DEALTRACKER

SAN DIEGO—Lowe, LaSalle Investment Management and I.D.E.A. Partners have completed IDEA1 in downtown San Diego, a $91 million mixed-use property. The complex includes creative urban living and workspace with ground floor office and restaurants built around a public/collaborative gathering space. IDEA1 is located on a full city block in the Upper East Village known as I.D.E.A. District IDEA1 is a mid-rise, six-story complex designed on principles of connection and collaboration, and built around a ground floor communal gathering spot called The Hub that connects the residential, commercial, and recreational components. The Hub is accessible to the residents of the 295 apartments and live/work lofts, the 7,700 square feet of office space, the customers of the 5,000 square feet of ground floor restaurant spaces, and the broader community. On the second level is the IDEA Box, a two-story glass greenhouse designed as a flexible amenity space for tenants and residents. It is the ideal spot for casual meetings and growing big ideas. The glass wall facing The Hub doubles as a projection screen that will be programmed to engage the neighborhood with a variety of offerings such as movies, music and arts presentations.

PHOENIX—Dobson Center, a mixed-use retail and medical office development located on the southwest corner of Frye Road and Dobson Road in Chandler, Arizona, has traded hands. Dobson Center is 41,546 square feet and is comprised of a freestanding Starbucks Coffee, a 12,842 square foot hard corner retail center and a 26,704 square foot, two-story medical office building. The property commanded several offers and a sale price of $13.923 million, or approximately $335 per square foot. Andrew K. Fosberg, Chris Ackel and Dylan A. Brown with CBRE's Phoenix office represented the seller, Dobson Center, LLC, an entity formed by ZDI, LLC of Scottsdale, AZ. Developed in 2009, Dobson Center is prominently positioned directly across the street from Dignity Health Chandler Regional Medical Center and is 97% leased to a complementary mix of national, regional and local tenants including: Starbucks, MomDoc, Sonora Quest, East Valley Internal Medicine, Pure Barre and Solis Mammography, among others.

LOS ANGELES—Doheny Eye Institute has purchased a four-story, 123,203-square-foot Pasadena office building for $50 million from SteelWave. The property will serve as its new headquarters. The building, at 150 North Orange Grove Boulevard, will provide DEI administrative office space, research labs, clinic space and outpatient services. Doheny, a world-renowned eye research institute, anticipates relocating its administrative offices to the new building in the fourth quarter of 2018. Its current headquarters is in Los Angeles in a building on the County-USC medical campus. Bill Boyd, Linda Lee and Scott Unger of Charles Dunn Company's Glendale office, represented the buyer in the deal. The seller acquired the property in late 2013 from Avery Dennison that had owned and occupied the building since its 1981 completion. SteelWave embarked on a $10 million renovation of the asset that included a refurbishment of the elevators, restrooms and mechanical systems, and added more usable square footage to the building. Avery Dennison leased the property from SteelWave for about 12 months before it then relocated and leased office space at 207 Goode Avenue in Glendale, an approximately 190,000-square-foot multi-tenant office building along the Ventura 134 freeway.

LOS ANGELES, CA—A 20-unit apartment building in Hollywood has traded hands for $5.9 million. The property was located at 1400 North Gardner Street, Los Angeles, CA 90046. Ultimately, the buyer that was awarded the deal owns over 3,000 units and is extremely familiar with this asset class and performed in accordance with the contract. Rich Johns and David Weinberger specialize in multifamily investments and co-brokered the deal with Jeff Louks and Michael Sterman, from Marcus & Millichap. Rich Johns and David Weinberger at KW Commercial represented the seller in the deal.

PHOENIX—Hospitality Ventures Management Group has completed conversion of the former Hilton Phoenix Suites to the 242-suite Embassy Suites by Hilton Phoenix Downtown North. HVMG, which purchased the hotel in 2016 as part of a joint venture, will continue to operate the property. Located at 10 East Thomas Road, the hotel is adjacent to the Thomas/Central Metro Light Rail Station, making the property accessible to Chase Field, Talking Stick Arena and Phoenix Sky Harbor International Airport. Suites offer separate private sleeping and living spaces, complimentary Wi-Fi and 55-inch flat-screen televisions. The hotel features a fitness center, indoor heated pool, business center and 4,350 square feet of flexible meeting space. Dining options include American-inspired cuisine at Salt River Tavern, free made-to-order breakfast and a nightly Evening Reception at the Atrium Bar.

PHOENIX—Two multifamily properties have traded hands for a total of $3.75 million in two separate transactions. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE's Phoenix office represented both the sellers and the buyers in the deals. The properties include Gran Limon, a 24-unit, garden-style apartment community located at 1827 E. Lemon Street in Tempe, Arizona, and Rossmore, located at 6017 – 6025 N. 61st Avenue in Glendale.

