NEW & NOTABLE

PHOENIX—Brett Hopper and Matthew Visnansky have joined the real estate development team at Opus. Hopper brings 25 years of experience to his new role as senior director, real estate development. Visnansky, whose experience in real estate transactions spans more than a decade, joins the Opus team as real estate manager, real estate development.

SAN DIEGO—JLL has hired Dan Gill as VP to expand its Southern California Retail practice. Based in the firm's San Diego office, Gill will partner with JLL's San Diego Retail Brokerage Lead Craig Killman to represent retailers and landlords in the leasing of retail properties throughout the region. Gill joins JLL with more than 25 years of experience in the retail real estate industry. Prior to JLL, he owned The Gill Group where he completed more than 175 transactions. Gill holds a bachelor's degree from the University of Massachusetts at Amherst.

LOS ANGELES—SWBC Mortgage Corporation has hired Diana Gleason as the Regional Manager leading expansion efforts in Southern California. In this role, Gleason will introduce SWBC's lending services to new markets. Behind Diana's leadership, SWBC will begin opening several new offices throughout the Los Angeles County Area and will be looking to hire both production and operational employees. Prior to SWBC, Diana spent 12 years managing production for Bank of America as a Regional Sales Executive and Market President. Prior to Bank of America, Diana was in sales management with Wells Fargo and Washington Mutual. Diana is a third generation Californian, who has spent 40 years in the home finance industry. Diana most recently served as the chairperson for the American Heart Association Ventura County Heart Walk. She also volunteers with Habitat for Humanity, Food Share, and the food bank.

PHOENIX—Marcus & Millichap has hired Ryan Sarbinoff as regional manager in the firm's Phoenix office. Previously, Sarbinoff was regional manager for Marcus & Millichap in Cincinnati. Sarbinoff began his career with Marcus & Millichap in 2005 in the company's sales intern program in Indianapolis. In 2006, he developed into an agent specializing in the sale of shopping centers and single-tenant net-leased properties across the United States. Sarbinoff was promoted to sales manager of Marcus & Millichap's Cleveland office in July 2013 and coached agents in the firm's Cincinnati, Columbus and Pittsburgh offices. He was promoted to regional manager of the Cincinnati office in 2015.

NEW & NOTABLE—RiverRock Real Estate Group has named Shane Flanigan Regional Vice President. In his new role, Flanigan will oversee all operational activity for the Southern California region with a primary focus on client service and expanding the firm's offerings as it grows the portfolio. Currently the firm manages 12 million square feet an office, industrial and retail space in Southern California with a total management portfolio of more than 26 million square feet throughout the Western Region. Flanigan previously served as Vice President of Operation for PMRG in Southern California where he was responsible for all property management and operational activities in Orange, Los Angeles, Inland Empire, and San Diego counties as well as Arizona.

DEALTRACKER

SAN DIEGO—The Rosecrans Shopping Center, a 43,108-square-foot shopping center in San Diego, has traded hands between a private investor and Capital Asset Management. Mark Thiel, SVP of investments in Marcus & Millichap's San Diego office, represented the buyer and the seller along with Nick Totah, senior associate, and Ben Tashakorian, senior managing director investments. Capital Asset Management plans to completely renovate and reposition the center to attract health and fitness lifestyle oriented tenants. Located at 3555 Rosecrans St., the center features monument signage and excellent exposure and visibility from the signalized corner of Rosecrans Street and Midway Drive, where traffic counts exceed 90,000 vehicles per day.

SAN DIEGO—Montecito Medical Real Estate has acquired the 49,580-square-foot, Class A North Coast Medical Plaza in Carlsbad. Located at 6010 Hidden Valley Road and built in 2002, the prominent site is located directly across from Carlsbad's world-famous LegoLand theme park and was extensively renovated in 2014. This two-story building is the premier destination for healthcare providers in northern San Diego County. North Coast Medical Plaza is 96% leased with a mix of diverse tenants including dental, imaging, specialty pharmacy, neurology, and chiropractic. The building also features an urgent-care facility with eight exam rooms and procedure, triage and x-ray rooms. North County Neurology Center, which provides diagnostic treatment services for patients with disorders of the nervous system, occupies 46% of the building. The practice consolidated four locations into this building in December 2015 and is centrally located near several major hospitals with which the practice is affiliated.

