Middle Market Digest: Southwest

Here's a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.

DEALTRACKER

TARZANA, CA—Capital One has provided a $51 million loan to refinance construction debt on Ventana Medical Plaza, a 120,000-square-foot, off-campus medical office building in Tarzana, CA, on behalf of the borrower TriStar Realty Group. The building, which includes a 600-space parking garage, is the first new medical office building to open in Tarzana in more than 20 years. It is located less than half a mile from the Providence-Tarzana Medical Center, a 249-bed acute care hospital that is part of Providence St. Joseph Health. Providence St. Joseph Health is opening a 17,000-square foot surgery center in the facility, part of the 43,000 square feet it is leasing at the building. The property will also house a 63,000-square-foot cancer center, the largest center in the San Fernando Valley. Geoff Arrobio at Walker & Dunlop provided advisory services to TriStar.

AZUSA, CA—KeyBank Real Estate Capital has provided a $15.96 million CMBS first mortgage loan for Azusa Center, located in Azusa, CA. The five-building retail center totals 71,129 square feet and is anchored by Stater Bros. grocery store. The property was built in 1975 and renovated in 2007. John Loshbaugh of Key's Commercial Mortgage Group arranged the financing with a 10-year term, four-year interest only period and 30-year amortization schedule. The loan was used to refinance existing debt.

TEMPE, AZ—Dolce Villagio, a 37-unit apartment community in Tempe, Arizona, has traded hands for $10 million. Developed in 2007, Dolce Villagio offers two- and three-bedroom townhomes with a weighted average unit sizes of 1,410-square feet. Amenities include granite countertops, full-size stainless-steel appliances, and recessed lighting. Cliff David, Steve Gebing, senior managing director, and Brady Fish, associate, represented the seller, Western Wealth Capital, and procured the buyer, Dolce Villagio I and Dolce Villagio II.

TEMPE, AZ—Passco Companies along with its JV-partner InSite Property Ventures, has sold Ovation at Tempe, a 270-unit multifamily community in the Phoenix submarket of Tempe, Arizona for $36 million. The JV partnership initially acquired the asset for $25.85 million in 2014 and sold it for $36 million three years later. The firm sold the asset for a premium price, ultimately achieving a 170.5 percent return to investors. The property is located at 4502-4505 S. Hardy Drive in the city of Tempe, Arizona. Berkadia's Phoenix team of Mark Forrester, Senior Managing Director, Ric Holway, Senior Managing Director, and Dan Cheyne, Senior Director, represented the seller, while Berkadia's Managing Director Jackson Cloak of the firm's Irvine office arranged the $27 million in financing through Freddie Mac.

LOS ANGELES—A 4-property multifamily portfolio located in Yucaipa and Calimesa, California has traded hands for $5.7 million. CBRE's Eric Chen, an investment properties multifamily professional, represented the buyer, KEBA Capital LLC, as well as the seller, Magnus Investment Partners LLC, in the transaction. Chen worked with Ryan Wilkinson at CBRE's Debt & Structure Finance to assist the buyer in obtaining financing with Freddie Mac's SBL programs. The two properties in Yucaipa are located at 12350-12370 5th Street, and 35455 Yucaipa Blvd. The two sites in Calimesa are situated at 221-233 W County Line Rd, and 419 W County Line Rd. The total square footage of the portfolio is 32,471 square feet. The four properties, featuring pitched composition roofs, are situated within 2 miles of each, other totaling 43 units. They contain single-story and two-story apartments, as well as individually detached units.

LOS ANGELES—Monarch Industrial, a multi-tenant, 276,585-square-foot warehouse facility located in Garden Grove, CA, has traded hands for $27 million. The property is fully occupied by four tenants including Virtu USA, New Mode Sportswear, V Factory and Riviera Beverages. NKF's Capital Markets President, West Coast Kevin Shannon, Managing Director Scott Schumacher, Executive Managing Director Bret Hardy, and Executive Managing Director Jeff Read represented the seller, Colony Northstar. The buyers, Penwood Real Estate and Western Realco were self-represented.

MISSION HILLS, CA—C.W. Driver Companies, a premier builder providing general contracting, construction management and design-build services to California, broke ground on the $17.9 million construction of the new Mission Hills-Hillcrest Harley & Bessie Knox Public Library, the company announced today. The 14,000-square-foot, one-story structure will be nearly four times the size of the current library, and will be constructed on the site of the old International Brotherhood of Electrical Workers (IBEW) building located at 925 West Washington Street. The project is expected to be completed in the summer of 2018. Originally opened in 1961, the library is being reconstructed to better serve the growing population of the surrounding neighborhoods. The new library will feature a study space, computer lab, community meeting room, Friend's of the Library room and children and teen spaces.

