PHOENIX—The Phoenix MSA multifamily market had another stellar first quarter fueled by both robust jobs and population growth. In fact, Maricopa overtook Texas' Harris County as top spot for population growth adding 81,000 people, an average of 222 new residents per day. Total nonfarm employment grew by 2.7% led by the leisure/hospitality (+6.2%), financial activities (+6.1%), and education/health services (+2.9%) industries.

(SOURCE: ABI MULTIFAMILY)

NEW & NOTABLE
LOS ANGELES—Expanding its Los Angeles legal team, Crosbie Gliner Schiffman Southard & Swanson LLP has hired attorney Cheryl Nieman to its commercial real estate practice. Nieman will work closely with partner David Swartz in the firm's newest office location at 11601 Wilshire Blvd., Suite 1600 in the Brentwood neighborhood of Los Angeles. The new location makes good business sense in light of the significant number of clients headquartered in Los Angeles and Orange County and supports the firm's commitment to delivering best-in-class responsiveness, work product quality and a “street smart” approach to sophisticated commercial real estate deals.

LOS ANGELES—Watson Land Company has named Jeffrey Jennison as the company's new CEO. Jennison has served as Watson's president since 2014, and will succeed Bruce Choate, Watson's CEO since 2003. Jennison assumes his new role as President and CEO with more than 17 years of experience as a senior leader at Watson. Since 2000, he has risen through the ranks after joining the Company as vice president of Asset Management and becoming COO in 2013. Jennison was named President shortly thereafter, and succession planning for the orderly transition to his new role as Chief Executive Officer began in 2014 in collaboration with Choate.

LOS ANGELES—LaTerra Development has announced that William J. Leahy has joined its senior management team as Division President of Construction. Leahy has experience overseeing urban infill apartment and multifamily construction in the United States, and will now supervise construction of all LaTerra properties underway in urban districts in Southern California and Nevada. Leahy has managed more than $1 billion in large-scale, ground-up mixed-use and multifamily construction projects over the past 20 years. These range from high-rise to low-rise garden style multifamily communities in California, Texas, Washington, Oregon, Colorado, Florida and Georgia. For nine years he was Senior Vice President, Construction at Wood Partners overseeing the construction team responsible for building urban infill apartments in California, Washington and Oregon. More recently he was Senior Vice President and a member of the Executive Board of The Picerne Group where he directed multifamily construction.

PHOENIX—Cushman & Wakefield has hired Dave Carder as Managing Director in the Phoenix office. Carder joins the firm from CBRE, where he began his career in commercial real estate in 1996. With over 20 years of industry experience, he specializes in leases, investment sales, build-to-suits, speculative developments, land sales and master-planned business park developments. Carder will be partnering with Senior Director Scott Boardman to form a partnership of skilled professionals under Cushman & Wakefield's Office Group platform. The two will focus on the leasing and sales of office properties in the Metro Phoenix area.

IRVINE, CA— Rudolph and Sletten has promoted Rene Olivo to SVP of Operations for Southern California, Ray Polidoro as the new Vice President in Los Angeles, and Jack McMackin to Business Development Executive in Irvine. Rene Olivo previously served as Vice President of Operations for Rudolph and Sletten's San Diego office. In his new role as Senior Vice President of Operations, he will now work from the firm's Irvine office, providing additional oversight for projects throughout the other areas of Southern California. As a part of the company's Executive Steering Committee, Olivo will work closely with company leadership, primarily focusing on supporting each project team to ensure high standards and optimal value for project owners. He will also continue to spearhead the firm's subcontractor diversity initiatives and project participation efforts with minority, women and veteran-owned business enterprises.

PHOENIX—NAI Horizon has hired Andrew D. Sternberg as a vice president. His primary areas of responsibility include sales, leasing, and investment services. Sternberg specializes in exclusive representation and negotiation for multiple commercial uses with a focus on office, medical, land, and investment properties. He also handles the exclusive marketing of existing commercial projects, land, and new developments. Sternberg comes to NAI Horizon after 15 years at Oxford Realty Advisors, Inc. He has negotiated more than 1 million square feet of commercial real estate sales and leases with a gross value of more than $160 million.