LOS ANGELES—Thorofare Capital has provided Shamina Investments with a $11.25 million floating-rate whole loan for its acquisition and renovation of the 53-room Claremont Hotel Westwood in Los Angeles' upscale Westwood neighborhood. The Claremont is located at 1044 Tiverton Avenue in Westwood Village, an historic commercial, entertainment and shopping district, adjacent to UCLA in West Los Angeles. The seller, a local family, has owned the property since they built it in 1939. It was the first and currently remains the oldest hotel in Westwood. A portion of the loan proceeds will go towards an extensive renovation that will include upgrades to all guest rooms, common areas, lobby and exterior. When renovations are completed, Shamina Investments will re-open the hotel in February 2018 as the Palihotel Westwood under the Paligroup hotel flag. Paligroup currently manages and operates four daily and extended stay boutique properties in the Los Angeles area. The five-year, non-recourse loan was priced at a competitive spread over the 30-day LIBOR and includes structure for reserves to cover renovation costs, debt service and operating deficits prior to stabilization, according to Thorofare Capital Principal Felix Gutnikov who originated the financing.
SANTA ANA, CA— The Mogharebi Group has sold the Tustin View Apartments, an 84-unit community that is located on Ponderosa Street in Santa Ana, CA. The property sold April 12 for $22.3 million with multiple offers. Alex Mogharebi of TMG represented the seller, a Los Angeles-based private investor. The buyer was a private investor in exchange based in Northern California. Built on a 2.83-acre site in 1968, the property is located at 2010 Ponderosa Street in Santa Ana. The neighborhood is north of Interstate-5 in Santa Ana in close proximity to Tustin. It is served by Tustin School District. Tustin View is near to numerous neighborhood retailers including Shabu Shabu Bar, Chipotle, Claim Jumper, Tutto Fresco, and Zov's Bistro. It is a short drive to Disneyland, CHOC, Westfield Main Place Mall, Orange County Civic Center, and the Outlets at Orange.

SAN DIEGO—KeyBank Real Estate Capital has provided a $37.8 million Fannie Mae first mortgage loan for Stonewood Garden Apartment Homes, located in San Diego, CA. The 255-unit property was built in 1979 with renovations planned for 2017. Fifty-one units are designated for tenants earning at or below 80% AMI. Robert Prouty of Key's Commercial Mortgage Group arranged the nonrecourse financing with a 12-year term, seven-year interest only period and a 30-year amortization schedule. The loan was used to refinancing existing debt.

PHOENIX—ViaWest Properties sold twin, two-story class-A office buildings in the Chandler Midway Corporate Center located at 5670 and 5710 W. Chandler Blvd. in Chandler, Ariz. Barry Gabel and Chris Marchildon with CBRE's Phoenix office represented the seller, Phoenix-based ViaWest Group. The buyer was Encino-Calif.-based Kramer-Wilson Company, Inc. Total consideration for the sale was $23.3 million. Constructed in 2007, the 111,800-square-foot, multi-tenant property is currently 100% leased to a roster of blue-chip credit tenants. The property features extensive window lines, two-story lobby entries and tenant flexibility to accommodate smaller, regional tenants as well as larger corporate users. Surface and covered parking surrounds the buildings.

SANTA MONICA—Douglas Emmett has acquired two additional office buildings in downtown Santa Monica totaling approximately 293,000 square feet for a combined purchase price of approximately $352.8 million. The buildings, located at 1299 Ocean Avenue and 429 Santa Monica Boulevard, are being purchased by an existing joint venture that includes Qatar Investment Authority. A portion of the purchase price was provided by a $142 million secured, non-recourse interest only loan to the joint venture that matures July 2019 and bears interest at Libor plus 1.55%. Douglas Emmett provided 20% of the equity capital and manages the joint venture. The properties include 1299 Ocean, an 11-story oceanfront office building comprised of 206,000 square feet with private balconies and an open park plaza facing the coastline, and 429 Santa Monica, an 87,000 square feet office building located in the heart of downtown Santa Monica. The building has both ocean and mountain views, and is only 1 block from the world renowned 3rd Street Promenade and three blocks from a light rail station.

