasing responsibility at Associates First Capital Corporation from 1978 to 2000.

DEALTRACKER

LOS ANGELES—The Mark Co. has been hired to lead leasing and sales for Oceanwide Plaza. Oceanwide Plaza development features three mixed-use towers that will be home to 504 condominium residences and a five-star Park Hyatt hotel. Certain to be the most exciting signature of the Oceanwide Residences is a two-acre sky park 100 feet above street level to which residents will have exclusive access. The project will feature dozens of fully grown trees, lawns, a basketball court, a running track, a pool, and separate runs for both large and small dogs and their resident owners. The development is scheduled to open in 2019.

LOS ANGELES—The Woodland Hills Corporate Center, a 280,833-sqaure-foot office building, has traded hands between an affiliate of New York-based The Somerset Group and Somerset West Partners LLC. CBRE's Sean Sullivan, Todd Tydlaska, and Michael Longo represented both the buyer and the seller in the transaction. The Class A office campus, located at 21021-21031 Ventura Boulevard, features 12-story and 4-story office buildings, plus an adjacent three-level parking garage. The seller recently renovated the property, which sits adjacent to the 101 Freeway, including improvements to the common areas, main lobby and courtyard. The property is 85 percent leased to more than 60 tenants, with an average tenant size of approximately 3,300 square feet. The 7.2 million square-foot Woodland Hills office submarket is the largest in the 21 million square-foot San Fernando Valley region. Class A asking rents in Woodland Hills have increased 12.6 percent over the last three years to $2.51 per square foot as of the end of 2016, according to CBRE research.

PERRIS, CA—Rockefeller Group has acquired 68 acres of industrial land in Perris, Calif.  The company will begin construction of two premier distribution centers totaling 1.45 million square feet located approximately 70 miles east of the Ports of Long Beach/Los Angeles. According to Marc Berg, Vice President and Regional Director of the West Region in the Inland Empire East saw 10 million square feet of net absorption during 2016 with a 6.5% vacancy rate at the end of the fourth quarter, reaching a level of maturity that will attract companies to the location.

SCOTSDALE, AZ—IM Brokerage Services has closed three investment sale transactions totaling $8.1 million in Phoenix multi-family apartment projects. The transactions included Solano Park and The Estates, and representing buyers in the purchase of MODE@Arcadia 38. California-based 36 Brisbane, LLC purchased the 48-unit Solano Park apartment complex for $3.7 million from Westwood Management. Absolutely Fabulous Properties purchased The Estates, a 14-unit apartment complex for $1.875 million from Property Investors Hub LLLP.

PHOENIX—Marriott International plans to build a SpringHill Suites Hotel on Virtua Partners property in Avondale, Arizona.  The SpringHill Suites will be part of a 58-acre mixed use site that is located one half mile north of Interstate 10, and one quarter mile west of Loop 101, next to the existing Costco store.  The hotel will be developed by Quyp Hospitality, LLC, an affiliate of Virtua Partners.  The approved franchise calls for a 130-room hotel. The Virtua project is located approximately one mile from the Estrella Banner Hospital and four miles from the University of Phoenix Stadium.  Other area amenities include the Phoenix International Raceway, and spring training facilities for the Cleveland Indians, Cincinnati Reds, Chicago White Sox, and Los Angeles Dodgers. Other proposed uses for the 58-acre site include multi-family, townhouses, retail, and high intensity single family residential.  Virtua is currently processing entitlements through the City of Avondale, and expects to start construction on the hotel in November of this year.

PHOENIX—The Phoenix office of JLL has completed the sale of just over 1.3 acres in the heart of downtown Phoenix. The buyer plans to use the land to build a yet-to-be-named residential high-rise development project, in a sector of downtown that is thriving with rent, employment and population growth. JLL EVP John Cunningham and Charles Steele represented the property owner, Third and Pierce Development LLC, in the $6.62 million transaction. The buyer was Clark Street Holdings LLC. Located on the northeast corner of 3rd and Pierce streets, the multifamily site sits directly adjacent to the 30-acre Phoenix Biomedical Campus and is within blocks of Arizona State University's Downtown Campus, Light Rail, more than 150 restaurants and 800,000 square feet of other amenities such as sports, culture and retail destinations. The property is also less than one mile from the State Capitol and Interstates 10 and 17, and just two miles from Sky Harbor International Airport.

LOS ANGELES—Meta Housing Corporation has completed construction of the 5400 Hollywood Family Apartments, a 40-unit mixed-use affordable apartment community in the heart of East Hollywood for $21.6 million. The five-story apartment community will provide affordable housing options for families throughout Los Angeles, according to President of Meta Housing Corporation, Kasey Burke. Burke explains that 5400 Hollywood features some of the most contemporary features and amenities found in the newest and most modern market-rate apartments across the city.

