PHOENIX—Phoenix's average industrial vacancy rate decreased to 7.8%, which is a decrease of 12.3% from last quarter's 8.9% average vacancy rate, in the fourth quarter 2017 absorption was positive 2,684,912 square feet, that number is up by 270,577 square feet from last quarter when absorption was reported at positive 2,414,335 square feet. During the quarter, 6,888,332 square feet were reported as still being under construction in Phoenix at the end of the fourth quarter for the industrial sector. Some of the largest projects still under construction were FAB 42-Intel Corporation, a 2,145,757 SF building which is 100% pre-leased, and PV/303 Bldg C, a 960,000-square-foot facility, which is 0% pre-leased.

(SOURCE: Commercial Properties Incorporated)

NEW & NOTABLE

IRVINE, CA—Passco Companies has promoted Adriana Olsen and Andy Wang to Senior Vice President of the firm's Sales division, according to Belden Brown, Executive Vice President and National Sales Manager of Passco Companies. Passco Companies has focused on retail since its inception and has been extremely active within the multifamily sector for over the last decade. The firm plans to expand its portfolio this year into new product types including senior housing, industrial, and self-storage.

IRVINE, CA—TRI Pointe Group has launched TRI Pointe Advantage Insurance Services, Inc., an affiliated property and casualty insurance services

company that offers insurance products and services exclusively to TRI Pointe Group homebuyers. TRI Pointe Advantage Insurance Services TM has partnered with Westwood Insurance Agency, a wholly owned subsidiary of QBE North America, and will act as an independent insurance agency. TRI Pointe Advantage Insurance Services joins TRI Pointe Solutions, a suite of homebuyer services that provides end-to- end support throughout the closing process, which includes TRI Pointe Assurance for title-related services and TRI Pointe Connect for obtaining home financing. TRI Pointe Advantage Insurance Services is expected to be operational by the end of February 2018. Future homebuyers across TRI Pointe Group's builder brands, as well as all those who are still in escrow, will be able to purchase homeowners and other insurance products through TRI Pointe Advantage Insurance Services, providing a seamless closing process experience.

LOS ANGELES—Self-storage expert Walter Brauer has joined CBRE as VP of Capital Markets Self-Storage team in Ontario from Marcus & Millichap. He has more than 25 years of commercial real estate investment and leasing experience. He has helped facilitate the sale of several self-storage assets, including the 46-property A American portfolio, which traded for $168 million. He has also represented and sold assets for self-storage REITs, such as CubeSmart.

DEALTRACKER

CHINO, CA—Watson Land Company has completed to two leases totaling 1,168,080 square feet of Class A industrial property at Watson Industrial Park Chino (WIP Chino), marking the completion of construction and leasing for the second phase of development at the site. Watson has been represented exclusively at WIP Chino Phases 1-3 by Tom Taylor, Steve Bellitti, Summer Coulter and Josh Hayes with Colliers International. Watson also operates an in-house asset management office in Chino Hills, Calif., to provide local dedicated customer service to WIP Chino, Watson Commerce Center Chino and the balance of its Inland Empire holdings totaling eight million square feet.

PHOENIX—Illegal Pete's, a Colorado-based fast casual Mexican restaurant

and bar concept, has leased 3,672 square feet at 525 S. Mill Ave. in Tempe, AZ. The company will open its first Metro Phoenix restaurant in the space formerly occupied by My Big Fat Greek Restaurant. Illegal Pete's was started 23 years ago by Pete Turner in Boulder, CO. The restaurant features fast, healthy food with a vibrant cultural atmosphere and a full bar with craft beer on tap. In addition to being a restaurant and bar, each Illegal Pete's location also serves as a music venue and hangout. This marks the company's second restaurant in Arizona, the first being in Tucson, which opened in 2015. Other Illegal Pete's locations are found in Denver, Boulder and Fort Collins, CO.

PHOENIX—Pilkington North America has opted to remain in Phoenix, renewing a 200,000-square-foot, long-term lease for its Western U.S. distribution center at Buckeye 75 Distribution Park, owned and managed by Lincoln Property Company. Pilkington's Buckeye 75 location serves as a major distribution hub for products including laminated and toughened glass for the automotive glass replacement market. Across North America, Pilkington manufacturers and markets glass and glazing products for the architectural and automotive markets. Michael Haenel of Cushman & Wakefield represented Pilkington in its lease negotiations. With the renewal, Buckeye 75% is 100% leased to a roster of stable tenants.