DEALTRACKER
LAS VEGAS—CapRock Partners has acquired two multi-tenant industrial parks in Las Vegas, Nevada. The properties total 203,134 square feet and include 4350 Arville, 160,554 square-foot multi-tenant industrial park encompasses 40 units and is located in Las Vegas' southwest submarket less than two miles from the Strip, and 3021 Valley View, 42,580 square-foot, 100% occupied incubator industrial park also is located in Las Vegas' southwest submarket less than two miles west of the Strip. The property features 24 units ranging from 972 to 2,180 square-feet. The assets will be the last investments via CapRock Partners Fund II. Rob Lujan of Jones Lang LaSalle in Las Vegas represented CapRock in the transaction and his team of Jason Simon and Xavier Wasiak will lease both projects on behalf of CapRock. CenterSquare Investment Management is CapRock Partners' JV capital partner on both properties.

LOS ANGELES—Coral Tree Properties has acquired 11753-11761 San Vicente Boulevard, Los Angeles CA for $10.7 million. Madison Partners' Mitchell Stokes represented the buyer in the transaction. The property is comprised of a 9,782 square foot mixed-use retail and office building located in Brentwood along the popular San Vicente Boulevard retail corridor. The pedestrian-oriented boulevard noted for its numerous amenities and beautiful coral tree-lined median. The buyer intends to use most of the property as offices for their business. Jeff Pion of CBRE represented the seller, VDG Real Estate.

COSTA MESA, CA—The Courtyards, located at 324 East 20th Street in Costa Mesa, California, traded hands between two local investors for $10.2 million. senior director Steven C. Brombal and associate director Joshua Rhee of Berkadia's Irvine office represented the buyer and seller. The property was 100% occupied at the time of the sale.

CARLSBAD, CA—Meridian Capital Group has secured $28 million in financing for the acquisition of the Veranda Apartments Homes multifamily property, located in Fullerton, CA. The three-year debt fund loan features full-term interest-only payments and two one-year extension options. This transaction was negotiated by Meridian managing director Seth Grossman and VP. The Veranda Apartment Homes, located at 140 West Hill Avenue, is a two story, 128-unit multifamily property in Fullerton, one of the largest cities in Orange County. Each unit features a fully equipped kitchen, walk-in closets and a private balcony or patio. Property amenities include a swimming pool, a fitness center, courtyards, a resident lounge and subterranean parking. The property is centrally located near Interstate 5, 405 and 605, linking to all major southern California hubs. The Veranda Apartments offers direct access to a number of bus stops and the Fullerton Amtrak station is located just a few blocks away, providing resident a short commute to California State University, Fullerton and Saint Jude Medical Center. The property is also in close proximity to a variety of shopping centers and is approximately 20 miles from Los Angeles and only five miles from Disneyland.

IRVINE, CA— Talonvest Capital has funded two value add bridge loans totaling $20 million for The Bascom Group. Talonvest sourced and successfully negotiated with a regional bank for an $11.5 million loan for the acquisition of a Harvard Villas, a 64-unit property in Torrance, California, and an $8.5 million loan for the purchase of Pebble Cove Apartments, a 90-unit apartment community in Las Vegas, Nevada. The $8.5M loan for the Las Vegas property featured a three-year term with interest-only payments for the first 30 months, one three-year extension option and no prepayment penalty. The $11.5 million loan for the Torrance property featured a four-year term with interest-only payments for the first 30 months, one one-year extension option and no prepayment penalty. Pebble Cove Apartments is a garden style multifamily community consisting of eight buildings situated on a 4.13-acre site ideally located only 2.9 miles from the Las Vegas Strip and 4.5 miles from downtown Las Vegas. Bascom plans to implement a substantial renovation program including interior and exterior upgrades, as well as amenities. Harvard Villa Apartments is situated on a 1.66-acre site centrally located in the South Bay region of Los Angeles. Bascom purchased Harvard Villa in an off-market transaction from a private owner and plans to implement a third-party management and construction team to reposition and rebrand the property.

