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—Westwood Financial, a leading retail investment firm with a portfolio of 118 shopping centers in the U.S., has announced the addition of Matt Lougee as its new EVP. In this role, Lougee will be responsible for spearheading Westwood's corporate strategy and finance. He will also facilitate financing for the firm's retail investments, oversee capital formation and investor relations, and negotiate joint-venture partnerships. Prior to Westwood, Lougee served as a Senior Vice President of Finance at DDR Corp., a REIT that owns over 300 open-air shopping centers, where he was involved in asset management, transactions, capital formation, corporate finance and accounting, and investor relations.
IRVINE, CA—Passco Companies has hired Brett Johnson as the firm's new VP of Acquisitions for the West and Midwest. Johnson will be based in the firm's Denver office. The new appointment coincides with Passco's ongoing growth and its goal of reaching $1 Billion in acquisitions by the end of the year, doubling the firm's acquisitions from the year prior, according to Larry Sullivan, President of Passco Companies. In his new role, Johnson will take the lead in identifying, sourcing, underwriting, negotiating and acquiring assets that are well aligned with Passco's long-term acquisition strategy.
IRVINE, CA—Ware Malcomb has promoted Ted Heisler to VP of interior architecture and design. In this role, Heisler maintains responsibility for the overall growth of Ware Malcomb's interior architecture and design practice across the firm's 22 offices. A member of Ware Malcomb's Executive Team, Heisler is responsible for national business development and leads the firm's corporate accounts program. He also oversees Ware Malcomb's national Interiors Advisory Group. Heisler joined Ware Malcomb in 1994 and most recently served as principal of interior architecture and design. With over 30 years of experience in all facets of interior architecture and design, Heisler has worked on a variety of corporate office, commercial, retail and industrial projects.
DEALTRACKER
TEJON RANCH, CA—Tejon Ranch and Majestic Realty Co. is currently building its new class-A cross-dock distribution building at Tejon Ranch Commerce Center.
Once completed, the property will total 480,480 square feet of speculative industrial space located just east of Interstate 5. It will serve nearly 90% of California consumers within a single-day truck turn and more than 40 million people for next day delivery service. Features of the new speculative distribution building include 115 dock-high positions and four ground-level loading doors, while 185-foot truck courts allow logistics users maximum efficiency and maneuverability in their truck areas. The new building is divisible from 120,000 to 240,000 to square feet. Additional features include 180' deep truck courts, ample parking with 204 trailer parking stalls and 165 vehicle stalls, 36-foot clear height ideal for e-commerce and modern logistics users, 7-inch minimum floor slab, and ESFR sprinkler system.
LOS ANGELES—Stratford Partners, a San Diego based private real estate investment company, has acquired Azure Apartments for $29.25 million. The 126-unit property is located at 1940 Fullerton Road, was constructed in 1974, had been partially renovated by the two previous owners and features one- and two-bedroom apartments, a pool, communal BBQ area, fitness center, laundry facility and extensive landscaping. The property is located near a multitude of amenities, employment and higher-education facilities. Dean Zander of CBRE represented both the buyer and seller, Fullerton Road. Stratford intends to further renovate unit interiors and common areas to cater specifically to the emerging resident demographic.
PHOENIX—Luna Bear Arcos has acquired Arcos Phx, a 51-unit contemporary garden-style apartment community located at 1637 E. Missouri Ave. in the prestigious Biltmore area. The asset commanded a sale price of approximately $5.48 million, or $240 per square foot. Brian Smuckler, Jeff Seaman and Derek Smigiel of CBRE's Phoenix office represented the buyer and the seller, EQ Missouri 51, LLC.
PHOENIX—Hines has entered into a joint venture agreement with New York Life Real Estate Investors, on behalf of its institutional client, as its equity partner to develop the Offices at Chandler Viridian. The Offices at Chandler Viridian is a six-story, Class A office building with 250,000 square feet of space located at the intersection of Loop 101 and Loop 202 near the Chandler Fashion Center. The Offices at Chandler Viridian is integrated into the Chandler Viridian master plan development, a 25-acre mixed-use project which also includes a Cambria hotel & suites, Broadstone Fashion Center luxury apartments, sophisticated retail offerings at Chandler Viridian PRIMEGATE and a pedestrian promenade to the Chandler Fashion Center mall.