LONG BEACH, CA—Anaheim Road Apartments, a 22-unit apartment property in the Park Estates submarket of Long Beach, CA, has traded hands for $8 million. Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial represented both the seller, a private trust, and the buyer, Keely Partners. The property closed at a 3 percent cap rate and a price per unit of $363,636. Built in 1987, this two-story building is located at 5401 E. Anaheim Rd. and consists of 22 two-bedroom/two-bathroom units. Built on an oversized lot in the prestigious Park Estates district of Long Beach, the property also features 42 subterranean parking spaces.

LOS ANGELES—A mixed-use development site in Van Nuys, CA, has traded hands for $9.5 million to FMB Development, LLC. Laurie Lustig-Bower and Kadie Presley Wilson represented the seller, Blue Arch Investments, Inc, a local, private real estate investor. The buyer, FMB Development, a local developer, was represented by Reuben Benhaghnazar of Reuben Realty. The 1.2-acre lot is located at 7111 North Sepulveda Boulevard near the intersection of Sherman Way in the San Fernando Valley neighborhood of Van Nuys. The site is entitled for a 6-story multifamily property featuring a total of 180 studio, one- and two-bedroom units as well as ground-floor retail space. It is in proximity to the 405 freeway as well as several shopping, dining and entertainment venues in Sherman Oaks, Encino and Warner Center.

LOS ANGELES—An industrial facility has traded hands to a food manufacturer in La Mirada, CA for $17.5 million, a record price for an owner/user building of this size in the Mid-Counties submarket of Los Angeles. Rick McGeagh and Josh Bonwell of CBRE represented the seller, Bixby Land Company, a local real estate investment firm, in the transaction. The buyer was represented by James Min of Colliers International. The freestanding warehouse, located at 16200 Trojan Way, is 106,926 square feet, which includes a two-story, 15,000-square foot office. The facility will serve as the buyer's new headquarters. It features nine dock-high doors, two ground-level doors, and 24-foot ceiling clearance. The property is in proximity to several amenities and has immediate access to I-5 and 91 freeways.

LOS ANGELES—Two multifamily properties in Studio City, CA, have traded hands for a total of $9.7 million. Melinda Russell of CBRE represented the sellers, a private family trust in both transactions. Laurel Towers, which is a 20-unit, 3-story, apartment complex located at 12100 Valley Spring Lane, sold for $5.7 million. Constructed in the 1960's, the property features a mix of one-, two- and three-bedroom apartments. The site also features a central courtyard pool, elevator and covered, gated parking. It is walking distance to a Trader Joe's, Gelson's Markets and numerous upscale shops and cafes along Ventura Boulevard and Ventura Place.

LAS VEGAS, NV—Vestar has purchased Best in the West, a 465,000 square-foot retail center in Las Vegas, Nevada. The property was acquired from Weingarten Realty Investors. In addition to Best in the West, Vestar owns and operates multiple properties in the Las Vegas area including The District at Green Valley Ranch, a 385,000 square-foot, Whole Foods-anchored lifestyle center in Henderson, and Crossroads Towne Center, a 149,000 square-foot center in Las Vegas. Vestar's team brings significant experience, leadership and resources to Best in the West. Geared toward quality institutional assets, Vestar operates over 28 million square-feet of premium retail space throughout the western United States. HFF's Bryan Ley and Jules Sherwood represented the seller in the transaction.

