DEALTRACKER

LOS ANGELES—Harbor Associates has acquired a 30,000-square-foot four-story office property that includes two subterranean parking levels in Century City, CA, for $14.7 million from Spanish Broadcasting System. Located at 10281 West Pico Boulevard in the Westside submarket of Century City, SBS has owned and occupied the entire building since 1994. NKF's Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White, Senior Managing Director Rob Hannan, and Vice Chairman Brad Feld represented the seller in the transaction. The buyer represented itself.

SCOTSDALE, AZ—The 56,439-square-foot Scottsdale Business Center, 13402 N. Scottsdale Rd., Scottsdale, has traded hands for $7.3 million between Arizona SBC LLC and Dunbar SBC LLC. The 4.27-acre property is a potential redevelopment opportunity and is located in the prestigious Scottsdale Airpark. Lee & Associates principals Jan Fincham, Patrick Dempsey, Mark Linsalata and Associate, Andrew Lundahl, facilitated the transaction on behalf of both the seller and the buyer.

SAN DIEGO—Torrey Hills Medical Plaza, a 44,091-square-foot, class-A medical office building in the Del Mar Heights/Carmel Valley submarket of San Diego, California, has traded hands for $28.5 million between Torrey Pines Enterprises and Torrey Hills MOB. HFF worked on behalf of the buyer in arranging a joint venture with an institutional equity investor and negotiating the assumption and modification of the existing life insurance company loan. The HFF investment sales team representing the seller was led by managing director Evan Kovac, director Nick Frasco, associate Andrew Milne and real estate analyst Trent Jemmett. HFF director Zack Holderman led the efforts in arranging the joint venture, as well as working with the current life company lender on the assumption and loan modification. Torrey Hills Medical Plaza is located on a 2.59-acre site at 4765 Carmel Mountain Road within the Von's-anchored Torrey Hills Center. This location is accessible to the 5 and 805 Freeways as well as US Route 56, providing connectivity to all areas of San Diego. Additionally, the property is within minutes of UCSD's Thornton Hospital, Scripps Research Institute, Scripps Memorial Hospital, The Salk Institute San Diego and the VA Medical Center. Completed in 2005, the two-story building is 92 percent leased and anchored by Fresenius Medical Care.
ORANGE COUNTY, CA—Monday Properties has acquired Spectrum Tower, a 120,000 square foot multi-tenant office building located at 23046 Avenida de la Carlota Laguna Hills, California from TA Realty. The property is a seven-story property located in the highly desirable South Orange County office submarket. This is Monday Properties first major acquisition on the West Coast since hiring Managing Partner Philip Cyburt to spearhead the Company's expansion. Spectrum Tower is a Class A multi-tenant office building that is complimented with surface parking with great visibility and access to the 5 and 405 freeways. The property is centrally located and served by the quality amenities within Irvine Spectrum, including one of California's largest regional outdoor retail centers that contains over 160 stores, 50 restaurants and three hotels.

MESA, AZ—Village Green, a 112-unit apartment community in Mesa, Arizona. The sales price is $7.7 million, has traded hands between 29^th Street Capital and MLA Properties. David and Steve Gebing, senior managing director, represented the seller and the buyer. Developed in 1975, the property is located at 1045 South San Jose St. in Mesa. Situated on 3.16 acres and composed of studio, one- and two-bedroom floor plans, the apartment homes are complete with a fully equipped kitchen appliance package, spacious closets, and oversized windows inviting natural light.

SALT LAKE CITY, UT—The Gateway In Downtown Salt Lake City signed a lease agreement with Dave & Buster's to open its first Utah location on the property. In addition to its $100 million redevelopment plan, The Gateway and its parent company Vestar have been looking for a big name, family-friendly venue to anchor its rebranding effort.

LOS ANGELES—Rexford Industrial Realty has acquired two industrial properties for a total of approximately $35.9 million. The acquisitions were funded with cash on hand. The Company acquired 4175 E. Conant St., located in the Long Beach/Los Angeles South Bay submarket, for $30.6 million, or approximately $215 per square foot. The Class A industrial building is 100% leased to a single tenant on a triple net basis, with 13 years remaining lease term. The newly constructed facility features 32' clear height and LEED certification. The property is situated in the Long Beach airport micro-market, which is experiencing substantial new development of retail, office and hotels adjacent to the Conant property.

