Here's a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.
NEW & NOTABLE
LOS ANGELES—Boston Properties has hired Jonathan D. Lange as VP of the Los Angeles Region. In this new role, he will be responsible for leading new business development in the market, as well as leasing and asset management of the Company's Los Angeles properties. He joins from JLL in Los Angeles where he was SVP of Capital Markets. Prior to joining JLL, Jon was an associate vice president at a private equity real estate and infrastructure investment firm with $21 billion in assets under management and, before that, he was a vice president in tenant representation at JLL. Over the last ten years, Jon has overseen the development, disposition, acquisition, leasing and financing of more than $2 billion of commercial real estate transactions. He has an MBA from The Wharton School at the University of Pennsylvania and a BS in business administration from the University of Arizona.
LOS ANGELES—Snyder Langston has hired Max Burcham as Project Executive, who brings three decades of industry experience to the firm, with an especially strong background in healthcare construction. Prior to joining Snyder Langston, Burcham was a Project Director for McCarthy Holdings. His extensive experience also includes preconstruction services, construction management, and master planning work. He will be based in the firm's El Segundo office.
DEALTRACKER
MURRAY, UT—Lionsgate, a 15-building, 400-unit multifamily complex in Murray, Utah, has traded hands for $67.25 million, which represents more than $168,000 per unit. Danny Shin, an SVP at Marcus & Millichap, represented the seller, a local owner, and procured the buyer, a Seattle-based investor. The property is located at 136 W Fireclay Ave. in Murray, eight miles south of Salt Lake City and 40 miles north of Provo. Access to Interstate 15 is one mile away and Westminster College, the University of Utah, and the Salt Lake City International Airport are close by. Nearby retail venues include a Smith's Food and Drug, a Costco, and a Walmart Supercenter. Built in 2014, Lionsgate features one-, two- and three-bedroom floorplans that range from 942 square feet to 1,165 square feet.
LAS VEGAS—MGM Resorts International and MGM Growth Properties LLC have entered into a definitive agreement whereby a subsidiary of MGP will purchase the long-term leasehold interest and real property improvements of the MGM National Harbor casino resort, and MGM Resorts will lease the property from MGP and continue to operate the property following the consummation of the transaction, with no expected change to its employees, vendors, customers, and the community. MGP will pay total consideration of approximately $1.2 billion, consisting of a combination of $462.5 million in cash, which may include cash on hand or cash from financings, including borrowings under MGP's revolving credit facility, the assumption of approximately $425 million of secured indebtedness of MGM National Harbor, LLC, which is expected to be immediately repaid by MGP on the closing date, and the issuance by MGM Growth Properties Operating Partnership LP, a subsidiary of MGP, of operating partnership units representing $300 million of value based upon the closing price of MGP's Class A shares on September 5, 2017.
PHOENIX—Meridian has acquired Grunow Memorial Medical Center, a landmark 51,150-square-foot two-story medical office building located at 926 East McDowell Road in Phoenix, Arizona, from PacVentures, a real estate investment firm based in San Diego, California. Meridian paid nearly $5 million for the 40% leased building located near Banner Health University Medical Center's Phoenix Campus and Phoenix Children's Hospital. The acquisition of Grunow Memorial Medical Center represents Meridian's first major transaction outside of California. The clinic was built in memory of Lois Anita Grunow, a seven-year-old who passed away from a ruptured appendix. The façade of the grand entrance, as well as the majority of its large windows, are adorned with intricate stone carvings that lend reference to symbols of the medical profession. These designs continue throughout the historic, two-story open lobby, which contains various memorial plaques for doctors who have come and gone, as well as large hanging murals that portray major milestones in the history of medicine.
PHONEIX—Aquafil has leased an industrial warehouse building located at 3555 W Washington Street in Phoenix, Arizona. The building was built in 1991 and consists of approximately 116,890 square feet. Located just off 37th Avenue and Washington Street, the property has convenient access to Interstate 10 and the Interstate 17 interchange. Keith Clark and Dave Dixon of CPI's Industrial Team represented the tenant. JLL represented the landlord, Colony Northstar.
PHOENIX—This summer, Institutional Property Advisors' Steve Gebing and Cliff David, senior managing directors, closed nine multifamily property transactions totaling $258.5 million. The sales total 2,171 units and closed between June 29 and August 29 in the Phoenix metropolitan statistical area.
PERRIS, CA—Shopoff Realty Investments has acquired the Mead Valley Quarry, a 577-acre vacant land site in unincorporated Riverside County, Northwest of the City of Perris, Calif. The property is located at the intersection of Rider Street and Seaton Avenue, providing easy access via Interstate 215. It is also within a few miles of Lake Perris.
FULLERTON, CA—An industrial property leased by Chefmaster in Fullerton, California sold Industrial Income Trust for $7.3 million. CBRE's Gary Stache, Anthony DeLorenzo, Doug Mack and Shin Kim represented the seller, Chefmaster, and the buyer. The property, located at 501 Airpark Drive, is 100% leased to Chefmaster, a division of Byrnes & Kiefer Company, which has spent more than $1.6 million of their own capital to build out the USDA-approved
manufacturing facility.
LAKE FOREST, CA—Drawbridge Realty has acquired 26200 Enterprise Way for $32.4 million from Barings. The building serves as the headquarters for Panasonic Avionics Corporation. The 144,906-square-foot, two-story class-A office/R&D facility is part of the seven building Panasonic Avionics Campus located in the heart of the South Orange County submarket of Lake Forest, CA. Jeffery Cole, Ed Hernandez, Nico Napolitano and Jay-Paul Lowry of Cushman & Wakefield represented the seller and Drawbridge Realty, represented itself in this transaction.
LOS ANGELES—Berkadia today announced the recent financing of Pinnacle Medical Office, a primary care office in Scripps Ranch, San Diego. Managing Director Jackson Cloak secured the $29 million permanent refinancing on behalf of the borrower, LP Scripps Lot 1 LLC, through Wells Fargo. The 10-year 4.3% fixed-rate loan is interest-only for the full term. Located at 10670-10672 Wexford Street, Pinnacle Medical Office provides services including primary care, wellness exams, treadmill stress testing, annual physicals, DOT examinations, sports and camp physicals, full laboratory testing, vaccinations, and pre-operative clearance.
NEWPORT BEACH, CA—CVK Street LLC has sold a 24,866-square-foot, single-tenant, triple-net-leased Sprouts Farmers Market store in the Los Angeles-area community of Whittier, California. The HFF team marketed the property on behalf of the seller. A private, 1031 exchange investor purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, the HFF team arranged the 10-year, fixed-rate, interest-only loan with a CMBS lender. Completed in 2013, the property is fully leased by Sprouts Farmers Market, one of the nation's leading grocers, on a triple-net-lease basis through 2028. The grocery store is situated on 3.4 acres at 15801 East Whittier Boulevard in a major retail trade area with daily traffic counts exceeding 37,000 on Whittier Boulevard and Santa Gertrudes Avenue. More than 170,000 residents earning an average annual household income of almost $105,000 live within a three-mile radius of the property. The HFF retail investment sales team included managing director Gleb Lvovich and director Nicholas Foster. The HFF debt placement team included senior director Greg Brown.
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