(SOURCE: CUSHMAN & WAKEFIELD)

NEW & NOTABLE

LOS ANGELES—Angel Oak Home Loans LLC has expanded its footprint on the West Coast with a new office in Westlake, California. The firm has existing branches in Dana Point and Santa Barbara.

PHOENIX—Cushman & Wakefield has hired Matt DePinto in the firm's Phoenix office as a senior brokerage coordinator for the industrial team of Mike Haenel, Andy Markham, Will Strong and Phil Haenel. Matt joins the firm from Lee & Associates where he was the senior research analyst. With over 10 years of industry experience, he will act as a facilitator utilizing key Cushman & Wakefield assets to help build upon strategic goals set by the team principals. In his new role, Matt will manage team transactions in both capital markets and leasing capabilities while applying his commercial real estate analysis and reporting skills.

LOS ANGELES—Holliday Fenoglio Fowler has hired Michael Roberts as a senior director in its Los Angeles office. Roberts will work alongside HFF's Andrew Briner and Scott Pertel concentrating on industrial investment sale transactions throughout Southern California and the West Coast. Roberts joins HFF from Colliers International where he was a managing director and member of their Investor Services Group and responsible for office and R&D investment sales in the Western United States. Prior to that, he was a director at Cushman and Wakefield, where he co-led the office and industrial sales platform for the San Diego region. Mr. Roberts is an active member of Urban Land Institute and holds a Bachelor of Arts from the University of California, San Diego.

DEALTRACKER

LOS ANGELES—A joint venture partners Fairway Real Estate and Tokyo Land US Corporation has sold the 34,000-square-foot Idealab headquarters building in Pasadena to private investors for $19.4 million in an off-market transaction. Located at 130 W. Union Street in Old Town Pasadena, the complex, is made up of five individual 1920s vintage, single-story brick structures, that in 2000 had been consolidated and converted into one large and open collaborative building that spans half a city block. The Fairway Real Estate-led joint venture acquired the property in a sale/leaseback transaction with the technology incubator in 2014. The lease with Idealab runs through 2019. It was the first investment for Fairway, a Los Angeles-based real estate investment firm founded that same year by Nobuyuki. It also marked the entry into the U.S. real estate markets for Tokyo Land Corporation.

LAKE FOREST, CA—Lennar has acquired Serrano Summit, a 98.9-acre master-planned community approved for up to 608 single-family residential units within the City of Lake Forest, California. The community is ideally positioned to capitalize on the burgeoning demand for relatively affordable housing in proximity to employment, schools, services, and shopping.

SAN DIEGO—Two beachside multifamily properties in Oceanside, California recently traded hands for a combined than $4.5 million combined. Glenn L. Goldman Family Trust sold the pair of properties, located at 1312 and 1318 S. Pacific St., as the downleg to its reverse 1031 tax deferred exchange. The properties were acquired by separate investors. Ray Adams and Clark Rorbach, multifamily specialists with Cushman & Wakefield's San Diego office, represented the seller in both dispositions. 1312 S. Pacific St. is a seven-unit property with three 1-bed/1-bath units and four 2-bed/2-bath units. The property sold for $2.7 million to the Falk family, represented by Chase Sandrik of Acre Commercial. 1318 S. Pacific St. is a six-unit building composed of all 1-bed/1-bath units. The property sold for $1.835 million to Gamboa Family Trust, represented by Ron Mazzola of Mazzola Realty. The majority of units in both properties include garage parking.

MIDWAY, UT—Kennedy Funding Financial, a direct private lender, has closed a $1 million land loan to Saint-Prex Estates, a Utah-based residential property developer. The loan funds Saint-Prex acquisition of an 11.54-acre tract of vacant land, where the future site of 16 single-family homes at 800 West Swiss Alpine Road, a subdivision of Saint-Prex Estates. Each home will sit on approximately a half-acre and will range in asking price from $1.1 million to $1.6 million.

