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

CENTURY CITY, CA—For the second time, Watt Plaza has earned the highest possible LEED certification, attaining LEED Platinum from the U.S. Green Building Council. Watt Plaza exceeded its previous Platinum performance by 5 points due to ongoing improvements and sustainability commitments from all vendors servicing the building. Watt Plaza was the first building in Century City to achieve LEED Platinum certification, and their LEED Platinum certification for Existing Buildings Operations and Maintenance is its third LEED certification. The U.S. Green Building Council LEED Certification system is the nation's benchmark for the design, construction, and operation of the world's greenest, most energy-efficient and high-performing buildings. Watt Plaza achieved a 66% reduction in annual landscape water use compared to the already-low regional average. This significant achievement was due in part to a landscape palette that centered on drought-tolerant plants and utilization of recycled ground covers and a web-based irrigation system that prevented overwatering and ensured the health of the plants.

LOS ANGELES—Looking to expand its industrial expertise in Southern California, JLL has hired Brent Weirick as Managing Director.  Working in the firm's Burbank office, Weirick will specialize in working with landlords and tenants on the industrial real estate needs in the San Fernando Valley. Weirick joins JLL with more than 30 years of experience in industrial real estate brokerage. Prior to JLL, he served as executive vice president in the Encino office of an international brokerage firm. Weirick holds a Bachelor of Arts degree in Real Estate Finance and History from the University of Tulsa. He is an active member of American Industrial Real Estate Association (AIR).  Weirick is also active in the community serving as a member of Big Brothers of greater Los Angeles since 1995 as well as the Saddle and Sirloin Club.

LOS ANGELES—The University of Southern California's Lusk Center for Real Estate chairman Stan Ross is retiring after 18 years as chairman of the Lusk Center advisory board. One of the industry's most respected minds during a career that spans 60 years, Ross's vision and guidance has been instrumental to the center's ascent to one of the world's most respected real estate institutions. Ross turns over leadership to two influential leaders in California real estate. Emile Haddad, chairman and CEO of FivePoint Holdings, LLC, becomes chairman of the Lusk Center advisory board and Bill Witte, chairman and CEO of Related California, will be the new vice-chair. The longtime members of the Lusk Center's advisory board assume their new leadership duties beginning July 1.

PHOENIX—Trammell Crow Company announces that Paul Tuchin has been promoted to Senior Vice President with the firm's Phoenix Business Unit. In this role, he will expand his responsibility for sourcing and executing real estate acquisition and development projects in the Phoenix marketplace.

Since joining TCC in 2013, Paul has identified and secured several opportunities including, The Osborn, The Fillmore, Park Lucero, Park Ladera at Spectrum Ridge, and Corridors Industrial Park. He applies more than 10 years of experience in real estate development, land transactions, and acquisitions for the firm's projects leveraging outstanding relationships with capital providers, the brokerage community, and the construction and professional services industry.

IRVINE, CA—Passco Companies has announced the promotion of Stacy Stemen to Vice President, Corporate Marketing, a new position created by the firm to recognize her role as part of the firm's executive team, according to Larry Sullivan, President of Passco Companies. Stemen, who joined Passco in 2013, is also President-Elect of Commercial Real Estate Women, Orange County Chapter (CREW-OC), and is an active member of the International Council of Shopping Centers (ICSC) and Alternative and Direct Investment Securities Association (ADISA).

DEALTRACKER

TEMECULA, CA—MCA Realty has acquired an eight-acre land parcel in Temecula with plans to develop a 140,000 square-foot industrial building on the site, which will be the first industrial development built in the City of Temecula in more than eight years. MCA Realty plans to break ground on the new industrial development, which it will brand as MCA Business Center, this month, May 2017. MCA Business Center will be constructed to feature the latest in industrial design including 32' clear heights, 120' truck courts, ESFR sprinklers, and 15 dock-high loading doors, among others. It will also be constructed with the flexibility to accommodate a single tenant or multiple tenants, depending on market demand, according to Mattox.

