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

ORANGE COUNTY—Revere Capital has hired Sarah Woodward as a SVP with responsibility for commercial real estate loan originations throughout Southern California. With an office in San Francisco, it is the first time Revere Capital has established a base of operations in the southern half of the state. Woodward brings 30 years of experience to the firm, including strategic and opportunistic commercial real estate investment and finance, project feasibility and valuation analysis, bank and borrower workout solutions, risk-mitigating structured finance, and NMTC financing. She formerly worked as VP and regional manager of the Orange County office of Fremont Investment & Loan, where she oversaw over $4 billion in structured repositioning and construction loans in Southern California from 1995 to 2007.  Since that time she has assisted several significant clients in sourcing and structuring creative debt solutions for all property types in the Southwest U.S.

PHOENIX—Lincoln Property Company has earned the 2017 Best of NAIOP “Redevelopment Project of the Year” for Luhrs City Center, a National Historic Landmark that incorporates 157,735 square feet of office and retail space, along with a Class A parking garage, at the southwest corner of 1st Avenue and Jefferson Street in the heart of downtown Phoenix. Since acquiring Luhrs in December 2015, LPC has been actively renovating, repositioning, maintaining and marketing the property, currently at approximately 80 percent leased and pushing toward full occupancy.

PHOENIX—Greystone & Co., has established a presence in Phoenix, AZ for multifamily and commercial real estate lending. Eric Jones has been named as director to lead the new office, which will have a focus on Fannie Mae, Freddie Mac, FHA, and CMBS real estate finance, serving multifamily owners nationwide from the new outpost. Having joined Greystone in 2016, Jones most recently served as a Vice President at Aries Capital LLC, where he was based in Phoenix, AZ for nine of his 14 years at the firm. While there, he established the company's Agency small loans platform and originated or contributed to over $440 million in permanent and bridge multifamily financing.

DEALTRACKER

GILBERT, AZ—ArroyoBel Asset Advisors LLC purchased this the OneNeck IT Solutions data center at 1655 Sunrise Blvd. in Gilbert, AZ from a facility from a private investor who had owned it for 14 years. This is ArroyoBel's second acquisition in the Phoenix market in the last six months, having also recently purchased Thunderbird Palms Medical Campus. Korth, Kirk Kuller, Michael Ortiz and Scott German of Colliers International in Greater Phoenix represented the seller and negotiated the sale. ArroyoBel, represented by its two principals, Chuck Bruni and Neal Smaler, is focused on the acquisition of medical properties as well as single tenant net lease facilities, especially those with heavy data and technology infrastructure.

LOS ANGELES—Paseo Palomar, a low-rise office project in Vista, California, has traded hands between Rialto Capital/Birtcher Anderson Realty and a private investor for approximately $12.8 million. This transaction represents one of the highest per-square-foot prices in the area for a large class-A multi-tenant office building. CBRE's Gary Stache, Anthony DeLorenzo, Matt Pourcho and Doug Mack represented the seller in the deal. The building, located at 3220 Executive Ridge, is approximately 60,649 square feet and is currently 100% leased to tenants, including Jaguar Mobile Inc., Chandler Signs, and 101domain.com. The property is less than two miles from Bressi Ranch Village Center, one of the area's premier shopping destinations.

LOS ANGELES—The Terraces, a 172,913-square-foot regional shopping center located in the affluent community of Rancho Palos Verdes in Los Angeles County, California, has traded hands between Terraces Subsidiary LLC, a joint venture of Combined Properties and Saban Capital Group, and a subsidiary of Retail Opportunity Investments Corporation. Built in 1959 and renovated in 1988, 2008 and 2016, The Terraces is located at 28821 – 28901 South Western Avenue, with visible frontage along the Western Avenue Retail Corridor and four points of access. One of the most dominant centers serving the south side of the Palos Verdes Peninsula as well as the coastal communities of Palos Verdes Estates, Rancho Palos Verdes, and San Pedro, the center is 89 percent leased. Featuring three terraced levels of shopping, notable tenants include Trader Joes, Marshalls, LA Fitness and Starlight Cinemas.

SUN CITY, AZ—Montecito Medical Real Estate has acquired a 35,420-square-foot, class-A, single-story medical building in the densely populated, master-planned retirement community of Sun City, Ariz. Strategically located on the main corridor near four award-winning regional hospitals, the building is part of a 12-acre plaza originally built as a retail center in 1974, and completely renovated in 2012. Awarded Best of NAICP Medical Office Building of the Year, the facility is part of Thunderbird Square Shopping Center, a high-end mixed-use medical and retail complex.

