NEW & NOTABLE

PHOENIX—Marcus & Millichap has hired Kelly O'Dea as a part of the National Office and Industrial Properties Group in the Phoenix office. O'Dea specialized in selling and leasing office properties for over 10 years, holding a partner position at a boutique brokerage firm before joining Marcus & Millichap, where he will focus on office investment sales to better serve his clients.

pHOENIX—Transwestern has hired Mark Stratz as Senior Vice President and City Leader to oversee all operations in the firm's Phoenix office. In this role, he will focus on growing operations, elevating and innovating client services, attracting new talent and creating new business opportunities for the firm and his team. Stratz joins Transwestern from Cushman & Wakefield, where he served as Director, Office Group since 2005 with his business partner, Scott Baumgarten, who is also joining Transwestern as Senior Vice President. During their tenure, the team led the market through innovation in creative office and adaptive reuse projects covering vintage warehouses to high-rise office conversions. Some of their notable clients include Boyer Company, LNR Partners, Holualua Companies, and The University of Arizona. Prior to Cushman and Wakefield, Stratz was a Senior Associate in CBRE's Seattle office. He graduated from Washington State University. Baumgarten graduated from University of Arizona before becoming an Office Broker at Cassidy Turley. Both will continue to advise new and existing clients in their roles at Transwestern.

PHOENIX—Velocity Retail Group is expanding by opening an office in southern Arizona. The new Tucson office is located at 6061 E. Grant Road effective January 3, 2018. The office will be lead by Brian Harpel, Senior Vice President and Associate Broker for the new office. This is the second office for Velocity Retail Group which was founded in 2005 in Phoenix, Arizona. Harpel, a veteran of the commercial real estate industry has spent nearly 30 years handling all aspects within the retail commercial arena including shopping center leasing and sales, tenant representation, as well as coordinating development activities for retail centers. In his new role with Velocity Retail, Harpel will focus on growing the Landlord Advisory Services division in Tucson as well as Phoenix.

DEALTRACKER

IRVINE, CA—Avanath Capital Management, LLC has closed its “Avanath Affordable Housing III” and “Avanath III NY Co-Investment” Funds with $388 million in equity commitments, according to Avanath's President and CIO John R. Williams. With this closing, Avanath has almost doubled its equity commitments from its Fund II, which had its final closing of at $200 million in July 2015. Avanath's Funds are comprised of a total of 19 investors, including three pension funds, three foundations, four U.S. companies, four U.S. banks, four U.S. family offices and one European family office.

PHOENIX—RSM US has signed a 28,828-square-foot lease at 2375 E. Camelback Rd. in Phoenix, and will occupy the space at 24th at Camelback I beginning in 2018. Bryan Taute and Tim Watters with CBRE's Phoenix office represented the landlord, Hines, an international real estate investment, development and management firm. Rick Schuham and Tom Johnston with Savills Studley represented the tenant in the transaction.

LOS ANGELES—American Realty Advisors has acquired Central Park Commons, a newly constructed retail shopping center and medical office building in Eagan, Minnesota. The 403,219 square-foot center is located within the Twin Cities suburb of Eagan, approximately 8.5 miles southwest of downtown St. Paul and 10.5 miles southeast of downtown Minneapolis.

MORENO VALLEY, CA—Best Western Moreno Hotel & Suites, a 120-room hospitality property located in Moreno Valley, CA, has traded hands for $11.2 million. Gordon Allred of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was secured and represented by Aseem Tandon and Shweta Kumari, investment specialists in Marcus & Millichap's Ontario office. Financing was arranged by Ron Balys of Marcus & Millichap's Capital Corp office in Newport Beach.

PHOENIX, AZ—Irgens-Phoenix has sold Perimeter Center building at 17200 N. Perimeter to Dr. Wan Hai Lines Ltd., an Asian shipping company, for $10.3 million.

The class-A office building contains approximately 43,109 square feet of space. Irgens purchased the building in 2015 and undertook a major renovation to the common areas and the site improvements. The repositioning led to strong leasing activity that increased occupancy from 45% to 100% in six months. Irgens reconfigured the site, gaining efficiency and allowing the company to retain a 2.4 acres of the original 6.54-acre site for development of a 50,000-square- foot office building in 2018.

IRVINE, CA—Talonvest Capital, Inc. has closed a $18.25 million bridge loan to refinance a maturing bank loan and provide additional funds for tenant improvements and leasing costs at Emerald Lake Corporate Centre in Carlsbad, CA. The non-recourse, LIBOR based floating rate loan, provided by a private commercial real estate finance company with discretionary capital, has a two-year initial term with extension options for an additional three years. Emerald Lake Corporate Centre is an 83,917-square foot, three-story, Class A, Energy Star certified office building located at the northwest entrance to the Carlsbad Research Center. Located at 1525 Faraday in Carlsbad, CA, the property offers quick access to I-5 via Cannon Road, panoramic views of the adjacent open space, beautiful exterior common areas including lush exotic tropical landscaping and koi ponds, a two-story lobby, and nine-foot ceilings throughout. In addition, the property is in close proximity to retail, restaurants, and services.