Here's a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.

DEALTRACKER

TARZANA, CA—Capital One has provided a $51 million loan to refinance construction debt on Ventana Medical Plaza, a 120,000-square-foot, off-campus medical office building in Tarzana, CA, on behalf of the borrower TriStar Realty Group. The building, which includes a 600-space parking garage, is the first new medical office building to open in Tarzana in more than 20 years. It is located less than half a mile from the Providence-Tarzana Medical Center, a 249-bed acute care hospital that is part of Providence St. Joseph Health. Providence St. Joseph Health is opening a 17,000-square foot surgery center in the facility, part of the 43,000 square feet it is leasing at the building. The property will also house a 63,000-square-foot cancer center, the largest center in the San Fernando Valley. Geoff Arrobio at Walker & Dunlop provided advisory services to TriStar.

AZUSA, CA—KeyBank Real Estate Capital has provided a $15.96 million CMBS first mortgage loan for Azusa Center, located in Azusa, CA. The five-building retail center totals 71,129 square feet and is anchored by Stater Bros. grocery store. The property was built in 1975 and renovated in 2007. John Loshbaugh of Key's Commercial Mortgage Group arranged the financing with a 10-year term, four-year interest only period and 30-year amortization schedule. The loan was used to refinance existing debt.

TEMPE, AZ—Dolce Villagio, a 37-unit apartment community in Tempe, Arizona, has traded hands for $10 million. Developed in 2007, Dolce Villagio offers two- and three-bedroom townhomes with a weighted average unit sizes of 1,410-square feet. Amenities include granite countertops, full-size stainless-steel appliances, and recessed lighting. Cliff David, Steve Gebing, senior managing director, and Brady Fish, associate, represented the seller, Western Wealth Capital, and procured the buyer, Dolce Villagio I and Dolce Villagio II.

TEMPE, AZ—Passco Companies along with its JV-partner InSite Property Ventures, has sold Ovation at Tempe, a 270-unit multifamily community in the Phoenix submarket of Tempe, Arizona for $36 million. The JV partnership initially acquired the asset for $25.85 million in 2014 and sold it for $36 million three years later. The firm sold the asset for a premium price, ultimately achieving a 170.5 percent return to investors. The property is located at 4502-4505 S. Hardy Drive in the city of Tempe, Arizona. Berkadia's Phoenix team of Mark Forrester, Senior Managing Director, Ric Holway, Senior Managing Director, and Dan Cheyne, Senior Director, represented the seller, while Berkadia's Managing Director Jackson Cloak of the firm's Irvine office arranged the $27 million in financing through Freddie Mac.

LOS ANGELES—A 4-property multifamily portfolio located in Yucaipa and Calimesa, California has traded hands for $5.7 million. CBRE's Eric Chen, an investment properties multifamily professional, represented the buyer, KEBA Capital LLC, as well as the seller, Magnus Investment Partners LLC, in the transaction. Chen worked with Ryan Wilkinson at CBRE's Debt & Structure Finance to assist the buyer in obtaining financing with Freddie Mac's SBL programs. The two properties in Yucaipa are located at 12350-12370 5th Street, and 35455 Yucaipa Blvd. The two sites in Calimesa are situated at 221-233 W County Line Rd, and 419 W County Line Rd. The total square footage of the portfolio is 32,471 square feet. The four properties, featuring pitched composition roofs, are situated within 2 miles of each, other totaling 43 units. They contain single-story and two-story apartments, as well as individually detached units.

LOS ANGELES—Monarch Industrial, a multi-tenant, 276,585-square-foot warehouse facility located in Garden Grove, CA, has traded hands for $27 million. The property is fully occupied by four tenants including Virtu USA, New Mode Sportswear, V Factory and Riviera Beverages. NKF's Capital Markets President, West Coast Kevin Shannon, Managing Director Scott Schumacher, Executive Managing Director Bret Hardy, and Executive Managing Director Jeff Read represented the seller, Colony Northstar. The buyers, Penwood Real Estate and Western Realco were self-represented.

MISSION HILLS, CA—C.W. Driver Companies, a premier builder providing general contracting, construction management and design-build services to California, broke ground on the $17.9 million construction of the new Mission Hills-Hillcrest Harley & Bessie Knox Public Library, the company announced today. The 14,000-square-foot, one-story structure will be nearly four times the size of the current library, and will be constructed on the site of the old International Brotherhood of Electrical Workers (IBEW) building located at 925 West Washington Street. The project is expected to be completed in the summer of 2018. Originally opened in 1961, the library is being reconstructed to better serve the growing population of the surrounding neighborhoods. The new library will feature a study space, computer lab, community meeting room, Friend's of the Library room and children and teen spaces.