ENCINITAS, CA—ABP Capital, a diversified private financing and investment firm, recently closed approximately $13 million in refinance and construction loans for two coastal housing developments in California. The transactions include The Enclave at Seabridge, a new 42-unit waterfront luxury condominium in Oxnard and the ground-up construction of twin 2,405 square-foot single-family townhomes on the bluffs of Encinitas. The loans included A $10.6 million refinance loan was provided for The Enclave at Seabridge, a partially sold-out seaside 42-unit community in Oxnard. The loan allows the borrower to refinance existing debt to comfortably sell the remaining units. The second loan is a $2.3 million construction loan for the ground-up construction of two single-family townhomes in North San Diego County. Each 2,405 square-foot unit will be a three-story design featuring four

PHOENIX—ViaWest Group has purchased Blackhawk Corporate Center I, II and III for $34,250,000. The seller was Cohen Equities, NY, LLC, a commercial real estate investment management company. Darren Tappen and Peter Beauchamp, investment specialists with Kidder Mathews, along with Ryan Timpani with Colliers International, the project's leasing agent, represented both parties in the transaction. The center is located at 20401 N 29th Avenue, 2902 and 3010 W Agua Fria Freeway in Phoenix, Arizona. Constructed in 1997 and 1998, the Blackhawk Corporate Center contains approximately 252,350 square feet within three freestanding campus-style buildings.

CARSON, CA—The Klabin Company/CORFAC International has negotiated a lease for Victory Display & Store Fixture Manufacturing in an industrial building at 2640 E. Del Amo Blvd. in Carson, Calif. The global custom retail display company will occupy 110,720 square feet, representing significant growth from its existing 60,000 square feet in a nearby location. Victory Display's business includes the design, construction and assembly of retail and commercial displays for brand-name products and retailers worldwide. It is also a wholesale distributor of display products and fixtures.

PHOENIX—Cushman & Wakefield has completed the sale of Avondale Commerce Center I & II, located at 1050 & 1250 N. Fairway Drive in Avondale, Ariz., for $36.25 million. Phoenix-based Avondale Commerce Center LLC (a company formed by Presson Corp.) purchased the property from 1050-1250 N El Mirage Road-Avondale LLC (a company formed by iStar Inc.) of Dallas. Paul Boyle, Rick Danis, Gary Anderson and Mike Gilbert of Cushman & Wakefield brokered the deal. The team has worked on the management and leasing/stabilization of the property since the current owner obtained title in 2010 and has represented both the buyer and seller in acquisitions and dispositions for over 25 years. Comprised of 13 buildings, the 590,136-square-foot, multi-tenant industrial park is situated on 47.71 acres and is currently 60% leased. Developed by RDB Development in 2008, the asset features 18-25 foot clear height, speculative office build-outs, grade level and truck well loading and I-10 frontage.

BUILDING BLOCKS

LOS ANGELES—Century West Partners and Milender White has begun construction operations on Lincoln Collection, a $150 million mixed-use multifamily project in downtown Santa Monica. Lincoln Collection will offer renters best-in-class apartment living with heightened luxury and sophisticated features, finishes and amenities. The four-story Lincoln Collection community features 282 units offered in studio and one- and two-bedroom floorplans within two contiguous buildings and 25,000 square feet of street level retail amenities. Located in the heart of downtown Santa Monica, Lincoln Collection will feature resort-like amenities, including a large pool and sun decks, a screening room, and a lounge and entertainment space. The community will also include a robust fitness center, a business center, and expansive outdoor courtyards. Lincoln Collection will offer residents enviable in-unit finishes and features including luxe plank flooring, Quartz countertops, Euro-style cabinets, stainless steel appliance packages, and luxury bathrooms. Modern tech-friendly features will include in-wall USB outlets.

PASADENA, CA—C.W. Driver Companies has completed the $63 million Alton and Lydia Lim Center for Science, Technology and Health at Biola University in La Mirada. The 91,200-square-foot educational center will serve the institution's fast growing and high-demand science, technology and health programs, and triples the amount of space devoted to these fields at the university. The expansive new facility, which marks the university's most ambitious building project to date, boasts sustainable features throughout to optimize energy and water use efficiency. Comprised of four floors with learning space in, around and on top of the building, the lower level is home to the nursing program and vibration sensitive labs. The first floor is dedicated to anatomy and biology, the second floor to biology and physics and the third floor to chemistry. To maximize space and complement the university's developing botany program, the rooftop features an observatory with an on-site greenhouse. In total, the facility offers 28 laboratories, including a dedicated microscope lab for SEM (scanning and electron microscope) and TEM (transmission electron microscope) work, five classrooms, various research and flexible workspaces and innovative resources to cultivate adaptation to new sciences, technology and pedagogy.