SCOTTSDALE, AZ—Discount Tire Company's founder Bruce Halle has acquired Discount Tire Corporate Headquarters located at 20225 N Scottsdale Rd. for $40.18 million. The two-story Class-A office project was developed by Opus West Corp. in 2002 through a structured build-to- suit and Discount Tire has been leasing the building for 15 years. The 157,566-square- foot office building traded in an all-cash transaction between Halle and Tucson-based Holualoa Thompson Peak LLC. In November of 2004, Holualoa purchased the property for $31.4 million. Keeley and Bonilla of Colliers International in Scottsdale brokered the deal. The 5.854-acre, corporate headquarters site is located within the prestigious Grayhawk community. The corporate headquarters project is surrounded by approximately 10 acres of undeveloped land that is also owned by Halle.

LOS ANGELES—Universe Holdings has completed the $12.6 million acquisition of the 45-unit Villa Edgemont apartment community in Los Feliz, one of Los Angeles' most dynamic and desirable neighborhoods that strategically connects Hollywood to Silverlake. Following this transaction, Universe now owns and operates a Hollywood/Los Feliz portfolio totaling 275 units in nine unique properties including Chateau Alto Nido and the recently acquired Mansfield Apartments. The Villa Edgemont acquisition marks the beginning what will be an active Spring/Summer for Universe as the company sets out to close $160 million of new investments now under contract before the end of September. This series of transactions begins with Villa Edgemont. In coming months, Universe will be announcing additional transactions in key Los Angeles and Southern California submarkets, including its next acquisition in the series set to close soon in the City of Inglewood.

DENVER—NorthMarq Capital's Denver office arranged a bridge loan of $23 million for Legacy Trails Apartments located at 1300 West Parrish Lane in Centerville, Utah. The recently constructed community consists of 164 residential units contained in seven three-story buildings. The property features a clubhouse, 24-hour fitness center, outdoor pool/spa, basketball court and covered parking. All units have washer/dryers. Mark Jeffries, vice president and Dave Bolt, investment analyst arranged the financing for the Utah-based borrower.

NORTH RIDGE, CA—LBPM has negotiated the $54 million sale of the Northridge Plaza Shopping Center, an approximately 235,000-square-foot center on 16.5 acres, located at 8742 to 8876 Corbin Ave. In the early 1980's, the family-owned property was developed from farmland into one of the first large-scale retail shopping centers in the San Fernando Valley, fueling commercial retail in the area. The property was sold to Paragon Commercial Group based in El Segundo and will maintain its original use. Greg De Rubeis of LBPM represented the seller; Yubin Tao Senior Vice President of Investment Real Estate Association represented the buyer in the transaction.

PHOENIX—Security Properties and Pacific Life Insurance Company purchased Andante Apartments, a 576-unit multifamily property built in 2000 and located in Phoenix, AZ, for $85.3 million. Security Properties now owns a total of five assets in the Phoenix marketplace. Andante is located within the highly desired Phoenix suburb of Ahwatukee. Located in the valley's southeast corner, Ahwatukee is best characterized by its affluent demographic, low crime rate, strong school district and close proximity to employment corridors. Additionally, the suburb's unique location at the foothills of the 16,000-acre South Mountain Park provides residents a convenient escape to over 50 miles of hiking, biking and horseback riding trails. Onsite, residents enjoy access to multiple retail centers including Lakeside Plaza, just one mile west with Trader Joes, Safeway and Fry's as well as the Ahwatukee Foothill Towne Center one mile to the north and anchored by Target, Best Buy and Home Depot.

