COSTA MESA, CA—In a sales process that took 21 days from initial listing to closing, an affiliate of Los Angeles-based Festival Development Corp. has purchased Bristol Village Center, a 25,074-square-foot shopping center at 250-290 Bristol St. here from Donahue Schriber Realty Group for $12.9 million. The shopping center contains five individual parcels featuring a mix of national credit brands such as McDonald’s and Del Taco and a new proposed Starbucks, combined with local businesses including Inka Grill and Al Palace. Colliers International EVP Tom Lagos and VP El Warner of the firm’s Los Angeles office, along with EVP Jereme Snyder of the firm’s Irvine office, represented both parties in the transaction, which resulted after multiple offers were generated for the highly visible property with good pricing and a favorable cap rate.

LAS VEGAS—Sunrise Management has added five communities encompassing 845 units to its Las Vegas portfolio and has added multifamily expert Ana Chase as a regional real estate manager. Tapped to help oversee the San Diego-based firm’s growing Las Vegas market share, Chase will also help with strategic planning and repositioning of select properties as well as day-to-day on-site management. She has more than ten years of experience in the multifamily industry, specializing in on-site operations and property management, with expertise in capital improvements and property renovations. She was most recently with CompassRock Real Estate. The new Las Vegas properties include: Cypress Springs, a 144-unit property on nearly seven acres at 3651 North Rancho Dr.; El Pueblo Las Brisas, a 112-unit property on over four acres at 3355 South Arville St.; El Pueblo de los Arboles, a 228-unit property on  nine acres at 5400 West Cheyenne Ave.; Jovanna Villas, a 264-unit property on 14 acres at 2720 West Serene Ave.; and Southern Cove, a 100-unit property on five acres at 1700 East Viking Rd.

SEATTLE—TruAmerica Multifamily has acquired Westhaven Apartments, a 190-unit garden-style property located in West Seattle, for $27 million from an unnamed seller. The firm completed the transaction in partnership with Intercontinental Real Estate Corp., led by Jessica Levin. The property features a total of 150,100 rentable square feet on 6.9 acres and offers one-, two- and three-bedroom floorplans. The transaction was brokered by Jon Hallgrimson, Frank Bosl and Eli Hanacek of CBRE.

WEST LOS ANGELES, CA—Chateau Pelham LLC has purchased a fully occupied, eight-unit multifamily property at 1937 Pelham Ave. here from 1937 Pelham LLC for $2.7 million. Ramin Gheitanchi of Charles Dunn Co. represented both parties in the transaction. The closing cap rate was 4.2%. Built in 1961, the fully renovated property consists of four one-bedroom units and four two-bedroom units. The asset is near Santa Monica Blvd. and is within the Westwood sub-market. 

LEASES

IRVINE, CA—Speech Pathology Associates Inc. has signed a lease renewal and extension for 6,900 square feet of office space at 4010 Barranca Pkwy. in a regional center here. The new 6.5-year lease will involve a reconfiguration and upgrade to the tenant’s existing space, which is located in the Centerstone Plaza here. The Saywitz Co.‘s president Barry Saywitz negotiated the transaction on behalf of the tenant, while Andrew Robben and John Desper with Newmark Grubb Knight Frank represented Equity Office and New York Life, the owner. The total lease valued in excess of $1.3 million will give Speech Pathology the ability to upgrade its facilities.

FOLSOM, CA—Newport Beach, CA-based KBS Strategic Opportunity REIT has signed 23,084 square feet in leases at its Iron Point Business Park, a five-building, 211,887-square-foot property at 1110-1180 Folsom Rd. here, bringing percentage leased to 76.8%, as of April 2. The leases signed include 21,680 square feet in expansions and extensions with procurement, management and compliance services company Pro Unlimited. Kris Reilly and Tom Walcott of Colliers International brokered the leases on behalf of the REIT.

ANAHEIM, CA—Anaheim West Plaza Partners LLC has signed a new 10-year lease with Fresca International Foods, an ethnic supermarket, at Anaheim West Plaza here. Argent Retail Advisors represented the landlord in the lease transaction.

DEVELOPMENT

DRAPER, UT—Lone Peak Specialty Center, an 80,000-square-foot, class-A medical office building on the 40-acre Lone Peak Hospital Medical Campus here, has broken ground. The center will have corridors that connect to both Lone Peak Hospital and an existing medical-office building. Barb Johnson and Vic Galanis of CBRE are the exclusive landlord representatives for the new property, which is expected to be completed in the first quarter of 2015.

