DEALTRACKER

LAS VEGAS—BKM Capital Partners has completed the first three sales of multi-tenant industrial business parks in its debut fund. The three dispositions include the Patrick Commerce Center, a 223,009 square-foot multi-tenant industrial building in Las Vegas; Hayden Island Business Park, a 137,603 square-foot industrial complex in Las Vegas; and Wind River Industrial Complex, a 98,516 square-foot business park in Portland, Oregon. The investor repositioned and leased up all three of the assets, achieving an IRR of 38.5% and 2.1 multiple at the Patrick Commerce Center property, an IRR of 38.5% and 2.4 multiple at the Portland property Hayden Island Business Park, and an IRR of 43.3% and a 2.3 multiple at Wind River, all within a two-year period.

IRVINE, CA—CRE advisor Talonvest Capital has structured and negotiated more than $36 million in construction loans on behalf of self storage owners. The loans include a $13.35 million ground up construction loan for the development of a 101,000 square foot self-storage facility on a 2.39 acre site in the greater Los Angeles area; a $10.15 million construction loan for the development of a 100,000 square foot self storage facility in the San Diego area; $6.8 million of construction financing for the conversion of a former grocery store into a two story, class-A self storage facility in Carrollton, Texas; and a $6.4 million construction loan to convert a former warehouse into a 72,700 square foot climate controlled self storage facility in Denver, Colorado.

VALENCIA, CA—Trion Properties has repositioned and sold the Valencia Town Center Plaza, a 26,186 square-foot retail strip center located in the Santa Clarita submarket of Los Angeles, for $9.8 million. Trion purchased the property in October 2013 for $6.8 million, and doubled the asset's occupancy and repositioned the retail storefront. Valencia Town Center Plaza is located at 24510 Town Center Drive in Valencia, California. Joshua Levy and Matthew Dobson of Arbor Realty Capital Advisors represented both the seller and the buyer, a private real estate investor, in this transaction.

MISSION VIEJO, CA—PSRS recently secured a $32 million loan on behalf of John Saunders of The Saunders Property Co. to refinance a 305,000-square-foot self-storage facility and RV Park. The borrower renovated the property, which sits on 10 acres of land, in in 2014. The 10-year term full recourse loan amortizes in 30 years, and was priced at 3.75% for the first three years, then floats over LIBOR for the last seven. The funds are intended to pay off existing debt and recapitalize the improvements made to the property. Michael S. Tanner, EXP at PSRS, secured the funds on behalf of the borrower.

PHOENIX—Park West, an apartment complex located at the northwest corner of Loop 101 and Northern Avenue in Peoria, Arizona, has traded hands for $34.45 million to San Diego-based CIRE Investments. Recently constructed and anchored by a 14-screen Harkins Theatre, Park West is a 46-acre mixed-use center with entertainment, restaurants, traditional retail and service commercials. As an upscale destination in the West Valley, the center is home to tenants such as Flemings Steakhouse, BJ's Brewhouse, Grimaldi's Pizza, Victoria's Secret, Bath & Body Works, The Joint and Vivaldi Salon. Greg Valladao, Brad Douglass, Chris Hollenbeck and Sean Lieb of Cushman & Wakefield represented the seller, Park West in partnership with The Howard Hughes Corporation of Dallas, Texas.

LOS ANGELES— Our bi-weekly update on the middle markets throughout the Southwest region. Here's a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.

NEW & NOTABLE

SAN DIEGO, CA— Bryan Teel has joined Kidder Mathews' San Diego office as a VP. He specializes in the sale and leasing of industrial properties in the South Bay area of San Diego County. Teel has been in the commercial real estate industry for over 12 years. Prior to joining Kidder Mathews, he was a director with Newmark Grubb Knight Frank.

LOS ANGELES—Legacy Partners announced today the promotion of Dawn Mills to regional manager, and the hiring of Tom Gibbons, who joins Legacy Partners as a District Property Manager. Mills joined the firm in 2007, and currently oversees operations for properties in the San Diego County, Los Angeles County, North Orange County, and Inland Empire markets for Legacy Partners. Gibbons brings 13 years of experience operating multifamily operations in the Greater Los Angeles market.

DEALTRACKER

LAS VEGAS—BKM Capital Partners has completed the first three sales of multi-tenant industrial business parks in its debut fund. The three dispositions include the Patrick Commerce Center, a 223,009 square-foot multi-tenant industrial building in Las Vegas; Hayden Island Business Park, a 137,603 square-foot industrial complex in Las Vegas; and Wind River Industrial Complex, a 98,516 square-foot business park in Portland, Oregon. The investor repositioned and leased up all three of the assets, achieving an IRR of 38.5% and 2.1 multiple at the Patrick Commerce Center property, an IRR of 38.5% and 2.4 multiple at the Portland property Hayden Island Business Park, and an IRR of 43.3% and a 2.3 multiple at Wind River, all within a two-year period.

IRVINE, CA—CRE advisor Talonvest Capital has structured and negotiated more than $36 million in construction loans on behalf of self storage owners. The loans include a $13.35 million ground up construction loan for the development of a 101,000 square foot self-storage facility on a 2.39 acre site in the greater Los Angeles area; a $10.15 million construction loan for the development of a 100,000 square foot self storage facility in the San Diego area; $6.8 million of construction financing for the conversion of a former grocery store into a two story, class-A self storage facility in Carrollton, Texas; and a $6.4 million construction loan to convert a former warehouse into a 72,700 square foot climate controlled self storage facility in Denver, Colorado.

VALENCIA, CA—Trion Properties has repositioned and sold the Valencia Town Center Plaza, a 26,186 square-foot retail strip center located in the Santa Clarita submarket of Los Angeles, for $9.8 million. Trion purchased the property in October 2013 for $6.8 million, and doubled the asset's occupancy and repositioned the retail storefront. Valencia Town Center Plaza is located at 24510 Town Center Drive in Valencia, California. Joshua Levy and Matthew Dobson of Arbor Realty Capital Advisors represented both the seller and the buyer, a private real estate investor, in this transaction.

MISSION VIEJO, CA—PSRS recently secured a $32 million loan on behalf of John Saunders of The Saunders Property Co. to refinance a 305,000-square-foot self-storage facility and RV Park. The borrower renovated the property, which sits on 10 acres of land, in in 2014. The 10-year term full recourse loan amortizes in 30 years, and was priced at 3.75% for the first three years, then floats over LIBOR for the last seven. The funds are intended to pay off existing debt and recapitalize the improvements made to the property. Michael S. Tanner, EXP at PSRS, secured the funds on behalf of the borrower.

PHOENIX—Park West, an apartment complex located at the northwest corner of Loop 101 and Northern Avenue in Peoria, Arizona, has traded hands for $34.45 million to San Diego-based CIRE Investments. Recently constructed and anchored by a 14-screen Harkins Theatre, Park West is a 46-acre mixed-use center with entertainment, restaurants, traditional retail and service commercials. As an upscale destination in the West Valley, the center is home to tenants such as Flemings Steakhouse, BJ's Brewhouse, Grimaldi's Pizza, Victoria's Secret, Bath & Body Works, The Joint and Vivaldi Salon. Greg Valladao, Brad Douglass, Chris Hollenbeck and Sean Lieb of Cushman & Wakefield represented the seller, Park West in partnership with The Howard Hughes Corporation of Dallas, Texas.