TEMPE, AZ—CBRE Capital Markets' Debt & Structured Finance team announced that it has secured a $90.8 million loan for the refinance of San Sonoma, a 590-unit, Class A+ apartment community in Tempe, Arizona. Rocco Mandala, Anthony Valenzuela and Dominique Damerell of CBRE's Phoenix office secured a 12-year loan with full-term interest-only payments on behalf of the borrower, a venture formed by Mark-Taylor, Inc. and Kitchell Corporation. The loan was provided by Fannie Mae at 65% LTV.  Located at 9010 South Priest Drive, the Class A+ garden-style apartment community was constructed between 2015 and 2016, and consists of one-, two-, and three-bedroom apartment units. Unit amenities include 9' ceilings with ceiling fans, granite countertops, double stainless steel sink, stainless steel appliances, full-size washer and dryer, vinyl wood plank flooring (entry, kitchen and baths), raised-panel doors, dual-pane insulated windows, crown molding, wired for HDTV and digital phone, built-in tech center with high-speed data wiring, intrusion alarm, canned lighting, pantry, and walk-in closet in the master bedrooms. The property also has 128 single garages and 112 tandem garages.

SCOTTSDALE, AZ—iStar announced today the final collection of homes at Sage, a luxury condominium community located along the Scottsdale waterfront, is nearing sell-out with just two homes remaining before closing out the final phase that totals nearly $40 million in real estate sold. Developed by iStar, Sage's final phase features 72 two- and three-bedroom condominiums ranging from 1,375 to 1,659 square feet, with optional den floor plans. Sage's first phase included 50 homes, which sold out in late 2012. Development of this final phase commenced in early 2014, making it one of the first new condominium developments delivered in the Phoenix market post-recession.

NEWPORT BEACH, CA—NGKF Capital Markets has completed the sale of 200 Center, a 191,556-square-foot Class-A high-rise office building located in Downtown Anaheim, CA. The asset is occupied entirely by St. Joseph Health System, which has a long-term lease with 10 years remaining. The purchase price was $58.9 million. NGKF Capital Markets' President, West Coast Capital Markets Kevin Shannon, Senior Managing Director Paul Jones, Executive Managing Director Ken White and Director Blake Bokosky represented the institutional seller, a joint venture between Mariner Real Estate Management and PRES Companies.  The building was purchased by a 1031 exchange buyer from Southern California.  Executive Managing Director David Milestone and Managing Director Brett Green of NGKF Capital Markets executed the debt on behalf of the buyer. Located at 200 West Center Street Promenade, 200 Center is situated on just over two acres of land and consists of an eight-story office building and a six-level parking structure. The property was built in 1992 and underwent a renovation in 2015. The asset offers distinctive architectural design, expansive window line, a fitness facility, outdoor collaborative area, ample structured parking and some of the best walkable amenities in all of Orange County.

BEVERLY HILLS—Quantum Capital Partners has arranged two separate CMBS loans totaling $50 million from Wells Fargo Bank to refinance a Torrance, CA community shopping center and four fully leased retail buildings in Beverly Hills, CA. In the larger of the two financings, Quantum arranged a $37 million interest only loan to refinance The Shops at South Bay, a 200,000-square-foot shopping center in Los Angeles' South Bay submarket.  Built in 2005, The Walmart Super Store-anchored center is located at 19503 Normandie Avenue at W. 190th Street, two of the most traveled arteries in the area.   The Shops at South Bay is currently 96 percent leased to a variety of local and national chain retailers and restaurants including Lumber Liquidators, Dollar Tree, Quiznos, BJ's Grill and Pho Kobe. Fast 5Xpress Car Wash will soon begin construction on its newest car wash facility after signing a long-term ground lease for a pad space at the northwest corner of the 20-acre shopping center.  The car wash is expected to open in January 2018 and drive additional traffic to the center.  The loan features interest only payments throughout the 10-year loan term, according to Quantum Capital Partners' Vice President Max B. Mellman who along with Managing Director Jonathan Hakakha, arranged the financing.

PALMDALE, CA—Life Storage, Inc. along with one of its joint venture partners, has acquired two self-storage facilities here totaling 1,390 units and 182 RV storage spaces in an off-market transaction, according to John Battle, a principal and managing director of Lee & Associates-LA North/Ventura. Additional terms of the transaction were not disclosed. The facilities are located at 2103 W Avenue J in Lancaster, CA and 380 W Palmdale Blvd. in Palmdale, CA in the Antelope Valley region of Los Angeles County. They include 774 units and 60 RV storage spaces and 616 units plus 122 RV spaces respectively. The Palmdale facility includes land entitlements for another 36,000 square feet of storage space. Both have excellent freeway visibility.