IRVINE, CA—Americor Funding Inc. has leased 21,742 square feet of class-A office space at 18200 Von Karman at Irvine Towers in Irvine, Calif. Chon Kantikovit and Shawn Lawrence of the firm's local Irvine office represented the tenant in the transaction. Owned by The Irvine Company, Irvine Towers offers tenants the features and benefits of a campus in an upscale high-rise setting. The project offers tremendous opportunities for expansion and boasts onsite amenities that include Specialty's Bakery & Café, recently announced Davio's Northern Italian Steakhouse, Marriott Hotel and private fitness center for tenants of the campus.

PHOENIX—La Reserve at Forty-Fifth, a 301-unit apartment community located at 2627 N. 45th Avenue in Phoenix, has sold to Phoenix-based Jevan Capital, PLLC, for $12.7 million. Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office represented the seller, CEGOP-PHX 1, LLC of Fort Collins, CO. Built in 1972, La Reserve on Forty-Fifth offers one-, two- and three-bedroom floor plans with an average unit size of 908 square feet. Sitting on 16.57 acres, the garden-style property's amenities include three swimming pools, basketball court, three laundry facilities and two picnic areas. With high visibility on Thomas Road, the property is in close proximity to many local conveniences and employment centers. Residents benefit from convenient access to I-17, I-10 and US-60, as well as being on the METRO bus line.

BURBANK, CA—For the third time, Madison Partners has arranged the sale of 2901 W. Alameda Avenue, a class-A office property in Burbank, California. The property is located at 2901 W. Alameda Avenue consists of a 7-story office tower totaling 119,819 rentable square feet. Bob Safai, Matt Case, and Brad Schlaak brokered the transaction on behalf of the seller, Lionstone Investments.

BUILDING BLOCKS

SAN DIEGO—Ware Malcomb has completed the new law offices of Noonan Lance Boyer & Banach LLP located at 701 Island Avenue #400 in downtown San Diego. Ware Malcomb provided interior architecture and design services for the project out of the firm's downtown San Diego office. The new 5,000 square foot office occupies the top floor in a historic building in San Diego's East Village. The design highlights the historic nature of the building by creating an industrial loft feel. The existing brick walls, wood floors and wood ceilings were restored and left exposed, while hanging pendant lights, exposed ductwork and skylights complete the look. Throughout the space, earthtone finishes complement the existing brick and wood, while a vivid blue accent on select furniture and millwork livens the space and acknowledges San Diego's beach city image.

PHOENIX—Condo complex CONTOUR in Phoenix has topped out. The property is a collection of contemporary residences located at 2300 E. Campbell Ave. in Phoenix's Biltmore neighborhood. It has 111 one- and two-bedroom condominiums ranging from 1,000 to 1,700 square feet, which are priced from the $300,000s. Sales are underway and move-ins are scheduled to begin early 2018. Developed by Liv URBN, CONTOUR on Campbell embraces the highest standards of modern design and craftsmanship. Spacious floor plans incorporate chef's kitchens and designer bathrooms, along with high-end materials and finishes—including hardwood floors, stainless steel, culinary-grade Bosch appliances and European-style cabinetry. Residents can choose from three interior design palettes.

LAS VEGAS—Pathfinder Partners completed two models and unveiled six new unique floor plans at Sky Las Vegas, a 45-story luxury condominium community at 2700 Las Vegas Blvd. Pathfinder, a San Diego based-firm, which specializes in opportunistic real estate investments, acquired 64 units within Sky in September 2015. Sky is a 390,000-square-foot, 500-foot high rise comprised of 409 units and located on three acres at the north end of the Las Vegas Strip. Pathfinder Partners has sold 19 units, including five sold last month, and is offering the remaining 45 units at prices starting at $250,000. The units are a mix of one-, two- and three-bedroom floorplans, ranging from 988 square feet to 1,788 square feet. The fully decorated and furnished models, which represent Hollywood glam and contemporary Italian styles, are open for viewing Monday through Friday from 10 a.m. to 5 p.m. and on weekends by appointment.

Investors are still bullish on multifamily investment, but are beginning to look in suburban markets. This week Marcus & Millichap released a report showing increased activity in the Inland Empire, and sales in Phoenix markets are also active. 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

INLAND EMPIRE—Investors are starting to target the Inland Empire for multifamily investment, according to a report from Marcus & Millichap. In the market, buyer competition for smaller Class B and C assets remains intense as a construction dearth and continued household creation enhance renter demand. Competition among investors will maintain upward pressure on property prices, yet prices will remain well below those in Los Angeles and Orange counties. The Inland Empire's average cap rate sits 70 to 100 basis points higher than returns available in nearby coastal markets. Deal flow is likely to slow in early 2017, however, as investors factor higher borrowing costs into underwriting. A gap between buyers' and sellers' expectations could linger throughout the first half of the year. In San Bernardino County, 1980s-vintage product off Interstate 10 remains a target, with trades in the high-5% to mid-6% returns. Properties off Interstates 5 and 215 in Riverside County will garner slightly lower yields in the mid- to high-5% band.