IRVINE, CA—Passco Companies has acquired Temescal Village, a 102,976 square-foot neighborhood shopping center in Corona, California, for $16.95 million. A retail brokerage team led by Dixie Walker and Charley Simpson of Cushman & Wakefield's Irvine office represented the seller, a private investor, in the transaction. Located at 1181-1199 Magnolia Avenue and built in 1983, Passco plans to modernize the property through a series of strategic renovations and capital improvements. Planned renovations include redesigning the landscaping and updating the façade throughout the center, as well as adding a variety of social gathering, outdoor dining, and seating areas throughout the center.

SAN DIEGO, CA— Pacific Urban Residential has acquired Rancho Tuscana, a 136-unit multifamily community in Oceanside, California, for $30 million in an off-market deal from Terra Pacifica, LLC. Kidder Mathews' multifamily brokers Eric Comer, Jim Neil, and Merrick Matricardi represented the seller in the deal. The 136-unit gated community is located at 3675 Barnard Drive in a park-like setting. On site amenities include a swimming pool, spa, fitness center, and tennis courts. The property has a condo map and could be sold as individual units.
CARLSBAD, CA—Meridian Capital Group has arranged $31.3 million in balance sheet financing for the acquisition of the Park West mixed-use retail center located in Peoria, AZ on behalf of CIRE Equity. The three-year loan, provided by a balance sheet lender, features a floating rate and full-term interest-only payments. This transaction was negotiated by Meridian managing director, Seth Grossman, and VP Jackie Tran, who are both based in the company's Carlsbad, CA office. Park West is an approximately 250,000 square foot mixed-use retail center, located at the northwest corner of Arizona Loop 101 and Northern Avenue in the Phoenix submarket of Peoria, AZ. The 46-acre center consists of a variety of entertainment venues, restaurants, shops, and commercial service spaces, including notable tenants, Harkins Theater, Victoria's Secret, Bed & Body Works, Chico's, Vans, BJ's Restaurant and Flemings. The property is in close proximity to Phoenix's central business district and is located just west of Glendale. Northern Avenue is a prime east/west thoroughfare connection to Loop 303 and once the planned overpass is completed, it will serve as the main connector, linking Loop 303 to Loop 101 and U.S. Route 60.

TOLLESON, AZ—Meridian Capital Group has secured $16 million in financing for the refinance of a retail center located in Tolleson, AZ, on behalf of CIRE Equity. The 10-year loan, provided by a balance sheet lender, was negotiated by Meridian Managing Director, Seth Grossman and Vice President, Jackie Tran, who are both based in the company's Carlsbad, CA office. Pecan Promenade is a single-story, 141,422 square foot retail center, located at 9820 West Lower Buckeye Road in Tolleson, AZ, which is about 15 miles west of Phoenix. Shadow anchored by Target, the property is leased to an array of national and regional tenants, including Ross Dress for Less, LA Fitness, Kirkland's Home, Dollar Tree, Subway, Starbucks and Sally Beauty Supply. National retailers account for over 70% of the center's current occupancy. Since acquiring the property in 2014, the borrower added value to the center by renewing 12 leases and signing five new leases. Of the 27 in-place tenants, 10 tenants have been at the property for nine years or more.

SANTA ANA, CA—Kelemen Caamaño Investments has sold 1921 E. Alton, a two-story office building in Santa Ana for $18.5 million. The buyer is currently a tenant in the building and bought the property in an owner-user deal. The seller previously acquired the property in 2015 as a value-add opportunity and at that time, the property had a 20% vacancy. Currently, the building is 100% leased with three tenants. Built in 2000, the 67,846 square foot office building is a part of the Alton Corporate Center business park, situated in the greater airport area on the corner of Red Hill Ave and Alton Parkway. Kelemen Caamaño Investments was represented by Rob Rader of Wind Water Realty and Scott Read of NGKF. The buyer was represented by Kim Josephson of Real Tech.