SAN DIEGO—A coastal multi-tenant office and retail mixed-use property located at 2659 State Street, Carlsbad, CA, has traded hands for $2.7 million. The 6,600-square foot building is located one block from the Carlsbad Village Coaster station and two blocks from beach in the heart of the Carlsbad Village. Amy McNamara of Colliers International San Diego Region represented the Carlsbad-based buyer, 2659 State Partners LLC and the Carlsbad-based seller, Sgueglia Vincent & Nina Family Trust in this off-market deal.

ONTARIO, CA—Marcus & Millichap's Reza Ghaffari, senior managing director investments, closed 10 commercial transactions in four states totaling over $124.5 million between through August of this year. Half of Ghaffari's transactions were multifamily sales closed in Hemet, California. The most notable transactions include Amberwood Villas Apartment Homes, a $20.3M multifamily property in Hemet include 21100 State Street, a $19.75M mobile home park in San Jacinto; Vista Gardens, a $15.5M apartment complex in Hemet; Riverdale Apartments, a $12.1M multifamily asset in Hemet.

LOS ANGELES—Lionsgate Entertainment has signed a 60,166-square-foot lease at Santa Monica Gateway, a newly developed, class-A 200,000-square-foot creative-office campus located at 2834 Colorado Avenue in Santa Monica, California. Lionsgate will occupy the space for its newly acquired STARZ, relocating from Beverly Hills, California. Completed in August 2017 by Colorado Creative Studios, LLC, Santa Monica Gateway is ideally located in the epicenter of “Silicon Beach,” the premier hub for the media and entertainment industry. It is within a short walking distance to the Expo Line, Riot Games, HULU, HBO, Red Bull, Oracle, and the Grammys among others. The LEED certified campus features creatively designed concrete, glass and metal structures above a three-level subterranean garage with 640 single space stalls with secured direct access to tenant floors. Santa Monica Gateway also offers 100 Gigabits Per Second broadband internet service, the fastest, least expensive and most reliable available in Santa Monica and Los Angeles. JLL's team of Carl Muhlstein, Tom Cherry, Hayley Blockley and Nick Niemann represented the Colorado Creative Studios LLC in the lease. James Travers and Lawson Martin of Travers Cresa represented Lionsgate. Santa Monica Gateway is able to accommodate a variety of requirements up to 134,000 square feet.

LOS ANGELES—JLL and IDS Real Estate Group has negotiated a 26,382-square-foot office lease with Red Light Management at C3, a 282,951-square-foot seven-story vertical creative office campus located at 5800 Bristol Parkway in Culver City, California. Red Light Management is relocating from West Hollywood. The marketing team of JLL's Carl Muhlstein and Hayley Blockley, along with IDS Real Estate Group's David Saeta and Rob Fuelling represented the landlord. Ryan Harding and Jennifer Frisk of NKF represented Red Light Management.

SAN DIEGO, CA—Holliday Fenoglio Fowler. has secured funding of $105 million financing for 7000 Hawaii Kai Drive, a 270-unit, class-A multi-housing property located in the southeastern part of Honolulu, Hawaii, in the seaside community of Hawaii Kai. Working on behalf of the developer, Avalon Group, the HFF team placed the loan with an affiliate of KKR Real Estate Finance Trust Inc. Loan proceeds were used to retire the senior and mezzanine construction financing, which HFF arranged in 2014. HFF's debt placement team included senior managing director Aldon Cole and senior associate Olga Walsh.

LONG BEACH, CA—Burnham-Ward Properties and its affiliate Burnham USA and Rockwood Capital has signed three new tenants at Long Beach Exchange, including GritCycle, Ra Yoga, and Orangetheory Fitness. LBX broke ground in February 2017 and will feature approximately 266,000 square feet of stores, shops, and restaurants on more than 26 acres, including two acres of communal open space for the public to enjoy. Slated to open in Spring 2018, LBX is located in East Long Beach within Douglas Park near Long Beach Airport.

TUSCON, AZ—Water Street Houses, a 9-unit apartment property located in Tucson, Arizona, has traded hands for $3.3 million between a private investor an LLC. Hamid Panahi and James K. Crawley, investment specialists in Marcus & Millichap's Phoenix office, represented the buyer and the seller.

