NEW & NOTABLE

LAS VEGAS—Ben Millis and Dave Wrzesinski have joined the Avison Young's Las Vegas office, Millis as a principal and Wrzesinski joins as a Senior Associate. Both join Avison Young from Newmark Knight Frank in Las Vegas and will continue to work as a team. They will continue to focus on industrial property sales and leasing, vacant land and investment sales.

DENVER, CO—The Laramar Group has promoted Jeanne Schwab to the position of SVP of Operations. Schwab will join Stacy Valentine who recently assumed the Senior Vice President of Operations role overseeing all national urban marketing platform efforts at The Laramar Group. Schwab previously lead the growth and development of Laramar as a Vice President of Operations – Western US from 2010 – 2014 where she successfully managed more than 20,000 units in CO, MN, AZ, NV, WA, IL and CA and returns to Laramar following Senior Vice President of Operations positions at Forum Real Estate, The Irvine Group and most recently, Cortland Partners. As Senior Vice President of Operations, Schwab will assume responsibility for directing all of Laramar's Fee Management, Affordable, New Development and Joint Venture platforms, as well as all national marketing efforts for the platforms, while maintaining Laramar's unique culture and commitment to its clients.

LOS ANGELES—Real estate veteran Lonnie Vidaurri has joined commercial real estate investment and operating firm StarPoint Properties as Head of Investments and Capital Markets. Vidaurri who has nearly 20 years of senior level experience in the real estate capital markets will be responsible for directing and executing investment strategy for the 25-year old Beverly Hills-based firm focused on under-valued multifamily and commercial properties in select sub-markets. Since its inception, StarPoint has acquired more than 10 million square feet of commercial and residential properties with an aggregate value of more than $1 billion. Vidaurri joins StarPoint from Ladder Capital where he led the New York-based real estate investment trust's Western Region. Previously he held similar positions with Onewest Bank, Barclays and Lehman Brothers.

DEALTRACKER

SAN DIEGO—Walker & Dunlop has structured an $82 million loan for Paradise Village, located just outside of San Diego, in National City, California. The transaction for the Class A, independent living, assisted living, and memory care community represents Fannie Mae's first Green Rewards loan backed by a seniors housing property. Based out of the Company's Dallas, Texas office, Managing Director Jeff Ringwald and Senior Vice President Bill Jackson led the team. The ten-year loan provided a two-year period of interest only payments and a 30-year amortization schedule for Generations Senior Living (the “Sponsor” or “Generations”), a long-standing, repeat Walker & Dunlop borrower. The financing replaced a previous construction loan and provided cash-out to enable the financing of an adjacent, newly developed memory care facility when stabilized.

LOS ANGELES—A multifamily complex in Moreno Valley, CA has traded hands for $27.9 million. Stew Weston and John Montakab of CBRE represented the seller, TruAmerica, a national multifamily investor and operator. The buyer, New Standard Equities, a local real estate investment and asset management firm, represented itself. Located at 13400 Elsworth Street, this apartment complex is known as the Mediterranean at Townsgate. It features 227 units and totals 201,677 square feet, offering the opportunity to continue an interior renovation program to realize future rent increases. The property boasts an extensive amenity package, including two large swimming pools and spa, playground, sports court, outdoor barbecue areas, a resident lounge and a leasing office. The Moreno Valley mall, with national tenants such as Sears, Macy's, and Forever 21, is located only a mile from the complex. Mediterranean at Townsgate includes two affordable regulatory agreements, setting aside 45 units for residents making between 50% and 80% of the average median income. CBRE's Brian Eisendrath and Annie Rice secured financing for the buyer.

IRVINE, CA—A newly built, freestanding, 40,376-square-foot office building in Long Beach has traded hands for $15 million. It is fully occupied by United Pacific, one of the largest independent owners and operators of gas stations and convenience stores in the Western U.S. Faris Lee president and CEO Rick Chichester and Managing Director Thomas Chichester represented the seller, an entity of United Pacific. In a sale-leaseback scenario, United Pacific signed a new, 10-year long-term lease. The buyer, a family trust from Northern California, was represented by Bob Bower of CBRE. The transaction closed at a cap rate of 5.33 percent. United Pacific specifically developed the property as its corporate headquarters due to the mission critical, 24/7 nature of its business, as well as to provide a state of the art, high quality, high touch, and collaborative work environment for its employees, venders and clients.

BRENTWOOD—Hanley Investment Group Real Estate Advisors has completed the sale of a single-tenant In-Shape Health Clubs asset in Contra Costa County, located at 180 Griffith Lane in Brentwood, California. Eric Vu of Hanley Investment represented the seller, a family trust who has relocated out of state. The buyer, a developer based in northern California, represented themselves. The 31,062-square-foot freestanding building, which sits on 2.45 acres within a retail shopping center, was a build-to-suit for In-Shape in 2004. The corporate lease, which has already been renewed once, extends through 2027.

IRVINE, CA—Pillar Financial's Brent Wessel, Managing Director of Pillar in Irvine, California, has originated a $9 million Fannie Mae loan to refinance the Treehouse Apartments in Tucson, Arizona. The 167-unit student housing property is three miles from the University of Arizona and five miles from downtown Tucson. Treehouse Apartments is fully leased. Pillar originated a fixed rate, 10-year term loan with a 30-year amortization schedule to refinance the property for Caliber Companies, a Scottsdale, Arizona-based real estate investment firm and new Pillar client. Caliber originally purchased the property in 2014. Following the acquisition, Caliber conducted extensive renovations to convert the property to student housing..