CARLSBAD, CA—A private investor has acquired a flex building in Carlsbad from Aethercomm for $11.2 million. The building, located at 3205 Lionshead Avenue, consists of a mix of office space, assembly/R&D area, lab space, and high bay warehouse. The facility was approximately 90% improved. At the close of escrow, the seller and original occupier, Aethercomm, signed a long-term lease with the buyer to continue to utilize the space as its corporate headquarters facility. Aethercomm, a designer and manufacturer of RF components, subsystems, and systems for use in radar, electronic warfare, and communication systems, has occupied the property since it was built for them in 2009. When the building was constructed, Aethercomm incorporated all of the most innovative technologies and features available. The building includes a state of the art surveillance system with cameras throughout and back-up generator. Rusty Williams, SIOR and Chris Roth, principals at Lee & Associates – North San Diego County, represented both Lionshead, LLC and Aethercomm in the transaction.

BUILDING BLOCKS

LAS VEGAS—VanTrust Real Estate has started construction on the fifth building of Northgate Distribution Center, totaling 191,026 feet in North Las Vegas. Building Five is one of eight buildings that VanTrust plans to develop on the 170-acre site, and is scheduled to be complete in December. VanTrust has completed or has constructed over 2.2 million square feet in the North Las Vegas market. At full buildout, the 3.2 million square foot park, located at 4410-4490 Nexus Way, will be home to more than 4,500 new jobs. Martin Harris Contracting, Las Vegas, is the general contractor for the project, which is the largest speculative industrial park ever constructed in Southern Nevada, and HPA Architecture of Irvine, Calif., designed the 32-foot clear height, concrete tilt buildings.

LOS ANGELES—Secondary markets in the Southwest continue to grow, with increasing activity in the multifamily and office sectors. Phoenix in particular has a great year with rising rental rates and decreasing vacancy rates in multifamily. In Southern California, the industrial market remains the hot story with plenty of investment activity and new development on any available land. Here's a look at this week's trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.

BY THE NUMBERS

TUSCON, AZ—Vacancy rates fell and rental rates rose in the Tucson multifamily market in the first quarter of the year. Apartment vacancy fell 40 basis points to 6.5%. Northern portions of Tucson are experiencing some of the lowest vacancies. Northwest Tucson, Catalina Foothills and Northeast Tucson submarkets are all in the low to mid-5% range. Rental rates are on the rise and have reached $693 per month in the first quarter. This marks a 3.6% increase in the past year. Rental rates have risen in each of the past seven quarters. Rental rate gains were recorded across all property classes with class-A buildings posting the healthiest jump in rents at 6% year over year. Total transaction volume could reach its highest point in more than a decade by the end of this year. Prices fell slightly, but cap rates compressed as well. The median price in properties sold during first quarter was $37,700 per unit, compared to the median price of $42,500 in 2016. This reflects a shift in the age of properties changing hands. The mix of properties involved in transactions will be the determining factor in pricing as the year unfolds.

(SOURCE: COLLIERS INTERNATIONAL)

PHOENIX—The Phoenix MSA multifamily market had another stellar first quarter fueled by both robust jobs and population growth. In fact, Maricopa overtook Texas' Harris County as top spot for population growth adding 81,000 people, an average of 222 new residents per day. Total nonfarm employment grew by 2.7% led by the leisure/hospitality (+6.2%), financial activities (+6.1%), and education/health services (+2.9%) industries.

(SOURCE: ABI MULTIFAMILY)

NEW & NOTABLE
LOS ANGELES—Expanding its Los Angeles legal team, Crosbie Gliner Schiffman Southard & Swanson LLP has hired attorney Cheryl Nieman to its commercial real estate practice. Nieman will work closely with partner David Swartz in the firm's newest office location at 11601 Wilshire Blvd., Suite 1600 in the Brentwood neighborhood of Los Angeles. The new location makes good business sense in light of the significant number of clients headquartered in Los Angeles and Orange County and supports the firm's commitment to delivering best-in-class responsiveness, work product quality and a “street smart” approach to sophisticated commercial real estate deals.

LOS ANGELES—Watson Land Company has named Jeffrey Jennison as the company's new CEO. Jennison has served as Watson's president since 2014, and will succeed Bruce Choate, Watson's CEO since 2003. Jennison assumes his new role as President and CEO with more than 17 years of experience as a senior leader at Watson. Since 2000, he has risen through the ranks after joining the Company as vice president of Asset Management and becoming COO in 2013. Jennison was named President shortly thereafter, and succession planning for the orderly transition to his new role as Chief Executive Officer began in 2014 in collaboration with Choate.