CARLSBAD, CA—Meridian Capital Group has arranged $28.5 million in agency financing to refinance Siena on Baseline multifamily property, on behalf of P.B. Bell Companies. The seven-year, non-recourse loan, provided by an agency lender, features a floating rate and two years of interest-only payments. This transaction was negotiated by Meridian Managing Director, Seth Grossman, Vice President, Sarah Kuebler, and Associate, Ryan Gandell, who are all based in the company's Carlsbad, CA office. Siena on Baseline, located at 4520 East Baseline Road, is a two-story, 352-unit garden-style multifamily property in Phoenix, AZ. The property's ideal location offers direct access to a number of freeways, including Interstate 10 and Superstition Freeway, as well as Downtown Phoenix, the Phoenix Convention Center and Arizona State University.

LOS ANGELES—Newmark Knight Frank has brokered the purchase the Northwest Innovation Center, a single-story four-building campus, by Pacific Oaks Education Corporation. The acquisition, encompassing 75,000 square feet of space, is part of a long-term strategy developed by NKF for the college allowing it to grow and remain in Pasadena. The four buildings are located at 55 Eureka Street, 45 Eureka Street, 433 N Fair Oaks Avenue and 100 West Villa Street as part of a larger complex. NKF Executive Managing Directors Josef Farrar and David Kluth along with Managing Director Aliya Coher represented the buyer. The seller, NW Innovation Center, LLC, was represented by Mark Shaffer and Kevin Duffy of CBRE. Pacific Oaks currently occupies approximately 45,000 square feet of space in the 45 and 55 Eureka Street buildings. The next largest tenant is the State of California. The campus sits on the northwest corner of Fair Oaks Avenue and Eureka Street with immediate access to the 210 and 134 freeways and Old Town Pasadena. Pacific Oaks plans to upgrade the campus, built in 1964 and renovated in 2006, with amenities for students.

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

CENTURY CITY, CA—For the second time, Watt Plaza has earned the highest possible LEED certification, attaining LEED Platinum from the U.S. Green Building Council. Watt Plaza exceeded its previous Platinum performance by 5 points due to ongoing improvements and sustainability commitments from all vendors servicing the building. Watt Plaza was the first building in Century City to achieve LEED Platinum certification, and their LEED Platinum certification for Existing Buildings Operations and Maintenance is its third LEED certification. The U.S. Green Building Council LEED Certification system is the nation's benchmark for the design, construction, and operation of the world's greenest, most energy-efficient and high-performing buildings. Watt Plaza achieved a 66% reduction in annual landscape water use compared to the already-low regional average. This significant achievement was due in part to a landscape palette that centered on drought-tolerant plants and utilization of recycled ground covers and a web-based irrigation system that prevented overwatering and ensured the health of the plants.

LOS ANGELES—Looking to expand its industrial expertise in Southern California, JLL has hired Brent Weirick as Managing Director.  Working in the firm's Burbank office, Weirick will specialize in working with landlords and tenants on the industrial real estate needs in the San Fernando Valley. Weirick joins JLL with more than 30 years of experience in industrial real estate brokerage. Prior to JLL, he served as executive vice president in the Encino office of an international brokerage firm. Weirick holds a Bachelor of Arts degree in Real Estate Finance and History from the University of Tulsa. He is an active member of American Industrial Real Estate Association (AIR).  Weirick is also active in the community serving as a member of Big Brothers of greater Los Angeles since 1995 as well as the Saddle and Sirloin Club.

LOS ANGELES—The University of Southern California's Lusk Center for Real Estate chairman Stan Ross is retiring after 18 years as chairman of the Lusk Center advisory board. One of the industry's most respected minds during a career that spans 60 years, Ross's vision and guidance has been instrumental to the center's ascent to one of the world's most respected real estate institutions. Ross turns over leadership to two influential leaders in California real estate. Emile Haddad, chairman and CEO of FivePoint Holdings, LLC, becomes chairman of the Lusk Center advisory board and Bill Witte, chairman and CEO of Related California, will be the new vice-chair. The longtime members of the Lusk Center's advisory board assume their new leadership duties beginning July 1.

