LOS ANGELES—Marcus & Millichap has promoted Gregory LaBerge to chief administrative officer. This is a new position the firm created to focus on brokerage support, systems and proprietary tools. LaBerge originally joined the firm in 2005, and formerly served as national director of the national hospitality group, which he led to significant growth over the last few years and added 50 new brokers to the team.
SALES
ONTARIO, CA—The City of Riverside has purchased the Mission Square, a 127,533-square-foot office building, from a private investor operating under the name NNN Mission Square for $37.95 million. Located at 3750 University Avenue, the property is fully occupied. Newmark Grubb Knight Frank senior managing Directors John Daciolas and John Ewart represented the seller in the transaction.
FRESNO, CA—Inland Real Estate Income Trust has purchased the Marketplace at El Paso, a 224,223-square-foot retail center in Fresno, CA. Located at 6549 North Riverside Drive, the property was built in 2014 and is 96% occupied by credit tenants including Burlington Coat Factory, Marshalls, Ross Dress for Less and Old Navy. The purchase price was not disclosed.
DENVER, CO—A joint venture between the Bascom Group and Oaktree Capital Management has purchased Axis at Nine Mile Station in Denver, Co. The purchased price of the property was not disclosed; however, the companies purchased the asset in part with capital from Venture II, its $400 million venture fund. The property has a mix of studio, one- and two-bedroom apartments and retail space.
STANTON, CA—Heslin Holdings and Becker Properties has sold a stand-alone retail property to Safeco for $18.9 million. The 81,000-square-foot property is full occupied by a Food 4 Less. The seller has sold other similar assets recently in a push to free up capital for other strategic investments.
LITTLETON, CO—Invesco Real Estate has purchased the Retreat at Park Meadows, a 518-unit multifamily property, from PNC Realty Investors for an undisclosed amount. Located at 10200 Park Meadows Drive, the property sits on 33-acres of land with 32 garden-style buildings and has not been upgraded since it was built in 2000. HFF managing director Jordan Robbins and associate director Jeff Haag marketed the property on behalf of the seller.
LEASES
NEWPORT BEACH, CA—Bank of America has signed an 88,000-square-foot lease at the Irvine Cos.' 520 Newport Center Dr., a new 21-story office tower. Half of the property is now leased to mainly financial services tenants, and this lease brings the building to 80% occupancy. Bank of America will occupy five floors in the building to house its Merrill Lynch, private banking and investments, commercial and business banking offices. The tenant also leases space in the neighboring 500 Newport Center Dr. building, bringing its total leased space in the center to 130,000 square feet.
CALABASAS, CA—Pepperdine University has leased a 107,169-square-foot R&D building in Calabasas from the Cypress Land Co. Initially, the university will use the building to store its law library, but signed a long-term lease for 10 years for other uses. Mike Tingus and Grant Fulkerson of Lee & Associates LA North/Ventura represented the landlord in the transaction.
LOS ANGELES— The Red Building at the Pacific Design Center has signed two leases totaling 25,650 square feet. Abrams Artists Agency signed a 15,650-square foot space on the 11th floor and Clique Media added 10,000 square feet to its current 20,000-square-foot lease to on the 9th floor.
FINANCING
SAN DIEGO, CA—An unnamed investor has secured a $42 million loan to refinance Nordahl Marketplace, a 302,801-square-foot retail center in San Marcos, California. The life company-funded loan has a 25-year term with full amortization. Ory Schwartz, senior vice president/managing director of NorthMarq Capital secured the funds on behalf of the borrower.
HONOLULU, HW—MW Group has secured a $39.7 million loan for Plaza at Pearl City, an independent living facility. The mortgage non-recourse loan has a 40-year term and a fixed-rate through the Department of Housing and Urban Development's section 232 insurance upon completion loan program. Through this program, they were able to get a longer term and fixed rates. Walker & Dunlop managing directors Keith Melton and David Strange and VP Russell Dey secured the funds on behalf of the borrower.
EMPLOYMENT
LOS ANGELES—Colliers International senior EVP John DeGrinis has been elected to serve a two-year term as president of the Los Angeles SIOR chapter. He has been at Colliers International for the last three decades, and aims to enhance the SIOR organization and the members' reputation during his tenure as president.
IRVINE, CA—Affordable housing veteran Howard M. Heitner has joined WNC's advisory board. During his 35-year career, Heitner has served on the Federal Reserve Board in Washington, D.C.; president and member of the investment committee of JRK Residential America; and chief operating officer of SunAmerica Affordable Housing Partners.
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