NEW & NOTABLE

SAN DIEGO—NAIOP San Diego has announced its new board of directors. Cushman Wakefield managing director Dennis Visser will serve as the 2017 president. Among the other board member announcements include Gary Katz of NetREIT, who will serve as treasurer; Nelson Ackerly of Kilroy Realty Corp., who will serve as immediate-past president; John Alderson of Westfield LLC, who will serve as executive committee; Laurie Sahba of San Diego Regional EDC, who will serve as executive committee; Adam Seery of Harvest Small Business Finance, who will serve as executive committee; Eric Hepfer of Hines, who will serve as corporate board representative; Derek Hulse of Cushman & Wakefield, who will serve as corporate board representative; Tom Turner of Procopio, who will serve as general counsel.

PHOENIX, AZ—NAI Horizon has promoted Rick Foss to SVP. Foss joined NAI Horizon in 2010 and is an expert in owner/user transactions, representing seller and buyers, as well as tenant and landlord representation. He also has experience in negotiating industrial land for speculative development. He brings 17 years of experience to the firm. Foss has successfully provided advisory and consultative services to local business owners seeking a dependable, knowledgeable professional to purchase or sell their facilities, assisting his clients throughout the entire acquisition or disposition process.

NEWPORT BEACH, CA—Newmeyer & Dillion LLP has hired three new associates, Jenny Guzman and Jason Moberly Caruso, and Lily (Toubi) Razai, to the Newport Beach office. Guzman, Caruso and Razai each practice business and real estate litigation, with Razai's practice including land use and eminent domain matters. Caruso also practices construction law and Guzman's practice also focuses on business and real estate transactions.

SAN DIEGO—San Diego-based Sunrise Management has expanded its Phoenix team with the addition of Suzanne Reinke as regional vice president of operations. In her new role, Reinke will lead a team overseeing a portfolio of 29 multifamily properties and 3,527 units in the area. Additionally, she will oversee day-to-day activities of the regional office, as well as concentrate on increasing the San Diego-based firm's Phoenix market share. Prior to joining Sunrise, Reinke was a regional portfolio manager for ConAm Management Corporation in Phoenix where she oversaw eight communities totaling 2,504 units. She additionally worked for MEB Management as its director, commercial relations and before that she was a regional property manager for Century Campus Housing. She holds an Arizona real estate salesperson license, the designation of Certified Property Manager from the Institute of Real Estate Management and earned a Bachelor of Science degree in business management from the University of Phoenix.

LOS ANGELES—CBRE today announced that Lewis C. Horne has been appointed president of the company's newly formed Southern California-Hawaii Division. In this expanded role, Horne will now have executive oversight for the San Diego and Hawaii markets, in addition to Greater Los Angeles and Orange County. A long-time leader for CBRE in the Americas Region and division president for Greater Los Angeles and Orange County since 2005, Mr. Horne will now oversee for 16 regional offices, including Downtown Los Angeles, LA North, Beverly Hills, South Bay, Newport Beach, Ontario, San Diego, and Honolulu.

NEWPORT BEACH, CA—Robert Goodmanson has joined Lee & Associates-Newport Beach as a SVP and principal, along with Brad Schneider, who joins as senior associate. Goodmanson formerly worked at CBRE Newport Beach for 33 years and is an expert in industrial and flex properties and businesses in Orange County. He has represented more than 1,300 different landlords, buyers and tenants who have transacted more than one billion dollars in consideration.

DEALTRACKER

LONG BEACH, CA—ValueRock Realty Partners has acquired Congressional Place, a two-story, 76,939-square-foot office building located at 6700 E. Pacific Coast Highway in Long Beach, for $24 million from Colton Companies. The property is in the City of Long Beach's Southeast Area Specific Plan, which made it an ideal fit for the buyer. The property is currently 100% occupied, and is home to Morgan Stanley and Wells Fargo, among others.

CITY OF INDUSTRY, CA—Rexford Industrial has purchased a 145,000-square-foot industrial building located at 14750 E. Nelson Ave. in the City of Industry for $15 million. SVP and principal Christopher Bonney, SIOR, of Lee & Associates Industry, represented the buyer, Rexford Industrial Trust, and the seller, Bluelinx Corp.