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

SAN DIEGO— Renovate America has hired former Freddie Mac executive Paige Wisdom as chief financial officer. Wisdom, who served as chief enterprise risk officer and executive vice president at Freddie Mac from 2010 to 2015, is a senior financial services executive with more than 30 years of experience in finance, risk management, and capital markets. In addition to her role at Freddie Mac, Wisdom served as CFO for key business units at Bank of America, including Global Business and Financial Services; Business, Lending, and Global Technology; and Service and Fulfillment. Additionally, she has held leadership positions with Bank One Corporation/J.P. Morgan, and UBS/Swiss Bank. Most recently, she was CFO at Exeter Finance Corp, a specialty consumer auto finance company. Renovate America also announced that Roy Guthrie, who has spent more than 35 years in the consumer financial services industry, is joining its board of directors. Guthrie presently serves on the board of Synchrony Financial, a $90 billion asset holding company, as the head of the Risk Committee, and is the lead independent director for both OneMain Holding and NationStar Mortgage Holdings. Guthrie served as EVP, from July 2005 to January 2012, and CFO, from July 2005 to May 2011, of Discover Financial Services. He held executive positions with various businesses of Citigroup Inc. from 2000 to 2004, and had roles of increasing responsibility at Associates First Capital Corporation from 1978 to 2000.

DEALTRACKER

LOS ANGELES—The Mark Co. has been hired to lead leasing and sales for Oceanwide Plaza. Oceanwide Plaza development features three mixed-use towers that will be home to 504 condominium residences and a five-star Park Hyatt hotel. Certain to be the most exciting signature of the Oceanwide Residences is a two-acre sky park 100 feet above street level to which residents will have exclusive access. The project will feature dozens of fully grown trees, lawns, a basketball court, a running track, a pool, and separate runs for both large and small dogs and their resident owners. The development is scheduled to open in 2019.

LOS ANGELES—The Woodland Hills Corporate Center, a 280,833-sqaure-foot office building, has traded hands between an affiliate of New York-based The Somerset Group and Somerset West Partners LLC. CBRE's Sean Sullivan, Todd Tydlaska, and Michael Longo represented both the buyer and the seller in the transaction. The Class A office campus, located at 21021-21031 Ventura Boulevard, features 12-story and 4-story office buildings, plus an adjacent three-level parking garage. The seller recently renovated the property, which sits adjacent to the 101 Freeway, including improvements to the common areas, main lobby and courtyard. The property is 85 percent leased to more than 60 tenants, with an average tenant size of approximately 3,300 square feet. The 7.2 million square-foot Woodland Hills office submarket is the largest in the 21 million square-foot San Fernando Valley region. Class A asking rents in Woodland Hills have increased 12.6 percent over the last three years to $2.51 per square foot as of the end of 2016, according to CBRE research.

PERRIS, CA—Rockefeller Group has acquired 68 acres of industrial land in Perris, Calif.  The company will begin construction of two premier distribution centers totaling 1.45 million square feet located approximately 70 miles east of the Ports of Long Beach/Los Angeles. According to Marc Berg, Vice President and Regional Director of the West Region in the Inland Empire East saw 10 million square feet of net absorption during 2016 with a 6.5% vacancy rate at the end of the fourth quarter, reaching a level of maturity that will attract companies to the location.

SCOTSDALE, AZ—IM Brokerage Services has closed three investment sale transactions totaling $8.1 million in Phoenix multi-family apartment projects. The transactions included Solano Park and The Estates, and representing buyers in the purchase of MODE@Arcadia 38. California-based 36 Brisbane, LLC purchased the 48-unit Solano Park apartment complex for $3.7 million from Westwood Management. Absolutely Fabulous Properties purchased The Estates, a 14-unit apartment complex for $1.875 million from Property Investors Hub LLLP.

PHOENIX—Marriott International plans to build a SpringHill Suites Hotel on Virtua Partners property in Avondale, Arizona.  The SpringHill Suites will be part of a 58-acre mixed use site that is located one half mile north of Interstate 10, and one quarter mile west of Loop 101, next to the existing Costco store.  The hotel will be developed by Quyp Hospitality, LLC, an affiliate of Virtua Partners.  The approved franchise calls for a 130-room hotel. The Virtua project is located approximately one mile from the Estrella Banner Hospital and four miles from the University of Phoenix Stadium.  Other area amenities include the Phoenix International Raceway, and spring training facilities for the Cleveland Indians, Cincinnati Reds, Chicago White Sox, and Los Angeles Dodgers. Other proposed uses for the 58-acre site include multi-family, townhouses, retail, and high intensity single family residential.  Virtua is currently processing entitlements through the City of Avondale, and expects to start construction on the hotel in November of this year.

PHOENIX—The Phoenix office of JLL has completed the sale of just over 1.3 acres in the heart of downtown Phoenix. The buyer plans to use the land to build a yet-to-be-named residential high-rise development project, in a sector of downtown that is thriving with rent, employment and population growth. JLL EVP John Cunningham and Charles Steele represented the property owner, Third and Pierce Development LLC, in the $6.62 million transaction. The buyer was Clark Street Holdings LLC. Located on the northeast corner of 3rd and Pierce streets, the multifamily site sits directly adjacent to the 30-acre Phoenix Biomedical Campus and is within blocks of Arizona State University's Downtown Campus, Light Rail, more than 150 restaurants and 800,000 square feet of other amenities such as sports, culture and retail destinations. The property is also less than one mile from the State Capitol and Interstates 10 and 17, and just two miles from Sky Harbor International Airport.

LOS ANGELES—Meta Housing Corporation has completed construction of the 5400 Hollywood Family Apartments, a 40-unit mixed-use affordable apartment community in the heart of East Hollywood for $21.6 million. The five-story apartment community will provide affordable housing options for families throughout Los Angeles, according to President of Meta Housing Corporation, Kasey Burke. Burke explains that 5400 Hollywood features some of the most contemporary features and amenities found in the newest and most modern market-rate apartments across the city.