PHOENIX—Globe Corporation sold 550 E. Elliot Road, an Amazon-occupied 89,545-square-foot industrial facility, for $10.75 million. Will Strong, Mike Haenel and Andy Markham of Cushman & Wakefield represented Globe Corporation in the sale, ultimately locating Industrial Property Trust as the buyer. George Getz, President and Co-Chief Executive Officer for Globe Corporation, said he was informed the $120-per-foot selling price set a new record for industrial buildings in the Phoenix market.

BUILDING BLOCKS

LOS ANGELES—Perla on Broadway in Downtown Los Angeles has broken ground. The property is a mixed-use 35-story tower at 400 South Broadway on the corner of 4th Street. Originally consisting of 1980's era retail storefronts, it has been razed to make way for the multifamily high-rise community, which will encompass ground level retail and commercial space as well as residential condo units. The community will be in the heart of The Broadway Theatre District, which features the largest concentration of historic theatres on one street in the nation, most dating back to the 1920s and 1930s. It will be complete in 2020.

Notably, the number of transactions in the Arizona markets slowed this week, with few closings to report. In the last few weeks, Arizona markets, particularly Phoenix, has seen tremendous acquisition activity and development starts and deliveries. While activity slowed, the deals were still notable. One deal in particular of an Amazon industrial facility, broke the record for the highest pricing in this cycle. Activity, however, remained strong in the Los Angeles market, with a focus on industrial deals and leases. Here's a look at this week's trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.

BY THE NUMBERS

LOS ANGELES—Seaports have become a vital economic engine. California, which is the second-largest goods exporting state in the country behind Texas, has eight of the nation's 25 most valuable international trade corridors. This year, California's three container ports will spend hundreds of millions of dollars on capital projects and will further refine their cargo-handling processes, to ensure they maintain market share. Long Beach is engaged in a 10-year, $4 billion capital improvement program, Los Angeles is spending about $2.5 billion over 10 years, and Oakland will spend $111 million over five years on capital projects. The Long Beach and Los Angeles ports together have had a tremendous impact on the surrounding industrial market. Overall vacancy rate in the Los Angeles Basin remained at 2.1% at mid-year, down 40 basis points from a year ago. Demand continues to outpace supply of new properties with 10.9 million square feet of occupancy gains during the first six months of the year. In terms of leasing activity, the Inland Empire and Greater Los Angeles are number one and number two in the nation, respectively and brought the L.A. Basin total to 45 million square feet at mid-year. Healthy demand from logistics and distribution users continues to fuel strong warehouse rent growth with the property sector's average rent increasing by 17.5% from a year ago. Overall vacancy rate for the South Bay market, which is closest to the ports, dropped to below

1.0% at mid-year. With the tight market, it has been very challenging for users as options are limited and many are being forced to consider surrounding markets. This infill market has significant barriers to entry and supply is not expected to keep pace with demand. Fueled by strong port volume and consumers' growing preference for shopping online, eCommerce companies and 3PLs will continue to grow as occupiers of warehouse space. Strong demand will continue to fuel strong rent growth and push property values even higher.

(SOURCE: CUSHMAN & WAKEFIELD)

NEW & NOTABLE

LOS ANGELES—Angel Oak Home Loans LLC has expanded its footprint on the West Coast with a new office in Westlake, California. The firm has existing branches in Dana Point and Santa Barbara.

PHOENIX—Cushman & Wakefield has hired Matt DePinto in the firm's Phoenix office as a senior brokerage coordinator for the industrial team of Mike Haenel, Andy Markham, Will Strong and Phil Haenel. Matt joins the firm from Lee & Associates where he was the senior research analyst. With over 10 years of industry experience, he will act as a facilitator utilizing key Cushman & Wakefield assets to help build upon strategic goals set by the team principals. In his new role, Matt will manage team transactions in both capital markets and leasing capabilities while applying his commercial real estate analysis and reporting skills.