PHOENIX— Irgens – Phoenix has acquired a four-acre land site, where it will develop the $17 million Spectrum Medical Commons. The medical campus near Val Vista Drive and the 202 Santan Freeway is located immediately adjacent to Dignity Health Mercy Gilbert Medical Center. The planned building is 65 percent pre-leased and groundbreaking is planned for this week. Irgens will begin development with a two-story, multi-tenant building at 3367 S. Mercy Rd. The building will contain approximately 44,000 square feet of space for lease and will feature common conference/break room facilities and outdoor patio seating for tenant staff. This will be the first new multi-tenant medical building for lease developed in the area since 2010.

PHOENIX, AZ—Pointe Business Plaza, located at 7227 N. 16th St., in Phoenix, traded hands for $11.4 million to Bogle Family Realty, LLP of Phoenix. The 103,672-square- foot, multi-tenant office building is located less than one mile from the state Route 51 and minutes from downtown Phoenix and the Biltmore area. The property is parked at 5:1000 and can accommodate large and small office tenants. NAI Horizon will handle the leasing. The NAI Horizon investment sales team of SVPs Barbara Lloyd and Lane Neville represented the buyer in the acquisition.

MESA, AZ—Walker & Dunlop originated a $47.2 million United States Department of Housing and Urban Development 221(d)(4) new construction loan for Aviva, a Class A+ multifamily project in Mesa, Arizona. Housing Trust Group, based in Coconut Grove, Florida is the borrower and Aviva marks the first project for the firm in the Arizona market. The financing for Aviva is a HUD 221(d)(4) construction to permanent loan that is fully amortizing over 40 years. The program allows for long-term mortgages of up to 40 years that can be financed with Government National Mortgage Association (GNMA) Mortgage Backed Securities. As of June 2016, Walker & Dunlop was the fourth largest U.S. Department of Housing and Urban Development multifamily lender, based on loans closed. The project, located at 8350 E. Baseline Road, has a total development cost of $63 million and will consist of 325 one-, two-, and three-bedroom apartments in a luxury gated, garden-style community. Construction recently commenced with a scheduled opening in the third quarter of 2018.

BUILDING BLOCKS

MESA, AZ—The City of Mesa has given the final go-ahead to Spectrum Retirement to build Las Palomas Senior Living, a new senior living community to be located near Usery Mountain Park at North Ellsworth Road and Loop 202. Las Palomas Senior Living will feature 173 residences planned to maximize independence, health and security. Apartments, available for lease with no expensive down payment, range from studios to two-bedroom, two-bath, 1,000-square-foot apartment homes. The community will offer 90 Independent Living apartments for seniors eager to take advantage of upscale amenities such as a theater and salon, chef-prepared meals available whenever hunger strikes, on-site concierge services, and dozens of social and wellness activities.

HONOLULU, HI— The Howard Hughes Corporation welcomed the first residents to Ward Village, the company's 60-acre master planned community in the heart of Honolulu. As the first mixed-use residential tower, Waiea marks a significant milestone as the vision of Ward Village transforms into the reality of a vibrant “live, work, play” destination and a model 21^st century walkable, sustainable community. The property was designed by renowned Vancouver-based architect James K.M. Cheng in partnership with locally-based WCIT Architecture, and makes a stunning contribution to Honolulu's skyline. Waiea's interior design by Tony Ingrao complements the building's exterior, with refined and exceptional detailing throughout the its homes and common spaces. Michelin-star chef Nobuyuki Matsuhisa will open his flagship Honolulu restaurant on Waiea's ground level in December, joining a growing mix of premier culinary offerings at Ward Village.

LOS ANGELES—Century West Partners is topping off its Next on Sixth apartment community currently under development in Los Angeles, California. The mixed-use community has already leased 22,000 square feet of retail space to Target. To be located in the ground level of the amenity-rich, upscale rental community, the new Target store is one of two smaller format stores that Target is opening in Los Angeles as part of the company's retail expansion into urban markets. The store is slated to open in November 2017 and will serve both Next on Sixth residents as well as the surrounding community. The new 22,000-square-foot Target store is currently under construction at the new Next On Sixth community, which is located near the Wilshire/Vermont Metro subway station. The new format store is designed to meet the needs of urban dwellers such as the current and prospective tenants of both Next On Sixth and K2LA, who tend to be successful professionals.

LOS ANGELES—New employments are racking up this week, with tons of new announcements from Southwest firms. This week also saw strong deal flow and some exciting new development announcements. See below for the deals and news you may have missed.