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

ORANGE COUNTY—Revere Capital has hired Sarah Woodward as a SVP with responsibility for commercial real estate loan originations throughout Southern California. With an office in San Francisco, it is the first time Revere Capital has established a base of operations in the southern half of the state. Woodward brings 30 years of experience to the firm, including strategic and opportunistic commercial real estate investment and finance, project feasibility and valuation analysis, bank and borrower workout solutions, risk-mitigating structured finance, and NMTC financing. She formerly worked as VP and regional manager of the Orange County office of Fremont Investment & Loan, where she oversaw over $4 billion in structured repositioning and construction loans in Southern California from 1995 to 2007.  Since that time she has assisted several significant clients in sourcing and structuring creative debt solutions for all property types in the Southwest U.S.

PHOENIX—Lincoln Property Company has earned the 2017 Best of NAIOP “Redevelopment Project of the Year” for Luhrs City Center, a National Historic Landmark that incorporates 157,735 square feet of office and retail space, along with a Class A parking garage, at the southwest corner of 1st Avenue and Jefferson Street in the heart of downtown Phoenix. Since acquiring Luhrs in December 2015, LPC has been actively renovating, repositioning, maintaining and marketing the property, currently at approximately 80 percent leased and pushing toward full occupancy.

PHOENIX—Greystone & Co., has established a presence in Phoenix, AZ for multifamily and commercial real estate lending. Eric Jones has been named as director to lead the new office, which will have a focus on Fannie Mae, Freddie Mac, FHA, and CMBS real estate finance, serving multifamily owners nationwide from the new outpost. Having joined Greystone in 2016, Jones most recently served as a Vice President at Aries Capital LLC, where he was based in Phoenix, AZ for nine of his 14 years at the firm. While there, he established the company's Agency small loans platform and originated or contributed to over $440 million in permanent and bridge multifamily financing.

DEALTRACKER

GILBERT, AZ—ArroyoBel Asset Advisors LLC purchased this the OneNeck IT Solutions data center at 1655 Sunrise Blvd. in Gilbert, AZ from a facility from a private investor who had owned it for 14 years. This is ArroyoBel's second acquisition in the Phoenix market in the last six months, having also recently purchased Thunderbird Palms Medical Campus. Korth, Kirk Kuller, Michael Ortiz and Scott German of Colliers International in Greater Phoenix represented the seller and negotiated the sale. ArroyoBel, represented by its two principals, Chuck Bruni and Neal Smaler, is focused on the acquisition of medical properties as well as single tenant net lease facilities, especially those with heavy data and technology infrastructure.

LOS ANGELES—Paseo Palomar, a low-rise office project in Vista, California, has traded hands between Rialto Capital/Birtcher Anderson Realty and a private investor for approximately $12.8 million. This transaction represents one of the highest per-square-foot prices in the area for a large class-A multi-tenant office building. CBRE's Gary Stache, Anthony DeLorenzo, Matt Pourcho and Doug Mack represented the seller in the deal. The building, located at 3220 Executive Ridge, is approximately 60,649 square feet and is currently 100% leased to tenants, including Jaguar Mobile Inc., Chandler Signs, and 101domain.com. The property is less than two miles from Bressi Ranch Village Center, one of the area's premier shopping destinations.

LOS ANGELES—The Terraces, a 172,913-square-foot regional shopping center located in the affluent community of Rancho Palos Verdes in Los Angeles County, California, has traded hands between Terraces Subsidiary LLC, a joint venture of Combined Properties and Saban Capital Group, and a subsidiary of Retail Opportunity Investments Corporation. Built in 1959 and renovated in 1988, 2008 and 2016, The Terraces is located at 28821 – 28901 South Western Avenue, with visible frontage along the Western Avenue Retail Corridor and four points of access. One of the most dominant centers serving the south side of the Palos Verdes Peninsula as well as the coastal communities of Palos Verdes Estates, Rancho Palos Verdes, and San Pedro, the center is 89 percent leased. Featuring three terraced levels of shopping, notable tenants include Trader Joes, Marshalls, LA Fitness and Starlight Cinemas.

SUN CITY, AZ—Montecito Medical Real Estate has acquired a 35,420-square-foot, class-A, single-story medical building in the densely populated, master-planned retirement community of Sun City, Ariz. Strategically located on the main corridor near four award-winning regional hospitals, the building is part of a 12-acre plaza originally built as a retail center in 1974, and completely renovated in 2012. Awarded Best of NAICP Medical Office Building of the Year, the facility is part of Thunderbird Square Shopping Center, a high-end mixed-use medical and retail complex.