LOS ANGELES—Holliday Fenoglio Fowler has hired Michael Roberts as a senior director in its Los Angeles office. Roberts will work alongside HFF's Andrew Briner and Scott Pertel concentrating on industrial investment sale transactions throughout Southern California and the West Coast. Roberts joins HFF from Colliers International where he was a managing director and member of their Investor Services Group and responsible for office and R&D investment sales in the Western United States. Prior to that, he was a director at Cushman and Wakefield, where he co-led the office and industrial sales platform for the San Diego region. Mr. Roberts is an active member of Urban Land Institute and holds a Bachelor of Arts from the University of California, San Diego.

DEALTRACKER

LOS ANGELES—A joint venture partners Fairway Real Estate and Tokyo Land US Corporation has sold the 34,000-square-foot Idealab headquarters building in Pasadena to private investors for $19.4 million in an off-market transaction. Located at 130 W. Union Street in Old Town Pasadena, the complex, is made up of five individual 1920s vintage, single-story brick structures, that in 2000 had been consolidated and converted into one large and open collaborative building that spans half a city block. The Fairway Real Estate-led joint venture acquired the property in a sale/leaseback transaction with the technology incubator in 2014. The lease with Idealab runs through 2019. It was the first investment for Fairway, a Los Angeles-based real estate investment firm founded that same year by Nobuyuki. It also marked the entry into the U.S. real estate markets for Tokyo Land Corporation.

LAKE FOREST, CA—Lennar has acquired Serrano Summit, a 98.9-acre master-planned community approved for up to 608 single-family residential units within the City of Lake Forest, California. The community is ideally positioned to capitalize on the burgeoning demand for relatively affordable housing in proximity to employment, schools, services, and shopping.

SAN DIEGO—Two beachside multifamily properties in Oceanside, California recently traded hands for a combined than $4.5 million combined. Glenn L. Goldman Family Trust sold the pair of properties, located at 1312 and 1318 S. Pacific St., as the downleg to its reverse 1031 tax deferred exchange. The properties were acquired by separate investors. Ray Adams and Clark Rorbach, multifamily specialists with Cushman & Wakefield's San Diego office, represented the seller in both dispositions. 1312 S. Pacific St. is a seven-unit property with three 1-bed/1-bath units and four 2-bed/2-bath units. The property sold for $2.7 million to the Falk family, represented by Chase Sandrik of Acre Commercial. 1318 S. Pacific St. is a six-unit building composed of all 1-bed/1-bath units. The property sold for $1.835 million to Gamboa Family Trust, represented by Ron Mazzola of Mazzola Realty. The majority of units in both properties include garage parking.

MIDWAY, UT—Kennedy Funding Financial, a direct private lender, has closed a $1 million land loan to Saint-Prex Estates, a Utah-based residential property developer. The loan funds Saint-Prex acquisition of an 11.54-acre tract of vacant land, where the future site of 16 single-family homes at 800 West Swiss Alpine Road, a subdivision of Saint-Prex Estates. Each home will sit on approximately a half-acre and will range in asking price from $1.1 million to $1.6 million.

SAN DIEGO—A coastal multi-tenant office and retail mixed-use property located at 2659 State Street, Carlsbad, CA, has traded hands for $2.7 million. The 6,600-square foot building is located one block from the Carlsbad Village Coaster station and two blocks from beach in the heart of the Carlsbad Village. Amy McNamara of Colliers International San Diego Region represented the Carlsbad-based buyer, 2659 State Partners LLC and the Carlsbad-based seller, Sgueglia Vincent & Nina Family Trust in this off-market deal.

ONTARIO, CA—Marcus & Millichap's Reza Ghaffari, senior managing director investments, closed 10 commercial transactions in four states totaling over $124.5 million between through August of this year. Half of Ghaffari's transactions were multifamily sales closed in Hemet, California. The most notable transactions include Amberwood Villas Apartment Homes, a $20.3M multifamily property in Hemet include 21100 State Street, a $19.75M mobile home park in San Jacinto; Vista Gardens, a $15.5M apartment complex in Hemet; Riverdale Apartments, a $12.1M multifamily asset in Hemet.