BY THE NUMBERS

PHOENIX, AZ—The Greater Phoenix office real estate market finished 2016 with positive momentum, despite year-end reports of slowing job growth. The market vacancy rate dropped to 16%, the lowest figure seen since 2008, and net absorption topped 930,000 square feet in the fourth quarter, for the 14^th consecutive quarter, bringing the 2016 total to more than 3.5 million square feet. Likewise, the vacancy rate has continued to trend downward since 2012 by an average of approximately 100 basis points per year. Declining vacancy and impressive net absorption has pushed average asking rental rates up to $23.50 per square foot in the fourth quarter, which is 5.1 percent higher than a year ago. The fourth quarter marked the 15th consecutive period of positive quarterly rent growth.

(SOURCE: COLLIERS INTERNATIONAL)

NEW & NOTABLE

SAN DIEGO—NAIOP San Diego has announced its new board of directors. Cushman Wakefield managing director Dennis Visser will serve as the 2017 president. Among the other board member announcements include Gary Katz of NetREIT, who will serve as treasurer; Nelson Ackerly of Kilroy Realty Corp., who will serve as immediate-past president; John Alderson of Westfield LLC, who will serve as executive committee; Laurie Sahba of San Diego Regional EDC, who will serve as executive committee; Adam Seery of Harvest Small Business Finance, who will serve as executive committee; Eric Hepfer of Hines, who will serve as corporate board representative; Derek Hulse of Cushman & Wakefield, who will serve as corporate board representative; Tom Turner of Procopio, who will serve as general counsel.

PHOENIX, AZ—NAI Horizon has promoted Rick Foss to SVP. Foss joined NAI Horizon in 2010 and is an expert in owner/user transactions, representing seller and buyers, as well as tenant and landlord representation. He also has experience in negotiating industrial land for speculative development. He brings 17 years of experience to the firm. Foss has successfully provided advisory and consultative services to local business owners seeking a dependable, knowledgeable professional to purchase or sell their facilities, assisting his clients throughout the entire acquisition or disposition process.

NEWPORT BEACH, CA—Newmeyer & Dillion LLP has hired three new associates, Jenny Guzman and Jason Moberly Caruso, and Lily (Toubi) Razai, to the Newport Beach office. Guzman, Caruso and Razai each practice business and real estate litigation, with Razai's practice including land use and eminent domain matters. Caruso also practices construction law and Guzman's practice also focuses on business and real estate transactions.

SAN DIEGO—San Diego-based Sunrise Management has expanded its Phoenix team with the addition of Suzanne Reinke as regional vice president of operations. In her new role, Reinke will lead a team overseeing a portfolio of 29 multifamily properties and 3,527 units in the area. Additionally, she will oversee day-to-day activities of the regional office, as well as concentrate on increasing the San Diego-based firm's Phoenix market share. Prior to joining Sunrise, Reinke was a regional portfolio manager for ConAm Management Corporation in Phoenix where she oversaw eight communities totaling 2,504 units. She additionally worked for MEB Management as its director, commercial relations and before that she was a regional property manager for Century Campus Housing. She holds an Arizona real estate salesperson license, the designation of Certified Property Manager from the Institute of Real Estate Management and earned a Bachelor of Science degree in business management from the University of Phoenix.

LOS ANGELES—CBRE today announced that Lewis C. Horne has been appointed president of the company's newly formed Southern California-Hawaii Division. In this expanded role, Horne will now have executive oversight for the San Diego and Hawaii markets, in addition to Greater Los Angeles and Orange County. A long-time leader for CBRE in the Americas Region and division president for Greater Los Angeles and Orange County since 2005, Mr. Horne will now oversee for 16 regional offices, including Downtown Los Angeles, LA North, Beverly Hills, South Bay, Newport Beach, Ontario, San Diego, and Honolulu.

NEWPORT BEACH, CA—Robert Goodmanson has joined Lee & Associates-Newport Beach as a SVP and principal, along with Brad Schneider, who joins as senior associate. Goodmanson formerly worked at CBRE Newport Beach for 33 years and is an expert in industrial and flex properties and businesses in Orange County. He has represented more than 1,300 different landlords, buyers and tenants who have transacted more than one billion dollars in consideration.

DEALTRACKER

LONG BEACH, CA—ValueRock Realty Partners has acquired Congressional Place, a two-story, 76,939-square-foot office building located at 6700 E. Pacific Coast Highway in Long Beach, for $24 million from Colton Companies. The property is in the City of Long Beach's Southeast Area Specific Plan, which made it an ideal fit for the buyer. The property is currently 100% occupied, and is home to Morgan Stanley and Wells Fargo, among others.

