SALES

RIVERSIDE, CA-Dunbar Real Estate Investment Management has acquired two industrial buildings here for an unnamed price. Ryan Velasquez and Milo Lipson of Cushman & Wakefield will be offering the 34,573-square-foot building at 7240 Sycamore Canyon Blvd. for lease or sale and the 19,391-square-foot building at 7280 Sycamore Canyon Blvd. for sale. The purchase was completed in an off-market transaction with a lender who sold the assets on an REO basis after acquiring the properties from the original developer.

SAN JOSE, CA-In a joint venture with AllianceBernstein U.S. Real Estate Partners L.P., institutional real estate investment manager and operating company W3 Partners has acquired a 64,336-square-foot, single-story flex-tech building at 3939 North First St. here from Prologis for an unnamed price on an off-market basis. Built in 1982 and situated on just under 4.3 acres, the asset is currently vacant and undergoing improvements. W3 Partners will be the operating partner for the property and is looking to complete market-ready improvements and begin an aggressive lease-up program.

SAN DIEGO-MG Properties Group, a private, locally based real estate investor and operator, has acquired Terramonte Apartments, a 138-unit multifamily property here, for $19.25 million, and Waterstone Apartments, a 156-unit multifamily property in Tracy, CA, for $25.25 million. Terramonte was sold by a San Diego family represented by Margie Malloy of Hendricks & Partners. Waterstone was sold by an affiliate of Fairfield Residential that was represented by Sal Saglimbeni of Marcus & Millichap. The buyers were not disclosed.

FINANCING

SOUTHERN CALIFORNIA-Investment banking firm George Smith Partners has arranged and closed $185 million in financing on behalf of DJM Capital Partners Inc. for the recapitalization of a retail portfolio consisting of four class-A retail shopping centers in Southern California. Principal and managing director Steve Bram and SVP David Pascale were assisted by analyst Ari Shram in the financing transaction.The four retail property loans within the portfolio included La Habra Marketplace, for $70.6 million, Village Del Amo for $40.2 million, Montalvo Square for $42.2 million, and Lakewood Square for $32 million. GSP secured four uncrossed non-recourse permanent loans for the portfolio at a sub-3.9% interest rate. The seven-year loans had a 90-day rate lock, with two years interest-only and a 30-year amortization. The lender also allowed DJM to place another $60 million of mezzanine debt on the properties from an institutional investor.

RANCHO CUCAMONGA, CA-HFF has arranged $40 million in financing for Santa Barbara Apartments, a newly-constructed, 192-unit multifamily community at 10855 Church St. here.
The HFF team representing borrower Lewis Operating Co. was led by senior managing director Don Curtis, who worked to secure the 15-year, forward, fixed-rate permanent loan through Prudential Mortgage Capital Co. Completed in 2012, the property has 25 residential buildings and is 95% leased.

WEST LOS ANGELES, CA-Sherwin Aryeh of Johnson Capital's Century City office, has originated a $10.5-million loan secured by a 20-unit luxury multifamily property here. At a value of $525,000 per unit, the loan is one of the highest ever funded, on a per unit basis, in the region. The non-recourse debt, which has a loan-to-value ratio of 70%, was used to recapitalize current debt for the property owner, a Los Angeles-based multifamily developer. It was provided by an exclusive Johnson Capital correspondent lender, and carries a fixed rate for five years with a 30-year amortization.

EXPANSIONS

WEST COAST-Greystone, a national provider of multifamily and commercial mortgage loans, will be actively recruiting and hiring experienced originators, underwriters and closing staff to its California offices. Rick Wolf, a member of the firm's senior management team, will be driving the West Coast expansion. His responsibilities previously included managing production for the Northeast and Midwest offices, as well as product head for Greystone's small loan program. Additionally, the firm will also be looking to open new offices in the region including Orange County and Seattle. Greystone currently has production offices in Los Angeles and San Francisco and underwriting support in Los Angeles and Pasadena.

IRVINE, CA-Locally based CoreLogic, a leading residential property information, analytics and services provider, has acquired CDS Business Mapping LLC. CDS, based in Middletown, CT, delivers critical underwriting information to over 700 insurance carriers, agents and brokers nationwide through real-time reports that identify property-specific geographic hazards including distance to coast, flood zones, rating territories, proximity to brush, wind-pool eligibility and earthquake information. The acquisition is expected to further enhance CoreLogic's position as a supplier of geo-spatial property data and analytics to the property & casualty insurance, real estate, telecommunications, public utility, oil and gas industries as well as government agencies.

EXECUTIVE MOVES

GLENDALE, CA-Corey I. Spound, EVP in the markets division of Jones Lang LaSalle in Los Angeles, has been elected 2013 president and executive chair of the AIR Commercial Real Estate Association, headquartered here, with offices in Orange County. Spound succeeds David M. Harding, SVP in the Universal City, CA, office of CBRE.

LOS ANGELES-Matt G. Schroeder has joined the national real estate law firm Pircher, Nichols & Meeks as an associate in the Los Angeles office. He is an addition to the firm's real estate group. Prior to joining the firm, Schroeder was a summer associate at Jones Day, where he worked on a variety of legal projects in areas such as real estate, private equity, M&A, bankruptcy, securities and litigation.

SAN DIEGO-Mountain Real Estate Capital has opened an office here and hired Lisa Albanez as managing director to lead its expansion effort in the western region of the US. Mountain's focus in the west will be in both primary and secondary markets throughout Southern and Northern California as well as the Las Vegas, Phoenix and Seattle markets. Albanez has more than 20 years of experience in the industry and has been involved in residential projects totaling over 40,000 new homes with a retail value in excess of $10 billion, working with both private and public builders.