PHOENIX—Trammell Crow Company announces that Paul Tuchin has been promoted to Senior Vice President with the firm's Phoenix Business Unit. In this role, he will expand his responsibility for sourcing and executing real estate acquisition and development projects in the Phoenix marketplace.

Since joining TCC in 2013, Paul has identified and secured several opportunities including, The Osborn, The Fillmore, Park Lucero, Park Ladera at Spectrum Ridge, and Corridors Industrial Park. He applies more than 10 years of experience in real estate development, land transactions, and acquisitions for the firm's projects leveraging outstanding relationships with capital providers, the brokerage community, and the construction and professional services industry.

IRVINE, CA—Passco Companies has announced the promotion of Stacy Stemen to Vice President, Corporate Marketing, a new position created by the firm to recognize her role as part of the firm's executive team, according to Larry Sullivan, President of Passco Companies. Stemen, who joined Passco in 2013, is also President-Elect of Commercial Real Estate Women, Orange County Chapter (CREW-OC), and is an active member of the International Council of Shopping Centers (ICSC) and Alternative and Direct Investment Securities Association (ADISA).

DEALTRACKER

TEMECULA, CA—MCA Realty has acquired an eight-acre land parcel in Temecula with plans to develop a 140,000 square-foot industrial building on the site, which will be the first industrial development built in the City of Temecula in more than eight years. MCA Realty plans to break ground on the new industrial development, which it will brand as MCA Business Center, this month, May 2017. MCA Business Center will be constructed to feature the latest in industrial design including 32' clear heights, 120' truck courts, ESFR sprinklers, and 15 dock-high loading doors, among others. It will also be constructed with the flexibility to accommodate a single tenant or multiple tenants, depending on market demand, according to Mattox.

SCOTTSDALE, AZ—Discount Tire Company's founder Bruce Halle has acquired Discount Tire Corporate Headquarters located at 20225 N Scottsdale Rd. for $40.18 million. The two-story Class-A office project was developed by Opus West Corp. in 2002 through a structured build-to- suit and Discount Tire has been leasing the building for 15 years. The 157,566-square- foot office building traded in an all-cash transaction between Halle and Tucson-based Holualoa Thompson Peak LLC. In November of 2004, Holualoa purchased the property for $31.4 million. Keeley and Bonilla of Colliers International in Scottsdale brokered the deal. The 5.854-acre, corporate headquarters site is located within the prestigious Grayhawk community. The corporate headquarters project is surrounded by approximately 10 acres of undeveloped land that is also owned by Halle.

LOS ANGELES—Universe Holdings has completed the $12.6 million acquisition of the 45-unit Villa Edgemont apartment community in Los Feliz, one of Los Angeles' most dynamic and desirable neighborhoods that strategically connects Hollywood to Silverlake. Following this transaction, Universe now owns and operates a Hollywood/Los Feliz portfolio totaling 275 units in nine unique properties including Chateau Alto Nido and the recently acquired Mansfield Apartments. The Villa Edgemont acquisition marks the beginning what will be an active Spring/Summer for Universe as the company sets out to close $160 million of new investments now under contract before the end of September. This series of transactions begins with Villa Edgemont. In coming months, Universe will be announcing additional transactions in key Los Angeles and Southern California submarkets, including its next acquisition in the series set to close soon in the City of Inglewood.

DENVER—NorthMarq Capital's Denver office arranged a bridge loan of $23 million for Legacy Trails Apartments located at 1300 West Parrish Lane in Centerville, Utah. The recently constructed community consists of 164 residential units contained in seven three-story buildings. The property features a clubhouse, 24-hour fitness center, outdoor pool/spa, basketball court and covered parking. All units have washer/dryers. Mark Jeffries, vice president and Dave Bolt, investment analyst arranged the financing for the Utah-based borrower.