LOS ANGELES—Lionsgate Entertainment has signed a 60,166-square-foot lease at Santa Monica Gateway, a newly developed, class-A 200,000-square-foot creative-office campus located at 2834 Colorado Avenue in Santa Monica, California. Lionsgate will occupy the space for its newly acquired STARZ, relocating from Beverly Hills, California. Completed in August 2017 by Colorado Creative Studios, LLC, Santa Monica Gateway is ideally located in the epicenter of “Silicon Beach,” the premier hub for the media and entertainment industry. It is within a short walking distance to the Expo Line, Riot Games, HULU, HBO, Red Bull, Oracle, and the Grammys among others. The LEED certified campus features creatively designed concrete, glass and metal structures above a three-level subterranean garage with 640 single space stalls with secured direct access to tenant floors. Santa Monica Gateway also offers 100 Gigabits Per Second broadband internet service, the fastest, least expensive and most reliable available in Santa Monica and Los Angeles. JLL's team of Carl Muhlstein, Tom Cherry, Hayley Blockley and Nick Niemann represented the Colorado Creative Studios LLC in the lease. James Travers and Lawson Martin of Travers Cresa represented Lionsgate. Santa Monica Gateway is able to accommodate a variety of requirements up to 134,000 square feet.

LOS ANGELES—JLL and IDS Real Estate Group has negotiated a 26,382-square-foot office lease with Red Light Management at C3, a 282,951-square-foot seven-story vertical creative office campus located at 5800 Bristol Parkway in Culver City, California. Red Light Management is relocating from West Hollywood. The marketing team of JLL's Carl Muhlstein and Hayley Blockley, along with IDS Real Estate Group's David Saeta and Rob Fuelling represented the landlord. Ryan Harding and Jennifer Frisk of NKF represented Red Light Management.

SAN DIEGO, CA—Holliday Fenoglio Fowler. has secured funding of $105 million financing for 7000 Hawaii Kai Drive, a 270-unit, class-A multi-housing property located in the southeastern part of Honolulu, Hawaii, in the seaside community of Hawaii Kai. Working on behalf of the developer, Avalon Group, the HFF team placed the loan with an affiliate of KKR Real Estate Finance Trust Inc. Loan proceeds were used to retire the senior and mezzanine construction financing, which HFF arranged in 2014. HFF's debt placement team included senior managing director Aldon Cole and senior associate Olga Walsh.

LONG BEACH, CA—Burnham-Ward Properties and its affiliate Burnham USA and Rockwood Capital has signed three new tenants at Long Beach Exchange, including GritCycle, Ra Yoga, and Orangetheory Fitness. LBX broke ground in February 2017 and will feature approximately 266,000 square feet of stores, shops, and restaurants on more than 26 acres, including two acres of communal open space for the public to enjoy. Slated to open in Spring 2018, LBX is located in East Long Beach within Douglas Park near Long Beach Airport.

TUSCON, AZ—Water Street Houses, a 9-unit apartment property located in Tucson, Arizona, has traded hands for $3.3 million between a private investor an LLC. Hamid Panahi and James K. Crawley, investment specialists in Marcus & Millichap's Phoenix office, represented the buyer and the seller.

PHOENIX—Globe Corporation sold 550 E. Elliot Road, an Amazon-occupied 89,545-square-foot industrial facility, for $10.75 million. Will Strong, Mike Haenel and Andy Markham of Cushman & Wakefield represented Globe Corporation in the sale, ultimately locating Industrial Property Trust as the buyer. George Getz, President and Co-Chief Executive Officer for Globe Corporation, said he was informed the $120-per-foot selling price set a new record for industrial buildings in the Phoenix market.

BUILDING BLOCKS

LOS ANGELES—Perla on Broadway in Downtown Los Angeles has broken ground. The property is a mixed-use 35-story tower at 400 South Broadway on the corner of 4th Street. Originally consisting of 1980's era retail storefronts, it has been razed to make way for the multifamily high-rise community, which will encompass ground level retail and commercial space as well as residential condo units. The community will be in the heart of The Broadway Theatre District, which features the largest concentration of historic theatres on one street in the nation, most dating back to the 1920s and 1930s. It will be complete in 2020.