SAN BERNARDINO—Westcore Properties has acquired a class-A, two-building property, totaling 1,025,324 square feet, for an undisclosed amount. The two buildings are located at 927 East 9th St. and 7776 East Tippecanoe Ave. in San Bernardino, California. Westcore purchased the property from Canadian firm Bentall Kennedy. Jeff Chiate, Jeff Cole, Phil Lombardo and Chuck Belden of Cushman & Wakefield represented the seller, while Westcore represented itself in the transaction.

PHOENIX—Terdenjo Storage, LLC has acquired a parcel of land in Buckeye, Arizona to build Sundance Parkway Self Storage from Sundance Parkway LLC for an undisclosed sum. The land parcel is 3.73 acres. Terdenjo plans to build a 104,209-square- foot self-storage facility that will comprise 703 units featuring both climate-controlled and drive-up units. Chris Ackel of CBRE represented the seller, and NAI Horizon SVP Denise Nunez represented the buyer.

LOS ANGELES— TForce Final Mile has signed a lease of a 52,640-square foot,

industrial warehouse in Sun Valley, CA, with a total consideration over its term of approximately $3.5 million. CBRE's Greg Geraci, David Harding, Billy Walk, and Matt Dierckman represented the landlord, Olinda Properties. Patrick DuRoss of Colliers International represented the tenant. Located at 11085 Olinda Street, the industrial building features six dock high doors with load levelers and is only minutes from the 5, 170, 118, and 210 freeways.

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

TUSTIN, CA—This year, USC's Marshall School of Business and Price School of Public Policy too home the Silver Shovel at NAIOP SoCal USC vs. UCLA Real Estate Challenge, a real estate competition to determine the highest and best use for a unique land site. The team presented Sky Studios for the challenge site, which encompassed eight acres of land at the corner of Maple and Douglas in El Segundo. The land is part of a 30-plus acre site, which contains four buildings totaling approximately 550,000 square feet, owned by a Hackman Capital affiliate. Acquired from Northrup Grumman, the property was part of the global security giant's 84-acre office, manufacturing and warehouse complex. Hackman Capital Partners will be embarking on plans to convert the existing buildings, which are across from the Los Angeles Laker's new practice facility and less than a mile from LAX International Airport, into a one-of-a-kind, creative-office campus. The USC Sky Studios proposal described a project vision that would further transform and revitalize a key location for the city of El Segundo. The proposal further shared that the city is evolving from its roots as the aerospace capital of the world to one of the most sought after creative markets in Los Angeles. Drawing on the rich history and character of the site, the students proposed a state-of-the-art content and media campus to attract creatives to foster a dynamic environment. On its own, Sky Studios will provide one of the most unique spaces in all of Los Angeles in delivering multiple soundstages, an inspiring workplace and engaging amenities. In the context of Hackman Capital's proposed office conversion and explosive growth in new forms of media, Sky Studios will act as the catalyst for the formation of the region's newest creative epicenter.

PASADENA, CA—C.W. Driver Companies has hired Carl Lowman as chief financial officer. In this role, Lowman will leverage his robust accounting and finance background with global engineering, consulting and construction services firms to enhance C.W. Driver's profitability and establish a solid foundation for future company growth. Over the course of three decades, Lowman has held various finance positions of increasing responsibility in the architectural, engineering and construction management industries. Prior to joining C.W. Driver, he was the former vice president and west division business manager for Kleinfelder and served a nearly 10-year tenure at MWH in a variety of financial capacities. A seasoned financial executive with more than 30 years of experience spanning financial planning and analysis, treasury, finance operations and internal audit, he holds memberships with Financial Executives International and Financial Executives Networking Group, national organizations for executive-level financial professionals.

DEALTRACKER

SAN DIEGO—Lowe, LaSalle Investment Management and I.D.E.A. Partners have completed IDEA1 in downtown San Diego, a $91 million mixed-use property. The complex includes creative urban living and workspace with ground floor office and restaurants built around a public/collaborative gathering space. IDEA1 is located on a full city block in the Upper East Village known as I.D.E.A. District IDEA1 is a mid-rise, six-story complex designed on principles of connection and collaboration, and built around a ground floor communal gathering spot called The Hub that connects the residential, commercial, and recreational components. The Hub is accessible to the residents of the 295 apartments and live/work lofts, the 7,700 square feet of office space, the customers of the 5,000 square feet of ground floor restaurant spaces, and the broader community. On the second level is the IDEA Box, a two-story glass greenhouse designed as a flexible amenity space for tenants and residents. It is the ideal spot for casual meetings and growing big ideas. The glass wall facing The Hub doubles as a projection screen that will be programmed to engage the neighborhood with a variety of offerings such as movies, music and arts presentations.