IRVINE, CA— The Bascom Group has acquired Harvard Villa Apartments, a 64-unit infill apartment community located in the desirable South Bay Los Angeles city of Torrance, for $14.0 million. Hooman Emanuel of Emanuel Real Estate Group represented the seller. Erich Pryor and Thomas Sherlock with Talonvest Capital arranged the $11.45 million loan from TCF National Bank. James D'Argenio and Chang Liu sourced and managed the acquisition for Bascom. Harvard Villa is less than five miles from the Pacific Ocean and located near several interstates that provide outstanding local and regional access, including Interstate 405, 110, 710, 105, and Pacific Coast Highway. Significant employers within a 30-minute commute from Harvard Villa include Honda North America, Boeing Satellite Systems, Raytheon, AT&T Entertainment Group, Harbor-UCLA Medical Center, Xerox, Mattel, and the Port of Los Angeles. Toyota's former 110-acre corporate campus, located a block from Harvard Villa, is currently being marketed for sale.

SAN DEIGO— JLL's Capital Markets experts today announced the firm arranged the sale of Scripps Ranch Business Park, a nine-building industrial park located in San Diego. Hill Properties, in a joint venture with St. Louis-based ReCap, an RGA company, purchased the 185,738-square foot complex for $31.4 million. Senior Managing Director Lynn LaChapelle, Managing Director Bob Prendergast and Vice President Sach Kirpalani led the JLL team on the transaction. Scripps Ranch Business Park includes freestanding, single story industrial buildings located at 9855 Carroll Canyon Rd., 9925 Carroll Canyon Rd., 9965 Carroll Canyon Rd., 9850 Businesspark Ave., 10060 Willow Creek Rd., 10070 Willow Creek Rd., 10080 Willow Creek Rd., 10090 Willow Creek Rd. and 10100 Willow Creek Rd. The 14-acre complex is currently fully leased to nine tenants. The property sits next to Interstate 15.

BUILDING BLOCKS

PHOENIX—Cypress Office Properties has started construction on phase one of a $50 million renovation of Renaissance Square in Phoenix. The $10 million first phase includes upgrades to both building's lobbies, the lower level lobby, elevators, the creation of a 7,000 square foot, multi-purpose conference facility and construction of multiple, high-end, move-in ready, office suites. The two towers will have different themes – Building One will have a “tech” atmosphere, with a lobby that features a live plant wall with integrated technology for digital signage. Building Two will feature boutique-style interior finishes, with a warm hospitality feel. Both lobbies will serve as places for tenants to work, collaborate, socialize, eat and drink. The renovation of the LEED Gold Certified buildings also includes updates to flooring, restrooms, elevators and lighting. Future phases will include the reimagining of Renaissance Square's unique third-story tennis courts into an elevated outdoor meeting area, event space and garden, and renovations to the gym and the bridge connecting the two buildings.

LOS ANGELES—Lifescapes International has completed the landscape design for Trumark Urban's TEN50, the new, luxury 25-story high-rise featuring 151 luxury residences in the heart of downtown Los Angeles. TEN50 features a private screening room, an ultra-modern fitness studio, and a drone delivery service, complete with the first air-delivery-ready drone-landing pad in the country. Lifescapes designed the landscape environment for the project's sixth floor outdoor terrace and pool deck known as “The Fifty,” which blurs the lines between indoor and outdoor living, spilling seamlessly out from the gathering spaces inside. The design features resort-style amenities that feel like a boutique hotel, including entertainment bars, fire tables for city-light viewing parties, and vibrant water features.

LOS ANGELES—The tight supply in the Inland Empire is challenging in all size levels, according to new research from JLL. The small box size range is shriking dramatically in the market. This week, as the research comes out, GlobeSt.com also has fewer industrial trades and leases to report. It seems that the tight supply may be starting to affect activity in the market, as experts have thought that it would. Other sectors, however, continued to see strong activity this week, and several companies posted new employees.