LOS ANGELES—LaTerra Development has announced that William J. Leahy has joined its senior management team as Division President of Construction. Leahy has experience overseeing urban infill apartment and multifamily construction in the United States, and will now supervise construction of all LaTerra properties underway in urban districts in Southern California and Nevada. Leahy has managed more than $1 billion in large-scale, ground-up mixed-use and multifamily construction projects over the past 20 years. These range from high-rise to low-rise garden style multifamily communities in California, Texas, Washington, Oregon, Colorado, Florida and Georgia. For nine years he was Senior Vice President, Construction at Wood Partners overseeing the construction team responsible for building urban infill apartments in California, Washington and Oregon. More recently he was Senior Vice President and a member of the Executive Board of The Picerne Group where he directed multifamily construction.

PHOENIX—Cushman & Wakefield has hired Dave Carder as Managing Director in the Phoenix office. Carder joins the firm from CBRE, where he began his career in commercial real estate in 1996. With over 20 years of industry experience, he specializes in leases, investment sales, build-to-suits, speculative developments, land sales and master-planned business park developments. Carder will be partnering with Senior Director Scott Boardman to form a partnership of skilled professionals under Cushman & Wakefield's Office Group platform. The two will focus on the leasing and sales of office properties in the Metro Phoenix area.

IRVINE, CA— Rudolph and Sletten has promoted Rene Olivo to SVP of Operations for Southern California, Ray Polidoro as the new Vice President in Los Angeles, and Jack McMackin to Business Development Executive in Irvine. Rene Olivo previously served as Vice President of Operations for Rudolph and Sletten's San Diego office. In his new role as Senior Vice President of Operations, he will now work from the firm's Irvine office, providing additional oversight for projects throughout the other areas of Southern California. As a part of the company's Executive Steering Committee, Olivo will work closely with company leadership, primarily focusing on supporting each project team to ensure high standards and optimal value for project owners. He will also continue to spearhead the firm's subcontractor diversity initiatives and project participation efforts with minority, women and veteran-owned business enterprises.

PHOENIX—NAI Horizon has hired Andrew D. Sternberg as a vice president. His primary areas of responsibility include sales, leasing, and investment services. Sternberg specializes in exclusive representation and negotiation for multiple commercial uses with a focus on office, medical, land, and investment properties. He also handles the exclusive marketing of existing commercial projects, land, and new developments. Sternberg comes to NAI Horizon after 15 years at Oxford Realty Advisors, Inc. He has negotiated more than 1 million square feet of commercial real estate sales and leases with a gross value of more than $160 million.

DEALTRACKER
LAS VEGAS—CapRock Partners has acquired two multi-tenant industrial parks in Las Vegas, Nevada. The properties total 203,134 square feet and include 4350 Arville, 160,554 square-foot multi-tenant industrial park encompasses 40 units and is located in Las Vegas' southwest submarket less than two miles from the Strip, and 3021 Valley View, 42,580 square-foot, 100% occupied incubator industrial park also is located in Las Vegas' southwest submarket less than two miles west of the Strip. The property features 24 units ranging from 972 to 2,180 square-feet. The assets will be the last investments via CapRock Partners Fund II. Rob Lujan of Jones Lang LaSalle in Las Vegas represented CapRock in the transaction and his team of Jason Simon and Xavier Wasiak will lease both projects on behalf of CapRock. CenterSquare Investment Management is CapRock Partners' JV capital partner on both properties.

LOS ANGELES—Coral Tree Properties has acquired 11753-11761 San Vicente Boulevard, Los Angeles CA for $10.7 million. Madison Partners' Mitchell Stokes represented the buyer in the transaction. The property is comprised of a 9,782 square foot mixed-use retail and office building located in Brentwood along the popular San Vicente Boulevard retail corridor. The pedestrian-oriented boulevard noted for its numerous amenities and beautiful coral tree-lined median. The buyer intends to use most of the property as offices for their business. Jeff Pion of CBRE represented the seller, VDG Real Estate.