EL SEGUNDO, CA—A two-building 426,866-square-foot industrial property located at 3845-3907 West Ninigret Drive in Salt Lake City, UT, has traded hands for $37.2 million. The property is 100 percent occupied by Metro Logics, a third-party medical logistics firm. NKF Capital Markets President, Western U.S. Kevin Shannon and Executive Managing Director Bret Hardy represented the seller, AEW in this off-market transaction while Executive Vice President Kyle S. Roberts of Newmark Grubb ACRES represented the buyer, Price Real Estate. The property is located at 3845-3907 W. Ninigret Drive. The two single-tenant buildings were built in 2008 and 2010 respectively and the project is situated on 19.84 acres.

LAS VEGAS—The Skyline Villas apartments, located at 3501 S. Maryland Parkway in Las Vegas, Nevada, has traded hands for $7.4 million. Thomas Olivetti of Colliers International Las Vegas and The HSK Team comprised of Bill Hahn, Trevor Koskovich, and Jesse Hudson of Colliers International Phoenix represented the seller and procured the buyer. Dumont 94, LLC, an entity formed by The Cosgrove Companies (William Cosgrove, principal) out of Belvedere, California was the buyer. The seller was FDL Associates, LLC, an entity formed by Alpha Wave Investors out of Laguna Hills, California.

PHOENIX—Luke Donahue, senior vice president/senior director of NorthMarq Capital's Phoenix regional office, arranged a $13.5 million acquisition loan for the purchase of 109-units at the Santana Ridge Condominium Community in Chandler, Arizona. NorthMarq arranged financing for the borrower through its relationship with a correspondent life company.

LOS ANGELES—The Lido, a 100-unit apartment building that was featured on the Eagles' Grammy Award-winning album Hotel California, has traded hands to Mosser Capital for $32.2 million. CBRE's Laurie Lustig-Bower and Kamran Paydar represented the seller, Mountain View Condos, owned by Shawn Evenhaim.

The property, located at 6500 Yucca Street, features a 1928-vintage, architecturally distinct building with an impressive street-to-street presence on its block. Lobby photography of the building was featured on the Eagles 1976 Grammy Award-winning album, Hotel California.

HOLLYWOOD—A development site located at Yucca Street and Argyle Avenue near Capitol Records in Hollywood has been completed. West Los Angeles-based WL Yucca Argyle Owner A, LLC, an entity of Champion Real Estate Company, purchased the property from a private family based in Burbank, California for $17 million. Champion Real Estate Company plans to build a mixed-use development on the site and brand it as 6220 Yucca. The project will include a 20-story apartment building, a 136-room hotel and retail/restaurant space. The property, which currently houses a 40-unit apartment building and a single-family home, is located at 6212-6224 West Yucca Ave., 1756-1760 Argyle Ave. and 1771 Vista Del Mar St. The existing buildings will be demolished to make way for the new development. Construction is slated to begin on 6220 Yucca in 2019 and be completed by 2022. Jason Gribin of JLL represented the buyer. David Aschkenasy of Commercial Asset Group represented the seller in the transaction.

SAN DIEGO, CA—A two-building light industrial portfolio in Scripps Ranch has traded hands in an off-market transaction for an undisclosed amount. The properties were sold to Carroll Canyon, LLC by Hill Properties who bought the buildings as part of a nine-building portfolio earlier this year. 9855 Carroll Canyon Road is a 42,947 square foot building leased to Teledyne with nine years remaining on the lease term and 9925 Carroll Canyon Road is a 20,681 square foot building leased to Gamma Scientific, who recently extended their lease on the property for five years. JLL's team of Sach Kirpalani, Bob Prendergast and Lynn LaChapelle represented the seller.

BUILDING BLOCKS

LOS ANGELES—Cox, Castle & Nicholson LLP has reached a $35 million settlement for client Forest Lawn Memorial-Park Association with the California Department of Transportation (Caltrans). The firm brought suit on behalf of Forest Lawn to remedy damage caused by Caltrans freeway construction and improper maintenance, and to ensure that future freeway construction and widening will not impact Forest Lawn's property. The Cox, Castle & Nicholson team prevailed in Los Angeles Superior Court after extensive litigation. Cox, Castle & Nicholson LLP has served as litigation and land use counsel on behalf of Forest Lawn Memorial-Park, one of the largest cemetery and mortuary operators in Southern California, for more than four years. Experienced land use and environmental attorney David Waite, partner at Cox, Castle & Nicholson LLP, was lead counsel on the matter.

TOLLESON, AZ—Trammell Crow Company and an institutional investor have partnered to acquire a 22.2 acre site at the southwest corner of 99th Avenue and Van Buren Street for the development of Tolleson Logistics Center, a new 329,000-square-foot Class A industrial building. Construction on the new facility is scheduled to begin 1Q 2018. The state-of-the-art industrial project is located less than one mile south of a full diamond interchange at 99th Avenue and Interstate 10. The cross-dock building will be 781 feet long and 421 feet deep with a clear height of 36 feet and 190-foot truck court depth. Loading will be a combination of ramp and dock high with 271 auto parking spaces and 107 trailer parking spaces. The building will be divisible to 100,000 square feet to accommodate single or multiple tenants. Butler Design Group will serve as the project architect and Wilmeng Construction, Inc. as the general contractor. Cadence Bank N.A. is providing construction financing. Gary Anderson, Jim Wilson, Mike Gilbert and Brian Lee of Cushman & Wakefield are marketing the project on behalf of the venture.