BY THE NUMBERS

INLAND EMPIRE—The shortage of small box industrial supply in the Inland Empire is growing. Q117 reported the lowest number of small box availabilities in the last year. Total availabilities in the 100,000 -200,000 square-foot range are down by 20.8% on a volume basis, creating double-digit rent growth and challenges for tenants in the Inland Empire industrial market. The West Inland Empire has the most limited supply in this size range with only 2 million square feet in the size range, down 25.9% from last year. Developers are taking note of the shortage. There is currently 2.75 million square feet of this product type is under way.

(SOURCE: JLL)

NEW & NOTABLE

PHOENIX—Brett Hopper and Matthew Visnansky have joined the real estate development team at Opus. Hopper brings 25 years of experience to his new role as senior director, real estate development. Visnansky, whose experience in real estate transactions spans more than a decade, joins the Opus team as real estate manager, real estate development.

SAN DIEGO—JLL has hired Dan Gill as VP to expand its Southern California Retail practice. Based in the firm's San Diego office, Gill will partner with JLL's San Diego Retail Brokerage Lead Craig Killman to represent retailers and landlords in the leasing of retail properties throughout the region. Gill joins JLL with more than 25 years of experience in the retail real estate industry. Prior to JLL, he owned The Gill Group where he completed more than 175 transactions. Gill holds a bachelor's degree from the University of Massachusetts at Amherst.

LOS ANGELES—SWBC Mortgage Corporation has hired Diana Gleason as the Regional Manager leading expansion efforts in Southern California. In this role, Gleason will introduce SWBC's lending services to new markets. Behind Diana's leadership, SWBC will begin opening several new offices throughout the Los Angeles County Area and will be looking to hire both production and operational employees. Prior to SWBC, Diana spent 12 years managing production for Bank of America as a Regional Sales Executive and Market President. Prior to Bank of America, Diana was in sales management with Wells Fargo and Washington Mutual. Diana is a third generation Californian, who has spent 40 years in the home finance industry. Diana most recently served as the chairperson for the American Heart Association Ventura County Heart Walk. She also volunteers with Habitat for Humanity, Food Share, and the food bank.

PHOENIX—Marcus & Millichap has hired Ryan Sarbinoff as regional manager in the firm's Phoenix office. Previously, Sarbinoff was regional manager for Marcus & Millichap in Cincinnati. Sarbinoff began his career with Marcus & Millichap in 2005 in the company's sales intern program in Indianapolis. In 2006, he developed into an agent specializing in the sale of shopping centers and single-tenant net-leased properties across the United States. Sarbinoff was promoted to sales manager of Marcus & Millichap's Cleveland office in July 2013 and coached agents in the firm's Cincinnati, Columbus and Pittsburgh offices. He was promoted to regional manager of the Cincinnati office in 2015.

NEW & NOTABLE—RiverRock Real Estate Group has named Shane Flanigan Regional Vice President. In his new role, Flanigan will oversee all operational activity for the Southern California region with a primary focus on client service and expanding the firm's offerings as it grows the portfolio. Currently the firm manages 12 million square feet an office, industrial and retail space in Southern California with a total management portfolio of more than 26 million square feet throughout the Western Region. Flanigan previously served as Vice President of Operation for PMRG in Southern California where he was responsible for all property management and operational activities in Orange, Los Angeles, Inland Empire, and San Diego counties as well as Arizona.

DEALTRACKER

SAN DIEGO—The Rosecrans Shopping Center, a 43,108-square-foot shopping center in San Diego, has traded hands between a private investor and Capital Asset Management. Mark Thiel, SVP of investments in Marcus & Millichap's San Diego office, represented the buyer and the seller along with Nick Totah, senior associate, and Ben Tashakorian, senior managing director investments. Capital Asset Management plans to completely renovate and reposition the center to attract health and fitness lifestyle oriented tenants. Located at 3555 Rosecrans St., the center features monument signage and excellent exposure and visibility from the signalized corner of Rosecrans Street and Midway Drive, where traffic counts exceed 90,000 vehicles per day.