NORTH RIDGE, CA—LBPM has negotiated the $54 million sale of the Northridge Plaza Shopping Center, an approximately 235,000-square-foot center on 16.5 acres, located at 8742 to 8876 Corbin Ave. In the early 1980's, the family-owned property was developed from farmland into one of the first large-scale retail shopping centers in the San Fernando Valley, fueling commercial retail in the area. The property was sold to Paragon Commercial Group based in El Segundo and will maintain its original use. Greg De Rubeis of LBPM represented the seller; Yubin Tao Senior Vice President of Investment Real Estate Association represented the buyer in the transaction.

PHOENIX—Security Properties and Pacific Life Insurance Company purchased Andante Apartments, a 576-unit multifamily property built in 2000 and located in Phoenix, AZ, for $85.3 million. Security Properties now owns a total of five assets in the Phoenix marketplace. Andante is located within the highly desired Phoenix suburb of Ahwatukee. Located in the valley's southeast corner, Ahwatukee is best characterized by its affluent demographic, low crime rate, strong school district and close proximity to employment corridors. Additionally, the suburb's unique location at the foothills of the 16,000-acre South Mountain Park provides residents a convenient escape to over 50 miles of hiking, biking and horseback riding trails. Onsite, residents enjoy access to multiple retail centers including Lakeside Plaza, just one mile west with Trader Joes, Safeway and Fry's as well as the Ahwatukee Foothill Towne Center one mile to the north and anchored by Target, Best Buy and Home Depot.

TEMPE, AZ—CBRE Capital Markets' Debt & Structured Finance team announced that it has secured a $90.8 million loan for the refinance of San Sonoma, a 590-unit, Class A+ apartment community in Tempe, Arizona. Rocco Mandala, Anthony Valenzuela and Dominique Damerell of CBRE's Phoenix office secured a 12-year loan with full-term interest-only payments on behalf of the borrower, a venture formed by Mark-Taylor, Inc. and Kitchell Corporation. The loan was provided by Fannie Mae at 65% LTV.  Located at 9010 South Priest Drive, the Class A+ garden-style apartment community was constructed between 2015 and 2016, and consists of one-, two-, and three-bedroom apartment units. Unit amenities include 9' ceilings with ceiling fans, granite countertops, double stainless steel sink, stainless steel appliances, full-size washer and dryer, vinyl wood plank flooring (entry, kitchen and baths), raised-panel doors, dual-pane insulated windows, crown molding, wired for HDTV and digital phone, built-in tech center with high-speed data wiring, intrusion alarm, canned lighting, pantry, and walk-in closet in the master bedrooms. The property also has 128 single garages and 112 tandem garages.

SCOTTSDALE, AZ—iStar announced today the final collection of homes at Sage, a luxury condominium community located along the Scottsdale waterfront, is nearing sell-out with just two homes remaining before closing out the final phase that totals nearly $40 million in real estate sold. Developed by iStar, Sage's final phase features 72 two- and three-bedroom condominiums ranging from 1,375 to 1,659 square feet, with optional den floor plans. Sage's first phase included 50 homes, which sold out in late 2012. Development of this final phase commenced in early 2014, making it one of the first new condominium developments delivered in the Phoenix market post-recession.

NEWPORT BEACH, CA—NGKF Capital Markets has completed the sale of 200 Center, a 191,556-square-foot Class-A high-rise office building located in Downtown Anaheim, CA. The asset is occupied entirely by St. Joseph Health System, which has a long-term lease with 10 years remaining. The purchase price was $58.9 million. NGKF Capital Markets' President, West Coast Capital Markets Kevin Shannon, Senior Managing Director Paul Jones, Executive Managing Director Ken White and Director Blake Bokosky represented the institutional seller, a joint venture between Mariner Real Estate Management and PRES Companies.  The building was purchased by a 1031 exchange buyer from Southern California.  Executive Managing Director David Milestone and Managing Director Brett Green of NGKF Capital Markets executed the debt on behalf of the buyer. Located at 200 West Center Street Promenade, 200 Center is situated on just over two acres of land and consists of an eight-story office building and a six-level parking structure. The property was built in 1992 and underwent a renovation in 2015. The asset offers distinctive architectural design, expansive window line, a fitness facility, outdoor collaborative area, ample structured parking and some of the best walkable amenities in all of Orange County.