PHOENIX—Dobson Center, a mixed-use retail and medical office development located on the southwest corner of Frye Road and Dobson Road in Chandler, Arizona, has traded hands. Dobson Center is 41,546 square feet and is comprised of a freestanding Starbucks Coffee, a 12,842 square foot hard corner retail center and a 26,704 square foot, two-story medical office building. The property commanded several offers and a sale price of $13.923 million, or approximately $335 per square foot. Andrew K. Fosberg, Chris Ackel and Dylan A. Brown with CBRE's Phoenix office represented the seller, Dobson Center, LLC, an entity formed by ZDI, LLC of Scottsdale, AZ. Developed in 2009, Dobson Center is prominently positioned directly across the street from Dignity Health Chandler Regional Medical Center and is 97% leased to a complementary mix of national, regional and local tenants including: Starbucks, MomDoc, Sonora Quest, East Valley Internal Medicine, Pure Barre and Solis Mammography, among others.

LOS ANGELES—Doheny Eye Institute has purchased a four-story, 123,203-square-foot Pasadena office building for $50 million from SteelWave. The property will serve as its new headquarters. The building, at 150 North Orange Grove Boulevard, will provide DEI administrative office space, research labs, clinic space and outpatient services. Doheny, a world-renowned eye research institute, anticipates relocating its administrative offices to the new building in the fourth quarter of 2018. Its current headquarters is in Los Angeles in a building on the County-USC medical campus. Bill Boyd, Linda Lee and Scott Unger of Charles Dunn Company's Glendale office, represented the buyer in the deal. The seller acquired the property in late 2013 from Avery Dennison that had owned and occupied the building since its 1981 completion. SteelWave embarked on a $10 million renovation of the asset that included a refurbishment of the elevators, restrooms and mechanical systems, and added more usable square footage to the building. Avery Dennison leased the property from SteelWave for about 12 months before it then relocated and leased office space at 207 Goode Avenue in Glendale, an approximately 190,000-square-foot multi-tenant office building along the Ventura 134 freeway.

LOS ANGELES, CA—A 20-unit apartment building in Hollywood has traded hands for $5.9 million. The property was located at 1400 North Gardner Street, Los Angeles, CA 90046. Ultimately, the buyer that was awarded the deal owns over 3,000 units and is extremely familiar with this asset class and performed in accordance with the contract. Rich Johns and David Weinberger specialize in multifamily investments and co-brokered the deal with Jeff Louks and Michael Sterman, from Marcus & Millichap. Rich Johns and David Weinberger at KW Commercial represented the seller in the deal.

PHOENIX—Hospitality Ventures Management Group has completed conversion of the former Hilton Phoenix Suites to the 242-suite Embassy Suites by Hilton Phoenix Downtown North. HVMG, which purchased the hotel in 2016 as part of a joint venture, will continue to operate the property. Located at 10 East Thomas Road, the hotel is adjacent to the Thomas/Central Metro Light Rail Station, making the property accessible to Chase Field, Talking Stick Arena and Phoenix Sky Harbor International Airport. Suites offer separate private sleeping and living spaces, complimentary Wi-Fi and 55-inch flat-screen televisions. The hotel features a fitness center, indoor heated pool, business center and 4,350 square feet of flexible meeting space. Dining options include American-inspired cuisine at Salt River Tavern, free made-to-order breakfast and a nightly Evening Reception at the Atrium Bar.

PHOENIX—Two multifamily properties have traded hands for a total of $3.75 million in two separate transactions. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE's Phoenix office represented both the sellers and the buyers in the deals. The properties include Gran Limon, a 24-unit, garden-style apartment community located at 1827 E. Lemon Street in Tempe, Arizona, and Rossmore, located at 6017 – 6025 N. 61st Avenue in Glendale.

SAN BERNARDINO—Westcore Properties has acquired a class-A, two-building property, totaling 1,025,324 square feet, for an undisclosed amount. The two buildings are located at 927 East 9th St. and 7776 East Tippecanoe Ave. in San Bernardino, California. Westcore purchased the property from Canadian firm Bentall Kennedy. Jeff Chiate, Jeff Cole, Phil Lombardo and Chuck Belden of Cushman & Wakefield represented the seller, while Westcore represented itself in the transaction.

PHOENIX—Terdenjo Storage, LLC has acquired a parcel of land in Buckeye, Arizona to build Sundance Parkway Self Storage from Sundance Parkway LLC for an undisclosed sum. The land parcel is 3.73 acres. Terdenjo plans to build a 104,209-square- foot self-storage facility that will comprise 703 units featuring both climate-controlled and drive-up units. Chris Ackel of CBRE represented the seller, and NAI Horizon SVP Denise Nunez represented the buyer.

LOS ANGELES— TForce Final Mile has signed a lease of a 52,640-square foot,

industrial warehouse in Sun Valley, CA, with a total consideration over its term of approximately $3.5 million. CBRE's Greg Geraci, David Harding, Billy Walk, and Matt Dierckman represented the landlord, Olinda Properties. Patrick DuRoss of Colliers International represented the tenant. Located at 11085 Olinda Street, the industrial building features six dock high doors with load levelers and is only minutes from the 5, 170, 118, and 210 freeways.