SAN DIEGO—Montecito Medical Real Estate has acquired the 49,580-square-foot, Class A North Coast Medical Plaza in Carlsbad. Located at 6010 Hidden Valley Road and built in 2002, the prominent site is located directly across from Carlsbad's world-famous LegoLand theme park and was extensively renovated in 2014. This two-story building is the premier destination for healthcare providers in northern San Diego County. North Coast Medical Plaza is 96% leased with a mix of diverse tenants including dental, imaging, specialty pharmacy, neurology, and chiropractic. The building also features an urgent-care facility with eight exam rooms and procedure, triage and x-ray rooms. North County Neurology Center, which provides diagnostic treatment services for patients with disorders of the nervous system, occupies 46% of the building. The practice consolidated four locations into this building in December 2015 and is centrally located near several major hospitals with which the practice is affiliated.

LOS ANGELES—Thorofare Capital has provided Shamina Investments with a $11.25 million floating-rate whole loan for its acquisition and renovation of the 53-room Claremont Hotel Westwood in Los Angeles' upscale Westwood neighborhood. The Claremont is located at 1044 Tiverton Avenue in Westwood Village, an historic commercial, entertainment and shopping district, adjacent to UCLA in West Los Angeles. The seller, a local family, has owned the property since they built it in 1939. It was the first and currently remains the oldest hotel in Westwood. A portion of the loan proceeds will go towards an extensive renovation that will include upgrades to all guest rooms, common areas, lobby and exterior. When renovations are completed, Shamina Investments will re-open the hotel in February 2018 as the Palihotel Westwood under the Paligroup hotel flag. Paligroup currently manages and operates four daily and extended stay boutique properties in the Los Angeles area. The five-year, non-recourse loan was priced at a competitive spread over the 30-day LIBOR and includes structure for reserves to cover renovation costs, debt service and operating deficits prior to stabilization, according to Thorofare Capital Principal Felix Gutnikov who originated the financing.
SANTA ANA, CA— The Mogharebi Group has sold the Tustin View Apartments, an 84-unit community that is located on Ponderosa Street in Santa Ana, CA. The property sold April 12 for $22.3 million with multiple offers. Alex Mogharebi of TMG represented the seller, a Los Angeles-based private investor. The buyer was a private investor in exchange based in Northern California. Built on a 2.83-acre site in 1968, the property is located at 2010 Ponderosa Street in Santa Ana. The neighborhood is north of Interstate-5 in Santa Ana in close proximity to Tustin. It is served by Tustin School District. Tustin View is near to numerous neighborhood retailers including Shabu Shabu Bar, Chipotle, Claim Jumper, Tutto Fresco, and Zov's Bistro. It is a short drive to Disneyland, CHOC, Westfield Main Place Mall, Orange County Civic Center, and the Outlets at Orange.

SAN DIEGO—KeyBank Real Estate Capital has provided a $37.8 million Fannie Mae first mortgage loan for Stonewood Garden Apartment Homes, located in San Diego, CA. The 255-unit property was built in 1979 with renovations planned for 2017. Fifty-one units are designated for tenants earning at or below 80% AMI. Robert Prouty of Key's Commercial Mortgage Group arranged the nonrecourse financing with a 12-year term, seven-year interest only period and a 30-year amortization schedule. The loan was used to refinancing existing debt.

PHOENIX—ViaWest Properties sold twin, two-story class-A office buildings in the Chandler Midway Corporate Center located at 5670 and 5710 W. Chandler Blvd. in Chandler, Ariz. Barry Gabel and Chris Marchildon with CBRE's Phoenix office represented the seller, Phoenix-based ViaWest Group. The buyer was Encino-Calif.-based Kramer-Wilson Company, Inc. Total consideration for the sale was $23.3 million. Constructed in 2007, the 111,800-square-foot, multi-tenant property is currently 100% leased to a roster of blue-chip credit tenants. The property features extensive window lines, two-story lobby entries and tenant flexibility to accommodate smaller, regional tenants as well as larger corporate users. Surface and covered parking surrounds the buildings.