(SOURCE: MARCUS & MILLICHAP)

DEALTRACKER

LOS ANGELES—Harbor Associates has acquired a 30,000-square-foot four-story office property that includes two subterranean parking levels in Century City, CA, for $14.7 million from Spanish Broadcasting System. Located at 10281 West Pico Boulevard in the Westside submarket of Century City, SBS has owned and occupied the entire building since 1994. NKF's Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White, Senior Managing Director Rob Hannan, and Vice Chairman Brad Feld represented the seller in the transaction. The buyer represented itself.

SCOTSDALE, AZ—The 56,439-square-foot Scottsdale Business Center, 13402 N. Scottsdale Rd., Scottsdale, has traded hands for $7.3 million between Arizona SBC LLC and Dunbar SBC LLC. The 4.27-acre property is a potential redevelopment opportunity and is located in the prestigious Scottsdale Airpark. Lee & Associates principals Jan Fincham, Patrick Dempsey, Mark Linsalata and Associate, Andrew Lundahl, facilitated the transaction on behalf of both the seller and the buyer.

SAN DIEGO—Torrey Hills Medical Plaza, a 44,091-square-foot, class-A medical office building in the Del Mar Heights/Carmel Valley submarket of San Diego, California, has traded hands for $28.5 million between Torrey Pines Enterprises and Torrey Hills MOB. HFF worked on behalf of the buyer in arranging a joint venture with an institutional equity investor and negotiating the assumption and modification of the existing life insurance company loan. The HFF investment sales team representing the seller was led by managing director Evan Kovac, director Nick Frasco, associate Andrew Milne and real estate analyst Trent Jemmett. HFF director Zack Holderman led the efforts in arranging the joint venture, as well as working with the current life company lender on the assumption and loan modification. Torrey Hills Medical Plaza is located on a 2.59-acre site at 4765 Carmel Mountain Road within the Von's-anchored Torrey Hills Center. This location is accessible to the 5 and 805 Freeways as well as US Route 56, providing connectivity to all areas of San Diego. Additionally, the property is within minutes of UCSD's Thornton Hospital, Scripps Research Institute, Scripps Memorial Hospital, The Salk Institute San Diego and the VA Medical Center. Completed in 2005, the two-story building is 92 percent leased and anchored by Fresenius Medical Care.
ORANGE COUNTY, CA—Monday Properties has acquired Spectrum Tower, a 120,000 square foot multi-tenant office building located at 23046 Avenida de la Carlota Laguna Hills, California from TA Realty. The property is a seven-story property located in the highly desirable South Orange County office submarket. This is Monday Properties first major acquisition on the West Coast since hiring Managing Partner Philip Cyburt to spearhead the Company's expansion. Spectrum Tower is a Class A multi-tenant office building that is complimented with surface parking with great visibility and access to the 5 and 405 freeways. The property is centrally located and served by the quality amenities within Irvine Spectrum, including one of California's largest regional outdoor retail centers that contains over 160 stores, 50 restaurants and three hotels.

MESA, AZ—Village Green, a 112-unit apartment community in Mesa, Arizona. The sales price is $7.7 million, has traded hands between 29^th Street Capital and MLA Properties. David and Steve Gebing, senior managing director, represented the seller and the buyer. Developed in 1975, the property is located at 1045 South San Jose St. in Mesa. Situated on 3.16 acres and composed of studio, one- and two-bedroom floor plans, the apartment homes are complete with a fully equipped kitchen appliance package, spacious closets, and oversized windows inviting natural light.

SALT LAKE CITY, UT—The Gateway In Downtown Salt Lake City signed a lease agreement with Dave & Buster's to open its first Utah location on the property. In addition to its $100 million redevelopment plan, The Gateway and its parent company Vestar have been looking for a big name, family-friendly venue to anchor its rebranding effort.