SAN DIEGO—Courtyard Mira Mesa, LLC, an Irvine-based investor, has acquired Rancho Del Oro Commerce Center in Oceanside, California for $12.75 million. The multi-tenant industrial project totals 93,160 square feet and consists of four single-story buildings located at 4055, 4059, 4061 and 4065 Oceanside Blvd. The seller was MAJ Investors, LP. The transaction represented the Upleg of the buyer's 1031 Exchange. Mark Avilla of Cushman & Wakefield's San Diego office represented the buyer in the sale, with Josh McFadyen of Colliers International representing the seller.

IRVINE—Irvine Company has completed five leases totaling 176,000 square feet at Irvine Towers. The customers are reverse mortgage leader American Advisors Group (AAG), accounting and advisory firm Squar Milner, environmental engineering firm Brown and Caldwell, law firm Carothers DiSante & Freudenberger and credit union innovator CU Direct. The leases come as Irvine Company completes a multimillion dollar reinvestment at the five-building, one-million- square-foot project. The reinvestment includes the addition of unique outdoor workspace, the opening of Davio's, a Northern Italian Steakhouse concept new to Orange County and the installation of cost-and- energy-saving “hybrid electric” batteries. The leases also represent the successful back-filling of space currently occupied by Cylance. Cylance will move in spring to Irvine Company's new 21-story 400 Spectrum Center. The cybersecurity artificial intelligence innovator was drawn to the quality of the building, its outdoor spaces and the opportunities for their employees to innovate.

PHOENIX—Mission Palms, located at 6131 North 16th Street in Phoenix, has traded hands for $16 million between JM Emerson and Phoenix-based Clear Sky RES Properties, an entity formed by Clear Sky Capital. Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller. Mission Palms is a 125-unit, boutique garden-style apartment community located in North Central Phoenix. The property's location on North 16th Street provides easy access to Camelback Corridor, Midtown and Downtown as well as Biltmore Fashion Park, the AZ-51 and the Phoenix Mountain Preserve.

CHATSWORTH—Cielo Apartments, a 119-unit multifamily property in Chatsworth, California, has traded hands for $45 million. The property is located at 9733 Topanga Canyon Blvd. in Chatsworth and is within five miles of the growing urban neighborhood of Warner Center and the recently revitalized Westfield Topanga, Westfield Promenade, and Village at Westfield regional lifestyle shopping centers. Cielo's ideal commuter location is proximate to the 118, 101, 405 and 210 freeways and is less than one mile from the Los Angeles Metro's Chatsworth station.

PHOENIX—Aldea at Estrella Falls, a 328-unit Class A multifamily property located at 2400 N. Bullard Ave. in Goodyear, Arizona, has traded hands. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties in Phoenix represented the seller, Seattle-based PrivatePortfolio Group. The buyer was Eugene, Oregon-based Umbrella Properties. Developed in 2008 by Trammell Crow Residential, the garden-style community offers large one-, two- and three-bedroom floor plans averaging 991 square feet. Individual residences feature well-appointed kitchens with granite countertops and stainless-steel appliances, walk-in closets, full-size washers/dryers and wood plank vinyl flooring. Community amenities include a resort-style swimming pool and spa, stainless steel barbecue grills, fitness center and resident clubhouse with a business center.

LOS ANGELES—An office building in Calabasas, CA, has traded for $8.95 million to a local private investor. CBRE's Tom Dwyer, Michael Slater, and Caroline Bigelow represented the seller, Majestic Asset Management. The buyer, a private investor, was represented by Ron Feder at KW Commercial Calabasas. The property, located at 26677-26679 W. Agoura Road, is part of Corporate Center Calabasas, a project that consists of six Class A office buildings located within the 101 corridor, featuring surface and subterranean parking, a park-like setting and excellent freeway visibility and access.

BUENA PARK, CA—Institutional Property Advisors Capital Markets has arranged $24 million to refinance a 181,779-square-foot multifamily property in Buena Park, California. IPA Capital Markets provides major commercial real estate investors with a full range of debt and equity placements and advisory solutions. Derk and Nick Gray, associate director, arranged the financing. The debt placement was locked at below market-rate interest and structured with five years interest-only followed by 30-year amortization. The five years are fixed at 3.67 percent.

NEWPORT BEACH—Jim Snyder and Patrick Lacey of Lee & Associates-Newport Beach closed escrow on two industrial properties totaling $8.6 million. The first property is 17,275 square feet that sold for $4.3 million and is located at 3601 W. Garry Avenue in Santa Ana. Jim Snyder and Pat Lacey represented the Seller and Todd Martens of Voit Real Estate Services represent the Buyer. The second property is 19,561 square feet that sold for $4.3 million and is located at 18100 Mt. Washington, Fountain Valley. The Buyer and Seller were represented by Jim Snyder and Patrick Lacey.

BUILDING BLOCKS

SAN DIEGO—AVRP Skyport is moving forward on two major buildings at Herbert Hoover High School, located at 4474 El Cajon Blvd. in San Diego. In January, short-listed construction companies began the proposal process by touring the project site. This is an opportunity to build AVRP's ambitious new design for one of San Diego's oldest schools. The nearly 90-year old Hoover High campus includes buildings dating back to the 1930s. It is also the alma mater of Baseball Hall of Famer Ted Williams and Ted “The San Diego Chicken” Giannoulas. Today, the school provides education for more than 2,000 students every year. AVRP's design for Hoover High will feature a new performing arts theater and a new administration & classroom building. The project will pay homage to the original historical buildings from 1929 while including state-of- the-art facilities for present-day students. AVRP's design for a new theater will replace the existing undersized facility with a 24,500-square- foot new building consisting of a 500-seat auditorium, theater support space, and two drama classrooms adjacent to costume and scenery workshops which also serve as learning venues. AVRP's design also includes a new 45,500-square- foot, 3-story building which will consolidate administrative offices, counseling offices, and 20 new classrooms into one structure. Construction for the new facilities is estimated to cost $37 million.