COSTA MESA, CA—The Courtyards, located at 324 East 20th Street in Costa Mesa, California, traded hands between two local investors for $10.2 million. senior director Steven C. Brombal and associate director Joshua Rhee of Berkadia's Irvine office represented the buyer and seller. The property was 100% occupied at the time of the sale.

CARLSBAD, CA—Meridian Capital Group has secured $28 million in financing for the acquisition of the Veranda Apartments Homes multifamily property, located in Fullerton, CA. The three-year debt fund loan features full-term interest-only payments and two one-year extension options. This transaction was negotiated by Meridian managing director Seth Grossman and VP. The Veranda Apartment Homes, located at 140 West Hill Avenue, is a two story, 128-unit multifamily property in Fullerton, one of the largest cities in Orange County. Each unit features a fully equipped kitchen, walk-in closets and a private balcony or patio. Property amenities include a swimming pool, a fitness center, courtyards, a resident lounge and subterranean parking. The property is centrally located near Interstate 5, 405 and 605, linking to all major southern California hubs. The Veranda Apartments offers direct access to a number of bus stops and the Fullerton Amtrak station is located just a few blocks away, providing resident a short commute to California State University, Fullerton and Saint Jude Medical Center. The property is also in close proximity to a variety of shopping centers and is approximately 20 miles from Los Angeles and only five miles from Disneyland.

IRVINE, CA— Talonvest Capital has funded two value add bridge loans totaling $20 million for The Bascom Group. Talonvest sourced and successfully negotiated with a regional bank for an $11.5 million loan for the acquisition of a Harvard Villas, a 64-unit property in Torrance, California, and an $8.5 million loan for the purchase of Pebble Cove Apartments, a 90-unit apartment community in Las Vegas, Nevada. The $8.5M loan for the Las Vegas property featured a three-year term with interest-only payments for the first 30 months, one three-year extension option and no prepayment penalty. The $11.5 million loan for the Torrance property featured a four-year term with interest-only payments for the first 30 months, one one-year extension option and no prepayment penalty. Pebble Cove Apartments is a garden style multifamily community consisting of eight buildings situated on a 4.13-acre site ideally located only 2.9 miles from the Las Vegas Strip and 4.5 miles from downtown Las Vegas. Bascom plans to implement a substantial renovation program including interior and exterior upgrades, as well as amenities. Harvard Villa Apartments is situated on a 1.66-acre site centrally located in the South Bay region of Los Angeles. Bascom purchased Harvard Villa in an off-market transaction from a private owner and plans to implement a third-party management and construction team to reposition and rebrand the property.

IRVINE, CA—Passco Companies has acquired Temescal Village, a 102,976 square-foot neighborhood shopping center in Corona, California, for $16.95 million. A retail brokerage team led by Dixie Walker and Charley Simpson of Cushman & Wakefield's Irvine office represented the seller, a private investor, in the transaction. Located at 1181-1199 Magnolia Avenue and built in 1983, Passco plans to modernize the property through a series of strategic renovations and capital improvements. Planned renovations include redesigning the landscaping and updating the façade throughout the center, as well as adding a variety of social gathering, outdoor dining, and seating areas throughout the center.

SAN DIEGO, CA— Pacific Urban Residential has acquired Rancho Tuscana, a 136-unit multifamily community in Oceanside, California, for $30 million in an off-market deal from Terra Pacifica, LLC. Kidder Mathews' multifamily brokers Eric Comer, Jim Neil, and Merrick Matricardi represented the seller in the deal. The 136-unit gated community is located at 3675 Barnard Drive in a park-like setting. On site amenities include a swimming pool, spa, fitness center, and tennis courts. The property has a condo map and could be sold as individual units.
CARLSBAD, CA—Meridian Capital Group has arranged $31.3 million in balance sheet financing for the acquisition of the Park West mixed-use retail center located in Peoria, AZ on behalf of CIRE Equity. The three-year loan, provided by a balance sheet lender, features a floating rate and full-term interest-only payments. This transaction was negotiated by Meridian managing director, Seth Grossman, and VP Jackie Tran, who are both based in the company's Carlsbad, CA office. Park West is an approximately 250,000 square foot mixed-use retail center, located at the northwest corner of Arizona Loop 101 and Northern Avenue in the Phoenix submarket of Peoria, AZ. The 46-acre center consists of a variety of entertainment venues, restaurants, shops, and commercial service spaces, including notable tenants, Harkins Theater, Victoria's Secret, Bed & Body Works, Chico's, Vans, BJ's Restaurant and Flemings. The property is in close proximity to Phoenix's central business district and is located just west of Glendale. Northern Avenue is a prime east/west thoroughfare connection to Loop 303 and once the planned overpass is completed, it will serve as the main connector, linking Loop 303 to Loop 101 and U.S. Route 60.