SANTA MONICA—Douglas Emmett has acquired two additional office buildings in downtown Santa Monica totaling approximately 293,000 square feet for a combined purchase price of approximately $352.8 million. The buildings, located at 1299 Ocean Avenue and 429 Santa Monica Boulevard, are being purchased by an existing joint venture that includes Qatar Investment Authority. A portion of the purchase price was provided by a $142 million secured, non-recourse interest only loan to the joint venture that matures July 2019 and bears interest at Libor plus 1.55%. Douglas Emmett provided 20% of the equity capital and manages the joint venture. The properties include 1299 Ocean, an 11-story oceanfront office building comprised of 206,000 square feet with private balconies and an open park plaza facing the coastline, and 429 Santa Monica, an 87,000 square feet office building located in the heart of downtown Santa Monica. The building has both ocean and mountain views, and is only 1 block from the world renowned 3rd Street Promenade and three blocks from a light rail station.

IRVINE, CA— The Bascom Group has acquired Harvard Villa Apartments, a 64-unit infill apartment community located in the desirable South Bay Los Angeles city of Torrance, for $14.0 million. Hooman Emanuel of Emanuel Real Estate Group represented the seller. Erich Pryor and Thomas Sherlock with Talonvest Capital arranged the $11.45 million loan from TCF National Bank. James D'Argenio and Chang Liu sourced and managed the acquisition for Bascom. Harvard Villa is less than five miles from the Pacific Ocean and located near several interstates that provide outstanding local and regional access, including Interstate 405, 110, 710, 105, and Pacific Coast Highway. Significant employers within a 30-minute commute from Harvard Villa include Honda North America, Boeing Satellite Systems, Raytheon, AT&T Entertainment Group, Harbor-UCLA Medical Center, Xerox, Mattel, and the Port of Los Angeles. Toyota's former 110-acre corporate campus, located a block from Harvard Villa, is currently being marketed for sale.

SAN DEIGO— JLL's Capital Markets experts today announced the firm arranged the sale of Scripps Ranch Business Park, a nine-building industrial park located in San Diego. Hill Properties, in a joint venture with St. Louis-based ReCap, an RGA company, purchased the 185,738-square foot complex for $31.4 million. Senior Managing Director Lynn LaChapelle, Managing Director Bob Prendergast and Vice President Sach Kirpalani led the JLL team on the transaction. Scripps Ranch Business Park includes freestanding, single story industrial buildings located at 9855 Carroll Canyon Rd., 9925 Carroll Canyon Rd., 9965 Carroll Canyon Rd., 9850 Businesspark Ave., 10060 Willow Creek Rd., 10070 Willow Creek Rd., 10080 Willow Creek Rd., 10090 Willow Creek Rd. and 10100 Willow Creek Rd. The 14-acre complex is currently fully leased to nine tenants. The property sits next to Interstate 15.

BUILDING BLOCKS

PHOENIX—Cypress Office Properties has started construction on phase one of a $50 million renovation of Renaissance Square in Phoenix. The $10 million first phase includes upgrades to both building's lobbies, the lower level lobby, elevators, the creation of a 7,000 square foot, multi-purpose conference facility and construction of multiple, high-end, move-in ready, office suites. The two towers will have different themes – Building One will have a “tech” atmosphere, with a lobby that features a live plant wall with integrated technology for digital signage. Building Two will feature boutique-style interior finishes, with a warm hospitality feel. Both lobbies will serve as places for tenants to work, collaborate, socialize, eat and drink. The renovation of the LEED Gold Certified buildings also includes updates to flooring, restrooms, elevators and lighting. Future phases will include the reimagining of Renaissance Square's unique third-story tennis courts into an elevated outdoor meeting area, event space and garden, and renovations to the gym and the bridge connecting the two buildings.

LOS ANGELES—Lifescapes International has completed the landscape design for Trumark Urban's TEN50, the new, luxury 25-story high-rise featuring 151 luxury residences in the heart of downtown Los Angeles. TEN50 features a private screening room, an ultra-modern fitness studio, and a drone delivery service, complete with the first air-delivery-ready drone-landing pad in the country. Lifescapes designed the landscape environment for the project's sixth floor outdoor terrace and pool deck known as “The Fifty,” which blurs the lines between indoor and outdoor living, spilling seamlessly out from the gathering spaces inside. The design features resort-style amenities that feel like a boutique hotel, including entertainment bars, fire tables for city-light viewing parties, and vibrant water features.