BUENA PARK, CA—Industry sources report that the Buena Park City Council has given its approval for Residential V and Irvine Four to develop a 108-unit townhouse community on a 5.6-acre lot on the northwest corner of Orangethorpe and Magnolia avenues. The development will include 14 three-story buildings, each containing between three and 16 homes, and each unit will include a two-car garage. Construction will not begin before early 2015, after an existing structure on the site is razed.

FINANCING

GOODYEAR, AZ—A10 Capital has funded a $14.6-million non-recourse bridge loan to recapitalize a class-A anchored retail shopping center here. The commercial mortgage provided approximately 55% leverage. The proceeds were used to fund the recapitalization of an all-cash purchase as well as committed funds to facilitate the future lease-up of the property. The loan was placed with by HFF LP, a commercial real estate capital intermediary.

SEATAC, WA—The Seattle office of Berkadia Commercial Mortgage LLC has arranged an $11.8-million first mortgage for the Sandpiper Apartment Homes, a multifamily property at 3100 208th St. here. Berkadia SVP Louis Weisman worked with borrower Sandpiper Ventures LLC to secure the 35-year, fixed-rate loan through HUD’s 223(f) program. The borrower will use the loan to refinance prior debt on the property and help facilitate renovations totaling $1.5 million. Property improvements will include complete kitchen and bathroom remodels in all 163 units and energy-efficiency enhancements to reduce energy and water consumption. The non-recourse, fully amortizing loan features a 4.3% interest rate and a 78% loan-to-value ratio.

RANKINGS AND RATINGS

SAN DIEGO—The rating outlook on BioMed Realty Trust Inc.‘s investment-grade corporate credit rating from Moody’s Investors Service has been revised to positive from stable. The company previously received a positive outlook on its investment grade corporate credit rating from Standard & Poor’s Rating Services in June 2013.

IRVINE, CA—MBK Homes scored multiple wins in the 2014 Eliant Homebuyers’ Choice Awards competition, including the top honor of “the Eliant” award. Tens of thousands of homeowners were polled to choose the winners of this annual competition held by customer service management company Eliant. More than 76,500 surveys were administered to recent homeowners to gauge their experience with more than 148 builders across the US and Canada. MBK Homes garnered the award for the Best Overall Purchase and Ownership Experience category for single-division builders in North America.

EXECUTIVE MOVES

NEWPORT BEACH, CA—Marcus & Millichap Capital Corp. has named its top 10 loan originators of 2013. In descending order by rank, the top originators are Danny Abergel, VP capital markets, Encino, CA; Sharone Sabar, VP capital markets, Encino; Michael Derk, VP capital markets, Long Beach, CA; Farhan Kabani, senior director, Dallas; Chad O’Connor, VP capital markets, San Diego; Jake Roberts, VP capital markets, West Los Angeles, CA; Dan Litman, VP capital markets, West Los Angeles; Anita Paryani Rice, VP capital markets, West Los Angeles; Christopher Marks, associate originator, New York; and Dean Giannakopoulos, director, Chicago Downtown. The firm closed more than 1,100 transactions and arranged more than $2.7 billion in loan volume last year.

IRVINE, CA—Stream Realty Partners has added Tommy Nelson as VP in the firm’s Orange County office here. In his new position, Nelson will be responsible for growing the firm’s landlord office representation throughout the South County, Airport and Central County markets. Nelson will be working with institutional clients such as RREEF, Dolphin Partners, Invesco Real Estate, Mark IV Capital and Goldman Sachs. Previously, Nelson was a VP in Stream’s Dallas office leasing division for seven years.

LOS ANGELES—Caruso Affiliated has appointed Judy Johnson chief marketing and communications officer, a newly created role that will support the firm’s strategically expanding portfolio of projects throughout California. Effective April 14, Johnson will report to CEO Rick J. Caruso and will oversee all areas of the organization’s strong marketing, public relations, strategic alliances, and entertainment initiatives. Johnson comes to Caruso Affiliated after 17 years with GolinHarris, a global, full-service communications firm. Most recently, she served as president of operations west of its Chicago headquarters, managing staff, senior client accounts, business development and operations for offices in Los Angeles, Orange County and San Francisco.