CITY OF INDUSTRY, CA—Rexford Industrial has purchased a 145,000-square-foot industrial building located at 14750 E. Nelson Ave. in the City of Industry for $15 million. SVP and principal Christopher Bonney, SIOR, of Lee & Associates Industry, represented the buyer, Rexford Industrial Trust, and the seller, Bluelinx Corp.

PHOENIX— Irgens – Phoenix has acquired a four-acre land site, where it will develop the $17 million Spectrum Medical Commons. The medical campus near Val Vista Drive and the 202 Santan Freeway is located immediately adjacent to Dignity Health Mercy Gilbert Medical Center. The planned building is 65 percent pre-leased and groundbreaking is planned for this week. Irgens will begin development with a two-story, multi-tenant building at 3367 S. Mercy Rd. The building will contain approximately 44,000 square feet of space for lease and will feature common conference/break room facilities and outdoor patio seating for tenant staff. This will be the first new multi-tenant medical building for lease developed in the area since 2010.

PHOENIX, AZ—Pointe Business Plaza, located at 7227 N. 16th St., in Phoenix, traded hands for $11.4 million to Bogle Family Realty, LLP of Phoenix. The 103,672-square- foot, multi-tenant office building is located less than one mile from the state Route 51 and minutes from downtown Phoenix and the Biltmore area. The property is parked at 5:1000 and can accommodate large and small office tenants. NAI Horizon will handle the leasing. The NAI Horizon investment sales team of SVPs Barbara Lloyd and Lane Neville represented the buyer in the acquisition.

MESA, AZ—Walker & Dunlop originated a $47.2 million United States Department of Housing and Urban Development 221(d)(4) new construction loan for Aviva, a Class A+ multifamily project in Mesa, Arizona. Housing Trust Group, based in Coconut Grove, Florida is the borrower and Aviva marks the first project for the firm in the Arizona market. The financing for Aviva is a HUD 221(d)(4) construction to permanent loan that is fully amortizing over 40 years. The program allows for long-term mortgages of up to 40 years that can be financed with Government National Mortgage Association (GNMA) Mortgage Backed Securities. As of June 2016, Walker & Dunlop was the fourth largest U.S. Department of Housing and Urban Development multifamily lender, based on loans closed. The project, located at 8350 E. Baseline Road, has a total development cost of $63 million and will consist of 325 one-, two-, and three-bedroom apartments in a luxury gated, garden-style community. Construction recently commenced with a scheduled opening in the third quarter of 2018.

BUILDING BLOCKS

MESA, AZ—The City of Mesa has given the final go-ahead to Spectrum Retirement to build Las Palomas Senior Living, a new senior living community to be located near Usery Mountain Park at North Ellsworth Road and Loop 202. Las Palomas Senior Living will feature 173 residences planned to maximize independence, health and security. Apartments, available for lease with no expensive down payment, range from studios to two-bedroom, two-bath, 1,000-square-foot apartment homes. The community will offer 90 Independent Living apartments for seniors eager to take advantage of upscale amenities such as a theater and salon, chef-prepared meals available whenever hunger strikes, on-site concierge services, and dozens of social and wellness activities.

HONOLULU, HI— The Howard Hughes Corporation welcomed the first residents to Ward Village, the company's 60-acre master planned community in the heart of Honolulu. As the first mixed-use residential tower, Waiea marks a significant milestone as the vision of Ward Village transforms into the reality of a vibrant “live, work, play” destination and a model 21^st century walkable, sustainable community. The property was designed by renowned Vancouver-based architect James K.M. Cheng in partnership with locally-based WCIT Architecture, and makes a stunning contribution to Honolulu's skyline. Waiea's interior design by Tony Ingrao complements the building's exterior, with refined and exceptional detailing throughout the its homes and common spaces. Michelin-star chef Nobuyuki Matsuhisa will open his flagship Honolulu restaurant on Waiea's ground level in December, joining a growing mix of premier culinary offerings at Ward Village.

LOS ANGELES—Century West Partners is topping off its Next on Sixth apartment community currently under development in Los Angeles, California. The mixed-use community has already leased 22,000 square feet of retail space to Target. To be located in the ground level of the amenity-rich, upscale rental community, the new Target store is one of two smaller format stores that Target is opening in Los Angeles as part of the company's retail expansion into urban markets. The store is slated to open in November 2017 and will serve both Next on Sixth residents as well as the surrounding community. The new 22,000-square-foot Target store is currently under construction at the new Next On Sixth community, which is located near the Wilshire/Vermont Metro subway station. The new format store is designed to meet the needs of urban dwellers such as the current and prospective tenants of both Next On Sixth and K2LA, who tend to be successful professionals.