Orange County

Carwin Advisors has acquired the Arges Group, an established real estate advisory firm based in Orange County, CA. The acquisition enlarges Carwin’s west coast footprint and includes all of Arges’ staff. Arges Group co-founders, Bret Berry and Scott Miller, will serve as senior directors, leading a variety of engagements throughout the US, including California. Both Carwin and Arges have a track-record advising lenders, investors, builders, and developers on residential, commercial, and mixed-use development issues across the US. Patrick Vedra, managing director of Carwin Advisors says, “while the addition certainly enhances Carwin’s reach and depth in California and the Western US, we were first attracted to the fact that the entire Arges team embodies what we call the ‘Carwin DNA;’ real operational experience, an unmatched focus on clients, and an accelerated sense of urgency.”

Hoag Hospital Irvine opened this week. The new hospital replaces the closed hospital facility formerly known as Irvine Regional Hospital and Medical Center. Hoag entered a long-term lease agreement for the closed hospital property and completely renovated it to meet modern health care standards. The $84 million effort opened on schedule and within budget. Robert Braithwaite, chief administrative officer for Hoag Hospital Irvine, says that opening a new hospital today with advanced medical technology is a significant accomplishment. “In the midst of national health care reform and an economic downturn, we are pleased to be able to bring a new state-of-the-art hospital online. The additional health care services and creation of more than 900 new jobs are welcomed in Orange County.”

Seattle

Seattle-based Emeritus Corp. has entered into a non-binding letter of intent with affiliates of HCP Inc. to lease 26 senior living communities. The communities are located in 13 states and consist of approximately 3,080 units, comprised of 1,931 assisted living, 607 memory care, 405 skilled nursing and 137 independent living units. The terms of the letter of intent provide for an initial term of 15 years with two available extension options of 10 years each. The lease agreements are expected to contain purchase options on 10 of the communities, exercisable beginning in year 11 and extending through the remaining term of the leases. The transaction is subject to several customary closing conditions that include, among others, a due diligence review period and licensing and transition requirements. The transaction is expected to be finalized during the fourth quarter of 2010. Dan Baty, chairman and co-CEO, stated, “We are very pleased with the anticipated addition of these 26 high quality communities to our portfolio, and our continuing relationship with HCP. These communities further our growth strategy in markets where we currently operate and will fit nicely into our existing infrastructure and, additionally, represent a significant opportunity to create value for both HCP and Emeritus.”

Salt Lake City

Salt Lake County has chosen NexGen Energy and Bella Energy to develop a solar installation on the roof of the Calvin L. Rampton Salt Palace Convention Center in downtown Salt Lake City. The team presented a plan to install up to 2.6 megawatts of solar modules on the structure. If built to that capacity, the Salt Palace will host the largest rooftop solar facility in the US, generating more than 3,330,000 kilowatt hours of electricity every year, while reducing the building’s consumption by 25%. NexGen Energy and Bella Energy team won a competitive RFP process that took four months and began with twelve applicants. The county informed NexGen Energy of its decision late last week. Construction is expected to begin later this year. NexGen Energy, a leading owner and operator of distributed renewable energy systems, will own and operate the facility and sell the power to Salt Lake County at a fixed rate. Bella Energy, a highly respected solar electric systems integrator based in Colorado, will design and install the project. “Today the Salt Palace is setting a national example for renewable energy,” says Ted Rose, vice president of NexGen Energy. “With a ground-breaking public-private partnership driving it, this project will place Utah at the forefront of solar development. It proves once again that large rooftops can successfully provide power from the sun that benefits both the environment and the bottom line.” NexGen Energy will sell the energy generated by the solar panels at a predictable rate for 20 years. The final contract will include an option for the county to purchase the system in the eighth year. NexGen Energy has retained the renewable energy credits (RECs) associated with the project.

Portland

One Source Office Interiors Inc. renewed its lease of 18,892 square feet at 2950 NW Yeon, from Grunbaum Family Trust. Matt Adams of Grubb & Ellis represented the lessee. Paul Schramm of Doug Bean & Associates represented the lessor.