BEVERLY HILLS—Quantum Capital Partners has arranged two separate CMBS loans totaling $50 million from Wells Fargo Bank to refinance a Torrance, CA community shopping center and four fully leased retail buildings in Beverly Hills, CA. In the larger of the two financings, Quantum arranged a $37 million interest only loan to refinance The Shops at South Bay, a 200,000-square-foot shopping center in Los Angeles' South Bay submarket.  Built in 2005, The Walmart Super Store-anchored center is located at 19503 Normandie Avenue at W. 190th Street, two of the most traveled arteries in the area.   The Shops at South Bay is currently 96 percent leased to a variety of local and national chain retailers and restaurants including Lumber Liquidators, Dollar Tree, Quiznos, BJ's Grill and Pho Kobe. Fast 5Xpress Car Wash will soon begin construction on its newest car wash facility after signing a long-term ground lease for a pad space at the northwest corner of the 20-acre shopping center.  The car wash is expected to open in January 2018 and drive additional traffic to the center.  The loan features interest only payments throughout the 10-year loan term, according to Quantum Capital Partners' Vice President Max B. Mellman who along with Managing Director Jonathan Hakakha, arranged the financing.

PALMDALE, CA—Life Storage, Inc. along with one of its joint venture partners, has acquired two self-storage facilities here totaling 1,390 units and 182 RV storage spaces in an off-market transaction, according to John Battle, a principal and managing director of Lee & Associates-LA North/Ventura. Additional terms of the transaction were not disclosed. The facilities are located at 2103 W Avenue J in Lancaster, CA and 380 W Palmdale Blvd. in Palmdale, CA in the Antelope Valley region of Los Angeles County. They include 774 units and 60 RV storage spaces and 616 units plus 122 RV spaces respectively. The Palmdale facility includes land entitlements for another 36,000 square feet of storage space. Both have excellent freeway visibility.

CARLSBAD, CA—Meridian Capital Group has arranged $28.5 million in agency financing to refinance Siena on Baseline multifamily property, on behalf of P.B. Bell Companies. The seven-year, non-recourse loan, provided by an agency lender, features a floating rate and two years of interest-only payments. This transaction was negotiated by Meridian Managing Director, Seth Grossman, Vice President, Sarah Kuebler, and Associate, Ryan Gandell, who are all based in the company's Carlsbad, CA office. Siena on Baseline, located at 4520 East Baseline Road, is a two-story, 352-unit garden-style multifamily property in Phoenix, AZ. The property's ideal location offers direct access to a number of freeways, including Interstate 10 and Superstition Freeway, as well as Downtown Phoenix, the Phoenix Convention Center and Arizona State University.

LOS ANGELES—Newmark Knight Frank has brokered the purchase the Northwest Innovation Center, a single-story four-building campus, by Pacific Oaks Education Corporation. The acquisition, encompassing 75,000 square feet of space, is part of a long-term strategy developed by NKF for the college allowing it to grow and remain in Pasadena. The four buildings are located at 55 Eureka Street, 45 Eureka Street, 433 N Fair Oaks Avenue and 100 West Villa Street as part of a larger complex. NKF Executive Managing Directors Josef Farrar and David Kluth along with Managing Director Aliya Coher represented the buyer. The seller, NW Innovation Center, LLC, was represented by Mark Shaffer and Kevin Duffy of CBRE. Pacific Oaks currently occupies approximately 45,000 square feet of space in the 45 and 55 Eureka Street buildings. The next largest tenant is the State of California. The campus sits on the northwest corner of Fair Oaks Avenue and Eureka Street with immediate access to the 210 and 134 freeways and Old Town Pasadena. Pacific Oaks plans to upgrade the campus, built in 1964 and renovated in 2006, with amenities for students.