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—Westwood Financial, a leading retail investment firm with a portfolio of 118 shopping centers in the U.S., has announced the addition of Matt Lougee as its new EVP. In this role, Lougee will be responsible for spearheading Westwood's corporate strategy and finance. He will also facilitate financing for the firm's retail investments, oversee capital formation and investor relations, and negotiate joint-venture partnerships. Prior to Westwood, Lougee served as a Senior Vice President of Finance at DDR Corp., a REIT that owns over 300 open-air shopping centers, where he was involved in asset management, transactions, capital formation, corporate finance and accounting, and investor relations.
IRVINE, CA—Passco Companies has hired Brett Johnson as the firm's new VP of Acquisitions for the West and Midwest. Johnson will be based in the firm's Denver office. The new appointment coincides with Passco's ongoing growth and its goal of reaching $1 Billion in acquisitions by the end of the year, doubling the firm's acquisitions from the year prior, according to Larry Sullivan, President of Passco Companies. In his new role, Johnson will take the lead in identifying, sourcing, underwriting, negotiating and acquiring assets that are well aligned with Passco's long-term acquisition strategy.
IRVINE, CA—Ware Malcomb has promoted Ted Heisler to VP of interior architecture and design. In this role, Heisler maintains responsibility for the overall growth of Ware Malcomb's interior architecture and design practice across the firm's 22 offices. A member of Ware Malcomb's Executive Team, Heisler is responsible for national business development and leads the firm's corporate accounts program. He also oversees Ware Malcomb's national Interiors Advisory Group. Heisler joined Ware Malcomb in 1994 and most recently served as principal of interior architecture and design. With over 30 years of experience in all facets of interior architecture and design, Heisler has worked on a variety of corporate office, commercial, retail and industrial projects.
DEALTRACKER
TEJON RANCH, CA—Tejon Ranch and Majestic Realty Co. is currently building its new class-A cross-dock distribution building at Tejon Ranch Commerce Center.
Once completed, the property will total 480,480 square feet of speculative industrial space located just east of Interstate 5. It will serve nearly 90% of California consumers within a single-day truck turn and more than 40 million people for next day delivery service. Features of the new speculative distribution building include 115 dock-high positions and four ground-level loading doors, while 185-foot truck courts allow logistics users maximum efficiency and maneuverability in their truck areas. The new building is divisible from 120,000 to 240,000 to square feet. Additional features include 180' deep truck courts, ample parking with 204 trailer parking stalls and 165 vehicle stalls, 36-foot clear height ideal for e-commerce and modern logistics users, 7-inch minimum floor slab, and ESFR sprinkler system.
LOS ANGELES—Stratford Partners, a San Diego based private real estate investment company, has acquired Azure Apartments for $29.25 million. The 126-unit property is located at 1940 Fullerton Road, was constructed in 1974, had been partially renovated by the two previous owners and features one- and two-bedroom apartments, a pool, communal BBQ area, fitness center, laundry facility and extensive landscaping. The property is located near a multitude of amenities, employment and higher-education facilities. Dean Zander of CBRE represented both the buyer and seller, Fullerton Road. Stratford intends to further renovate unit interiors and common areas to cater specifically to the emerging resident demographic.
PHOENIX—Luna Bear Arcos has acquired Arcos Phx, a 51-unit contemporary garden-style apartment community located at 1637 E. Missouri Ave. in the prestigious Biltmore area. The asset commanded a sale price of approximately $5.48 million, or $240 per square foot. Brian Smuckler, Jeff Seaman and Derek Smigiel of CBRE's Phoenix office represented the buyer and the seller, EQ Missouri 51, LLC.
PHOENIX—Hines has entered into a joint venture agreement with
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