TOLLESON, AZ—Meridian Capital Group has secured $16 million in financing for the refinance of a retail center located in Tolleson, AZ, on behalf of CIRE Equity. The 10-year loan, provided by a balance sheet lender, was negotiated by Meridian Managing Director, Seth Grossman and Vice President, Jackie Tran, who are both based in the company's Carlsbad, CA office. Pecan Promenade is a single-story, 141,422 square foot retail center, located at 9820 West Lower Buckeye Road in Tolleson, AZ, which is about 15 miles west of Phoenix. Shadow anchored by Target, the property is leased to an array of national and regional tenants, including Ross Dress for Less, LA Fitness, Kirkland's Home, Dollar Tree, Subway, Starbucks and Sally Beauty Supply. National retailers account for over 70% of the center's current occupancy. Since acquiring the property in 2014, the borrower added value to the center by renewing 12 leases and signing five new leases. Of the 27 in-place tenants, 10 tenants have been at the property for nine years or more.

SANTA ANA, CA—Kelemen Caamaño Investments has sold 1921 E. Alton, a two-story office building in Santa Ana for $18.5 million. The buyer is currently a tenant in the building and bought the property in an owner-user deal. The seller previously acquired the property in 2015 as a value-add opportunity and at that time, the property had a 20% vacancy. Currently, the building is 100% leased with three tenants. Built in 2000, the 67,846 square foot office building is a part of the Alton Corporate Center business park, situated in the greater airport area on the corner of Red Hill Ave and Alton Parkway. Kelemen Caamaño Investments was represented by Rob Rader of Wind Water Realty and Scott Read of NGKF. The buyer was represented by Kim Josephson of Real Tech.

CARLSBAD, CA—A private investor has acquired a flex building in Carlsbad from Aethercomm for $11.2 million. The building, located at 3205 Lionshead Avenue, consists of a mix of office space, assembly/R&D area, lab space, and high bay warehouse. The facility was approximately 90% improved. At the close of escrow, the seller and original occupier, Aethercomm, signed a long-term lease with the buyer to continue to utilize the space as its corporate headquarters facility. Aethercomm, a designer and manufacturer of RF components, subsystems, and systems for use in radar, electronic warfare, and communication systems, has occupied the property since it was built for them in 2009. When the building was constructed, Aethercomm incorporated all of the most innovative technologies and features available. The building includes a state of the art surveillance system with cameras throughout and back-up generator. Rusty Williams, SIOR and Chris Roth, principals at Lee & Associates – North San Diego County, represented both Lionshead, LLC and Aethercomm in the transaction.

BUILDING BLOCKS

LAS VEGAS—VanTrust Real Estate has started construction on the fifth building of Northgate Distribution Center, totaling 191,026 feet in North Las Vegas. Building Five is one of eight buildings that VanTrust plans to develop on the 170-acre site, and is scheduled to be complete in December. VanTrust has completed or has constructed over 2.2 million square feet in the North Las Vegas market. At full buildout, the 3.2 million square foot park, located at 4410-4490 Nexus Way, will be home to more than 4,500 new jobs. Martin Harris Contracting, Las Vegas, is the general contractor for the project, which is the largest speculative industrial park ever constructed in Southern Nevada, and HPA Architecture of Irvine, Calif., designed the 32-foot clear height, concrete tilt buildings.