LOS ANGELES—Rexford Industrial Realty has acquired two industrial properties for a total of approximately $35.9 million. The acquisitions were funded with cash on hand. The Company acquired 4175 E. Conant St., located in the Long Beach/Los Angeles South Bay submarket, for $30.6 million, or approximately $215 per square foot. The Class A industrial building is 100% leased to a single tenant on a triple net basis, with 13 years remaining lease term. The newly constructed facility features 32' clear height and LEED certification. The property is situated in the Long Beach airport micro-market, which is experiencing substantial new development of retail, office and hotels adjacent to the Conant property.

IRVINE, CA—Americor Funding Inc. has leased 21,742 square feet of class-A office space at 18200 Von Karman at Irvine Towers in Irvine, Calif. Chon Kantikovit and Shawn Lawrence of the firm's local Irvine office represented the tenant in the transaction. Owned by The Irvine Company, Irvine Towers offers tenants the features and benefits of a campus in an upscale high-rise setting. The project offers tremendous opportunities for expansion and boasts onsite amenities that include Specialty's Bakery & Café, recently announced Davio's Northern Italian Steakhouse, Marriott Hotel and private fitness center for tenants of the campus.

PHOENIX—La Reserve at Forty-Fifth, a 301-unit apartment community located at 2627 N. 45th Avenue in Phoenix, has sold to Phoenix-based Jevan Capital, PLLC, for $12.7 million. Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office represented the seller, CEGOP-PHX 1, LLC of Fort Collins, CO. Built in 1972, La Reserve on Forty-Fifth offers one-, two- and three-bedroom floor plans with an average unit size of 908 square feet. Sitting on 16.57 acres, the garden-style property's amenities include three swimming pools, basketball court, three laundry facilities and two picnic areas. With high visibility on Thomas Road, the property is in close proximity to many local conveniences and employment centers. Residents benefit from convenient access to I-17, I-10 and US-60, as well as being on the METRO bus line.

BURBANK, CA—For the third time, Madison Partners has arranged the sale of 2901 W. Alameda Avenue, a class-A office property in Burbank, California. The property is located at 2901 W. Alameda Avenue consists of a 7-story office tower totaling 119,819 rentable square feet. Bob Safai, Matt Case, and Brad Schlaak brokered the transaction on behalf of the seller, Lionstone Investments.

BUILDING BLOCKS

SAN DIEGO—Ware Malcomb has completed the new law offices of Noonan Lance Boyer & Banach LLP located at 701 Island Avenue #400 in downtown San Diego. Ware Malcomb provided interior architecture and design services for the project out of the firm's downtown San Diego office. The new 5,000 square foot office occupies the top floor in a historic building in San Diego's East Village. The design highlights the historic nature of the building by creating an industrial loft feel. The existing brick walls, wood floors and wood ceilings were restored and left exposed, while hanging pendant lights, exposed ductwork and skylights complete the look. Throughout the space, earthtone finishes complement the existing brick and wood, while a vivid blue accent on select furniture and millwork livens the space and acknowledges San Diego's beach city image.

PHOENIX—Condo complex CONTOUR in Phoenix has topped out. The property is a collection of contemporary residences located at 2300 E. Campbell Ave. in Phoenix's Biltmore neighborhood. It has 111 one- and two-bedroom condominiums ranging from 1,000 to 1,700 square feet, which are priced from the $300,000s. Sales are underway and move-ins are scheduled to begin early 2018. Developed by Liv URBN, CONTOUR on Campbell embraces the highest standards of modern design and craftsmanship. Spacious floor plans incorporate chef's kitchens and designer bathrooms, along with high-end materials and finishes—including hardwood floors, stainless steel, culinary-grade Bosch appliances and European-style cabinetry. Residents can choose from three interior design palettes.

LAS VEGAS—Pathfinder Partners completed two models and unveiled six new unique floor plans at Sky Las Vegas, a 45-story luxury condominium community at 2700 Las Vegas Blvd. Pathfinder, a San Diego based-firm, which specializes in opportunistic real estate investments, acquired 64 units within Sky in September 2015. Sky is a 390,000-square-foot, 500-foot high rise comprised of 409 units and located on three acres at the north end of the Las Vegas Strip. Pathfinder Partners has sold 19 units, including five sold last month, and is offering the remaining 45 units at prices starting at $250,000. The units are a mix of one-, two- and three-bedroom floorplans, ranging from 988 square feet to 1,788 square feet. The fully decorated and furnished models, which represent Hollywood glam and contemporary Italian styles, are open for viewing Monday through Friday from 10 a.m. to 5 p.m. and on weekends by appointment.